AVENTURA, Fla., April 28, 2014 (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 and Texas, announced today that its Board of Directors has appointed Richard H. Ross to the permanent position of chief executive officer, effective immediately. Since February 2014, Mr. Ross has served as interim chief executive officer and chief financial officer. Mr. Ross will continue to serve as chief financial officer in an interim role. The Company's Board of Directors will lead the search for a permanent chief financial officer, which is expected to begin promptly.
Mack Pridgen, Chairman of the Company's Board of Directors, commented on the management transition, "We are pleased to announce the appointment of Richard to the permanent role of chief executive officer. Richard has contributed to the Company meaningfully in his multiple leadership roles, and his extensive real estate experience and proven operating capabilities are key components to continuing the execution of our growth strategy. Furthermore, we believe Richard's experience, commitment and strategic vision position him well in the improvement of our operations and the enhancement of shareholder value."
Mr Ross joined the Company as its chief financial officer in August, 2013 after acting as an advisor for the Company during the formation transactions and through the initial public offering in May 2013. Previously Mr. Ross was the founder and owner of Chiron Consulting, LLC, an independent financial and operations consulting firm and he served as chief financial officer for 13 years at Branch Properties, LLC, a private real estate investment firm primarily focused on the operation and development of multifamily communities and high-quality neighborhood shopping centers located in the southeastern United States. Previous to Branch Properties, LLC, Mr. Ross had a 20 year finance and accounting career with several companies, including his last position with Gearon Communications, where he served as chief financial officer. Mr. Ross is a certified public accountant in Florida and Georgia.
About Trade Street Residential, Inc.
Trade Street Residential, Inc. (TSRE) is a vertically integrated and self-managed real estate investment trust focused on acquiring, owning, operating and managing conveniently located, garden-style and mid-rise apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States, including Texas.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements related to the offering and the expected use of the net proceeds therefrom, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases, which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes, except as may be required by law. For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, which the Company filed with the Securities and Exchange Commission on March 26, 2014.