Aug. 6, 2015, 5:42 PM
- Trade Street Residential (NASDAQ:TSRE): Q2 FFO of $0.12 beats by $0.01.
May 11, 2015, 8:42 AM
- Independence Realty Trust (NYSEMKT:IRT) speeds its scale-up with an agreement to purchase Trade Street Residential (NASDAQ:TSRE) for cash and stock. The deal will boost the number of properties owned by IRT to 50 from 31, with the number of units increasing 55% to 14,044.
- IRT's average property age will dip to 20 years from 25, and average base rents, occupancy levels, and operating margins will all rise.
- The deal is expected to be accretive to 2016 core FFO and AFFO per share.
- The TSRE chairman and CEO will each join IRT's board, expanding the size to 7 from 5.
- Consideration: $3.80 in cash and 0.4108 shares of IRT for each share of TSRE. At IRT's $8.57 close on Friday, it values TSRE at just $6.21 per share vs. its most recent close of $7.08. At IRT's "reference price" of $9.25 - a 1% premium to 45-day average - it values TSRE at $7.60 each. IRT has the option to increase the cash portion of the consideration to $4.56 per share, with a corresponding cut in the stock portion.
- IRT's property manager is RAIT Financial (NYSE:RAS) - also an owner of 23% of IRT - and it supports the deal
- Previously: Trade Street Residential misses by $0.01 (May 11)
May 11, 2015, 8:17 AM
- Trade Street Residential (NASDAQ:TSRE): Q1 EPS of $0.10 misses by $0.01.
Mar. 4, 2015, 7:02 AM
- Trade Street Residential (NASDAQ:TSRE): Q4 FFO of $0.10 beats by $0.01.
Nov. 3, 2014, 7:08 AM
- Trade Street Residential (NASDAQ:TSRE): Q3 FFO of $0.09 beats by $0.01.
Aug. 11, 2014, 8:01 AM
- Core FFO of $2.2M or $0.06 per share vs. a loss of $300K or $0.03 one year ago. Dividend is $0.095.
- Excluding a one-time property tax settlement, same store NOI grew 5.5% Y/Y, thanks to occupancy rising 60 bps to 96.2% and a 3% rise in rents to $879 per month.
- Conference call at 11 ET
- Previously: Trade Street Residential misses by $0.02
- TSRE flat premarket
Aug. 11, 2014, 7:14 AM
- Trade Street Residential (NASDAQ:TSRE): Q2 FFO of $0.06 misses by $0.02.
May 8, 2014, 5:48 AM
- Trade Street Residential (TSRE): Q1 FFO of $0.03 misses by $0.06.
Mar. 18, 2014, 5:17 PM
- Trade Street Residential (TSRE): Q4 FFO of -$0.01 misses by $0.07.
Trade Street Residential Inc is a full service, vertically integrated, self-administered and self-managed corporation focused on acquiring, owning, operating and managing garden-style & mid-rise apartment communities in United States and Texas.
Industry: REIT - Retail
Country: United States
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