Irvine, Calif., March 17, 2015 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the year ended December 31, 2014.
For the year ended December 31, 2014, the Company had total revenues of $195.9 million compared to $109.1 million for the year ended December 31, 2013. Net loss was $25.7 million for the year ended December 31, 2014 compared to net loss of $55.9 million for the year ended December 31, 2013. Total assets of the Company grew from $1.56 billion at December 31, 2013 to $1.61 billion at December 31, 2014.
- Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $45.0 million for the year ended December 31, 2014 from MFFO of $19.3 million for the year ended December 31, 2013. (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 $101.3 million for the year ended December 31, 2014 from $58.7 million for the year ended December 31, 2013. (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 seven multifamily properties with a total of 1,115 apartment homes for an aggregate purchase price of $130.3 million during the year ended December 31, 2014.
- Disposed of three multifamily properties with a total of 448 apartment homes and recognized a gain on sales of $9.9 million during the year ended December 31, 2014.
- Increased its multifamily property portfolio as of December 31, 2014 to 65 properties (net of two acquisitions of property immediately adjacent to existing properties in the portfolio) with 16,526 apartment homes and an aggregate purchase price of $1.62 billion from 63 properties with 15,859 apartment homes and an aggregate purchase price of $1.52 billion as of December 31, 2013. As of December 31, 2014, the Company had $481.1 million of fixed rate debt, including debt premiums and discounts totaling $4.7 million, with a weighted average interest rate of 4.30%, and $603.7 million of variable rate debt with a weighted average interest rate of 2.51%. The weighted average interest rate on the Company’s total outstanding debt as of December 31, 2014 was 3.31%.
- Reported net cash provided by operating activities of $48.6 million for the year ended December 31, 2014 compared to net cash used in operating activities of $2.2 million for the year ended December 31, 2013. Net cash used in investing activities was $126.8 million for the year ended December 31, 2014 compared to $849.1 million for the year ended December 31, 2013.
- Reported net cash provided by financing activities of $88.2 million for the year ended December 31, 2014, that included $29.5 million of distributions paid, net of $24.2 million in non-cash distributions pursuant to the Company’s distribution reinvestment plan.
“We are executing on all of our business initiatives to increase value for our stockholders,” said Ella Neyland, President of the Company. “As a result of buying multifamily communities in neighborhoods with job and population growth that exceeds the national average, we believe we can increase organic rents. We have also spent capital to upgrade the interiors of many of our apartment homes delivering a more attractive living space for our residents in exchange for an increase in rents. With a moderate income price point in rents, we are still below the rents charged for new luxury apartments which creates a value proposition for our residents.”
About Steadfast Income REIT
Steadfast Income REIT is a real estate investment trust that was formed to acquire and operate a diverse portfolio of real estate investments focused primarily on the multifamily sector, including stable, income-producing and value-added properties.
Steadfast Income 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.
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