Irvine, Calif., May 11, 2017 — Steadfast Apartment REIT III, Inc. (the “Company”) announced today its operating results for the three months ended March 31, 2017.
For the three months ended March 31, 2017, the Company had total revenues of $3.1 million while net loss was $2.3 million. Total assets of the Company grew from $117.4 million at December 31, 2016 to $159.7 million at March 31, 2017.
- Reported modified funds from operations (“MFFO”), as defined by the Investment Program Association, of $277,884 for the three months ended March 31, 2017. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.)
- Reported funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, of $38,556 for the three months ended March 31, 2017. (See the reconciliation of FFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates FFO.)
- Reported net operating income (“NOI”) of $1.8 million for the three months ended March 31, 2017. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.)
- Acquired one multifamily property with a total of 280 apartment homes for an aggregate purchase price of $33 million, inclusive of closing costs, during the three months ended March 31, 2017.
- Increased its multifamily property portfolio as of March 31, 2017 to four properties with 912 apartment homes and an aggregate purchase price of $133 million.
- Had $94.8 million of variable rate debt with a weighted average interest rate of 3.42% as of March 31, 2017, which represented the Company’s total outstanding debt as of March 31, 2017.
- Reported net cash used in operating activities of $0.5 million for the three months ended March 31, 2017. Net cash used in investing activities was $33.2 million for the three months ended March 31, 2017.
- Reported net cash provided by financing activities of $44.7 million for the three months ended March 31, 2017, which included $424,176 of distributions paid, net of $395,811 in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan.
- Raised $70.6 million in public offering proceeds net of offering costs from the sale of 1,754,996 shares of Class A common stock, 144,526 shares of Class R common stock and 1,454,628 shares of Class T common stock in its public offering through March 31, 2017, including shares issued pursuant to the distribution reinvestment plan.
“The ‘GenerationALL’ tag line that Steadfast created to reflect the trend that all age groups desire well located, well maintained apartments that fit their pay check, is now registered exclusively for Steadfast,” said Ella Neyland, president of the Company. “This is another indication that the Steadfast team understands what working America is choosing for their housing choices.”
About Steadfast Apartment REIT III
Steadfast Apartment REIT III intends to be a real estate investment trust and was formed to acquire and operate a diverse portfolio of well-positioned, institutional-quality multifamily and senior-living apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles.
Steadfast Apartment REIT III is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County, California-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.
This release contains certain forward-looking statements. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may” and “should” and their variations identify forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the Company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.