Home News Steadfast REITs Complete Merger Transactions

Steadfast REITs Complete Merger Transactions

Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, has completed its mergers with affiliated non-traded REITs, Steadfast Income REIT Inc. and Steadfast Apartment REIT III Inc.

Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, has completed its mergers with affiliated non-traded REITs, Steadfast Income REIT Inc. and Steadfast Apartment REIT III Inc. Following the mergers, Steadfast Apartment REIT has approximately $3.4 billion in gross real estate asset value.

“We appreciate the confidence of our stockholders who voted overwhelmingly in favor of these transactions,” said Rodney F. Emery, chairman of Steadfast Apartment REIT. “As a result, STAR has an enhanced and diversified portfolio that is concentrated in high growth markets. Additionally, we now expect better access to attractive capital sources that can be used to drive future growth opportunities.”

In exchange for each share of Steadfast Income REIT and Steadfast Apartment REIT III common stock, stockholders received 0.5934 and 1.43 shares, respectively, of Steadfast Apartment REIT common stock.

This is equivalent to $9.40 per Steadfast Income REIT share and $22.65 per Steadfast Apartment REIT III share, based on Steadfast Apartment REIT’s most recent estimated value per share of $15.84.

Steadfast Apartment REIT, Steadfast Income REIT and Steadfast Apartment REIT III stockholders now own approximately 48.1 percent, 40.6 percent and 11.3 percent of the combined company, respectively.

“We look forward to pursuing additional value creation opportunities as a robust company with increased cash flow and a strong balance sheet,” said Ella Neyland, president of Steadfast Apartment REIT. “We are pleased that stockholders may participate in the potential benefits of a larger, stronger combined company with a bright future.”

Steadfast Apartment REIT, Inc. owns and operates a portfolio of apartment communities in targeted markets across the United States. The REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies.

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