Steadfast Apartment REIT III Reports 2016 Financial Results

Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust announced its operating results for 2016.

For the year ended December 31, 2016, the company had total revenues of $1.3 million while net loss was $4.9 million. Total assets grew from $0.2 million at December 31, 2015 to $117.4 million at December 31, 2016.

“The apartment story for ‘GenerationALL’ continues as we increasingly become a nation of renters for all generations,” said Ella Neyland, president of the company. “The Millennials are the largest living demographic and are delaying home ownership for the convenience and flexibility of apartment living. Baby Boomers are moving back into apartments at an increasing rate for the very same convenience and life-style.”

Company Highlights:

• Reported modified funds from of negative $1.1 million for the year ended December 31, 2016.

• Reported funds of negative $4.1 million for the year ended December 31, 2016.

• Acquired three multifamily properties with a total of 632 apartment homes for an aggregate purchase price of $99.4 million, exclusive of closing costs, during the year ended December 31, 2016.

• Had $72.0 million of variable rate debt with a weighted average interest rate of 3.2 percent as of December 31, 2016, which represented the company’s total outstanding debt as of December 31, 2016.

• Reported net cash used in operating activities of $2.2 million for the year ended December 31, 2016. Net cash used in investing activities was $101.2 million for the year ended December 31, 2016.

• Reported net cash provided by financing activities of $119.6 million for the year ended December 31, 2016, which included $286,624 of distributions paid, net of $292,818 in non-cash distributions paid pursuant to the company’s distribution reinvestment plan.

• Raised $45.6 million in net proceeds from the sale of 1,231,180 shares of Class A common stock, 99,043 shares of Class R common stock and 889,434 shares of Class T common stock in its public offering through December 31, 2016, including shares issued pursuant to the distribution reinvestment plan.

Steadfast Apartment REIT III invests in middle-market apartments and senior living facilities located throughout the United States. The company went effective in February 2016 and has raised nearly $75 million in investor equity, as of March 10, 2017. The company has purchased four properties in Colorado, Georgia, Illinois and Texas for a total of $132 million.

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