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– 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."