Steadfast Income REIT Increases Net Asset Value

Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust, declared an estimated value of $11.65 per share of the company’s common stock, as of December 31, 2016. The updated valuation is a 1.8 percent increase from last year’s $11.44 NAV per share.

The estimated value per share was determined by REIT’s board of directors based on independent, third-party firms that conducted property-level and aggregate valuation analyses on its 65 apartment community properties plus cash and other assets, less the estimated value of outstanding mortgage debt and other liabilities, divided by the number of shares issued and outstanding on an adjusted fully diluted basis.

“We believe this estimated value per share once again validates our strategy to create value for our shareholders,” said Ella Neyland, president of Steadfast Income REIT. “By providing institutional-quality management for our income-producing apartment properties, and by making comparatively minor aesthetic improvements to the individual properties, we believe we’ve continued to have a significant impact on the portfolio’s overall value.”

The board engaged CBRE Capital Advisors, a broker-dealer firm that specializes in real estate financial services, to calculate the range for the estimated value per share. CBRE Cap based the range on property appraisals performed by CBRE Inc., an affiliate of CBRE Cap and an independent third-party appraisal firm.

The valuation was performed in accordance with guidelines issued by the Investment Program Association.

Steadfast Income REIT invests primarily on the multifamily sector, including stable, income-producing and value-added properties. After launching its initial public offering in July 2010, the REIT concluded its sales of shares of common stock in its primary offering on December 20, 2013 after raising $767 million in investor equity.

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