STEADFAST INCOME REIT, INC. ANNOUNCES RESULTS FOR THE QUARTER ENDED MARCH 31, 2018

Contact: Jennifer Franklin

Phone: 949.333.1721

Email: jfranklin@Stiracmg.com

Irvine, Calif., May 11, 2018 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the three months ended March 31, 2018. During the first quarter of 2018, the Company disposed of 11 multifamily properties, including the contribution of eight properties to a joint venture with Blackstone Real Estate Investment Trust, Inc. (the “Joint Venture”), for a gross sales price of $256.1 million, exclusive of closing costs, for a gain on sales of real estate of $81.2 million. The reduction of the size of the Company’s portfolio as a result of the contribution of properties to the Joint Venture and other property sales had a significant impact on the Company’s results of operations for the three months ended March 31, 2018, compared to the three months ended March 31, 2017.
For the three months ended March 31, 2018, the Company had total revenues of $35.5 million compared to $54.3 million for the three months ended March 31, 2017. Net income was $73.3 million for the three months ended March 31, 2018, compared to net loss of $5.6 million for the three months ended March 31, 2017. Total assets of the Company at March 31, 2018, were $1.14 billion compared to $1.25 billion at December 31, 2017.

Highlights:

The Company:
• Owned a multifamily property portfolio as of March 31, 2018, of 37 properties comprising a total of 9,878 apartment homes and 21,130 square feet of rentable commercial space at two properties with an aggregate purchase price, excluding closing costs, of $1.0 billion and a 10% ownership interest in the Joint Venture.
• Had $320.2 million of fixed rate debt with a weighted-average interest rate of 3.82% and $402.6 million of variable rate debt with a weighted-average interest rate of 4.10% as of March 31, 2018. The weighted average interest rate on the Company’s total outstanding debt was 3.98% as of March 31, 2018;
• Funded $1.4 million for improvements to real estate investments for the three months ended March 31, 2018, compared to $4.5 million for the three months ended March 31, 2017;
• Experienced a decrease in net operating income (“NOI”) from $28.3 million for the three months ended March 31, 2017, to NOI of $19.1 million for the three months ended March 31, 2018. (See the reconciliation of NOI to net income (loss) and accompanying notes contained within this release for additional information on how the Company calculates NOI.);
• Experienced a decrease in modified funds from operations (“MFFO”), as defined by the Institute for Portfolio Alternatives (formerly known as the Investment Program Association) (“IPA”), from $12.6 million for the three months ended March 31, 2017, to MFFO of $7.0 million for the three months ended March 31, 2018. (See the reconciliation of MFFO to net income (loss) and accompanying notes contained within this release for additional information on how the Company calculates MFFO.);
• Experienced a decrease in funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), from $12.3 million for the three months ended March 31, 2017, to FFO of $4.9 million for the three months ended March 31, 2018. (See the reconciliation of FFO to net income (loss) and accompanying notes contained within this release for additional information on how the Company calculates FFO.);
• Reported net cash used in operating activities of $1.5 million for the three months ended March 31, 2018, compared to net cash provided by operating activities of $0.3 million for the three months ended March 31, 2017. Net cash provided by investing activities was $172.4 million for the three months ended March 31, 2018, compared to net cash used in investing activities of $4.3 million for the three months ended March 31, 2017; and
• Reported net cash used in financing activities of $92.5 million for the three months ended March 31, 2018, which included $13.3 million of distributions paid, all of which were paid in cash. Net cash used in financing activities was $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.
“According to CBRE Econometric Advisors’ market outlook for 2018, rent growth in the suburbs over the past two years has averaged 3.4% nationally while downtown rents have grown at just 0.6% over the same period,” said Ella Neyland, president of the Company. “We believe this validates the Company’s investment thesis that most of America is choosing to live in moderate income apartments in a more suburban setting.”

About Steadfast Income REIT, Inc.

Steadfast Income REIT, Inc. 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, Inc. 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.
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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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