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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."

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