This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Trade Street Residential Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: TSRE

– Same Store NOI Increases 9.1% for Full Year 2013 –

– Average Occupancy Increases 240 bps to 96.3% for Full Year 2013 –

– Acquires Five Communities for $198 Million in Target Markets in Early 2014

AVENTURA, Fla., March 18, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) (the "Company"), a fully-integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, today announced consolidated results for the fourth quarter and full year ended December 31, 2013.

Operational and Financial Highlights for Fourth Quarter 2013

  • Reported Core FFO loss of $0.1 million, or $0.01 loss per diluted share.
  • Same store net operating income, or same store NOI, increased 6.6% compared to the same period in the prior year. Same store revenue increased 8.4% and same store expenses increased 10.0%.
  • Same store average occupancy was 96.5% at quarter end, a gain of 160 basis points compared to the same period last year.
  • Same store average rent increased to $809 per unit, an increase of 4.0% compared to the same period last year.
  • Subsequent to the end of the year, completed a rights offering and simultaneous private placement pursuant to which we issued an aggregate of 24,881,517 million common shares and raised gross proceeds of $150 million.
  • Subsequent to the end of the year, acquired 5 communities, totaling 1,530 units, for $198 million of aggregate investment.
  • Subsequent to the end of the year, named Richard Ross as interim Chief Executive Officer in addition to his role as the Company's Chief Financial Officer and named Ryan Hanks as Chief Operating Officer in addition to his role as the Company's Chief Investment Officer. Mack Pridgen, chairman of the Company's audit committee and its lead independent director, was appointed as chairman of the Company's board of directors.

"Our operating results continued to improve during the fourth quarter, as evidenced by our increased occupancy and rental rates, and the strong growth in our revenue and net operating income," stated Richard Ross, interim Chief Executive Officer and Chief Financial Officer of Trade Street Residential. "With the capital raised in our January offering and concurrent private placement, our availability under our new revolving credit facility coupled with the high quality apartment communities we have acquired so far in 2014, we believe we are extremely well-positioned now, with a more flexible balance sheet and larger platform, to drive cash flow growth and enhance shareholder value going forward."

1 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs