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Steadfast Income REIT Reports 3Q15 Financials

Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust, reported its operating results for the three and nine months ended September 30, 2015.

For the three and nine months ended September 30, 2015, the company had total revenues of $53.2 million and $156.5 million compared to $50.2 million and $145.1 million for the three and nine months ended September 30, 2014. Net loss was $3.6 million and $10.3 million for the three and nine months ended September 30, 2015 compared to net loss of $3.3 million and $21.1 million for the three and nine months ended September 30, 2014. Total assets of the company at September 30, 2015 were $1.59 billion compared to $1.61 billion at December 31, 2014.

Highlights for the Three and Nine Months Ended September 30, 2015:

Increased modified funds from operations to $13.6 million and $40.6 million for the three and nine months ended September 30, 2015 from MFFO of $11.5 million and $32.0 million for the three and nine months ended September 30, 2014.

Increased funds from operations to $12.9 million and $38.5 million for the three and nine months ended September 30, 2015 from FFO of $9.8 million and $22.6 million for the three and nine months ended September 30, 2014.

Increased net operating income to $28.0 million and $83.0 million for the three and nine months ended September 30, 2015 from $25.3 million and $73.5 million for the three and nine months ended September 30, 2014.

For the three and nine months ended September 30, 2015, the company paid cash distributions of $13,887,973 and $41,360,816, which related to distributions declared for each day in the period from June 1, 2015 through August 31, 2015 and December 1, 2014 through August 31, 2015, respectively.

Additionally, for the three and nine months ended September 30, 2015, 0 and 8 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $0 and $78, respectively. For the three and nine months ended September 30, 2015, the company paid total distributions of $13,887,973 and $41,360,894.

Increased cash payments to fund improvements to real estate investments to $8.4 million and $23.4 million for the three and nine months ended September 30, 2015 from $7.3 million and $18.1 million for the three and nine months ended September 30, 2014.

Owned a multifamily property portfolio as of September 30, 2015 of 65 properties with 16,622 apartment homes and an aggregate purchase price of $1.62 billion.

As of September 30, 2015, the company had $481.8 million of fixed rate debt, including debt premiums and discounts totaling $3.8 million, with a weighted average interest rate of 4.32 percent, and $637.2 million of variable rate debt with a weighted average interest rate of 2.52 percent. The weighted average interest rate on the company’s total outstanding debt as of September 30, 2015 was 3.29 percent.

Reported net cash provided by operating activities of $36.7 million for the nine months ended September 30, 2015 compared to $32.5 million for the nine months ended September 30, 2014. Net cash used in investing activities was $23.4 million for the nine months ended September 30, 2015 compared to $106.6 million for the nine months ended September 30, 2014.

Reported net cash used in financing activities of $6.8 million for the nine months ended September 30, 2015, that included $41.4 million of distributions paid, all of which were paid in cash. Net cash provided by financing activities was $74.8 million for the nine months ended September 30, 2014, that included $20.3 million of distributions paid, net of $19.7 million in non-cash distributions pursuant to the company’s distribution reinvestment plan.

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. The 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.



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