– NOI Increases 16.2% Compared to a Year Ago – – Average Occupancy Increases 1.1% to 96.5% Compared to a Year Ago – – Average Portfolio Age Decreases 25% to 15 Years Sequentially – – Acquires Two Class A Communities In Core Southeast Market – AVENTURA, Fla., Nov. 7, 2013 (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 three and nine months ended September 30, 2013. Operational and Financial Highlights for Third Quarter 2013
- Reported Core FFO of $0.1 million, or $0.01 per share
- Same store net operating income, or same store NOI, increased 16.2% compared to the same period in the prior year. Same store revenue increased 5.8% and same store expenses decreased 3.9%.
- Same store average occupancy was 96.5% at quarter end, a gain of 110 basis points compared to the same period last year.
- Same store average rent increased to $798 per unit, an increase of 2.7% compared to the same period last year.
- Acquired two class A properties including a 274-unit apartment community in Charleston, South Carolina and a 208-unit apartment community in Charlotte, North Carolina.