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– Same Store Average Occupancy Increases to 96.2% – Portfolio Average Rent Increases to $989 – – Acquires New Luxury Community for $40.5 Million –
AVENTURA, Fla., Aug. 11, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) (the "Company"), a vertically integrated and self-managed real estate investment trust ("REIT") 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 second quarter ended June 30, 2014.
Operational and Financial Highlights for Second Quarter 2014
Reported Core FFO of $2.2 million, or $0.06 per diluted share.
Same store net operating income, or same store NOI, increased 1.7% compared to the same period in the prior year. Over the same period, same store revenue increased 4.2% and same store expenses increased 7.2%. Excluding the benefit of a one-time property tax settlement received in the second quarter of 2013, same store NOI increased 5.5% and same store expenses increased 2.7% compared to the same period last year.
Same store average occupancy was 96.2% at quarter end, a gain of 60 basis points compared to the same period last year.
Same store average rent increased to $879 per unit, an increase of 3.0% compared to the same period last year. Average rent across the entire portfolio increased $41 to $989
Acquired luxury apartment community with 270 units for an aggregate investment of $40.5 million
"During the second quarter we continued to improve our operations and position our business for future growth opportunities," stated Richard Ross, Chief Executive Officer of Trade Street Residential. "We achieved another quarter of solid growth in our average rents and occupancy, driving same store revenue growth of 4.2% and same store NOI growth of 5.5%, adjusting for the benefit of the property tax settlement received in the comparable quarter. As we move forward into the second half of 2014, we believe we can continue to produce strong results as many of our new communities experience year-two lease renewals, and we can capture improving efficiencies across our larger platform."