Irvine, Calif., August 13, 2015 — Steadfast Apartment REIT, Inc. (the “Company”) announced today its operating results for the three and six months ended June 30, 2015.
In that time the Company had total revenues of $12.7 million and $20.5 million compared to $0.2 million and $0.2 million for the three and six months ended June 30, 2014. Net loss was $11.5 million and $19.0 million compared to a net loss of $1.6 million and $1.9 million for the three and six months ended June 30, 2014. Total assets of the Company grew from $306.5 million at December 31, 2014 to $694.9 million at June 30, 2015.
- Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $3.1 million and $5.0 million for the three and six months ended ended June 30, 2015 from negative MFFO of $0.3 million and negative $0.5 million for the three and six months ended June 30, 2014. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.)
- Increased net operating income (“NOI”) to $6.8 million and $11.2 million for the three and six months ended ended June 30, 2015 from $0.1 million and $0.1 million for the three and six months ended June 30, 2014. (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 six multifamily properties with a total of 2,371 apartment homes for an aggregate purchase price of $255.9 million during the three months ended June 30, 2015.
- Increased its multifamily property portfolio as of June 30, 2015 to 18 properties with 6,165 apartment homes with an aggregate purchase price of $687.3 million.
- Had $432.0 million of variable rate debt with a weighted average interest rate of 2.18% as of June 30, 2015, which represented the Company’s total outstanding debt as of June 30, 2015.
- Reported net cash used in operating activities of $2.9 million for the six months ended June 30, 2015 compared to $0.8 million for the six months ended June 30, 2014. Net cash used in investing activities was $420.2 million for the six months ended June 30, 2015 compared to $42.5 million for the six months ended June 30, 2014.
- Reported net cash provided by financing activities of $397.0 million for the six months ended June 30, 2015, which included $2.9 million of distributions paid, net of $3.1 million in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan. Net cash provided by financing activities was $48.9 million for the six months ended June 30, 2014, which included $49,580 of distributions paid, net of $25,066 in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan.
- Raised $285.3 million in net proceeds from the sale of 21.8 million shares of common stock in its public offering through June 30, 2015.
Recent Property Acquisitions:
The Company has an active pipeline of potential property acquisitions. The acquisition of any of these properties is subject to substantial conditions and there is no guaranty that the Company will be successful in acquiring any of these properties.
“Steadfast Apartment REIT has had a great year so far. We acquired 11 more apartment communities in desirable locations with high job growth during the first six months of 2015,” said Ella Neyland, President of the Company. “We believe the moderate income price point that Steadfast touts appeals to working Americans who flock to such locations for opportunities.”
About Steadfast Apartment REIT
Steadfast Apartment REIT is a real estate investment trust that was formed to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles.
Steadfast Apartment REIT 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 Annual Report on Form 10-K for Steadfast Apartment REIT, Inc. 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.