Last $7.30 USD
Change Today -0.09 / -1.22%
Volume 56.6K
TSRE On Other Exchanges
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NASDAQ GM
As of 8:10 PM 04/15/14 All times are local (Market data is delayed by at least 15 minutes).

trade street residential inc (TSRE) Key Developments

Trade Street Residential, Inc. Approves Dividend Payable on April 15, 2014; Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Trade Street Residential, Inc. announced that it has approved a dividend of $0.095 per share. This dividend is payable on April 15, 2014 to stockholders of record on March 31, 2014. The company announced consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, same store NOI was $1.8 million as compared to $1.7 million in the same period in the prior year. Same store NOI increased 6.6%, driven by an 8.4% increase in same store revenue, partially offset by a 10.0% increase in same store property expenses compared to the fourth quarter of 2012. The increase in same store revenue was primarily attributable to a 160 basis point increase in average occupancy to 96.5%, and a 4.0% increase in average rent to $809 per month. Net loss attributable to common stockholders was $9.7 million as compared to $1.6 million in the prior year period. The increase in net loss was primarily the result of a charge of $11.8 million related to impairment losses recognized on land investments. The net loss per basic and diluted share increased to $0.87 from a net loss per share of $0.39, primarily as a result of the charge. Funds from operations, or FFO were a deficit of $0.7 million, or $0.06 per diluted share, as compared to a deficit of $1.8 million, or $0.45 per diluted share in the prior year period. Core FFO was a deficit of $0.1 million, or $0.01 per diluted share, as compared to a deficit of $1.2 million, or $0.30 per diluted share in the prior year period. For the three months ended December 31, 2013 as compared to December 31, 2012, the increase in FFO is largely the result of an increase in net operating income (NOI), partially offset by an increase in interest expense due to acquisitions purchased during 2013. The increase in Core FFO from the prior period is largely the result of the amortization charged for the grant of non-cash stock awards during the quarter. For the year, net loss attributable to common stockholders was $5.6 million as compared to $7.2 million in the prior year period. The decrease in net loss was primarily the result of an $8.8 million improvement in property NOI from continuing operations, the $6.9 million gain on bargain purchase related to the acquisition of Fountains Southend and the $4.5 million increase in gain on sales of discontinued operations in 2013, partially offset by a charge of $12.4 million related to impairment losses recognized on land investments. The net loss per basic and diluted share decreased to $0.64 from a net loss per share of $3.17, primarily as a result of the charge. FFO was a deficit of $5.1 million, or $0.57 per diluted share, as compared to a deficit of $1.8 million, or $0.79 per diluted share in the prior year period. Core FFO was a deficit of $0.8 million, or $0.09 per diluted share, as compared to $1.2 million, or $0.52 per diluted share in the prior year period. For the full year 2013 as compared to 2012, the decrease in FFO is primarily the result of a charge related to the exchange of the operating partnership common units for additional Class B contingent units and an increase in interest expense due to acquisitions purchased during 2013, partially offset by an increase in NOI. The decrease in Core FFO from the prior period is largely the result of the above described decrease in FFO, partially offset by the amortization charged for the grant of non-cash stock awards during 2013. Same store revenue increased 6.6%, same store property expenses increased 4.1%, and same store NOI increased 9.1%, compared to the full year ended December 31, 2012.

Trade Street Residential Receives Non-Compliance Notice From NASDAQ

Trade Street Residential, Inc. announced that James Boland resigned as a director of the Company. As a result of Mr. Boland's resignation, the Audit Committee of the Board is currently comprised of two members. Rule 5605 of the NASDAQ Listing Rules (the “Listing Rules”) generally requires that all listed companies' audit committees be comprised of three members, although Listing Rule 5605(c)(4)(B) provides a specified cure period to fill any Audit Committee vacancy created by the resignation of an audit committee member. On March 14, 2014, the Company notified the NASDAQ that, as a result of Mr. Boland's resignation, there is a vacancy on the Company's Audit Committee and that the Company intends to avail itself of the cure period provided in Listing Rule 5605(c)(4)(B). On March 18, 2014, the Company received a letter from the NASDAQ acknowledging that the Company no longer complies with the requirement of Listing Rule 5605. The letter also acknowledges that the Listing Rules provide a cure period pursuant to which the Company must regain compliance no later than the earlier of the Company's next annual meeting of stockholders or March 13, 2015 (or, if such meeting is held before September 9, 2014, by September 9, 2014). The Company intends to add a third member to its Audit Committee on or before September 9, 2014.

Trade Street Residential, Inc. Announces Management and Board Changes

Trade Street Residential, Inc. announced that on March 13, 2014, Sergio Rok and James Boland informed the Board of their resignations as members of the Board, effective immediately. Messrs. Rok's and Boland's resignations were for personal reasons and not the result of any disagreements with the company relating to the company's accounting principles or practices, financial statement disclosure or the adequacy or effectiveness of the Company's internal controls and procedures. Effective March 18, 2014, Mr. Levin resigned as President of the company and from the Board. Mr. Levin's resignation was for personal reasons and not the result of any disagreements with the company relating to the company's accounting principles or practices, financial statement disclosure or the adequacy or effectiveness of the Company's internal controls and procedures. In connection with the resignation of Mr. Levin as President of the company, the Board appointed Richard Ross, the company's interim Chief Executive Officer and the Chief Financial Officer, to serve as the interim President of the company.

Trade Street Residential, Inc., Q4 2013 Earnings Call, Mar 19, 2014

Trade Street Residential, Inc., Q4 2013 Earnings Call, Mar 19, 2014

Trade Street Residential, Inc. to Report Q4, 2013 Results on Mar 18, 2014

Trade Street Residential, Inc. announced that they will report Q4, 2013 results at 5:00 PM, US Eastern Standard Time on Mar 18, 2014

 

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