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May 11 2017

Steadfast Income REIT Reports Modest Revenue Growth During First Quarter 2017

Steadfast Income REIT, Inc., a publicly registered non-traded real estate investment trust, announced today its operating results for the three months ended March 31, 2017.

For the first quarter of 2017, the company had total revenues of $54.3 million compared to $52.9 million for first quarter of 2016.

Net loss was $5.6 million for the first quarter of 2017, compared to $3.6 million year-over-year.



Total assets for the three months ended March 31, 2017 were $1.56 billion, compared to $1.59 billion at December 31, 2016.

“The apartment market continues to positively reflect the strong preference for working America to live in rental housing,” said Ella Neyland, president of the REIT. “Although construction of new apartment communities will hit record numbers in 2017, post Great Recession, this new product is predominately luxury apartments where rents are much higher than Steadfast’s average monthly rents. We believe this continues to make Steadfast a value proposition for most of America.”

Steadfast Income REIT First Quarter 2017 Highlights:

• Generated net operating income of $28.3 million for the three months ended March 31, 2017 and 2016.

• Generated modified funds from operations of $12.6 million for first quarter of 2017 compared to MFFO of $13.7 million for the first quarter of 2016.

• Generated funds from operations of $12.3 million for the first quarter of 2017 compared to FFO of $13.3 million for the first quarter of 2016.

• As of March 31, 2017, the company had $469.1 million of fixed rate debt with a weighted-average interest rate of 4.06 percent and $746.4 million of variable rate debt with a weighted-average interest rate of 3.13 percent. The weighted average interest rate on the total outstanding debt as of March 31, 2017 was 3.49 percent.

• The board of directors approved an estimated value per share of common stock of $11.65 as of December 31, 2016, an increase from the estimated value per share of common stock of $11.44 as of December 31, 2015.

• Funded $4.5 million for additions to real estate investments for the first quarter of 2017 compared to $5.8 million for the first quarter of 2016.

• Reported net cash provided by operating activities of $10.9 million for first quarter of 2017 compared to $11.9 million for the first quarter of 2016. Net cash used in investing activities was $4.2 million for the first quarter of 2017 compared to $4.9 million for the first quarter of 2016.

• Reported net cash used in financing activities of $17.8 million for the first quarter of 2017, which included $13.4 million of distributions paid, all of which were paid in cash. Net cash used in financing activities was $2.6 million for first quarter of 2016 which included $13.7 million of distributions paid, all of which were paid in cash.

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. 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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