– 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