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Aug 11 2017

Steadfast Income REIT Increases MFFO 19% Year-Over-Year

Steadfast Income REIT, Inc., a publicly registered non-traded real estate investment trust, announced its operating results for the second quarter of 2017.

During the second quarter, the company had total revenues of $55.1 million, compared to $54.0 million during the same period in 2016.

Net loss was $5.7 million for the second quarter of 2017, compared to $8 million year-over-year.



Total assets of the company at June 30, 2017 were $1.54 billion, compared to $1.59 billion at December 31, 2016.

“The Urban Land Institute recently issued a new report stating that ‘working women, affluent immigrants and both younger and older adults will drive demographic trends through 2025, and that has positive long-term implications for the apartment sector,” said Ella Neyland, president of the company. “When you combine those demand factors with a moderate income rent price point, we believe that Steadfast is well positioned to benefit from those dynamics for the benefit of our shareholders.”

Steadfast Income REIT Second Quarter 2017 Highlights:

• Increased net operating income to $28.6 million for the three months ended June 30, 2017, compared to NOI of $28.1 million, year-over-year.

• Increased modified funds from operations to $12.6 million in the second quarter of 2017, compared to $10.6 million, year-over-year.

• Increased funds from operations to $12.4 million compared to $9.2 million in the second quarter of 2016.

• Funded $7.8 million for additions to real estate investments for the six months ended June 30, 2017, compared to $12.7 million for the six months ended June 30, 2016.

• Reported net cash provided by operating activities of $26.1 million for the six months ended June 30, 2017, compared to $23.6 million for the six months ended June 30, 2016. Net cash used in investing activities was $7.3 million for the six months ended June 30, 2017, compared to $11.8 million for the six months ended June 30, 2016.

• Reported net cash used in financing activities of $36 million for the six months ended June 30, 2017, which included $27.2 million of distributions paid, all of which were paid in cash. Net cash provided by financing activities was $36.9 million for the six months ended June 30, 2016, which included $27.5 million of distributions paid, all of which were paid in cash.

• As of June 30, 2017, the company had $466.8 million of fixed rate debt with a weighted-average interest rate of 4.06 percent and $746.3 million of variable rate debt with a weighted-average interest rate of 3.38 percent. The weighted average interest rate on the company’s total outstanding debt as of June 30, 2017, was 3.64 percent.

Steadfast Income REIT invests primarily on the multifamily sector, including stable, income-producing and value-added properties. The company launched its initial public offering in July 2010 and concluded its sales of shares of common stock in December 2013 after raising $767 million in investor equity. The company owns a multifamily property portfolio of 65 properties with a total purchase price, including development and construction costs, of $1.6 billion.

For more Steadfast related news, visit their directory page here.

Article by: The DI Wire


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