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Tue, Dec. 16, 10:49 AM
- National annual effective rent growth of 4.7% in November is the strongest result since August 2011, reports Axiometrics.
- Axiometrics' Jay Denton: "The combination of an improving job market, and a growing percentage of the population that prefers renting to owning, continues to boost apartment demand."
- Year-to-date rent growth of 5% makes 2014 the strongest post-recession year. 2010 was the previous high at 4.6%.
- The occupancy rate continued a seasonal decline, but at 94.8% it's the strongest November read since Axiometrics started reporting monthly in 2008.
- Source: Press release
- Interested parties: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET
Mon, Dec. 15, 7:14 AM
Mon, Nov. 3, 7:08 AM
Wed, Oct. 22, 12:26 PM
- Simplifying its capital structure, Trade Street Residential (TSRE +0.1%) redeems all of its outstanding Class A preferred stock in exchange for four non-income producing land parcels and $5M in cash.
- CEO Richard Ross says the company has one more non-income producing land parcel and it is currently under a non-binding contract to be sold. The preferred exchange will be immediately accretive to net asset value and FFO.
- Source: Press Release
Tue, Oct. 14, 3:10 PM
- The vacancy rate ticked higher to 4.2% in Q3 from 4.1 a quarter earlier - not much of a move, but the first increase in almost five years, according to REIS. Another survey - this one from MPF Research - says vacancy fell to 4.3% from 4.4% across the country's top 100 markets.
- Where the two reports both agree, however, is that there were significant construction deliveries during Q3 and a full pipeline of new construction going forward, suggesting neither vacancies nor rents have a lot of room improvement.
- The potential weakening fundamentals come as apartment REITs have been this year's top-performing REIT sectors (make that any sector) with a total return of 23.65% YTD. Can the outperformance continue?
- Names of interest are almost all having a big day today as interest rates continue to fall. One suspects that as long as rates stay low and first-time homebuyers or those with less-than-perfect credit have trouble getting mortgages, the apartment REITs might still get a bid: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, AEC, IRET, TSRE
Tue, Sep. 30, 5:35 PM
Mon, Sep. 15, 4:29 PM
Wed, Aug. 20, 9:29 AM
- “We will take what economic activity we can get, but our housing market model was designed in the U.S. to build a lot of single-family homes for owners, not multifamily homes for renters," says Diane Swonk commenting on yesterday's big jump in housing starts.
- A big share of the gain came from multifamily starts - typically a volatile number - but a rolling 12-month total shows apartment construction at its highest level in 25 years. Single-family housing has a bigger multiplier effect for both consumer spending and employment, says Swonk.
- As for apartment owners, a separate report showed rents up 3.3% Y/Y, their fastest pace of increase in five years. It's little mystery why the stocks of companies like Equity Residential (NYSE:EQR) and AvalonBay (NYSE:AVB) are at all-time highs, but their owners may want to mull the fast pace of building.
- Others of interest: ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET, APTS
Mon, Aug. 11, 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
Mon, Aug. 11, 7:14 AM
Tue, Jun. 10, 7:03 AM| Comment!
Wed, May. 21, 8:57 AM
- It's been a tough first year as a public company for southeast U.S. apartment owner Trade Street Residential (TSRE), but analyst Ryan Gilbert says the company is set for fast AFFO growth driven by the stabilization of its newly acquired portfolio of apartment properties with mid-6% yields and 60% NOI margins (vs. TSRE's current 53.5%).
- Past the rights offering and management transition, the only headwind left is the Class A preferred repurchase which should be completed this year.
- "The natural catalyst for TSRE will be demonstrating the strength of the leaseup portfolio through AFFO and NOI margin growth. Other near term catalysts include the Class A repurchase, the disposal of land held for sale, and capital recycling into new properties from non-core properties."
- He starts the stock with a Buy and $8.50 price target.
Thu, May. 8, 5:48 AM
Tue, Mar. 18, 5:17 PM
Tue, Mar. 18, 4:17 PM| Comment!
Dec. 2, 2013, 6:04 AM| Comment!
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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.
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