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Trade Street Residential Announces Proposed $150 Million Capital Raise Including $100 Million Transferable Rights Offering To Existing Stockholders And $50 Million Direct Equity Investment By Senator Investment Group LP

AVENTURA, Fla., Nov. 12, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) ("Trade Street" or the "Company"), announced today a $100 million fully-backstopped common stock rights offering to its stockholders. The rights will have a subscription price of $6.33 per share (the "Subscription Price") and will be transferable. Investment entities managed by Senator Investment Group LP ("Senator") have agreed to back stop the rights offering by purchasing on the same terms any and all shares not subscribed through the exercise of rights or the oversubscription option (the "Backstop"). In addition, Senator has agreed to purchase $50 million of common stock from the Company in a separate private placement transaction (the "Direct Purchase") at the Subscription Price. The transactions are expected to raise net proceeds, after payment of offering and other expenses, of approximately $147.5 million. The Company intends to use the net proceeds to fund current committed and future acquisitions and to repay indebtedness. The Backstop and Direct Purchase are subject to approval by the Company's stockholders and satisfaction of certain customary closing conditions. The rights offering and Direct Purchase are expected to close late in the fourth quarter of 2013 or early in the first quarter of 2014.

Under the terms of the rights offering, the Company will distribute at no charge to the holders of its common stock transferable rights to purchase up to an aggregate of approximately 15,797,788 new shares of common stock. The Company will distribute to each such holder one transferable right for every share of common stock owned on the record date, which will be determined at a later date and announced to stockholders. Each right will entitle the holder to purchase 1.3775 shares of common stock (subject to adjustment if the number of shares of the Company's common stock changes prior to the record date for the rights offering) at a subscription price of $6.33 per share. Rights holders who fully exercise their rights will be entitled to subscribe, subject to certain limitations and subject to allotment, for additional shares that remain unsubscribed as a result of any unexercised rights.         

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