Irvine, Calif., May 10, 2017 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the three months ended March 31, 2017.

For the three months ended March 31, 2017, the Company had total revenues of $54.3 million compared to $52.9 million for the three months ended March 31, 2016. Net loss was $5.6 million for the three months ended March 31, 2017 compared to net loss of $3.6 million for the three months ended March 31, 2016. Total assets of the Company at March 31, 2017 were $1.56 billion compared to $1.59 billion at December 31, 2016.

Highlights:

The Company:

  • Owned a multifamily property portfolio at March 31, 2017 of 65 properties comprising a total of 16,709 apartment homes with an aggregate purchase price, including development and construction costs, of $1.6 billion, exclusive of closing costs. As of March 31, 2017, the Company had $469.1 million of fixed rate debt with a weighted-average interest rate of 4.06% and $746.4 million of variable rate debt with a weighted-average interest rate of 3.13%. The weighted average interest rate on the Company’s total outstanding debt as of March 31, 2017 was 3.49%.
  • The Company’s board of directors approved an estimated value per share of common stock of $11.65 as of December 31, 2016, an increase from the estimated value per share of common stock of $11.44 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.
  • Generated net operating income (“NOI”) of $28.3 million for the three months ended March 31, 2017 and 2016. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.)
  • Generated modified funds from operations (“MFFO”), as defined by the Investment Program Association, of $12.6 million for the three months ended March 31, 2017 compared to MFFO of $13.7 million for the three months ended March 31, 2016. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.)
  • Generated funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, of $12.3 million for the three months ended March 31, 2017 compared to FFO of $13.3 million for the three months ended March 31, 2016. (See the reconciliation of FFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates FFO.)
  • Funded $4.5 million for additions to real estate investments for the three months ended March 31, 2017 compared to $5.8 million for the three months ended March 31, 2016.
  • Reported net cash provided by operating activities of $10.9 million for the three months ended March 31, 2017 compared to $11.9 million for the three months ended March 31, 2016. Net cash used in investing activities was $4.2 million for the three months ended March 31, 2017 compared to $4.9 million for the three months ended March 31, 2016.
  • Reported net cash used in financing activities of $17.8 million for the three months ended March 31, 2017, which included $13.4 million of distributions paid, all of which were paid in cash. Net cash used in financing activities was $2.6 million for the three months ended March 31, 2016, which included $13.7 million of distributions paid, all of which were paid in cash.

“The apartment market continues to positively reflect the strong preference for working America to live in rental housing,” said Ella Neyland, president of the Company. “Although construction of new apartment communities will hit record numbers in 2017, post Great Recession, this new product is predominately luxury apartments where rents are much higher than Steadfast’s average monthly rents. We believe this continues to make Steadfast a value proposition for most of America.”

 

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.

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