Home News Steadfast Apartment REIT III Nearly Triples Revenues in First Quarter 2018

Steadfast Apartment REIT III Nearly Triples Revenues in First Quarter 2018

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, announced its operating results for the first quarter of 2018.

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, announced its operating results for the first quarter of 2018.

For the three months ended March 31, 2018, the company had total revenues of $8.8 million compared to $3.1 million for the same period last year. Net loss was $3.9 million for the three months ended March 31, 2018, compared to $2.3 million for the first quarter of 2017. Total assets grew from $381.6 million at December 31, 2017, to $388.5 million at March 31, 2018.

“According to a recent Freddie Mac survey, the top reason renters across all age groups said they prefer to rent was convenience and flexibility,” said Ella Neyland, president of the Company. “That suggests the trend toward renting is being driven less by necessity and more by preference and lifestyle, which means it might not reverse anytime soon.”

Highlights for First Quarter of 2018

• Owned a multifamily property portfolio of nine properties with 2,592 apartment homes with a total purchase price of $369.1 million

• Increased modified funds from operations, as defined by the Institute for Portfolio Alternatives (formerly known as the Investment Program Association), to $0.4 million for the first quarter of 2018, from $0.3 million for the first quarter of 2017.

• Increased funds from operations, as defined by the National Association of Real Estate Investment Trusts, to $0.8 million for the first quarter of 2018, from $38,556 for the first quarter of 2017.

• Increased net operating income to $4.8 million for the first quarter 2018, from $1.8 million for the same period last year.

• Increased cash payments used for improvements to the company’s real estate portfolio to $0.9 million for the first quarter of 2018, from $0.4 million for the same period last year.

• Had $156 million of variable rate debt with a weighted average interest rate of 4.22 percent and $102.5 million of fixed rate debt with a weighted average interest rate of 3.89 percent as of March 31, 2018. The weighted average interest rate on the company’s total outstanding debt was 4.09 percent as of March 31, 2018.

• Reported net cash used in operating activities of $1.4 million for the first quarter of 2018, compared to $0.2 million for the first quarter of 2017. Net cash used in investing activities was $0.9 million for the first quarter of 2018, compared to $33.2 million for the first quarter of 2017.

• Reported net cash provided by financing activities of $12.3 million and $44.7 million for the three months ended March 31, 2018 and 2017, respectively, which included $1.2 million and $0.4 million of distributions paid, net of $1.1 million and $0.4 million in non-cash distributions paid through the company’s distribution reinvestment plan, respectively.

• Raised $153.1 million in public offering proceeds through March 31, 2018, net of offering costs, from the sale of 3.1 million shares of Class A common stock, 0.4 million shares of Class R common stock and 3.8 million shares of Class T common stock in the company’s public offering, including shares issued through its distribution reinvestment plan.

Steadfast Apartment REIT III invests in institutional-quality multifamily and independent senior-living apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. Steadfast Apartment REIT III is sponsored by Steadfast REIT Investments LLC.

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

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