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Steadfast Apartment REIT Announces Third Quarter Results

Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, announced its operating results for the three and nine months ended September 30, 2016.

For the three and nine months ended September 30, 2016, the company had total revenues of $37.4 million and $104.5 million compared to $20.2 million and $40.7 million for the three and nine months ended September 30, 2015.

Net loss was $9.9 million and $30.1 million compared to$14.2 million and $33.2 million over the same periods. Total assets of the Company grew from $1.3 billion at December 31, 2015 to $1.5 billion at September 30, 2016.

Financial Highlights

• Increased modified funds from operations to $9.5 million and $26.5 million for the three and nine months ended September 30, 2016 from MFFO of $5.9 million and $10.8 million for the three and nine months ended September 30, 2015.

• Increased funds from operations to $6.7 million and $19.8 million for the three and nine months ended September 30, 2016 from negative FFO of $1.7 million and $7.6 million for the three and nine months ended September 30, 2015.

• Increased net operating income to $21.1 million and $58.7 million for the three and nine months ended September 30, 2016 from $11.6 million and $22.8 million for the three and nine months ended September 30, 2015.

• Acquired two multifamily properties with 802 apartment homes for a total purchase price of $121.8 million during the third quarter

• Increased its multifamily property portfolio to 34 properties with 11,601 apartment homes and a total purchase price of $1.5 billion.

• Had $883.7 million of variable rate debt with a weighted average interest rate of 2.60 percent and $67.8 million of fixed rate debt with a weighted average interest rate of 4.51 percent as of September 30, 2016. The weighted average interest rate on the company’s total outstanding debt as of September 30, 2016 was 2.73 percent.

“The Emerging Trends in Real Estate 2017 survey by PricewaterhouseCoopers LLP and Urban Land Institute, pointed out that Austin, Texas now offers the most attractive real estate investment opportunity of any major U.S. market followed by Dallas/Ft. Worth,” said Ella Neyland, president of the company. “Both of these markets were Steadfast target markets when we started investing for our shareholders because we believed both markets exemplify our business plan to buy in neighborhoods that have a vibrant, diverse economy.”

Steadfast Apartment REIT is a real estate investment trust that was formed to acquire and operate a portfolio of apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles.

Steadfast Apartment 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.

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