Irvine, Calif., March 17, 2017 — Steadfast Apartment REIT, Inc. (the “Company”) announced today its operating results for the year ended December 31, 2016.

For the year ended December 31, 2016, the Company had total revenues of $144.0 million compared to $68.4 million for the year ended December 31, 2015. Net loss was $37.7 million compared to $50.7 million over the same periods. Total assets of the Company grew from $1.3 billion at December 31, 2015 to $1.5 billion at December 31, 2016.

Highlights:

The Company:

  • Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $36.6 million for the year ended December 31, 2016 from MFFO of $17.5 million for the year ended December 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.)
  • Increased funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, to $30.3 million for the year ended December 31, 2016 from negative FFO of $8.3 million for the year ended December 31, 2015. (See the reconciliation of FFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates FFO.)
  • Increased net operating income (“NOI”) to $81.6 million for the year ended December 31, 2016 from $38.1 million for the year ended December 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.)
  • The Company’s board of directors approved an estimated value per share of common stock of $14.85 as of December 31, 2016, an increase from $14.46 as of December 31, 2015. The valuation was performed in accordance with Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the Investment Program Association.
  • Acquired four multifamily properties with 1,743 apartment homes for an aggregate contract purchase price of $264.2 million, exclusive of closing costs, during the year ended December 31, 2016.
  • Increased its multifamily property portfolio as of December 31, 2016 to 34 properties with 11,601 apartment homes and an aggregate contract purchase price of $1.5 billion, exclusive of closing costs.
  • Increased cash payments to fund additions to real estate investments to $53.3 million for the year ended December 31, 2016 from $16.1 million for the year ended December 31, 2015.
  • Had $904.0 million of variable rate debt with a weighted average interest rate of 2.82% and $67.7 million of fixed rate debt with a weighted average interest rate of 4.51% as of December 31, 2016. The weighted average interest rate on the Company’s total outstanding debt as of December 31, 2016 was 2.94%.
  • Reported net cash provided by operating activities of $38.9 million for the year ended December 31, 2016 compared to net cash used in operating activities of $3.3 million for the year ended December 31, 2015. Net cash used in investing activities was $269.3 million for the year ended December 31, 2016 compared to $911.0 million for the year ended December 31, 2015.
  • Reported net cash provided by financing activities of $225.8 million and $917.0 million for the years ended December 31, 2016 and 2015, respectively, which included $19.3 million and $8.3 million of distributions paid, net of $21.9 million and $9.3 million in non-cash distributions paid pursuant to the Company’s distribution reinvestment plan, respectively.
  • Raised $657.5 million in net proceeds from the sale of 49.8 million shares of common stock in its initial public offering through December 31, 2016. The Company terminated its initial public offering on March 24, 2016, but continues to offer shares pursuant to the Company’s distribution reinvestment plan.

“Steadfast Apartment REIT has benefited from owning apartment communities in ‘life-style cities’ that attract Millennials,” said Ella Neyland, president of the Company. “Cities such as Austin, Nashville and Denver are creating strong job growth with an array of entertainment, sports and dining night-life that helps to balance work and play for these young adults and increasingly.”

 

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 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.