AVENTURA, Fla., April 22, 2013 /PRNewswire/ -- Trade Street Residential, Inc. (the "Company") announced today that it has commenced a public offering of 6,250,000 shares of its common stock. The estimated price range of the common stock is between $11.00 and $13.00 per share. The Company expects to grant the underwriters an option to purchase up to an additional 937,500 shares of common stock to cover over-allotments, if any. The Company has applied to list its common stock on the NASDAQ Global Market under the symbol "TSRE."
The Company intends to use the net proceeds from the offering to buy out certain joint venture partners, to fund pending acquisitions and for general corporate and working capital purposes, including future acquisitions, repayment of indebtedness and capital improvements.
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 offering is made only by means of a prospectus. Copies of the preliminary prospectus can be obtained from 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 [email protected].
A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, 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.
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 currently traded on the OTC Pink market under the symbol "TSRE."
SOURCE Trade Street Residential, Inc.