Irvine, Calif., May 13, 2015 — Steadfast Apartment REIT, Inc. (the “Company”) announced today its operating results for the three months ended March 31, 2015.
For the three months ended March 31, 2015, the Company had total revenues of $7.7 million while net loss was $7.5 million. Total assets of the Company grew from $306 million at December 31, 2014 to $465 million at March 31, 2015. The Company commenced operations with its first property acquisition on May 22, 2014.
- Reported modified funds from operations (“MFFO”), as defined by the Investment Program Association, of $1.9 million for the three months ended March 31, 2015. (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 net operating income (“NOI”) of $4.4 million for the three months ended March 31, 2015. (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 five multifamily properties with a total of 1,299 apartment homes for an aggregate purchase price of $156.8 million during the three months ended March 31, 2015.
- Increased its multifamily property portfolio as of March 31, 2015 to 12 properties with 3,794 apartment homes with an aggregate purchase price of $431.4 million.
- Had $272.6 million of variable rate debt with a weighted average interest rate of 1.97% as of March 31, 2015, which represented the Company’s total outstanding debt as of March 31, 2015.
- Reported net cash used in operating activities of $1.5 million for the three months ended March 31, 2015. Net cash used in investing activities was $160.2 million for the three months ended March 31, 2015.
- Reported net cash provided by financing activities of $164.3 million for the three months ended March 31, 2015, which included $1.1 million of distributions paid, net of $1.1 million in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan.
- Raised $208.7 million in net proceeds from the sale of 16.0 million shares of common stock in its public offering through March 31, 2015.
Recent Property Acquisitions:
As previously announced, in April 2015, the Company acquired an additional multifamily property for an aggregate purchase price of $9.7 million resulting in a total of 13 owned properties with 3,899 apartment homes with an aggregate purchase price of approximately $441 million. 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.
“We had a very solid quarter with the acquisition of 1,299 apartment homes in our target markets,” said Ella Neyland, President of the Company. “We continue to execute on our business plan of acquiring well-located communities in strong job growth markets and selectively upgrading the interior of the homes with attractive, contemporary finishes and appliances. These enhancements should ultimately allow us to provide value to our residents at competitive rates.”
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.