This Day On The Street
Continue to site
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

Trade Street Residential Reports First Quarter 2014 Results

– Same Store NOI Increases 6.3% – – Average Occupancy Increases 190 bps to 95.5% – – Acquires 5 Communities for $198 Million – – Richard H. Ross Named Chief Executive Officer in April 2014

AVENTURA, Fla., May 7, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) (the "Company"), a vertically integrated and self-managed real estate investment trust focused on acquiring, owning, operating and managing high-quality, conveniently located, apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States and Texas, today announced consolidated results for the first quarter ended March 31, 2014.

Operational and Financial Highlights for First Quarter 2014

  • Reported Core FFO of $0.9 million, or $0.03 per diluted share.
  • Same store net operating income, or same store NOI, increased 6.3% compared to the same period in the prior year. Over the same period, same store revenue increased 6.8% and same store expenses increased 7.4%.
  • Same store average occupancy was 95.5% at quarter end, a gain of 190 basis points compared to the same period last year.
  • Same store average rent increased to $871 per unit, an increase of 2.7% compared to the same period last year. Average rent across the entire portfolio was $948.
  • Acquired five communities totaling 1,530 units for an aggregate investment of $198 million.
  • Subsequent to the end of the first quarter, Richard H. Ross was appointed to the permanent position of Chief Executive Officer, and interim Chief Financial Officer.

"We are pleased to report strong growth in revenue and net operating income for another consecutive quarter as we continue to capture higher rental rates and maintain our occupancy levels," stated Richard Ross, Chief Executive Officer and interim Chief Financial Officer of Trade Street Residential. "During the quarter, we expanded our capital base, strengthened our balance sheet and further improved the quality and age of our operating property portfolio with the acquisition of five well-located luxury apartment communities for approximately $198 million. As we look to the balance of 2014, we believe our company is attractively positioned and we remain focused on continuing to improve our operating metrics, strengthen our balance sheet and generate stable cash flow."

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs