Irvine, Calif., November 12, 2015 — Steadfast Apartment REIT, Inc. (the “Company”) announced today its operating results for the three and nine months ended September 30, 2015.

For the three and nine months ended September 30, 2015, the Company had total revenues of $20.2 million and $40.7 million compared to $1.7 million and $1.9 million for the three and nine months ended September 30, 2014. Net loss was $14.2 million and $33.2 million for the three and nine months ended September 30, 2015 compared to $2.4 million and $4.4 million for the three and nine months ended September 30, 2014 . Total assets of the Company grew from $306.5 million at December 31, 2014 to $989.2 million at September 30, 2015.

Highlights:

The Company:

  • Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $5.9 million and $10.8 million for the three and nine months ended September 30, 2015 from MFFO of $0.1 million and negative $0.4 million for the three and nine months ended September 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 $11.6 million and $22.8 million for the three and nine months ended September 30, 2015 from $0.9 million and $1.0 million for the three and nine months ended September 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.)
  • Increased same-store sales NOI to $0.8 million for the three months ended September 30, 2015 from $0.7 million for the three months ended September 30, 2014, an increase of 28%.
  • Acquired six multifamily properties with a total of 1,726 apartment homes for an aggregate purchase price of $245.2 million during the three months ended September 30, 2015.
  • Increased its multifamily property portfolio as of September 30, 2015 to 24 properties with 7,891 apartment homes with an aggregate purchase price of $932.5 million.
  • Had $642.6 million of variable rate debt with a weighted average interest rate of 2.25% and $24.8 million of fixed rate debt with a weighted average interest rate of 4.34% as of September 30, 2015. The weighted average interest rate on the Company’s total outstanding debt as of September 30, 2015 was 2.33%.
  • Reported net cash used in operating activities of $5.6 million for the nine months ended September 30, 2015. Net cash used in investing activities was $649.0 million for the nine months ended September 30, 2015.
  • Reported net cash provided by financing activities of $676.0 million for the nine months ended September 30, 2015, which included $5.3 million of distributions paid, net of $5.8 million in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan.
  • Raised $361.8 million in net proceeds from the sale of 27.6 million shares of common stock in its public offering through September 30, 2015.

Recent Property Acquisitions:

As previously announced, in October 2015, the Company acquired two additional multifamily properties for an aggregate purchase price of $119.0 million resulting in a total of 26 owned properties with 8,580 apartment homes with an aggregate purchase price of approximately $1.1 billion. The Company has an active pipeline of potential property acquisitions. There is no guaranty that the Company will be successful in acquiring any of these properties.

“We believe that the $1 billion portfolio of apartment communities that Steadfast Apartment REIT owns today represents assets in affordable target markets that exceed the national average for job growth and population growth,” said Ella Neyland, President of the Company.

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.

 

 

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