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Last $6.43 USD
Change Today -0.16 / -2.43%
Volume 41.1K
TSRE On Other Exchanges
Symbol
Exchange
NASDAQ GM
As of 5:20 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

trade street residential inc (TSRE) Key Developments

Trade Street Residential, Inc. Reports Consolidated Earnings Results for the Second Quarter Ended June 30, 2015 and Revenue Results for the Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter Ended June 30, 2015

Trade Street Residential, Inc. reported consolidated earnings results for the second quarter ended June 30, 2015 and revenue results for the six months ended June 30, 2015. Net loss attributable to common stockholders for the second quarter of 2015 was $3.4 million compared to a net loss of $4.0 million in the prior year period. The decrease in net loss was primarily the result of a $1.6 million increase in revenues, a $1.7 million reduction in depreciation and amortization expense and $0.7 million lower general and administrative expense, which more than offset a $3.0 million increase in acquisition and recapitalization costs compared to the prior year period, as well as impairment charge in the second quarter associated with land held for sale. Same store NOI for the second quarter of 2015 increased 11.3% to $5.8 million as compared to $5.2 million in the prior year period. This improvement in same store NOI was driven by a 5.9% increase in same store revenue and a 0.9% decrease in same store property expenses compared to the prior year period. The increase in same store revenue was primarily attributable to a 30 basis point increase in average occupancy to 96.5%, and a 4.4% increase in average rent to $1,003 per unit. The decrease in same store property operating expenses was primarily attributable to a decrease in advertising expenses and unit turnover costs due to stable occupancies within the same store portfolio as well as favorable property taxes expense, as routine accruals were moderated based on preliminary tax valuations for 2015. Funds from operations, or FFO, for the second quarter of 2015 were $1.3 million, or $0.03 per diluted share, as compared to $1.7 million, or $0.04 per diluted share, in the prior year period. The current quarter FFO result was negatively impacted by the $3.1 million of acquisition and recapitalization costs incurred during the second quarter of 2015 in connection with the company's planned merger with Independence Realty Trust. Excluding those costs, core FFO for the second quarter of 2015 was $4.5 million, or $0.12 per diluted share, as compared to $2.4 million, or $0.06 per diluted share, in the prior year period. Adjusted FFO, which additionally deducts recurring and non-recurring capital expenditures, was $3.8 million, or $0.10 per diluted share, for the second quarter of 2015, as compared to $1.6 million, or $0.04 per diluted share, in the prior year period. For the six months ended June 30, 2015, same store revenue increased 4.8%, same store property expenses decreased 1.7%, and same store NOI increased 10.1%, compared to the six months ended June 30, 2014. The company recorded a $0.8 million impairment charge in the second quarter of 2015 associated with land held for sale.

Trade Street Residential, Inc. Announces Dividend for the Second Quarter of 2015, Payable on July 15, 2015

Trade Street Residential, Inc. announced that its Board of Directors has declared a dividend of $0.095 per share on the company's common stock for the second quarter of 2015. The second quarter dividend will be payable July 15, 2015 to stockholders of record on June 30, 2015.

Trade Street Residential, Inc. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015

Trade Street Residential, Inc. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 . Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States.

Trade Street Residential, Inc. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Trade Street Residential, Inc. announced consolidated earnings results for the first quarter ended March 31, 2015. Net loss attributable to common stockholders for the first quarter of 2015 was $0.4 million compared to a net loss of $15.2 million in the prior year period. The decrease in net loss was primarily the result of higher revenues and a reduction in expenses, which includes $9.0 million of management transition expenses in the prior year period. Funds from operations, or FFO, for the first quarter of 2015 was $3.5 million, or $0.09 per diluted share, as compared to a deficit of $11.4 million or $0.33 per diluted share in the prior year period. The increase in FFO is largely attributable to a full quarter of results from the six new operating properties added during the first four months of 2014 and the $9.0 million of management transition expenses incurred in the prior year period. Core FFO for the first quarter of 2015 was $3.7 million, or $0.10 per diluted share, as compared to $1.0 million, or $0.03 per diluted share, in the prior year period. Adjusted FFO, which additionally deducts recurring and non-recurring capital expenditures, for the first quarter of 2015 was $2.9 million, or $0.07 per diluted share, as compared to $0.7 million, or $0.02 per diluted share, in the prior year period. Same store NOI for the first quarter of 2015 increased 9.0% to $5.6 million as compared to $5.1 million in the prior year period. This improvement in same store NOI was driven by a 3.7% increase in same store revenue and a 2.7% decrease in same store property expenses compared to the prior year period. The increase in same store revenue was primarily attributable to a 70 basis point increase in average occupancy to 96.0%, and a 3.7% increase in average rent to $991 per month. The decrease in same store property operating expenses was primarily attributable to a decrease in advertising and marketing expenses due to stable occupancies within the portfolio and a reduction in insurance costs as a result of aggregating all properties under one common policy.

Trade Street Residential, Inc. to Report Q1, 2015 Results on May 11, 2015

Trade Street Residential, Inc. announced that they will report Q1, 2015 results at 9:00 AM, Eastern Standard Time on May 11, 2015

 

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