Trade Street Residential, Inc. announces the pricing of its public offering

AVENTURA, Fla., May 13, 2013 /PRNewswire/ -- Trade Street Residential, Inc. (the "Company") today announced the pricing of its public offering of 6,250,000 shares of its common stock at a public offering price of $10.00 per share. The Company's common stock is expected to begin trading on May 14, 2013 on the NASDAQ Global Market under the symbol "TSRE."  The offering is expected to close on May 16, 2013, subject to the satisfaction of customary closing conditions.  The Company has granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price, less the underwriting discount, to cover over-allotments, if any.

Sandler O'Neill + Partners, L.P. is acting as the sole book-runner of the offering, and BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Oppenheimer & Co. and Wunderlich Securities are acting as co-managers. 

The net proceeds of the offering are estimated to be approximately $56.3 million after deducting underwriting discounts and commissions and estimated offering expenses, prior to any exercise of the underwriters' over-allotment option. The Company intends to use the proceeds of the offering to repurchase equity interests in certain of its subsidiaries from its joint venture partners pursuant to the governing documents of such subsidiaries, to fund pending acquisitions and for general corporate and working capital purposes, including future acquisitions, the repayment of indebtedness and the funding of capital improvements at the Company's apartment communities.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 13, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities is being made only by means of a prospectus. A copy of the final prospectus for the offering will be filed with the Securities and Exchange Commission and, when available, may be obtained by contacting: Sandler O'Neill + Partners, L.P. at 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attention: Prospectus Department, or by calling toll-free 1-866-805-4128, or by email at syndicate@sandleroneill.com

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 expected to begin trading on May 14, 2013 on the NASDAQ Global Market under the symbol "TSRE." 

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. 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 final prospectus relating to this offering.

SOURCE Trade Street Residential, Inc.




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