Steadfast Income REIT Reports 2Q15 Earnings

Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust sponsored by Steadfast REIT Investments LLC, reported its operating results for the three and six months ending June 30, 2015.

For the three and six months ended June 30, 2015, the company had total revenues of $52.2 million and $103.3 million compared to $49.2 million and $94.9 million, year-over-year. Net loss was $2.9 million and $6.7 million for the three and six months ending June 30, 2015 compared to net loss of $3.7 million and $17.7 million one year ago. Total assets of the company decreased from $1.61 billion at December 31, 2014 to $1.59 billion at June 30, 2015.

“According to a recent report from the Commerce Department, apartment vacancies nationwide are at their lowest level since 1985,” said Ella Neyland, president of the Company. “We believe that as America embraces the convenience and flexibility of apartment living, Steadfast properties and target markets continue to nourish America’s demand for affordable and comfortable apartment homes.”

Below are highlights from Steadfast Income REIT’s report:

Increased modified funds from operations to $13.6 million and $27.0 million for the three and six months ended June 30, 2015 from MFFO of $11.1 million and $20.5 million compared to last year.

Increased funds from operations to $13.3 million and $25.6 million for the three and six months ended June 30, 2015 from FFO of $6.7 million and $12.9 million year-over-year.

Increased net operating income to $27.8 million and $55.0 million for the three and six months ended June 30, 2015 from $25.3 million and $48.2 million compared to the three and six month period a year ago.

Increased cash payments to fund improvements to real estate investments to $7.9 million and $15.0 million for the three and six months ended June 30, 2015 from $6.0 million and $10.8 million year-over-year.

Owned a multifamily property portfolio of 65 properties with 16,542 apartment homes and an aggregate purchase price of $1.62 billion, as of June 30, 2015.

As of June 30, 2015, the company had $482.7 million of fixed rate debt, including debt premiums and discounts totaling $4.1 million, with a weighted average interest rate of 4.31 percent, and $604.5 million of variable rate debt with a weighted average interest rate of 2.51 percent. The weighted average interest rate on the company’s total outstanding debt as of June 30, 2015 was 3.30 percent.

Reported net cash provided by operating activities of $22.4 million for the six months ended June 30, 2015 compared to $17.3 million for the six months ended June 30, 2014. Net cash used in investing activities was $15.2 million for the six months ended June 30, 2015 compared to $95.1 million for the six months ended a year previously.

Reported net cash used in financing activities of $4.8 million for the six months ended June 30, 2015, that included $27.5 million of distributions paid, all of which were paid in cash. Net cash provided by financing activities was $82.4 million for the six months ended June 30, 2014, that included $13.3 million of distributions paid, net of $12.9 million in non-cash distributions pursuant to the company’s distribution reinvestment plan.

Steadfast Income REIT is a real estate investment trust that was formed to acquire and operate a diverse portfolio of real estate investments focused primarily on the multifamily sector, including stable, income-producing and value-added properties. Steadfast Income 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.