Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust, announced its operating results for the year ended December 31, 2016.
For 2016, the REIT had total revenues of $218.2 million compared to $209.4 million in 2015. Net loss was $25.6 million for 2016 compared to net loss of $13 million for 2015, and total assets of the company increased from $1.57 billion at December 31, 2015 to $1.59 billion at December 31, 2016.
“‘The Steadfast Income REIT portfolio of 65 well-located, well-maintained apartment communities continues to perform well,” said Ella Neyland, president of the company. “We believe that our most recent increase in estimated value per share reflects the results of our proactive, ‘hands- on’ approach to drive value for the benefit of our shareholders.”
Highlights for Steadfast Income REIT:
• Net operating income increased to $113.7 million in 2016 compared to $112.3 million in 2015.
• Modified funds from operations decreased to $49.1 million for the year ended December 31, 2016, compared to $55.1 million for the same period last year.
• Funds from operations decreased to $43.9 million in 2016, compare to $52.6 million in 2015. The company noted that the decrease in both MFFO and FFO was primarily due to costs associated with the refinancing of certain existing loans.
• Funded $28.3 million for additions to real estate investments for the year ended December 31, 2016 compared to $29.9 million for the year ended December 31, 2015.
• As of December 31, 2016, the company had $471.5 million of fixed rate debt with a weighted-average interest rate of 4.06 percent, and $746.2 million of variable rate debt with a weighted- average interest rate of 2.92 percent. The weighted average interest rate on the company’s total outstanding debt as of December 31, 2016 was 3.36 percent.
• Reported net cash provided by operating activities of $54.3 million for the year ended December 31, 2016 compared to $51.4 million for the year ended December 31, 2015. Net cash used in investing activities was $56.9 million for 2016 compared to $29.7 million for 2015.
• Reported net cash provided by financing activities of $36.8 million in 2016, which included $54.9 million of distributions paid, all of which were paid in cash. Net cash used in financing activities was $19.2 million for the previous year, which included $55.1 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 $11.65, as of December 31, 2016, an increase from the estimated value per share of common stock of $11.44, as of December 31, 2015.
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.