Trade Street Residential, Inc. Announces Fourth Quarter 2012 Dividend and Reverse Stock Split
AVENTURA, Fla., Jan. 25, 2013 /PRNewswire/ -- Trade Street Residential, Inc. (the "Company") today announced that it declared, as authorized by its board of directors, a cash dividend of $0.000570 per share of its common stock for the Company's fourth quarter ended December 31, 2012. The dividend is payable on March 15, 2013 to stockholders of record as of February 5, 2013.
In addition, the Company declared all dividends that are accumulated, accrued and unpaid on its Class A preferred stock be set aside for payment, as required by the terms of the Class A preferred stock in the Company's charter. Outstanding shares of the Company's Class A preferred stock are entitled to an annual dividend of $1.00 per share, payable quarterly, accruing from the date of issuance.
The Company also announced today that its board of directors and stockholders have approved a 1-for-150 reverse stock split of the Company's common stock. As of the open of business on January 25, 2013, shares of the Company's common stock began trading on a reverse split-adjusted basis on the OTC Pink market under the symbol "TSRED," which replaces the previous symbol "TSRE" for the next 20 business days. Fractional shares created as a result of the reverse stock split will be paid out in cash.
About Trade Street Residential, Inc.
Trade Street Residential, Inc. is a full service, vertically integrated, self-administered 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. The Company's common stock is traded on the OTC Pink market under the symbol "TSRE."
Forward Looking Statements
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the federal securities laws, which by their nature, involve known and unknown risks and uncertainties. Forward-looking statements speak only as of the dates on which they are made, and the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.
SOURCE Trade Street Residential, Inc.