AVENTURA, Fla., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc., (Nasdaq:TSRE) (the "Company") a vertically integrated and self-managed real estate investment trust focused on acquiring, owning, operating and managing high-quality, conveniently located, apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States and Texas, today announced that it has redeemed all of the outstanding Class A Preferred Stock of the Company. The Class A Preferred Stock, with a liquidation preference of $30.9 million, was redeemed on October 17, 2014 in exchange for four land parcels and approximately $5.0 million in cash. The cash portion of the consideration was funded with cash on hand.
Richard Ross, Chief Executive Officer of the Company, stated: "This transaction simplifies our capital structure and simultaneously provides resolution with respect to four of the Company's five non-income producing land parcels, with the fifth land parcel currently subject to a non-binding contract to be sold. In addition to the strategic benefits, this transaction is immediately accretive to our net asset value and Funds From Operations and allows the team to focus on continued earnings growth."
About Trade Street Residential, Inc.
Trade Street Residential, Inc. 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, including the anticipated sale of the Company's last remaining land parcel, which is currently under a non-binding contract to be sold. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance or the occurrence of future events. 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.