Steadfast Income REIT Reports First Quarter 2016 Financials

Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust, released its operating results for the first quarter of 2016.

For the three months ended March 31, 2016, the company had total revenues of $52.9 million compared to $51.1 million for the first quarter of 2015. Net loss was $3.6 million compared to a net loss of $3.8 million in the first quarter of 2015. Total assets totaled $1.55 billion compared to $1.57 billion at December 31, 2015.

Highlights for the Three Months Ended March 31, 2016:

Increased modified funds from operations to $13.7 million compared to $13.4 million for the three months ended March 31, 2015.

Increased funds from operations to $13.3 million compared to $12.3 million in the first quarter of 2015.

Increased net operating income to $28.3 million from $27.2 million in the first quarter of 2015.

Funded $5.8 million for improvements to real estate investments compared to $7.0 million for the three months ended March 31, 2015.

Owned a multifamily property portfolio of 65 properties with 16,622 apartment homes and a total purchase price of $1.6 billion.

As of March 31, 2016, the company had $476.3 million of fixed rate debt, including debt premiums and discounts totaling $3.1 million and net of deferred financing costs of $2.1 million, with a weighted average interest rate of 4.32 percent. The company had $651.5 million of variable rate debt, net of deferred financing costs of $4.3 million, with a weighted average interest rate of 2.76 percent. The weighted average interest rate on the total outstanding debt as of March 31, 2016 was 3.42 percent.

Reported net cash provided by operating activities was $11.9 million compared to $11 million for the first quarter 2015. Net cash used in investing activities was $4.9 million compared to $7 million for the first quarter 2015.

Reported net cash used in financing activities was $2.6 million and included $13.7 million of distributions paid, all of which were paid in cash. Comparatively, net cash provided by financing activities was $8.1 million for the first quarter of 2015 and included $13.6 million of distributions paid, all of which were paid in cash.

The board of directors approved an estimated value per share of common stock of $11.44 as of December 31, 2015, an increase from $10.35 as of December 31, 2014.

“Once again, home ownership rates have declined and are now at a new low of 63.5 percent, according to the U.S. Census Bureau, as more and more Americans become renters,” said Ella Neyland, president of Steadfast Income REIT. “We believe it is based on an evolving lifestyle approach to convenience and flexibility, not necessarily mortgage rates, that are near all-time lows.”

Steadfast Income REIT focuses 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.

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