STEADFAST INCOME REIT, INC. ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2016

Irvine, Calif., November 14, 2016 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the three and nine months ended September 30, 2016.

For the three and nine months ended September 30, 2016, the Company had total revenues of $56.4 million and $163.3 million compared to $53.2 million and $156.5 million for the three and nine months ended September 30, 2015. Net loss was $9.7 million and $21.4 million for the three and nine months ended September 30, 2016 compared to net loss of $3.6 million and $10.3 million for the three and nine months ended September 30, 2015. Total assets of the Company increased from $1.57 billion at December 31, 2015 to $1.61 billion at September 30, 2016.

Highlights:

The Company:

  • Increased net operating income (“NOI”) to $28.2 million and $84.4 million for the three and nine months ended September 30, 2016 from $28.0 million and $83.0 million for the three and nine months ended September 30, 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.)
  • Experienced a decrease in modified funds from operations (“MFFO”), as defined by the Investment Program Association, from MFFO of $13.6 million and $40.6 million for the three and nine months ended September 30, 2015 to $11.7 million and $36.0 million for the three and nine months ended September 30, 2016. This decrease was primarily due to costs associated with the refinancing of loans secured by certain of the Company’s multifamily properties during the three and nine months ended September 30, 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.)
  • Experienced a decrease in funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, from FFO of $12.9 million and $38.5 million for the three and nine months ended September 30, 2015 to FFO of $7.9 million and $30.4 million for the three and nine months ended September 30, 2016. This decrease was primarily due to costs associated with the refinancing of loans secured by certain of the Company’s multifamily properties during the three and nine months ended September 30, 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 $21.5 million for improvements to real estate investments for the nine months ended September 30, 2016 compared to $23.4 million for the nine months ended September 30, 2015.
  • Funded $30.0 million in short-term investments for the nine months ended September 30, 2016.
  • Owned a multifamily property portfolio at September 30, 2016 of 65 properties comprising 16,709 apartment homes with an aggregate purchase price of $1.6 billion. As of September 30, 2016, the Company had $473.8 million of fixed rate debt with a weighted average interest rate of 4.07% and $745.7 million of variable rate debt with a weighted average interest rate of 2.68%. The weighted average interest rate on the Company’s total outstanding debt as of September 30, 2016 was 3.22%.
  • Reported net cash provided by operating activities of $38.3 million for the nine months ended September 30, 2016 compared to $36.7 million for the nine months ended September 30, 2015. Net cash used in investing activities was $49.9 million for the nine months ended September 30, 2016 compared to $23.4 million for the nine months ended September 30, 2015.
  • Reported net cash provided by financing activities of $54.4 million for the nine months ended September 30, 2016. The Company paid $41.3 million of distributions during this period, all of which were paid in cash. Net cash used in financing activities was $6.8 million for the nine months ended September 30, 2015, which included $41.4 million of distributions paid, all of which were paid in cash.

“According to a Wall Street Journal Article published on October 5, 2016, seven million new renter households have been created since the housing market peak in 2006 as the home ownership rate declined to 62.9%, which is a 51 year low,” said Ella Neyland, president of the Company. “Although the median household income rose in 2015 for the first time since 2007, we believe working America is still looking for rents that are a moderate income price point that fit their paycheck, and that is the bedrock of the Steadfast portfolio.”

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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