Maryland | 000-54674 | 27-0351641 | ||
(State or Other Jurisdiction | (Commission File Number) | (IRS Employer | ||
of Incorporation) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 | Entry into a Material Definitive Agreement. |
Item 2.02 | Results of Operations and Financial Condition. |
10.1 | Amendment No. 5 to the Amended and Restated Advisory Agreement, dated as of March 12, 2014, by and among Steadfast Income REIT, Inc., Steadfast Income REIT Operating Partnership, L.P. and Steadfast Income Advisor, LLC |
99.1 | Earnings Release, dated March 12, 2014 |
STEADFAST INCOME REIT, INC. | |||
Date: | March 12, 2014 | By: | /s/ Kevin Keating |
Kevin Keating | |||
Treasurer |
10.1 | Amendment No. 5 to the Amended and Restated Advisory Agreement, dated as of March 12, 2014, by and among Steadfast Income REIT, Inc., Steadfast Income REIT Operating Partnership, L.P. and Steadfast Income Advisor, LLC |
99.1 | Earnings Release, dated March 12, 2014 |
By: | /s/ Rodney F. Emery |
Name: | Rodney F. Emery |
Title: | Chief Executive Officer |
By: | STEADFAST INCOME REIT, INC., |
By: | /s/ Rodney F. Emery |
Name: | Rodney F. Emery |
Title: | Chief Executive Officer |
By: | /s/ Ana Marie del Rio |
Name: | Ana Marie del Rio |
Title: | Secretary |
![]() | 18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700 |
Contact: | Jennifer Schmidt |
Phone: | 949.333.1721 |
Email: | jschmidt@steadfastcmg.com |
• | Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $19.3 million for the year ended December 31, 2013 from MFFO of $5.8 million for the year ended December 31, 2012. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.) |
• | Increased net operating income (“NOI”) to $58.5 million for the year ended December 31, 2013 from $17.1 million for the year ended December 31, 2012. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.) |
• | Acquired 33 multifamily properties with a total of 9,169 apartment homes for an aggregate purchase price of $945.7 million during the year ended December 31, 2013. |
• | Increased its multifamily property portfolio as of December 31, 2013 to 63 properties with 15,859 apartment homes and an aggregate purchase price of $1.5 billion. As of December 31, 2013, the Company had $504.1 million of fixed rate debt, including debt premiums and discounts totaling $5.9 million, with a weighted average interest rate of 4.29% and $483.2 million of variable rate debt with a weighted average interest rate of 2.62%. The weighted average interest rate on the Company's total outstanding debt as of December 31, 2013 was 3.48%. |
• | Net cash used in operating activities was $2.3 million for the year ended December 31, 2013 compared to $4.6 million for the year ended December 31, 2012. Net cash used in investing activities was $849.1 million for the year ended December 31, 2013 compared to $382.5 million for the year ended December 31, 2012. |
• | Net cash provided by financing activities was $861.5 million for the year ended December 31, 2013 compared to $384.4 million for the year ended December 31, 2012, and included $14.3 million and $4.4 million of distributions paid, net of $11.6 million and $3.2 million in non-cash distributions pursuant to the Company's distribution reinvestment plan, for the year ended December 31, 2013 and 2012, respectively. |
• | Terminated its initial public offering on December 20, 2013. As of December 31, 2013, the Company had cash and cash equivalents of $19.6 million and gross offering proceeds receivable of $26.5 million. |
December 31, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Assets: | |||||||
Real Estate: | |||||||
Land | $ | 164,206,122 | $ | 52,128,526 | |||
Building and improvements | 1,337,362,574 | 512,420,903 | |||||
Tenant origination and absorption costs | 15,670,519 | 13,496,020 | |||||
Other intangible assets | 2,644,263 | — | |||||
Total real estate, cost | 1,519,883,478 | 578,045,449 | |||||
Less accumulated depreciation and amortization | (48,920,319 | ) | (18,073,362 | ) | |||
Total real estate, net | 1,470,963,159 | 559,972,087 | |||||
Cash and cash equivalents | 19,552,205 | 9,528,664 | |||||
Restricted cash | 25,243,316 | 5,467,219 | |||||
Rents and other receivables | 28,555,764 | 1,414,875 | |||||
Deferred financing costs and other assets, net | 17,575,410 | 6,203,711 | |||||
Total assets | $ | 1,561,889,854 | $ | 582,586,556 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 30,952,792 | $ | 8,536,953 | |||
Below-market leases, net | 163,237 | 301,349 | |||||
Notes payable: | |||||||
Mortgage notes payable, net | 987,329,800 | 408,802,388 | |||||
Revolving credit facility | — | 5,000,000 | |||||
Total notes payable, net | 987,329,800 | 413,802,388 | |||||
Distributions payable | 4,058,452 | 1,343,399 | |||||
Due to affiliates, net | 9,322,038 | 3,471,796 | |||||
Total liabilities | 1,031,826,319 | 427,455,885 | |||||
Commitments and contingencies | |||||||
Redeemable common stock | 12,945,007 | 3,049,521 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding | — | — | |||||
Common stock $0.01 par value per share; 999,999,000 shares authorized, 74,153,580 and 22,908,859 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 741,538 | 229,086 | |||||
Convertible stock, $0.01 par value per share; 1,000 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively | 10 | 10 | |||||
Additional paid-in capital | 640,181,521 | 191,130,977 | |||||
Cumulative distributions and net losses | (123,804,541 | ) | (39,278,923 | ) | |||
Total stockholders’ equity | 517,118,528 | 152,081,150 | |||||
Total liabilities and stockholders’ equity | $ | 1,561,889,854 | $ | 582,586,556 |
For the year ended December 31, | |||||||
2013 | 2012 | ||||||
Revenues: | |||||||
Rental income | $ | 98,018,275 | $ | 27,955,977 | |||
Tenant reimbursements and other | 11,083,242 | 2,630,955 | |||||
Total revenues | 109,101,517 | 30,586,932 | |||||
Expenses: | |||||||
Operating, maintenance and management | 28,957,567 | 8,687,480 | |||||
Real estate taxes and insurance | 17,499,798 | 3,721,952 | |||||
Fees to affiliates | 30,713,737 | 13,127,558 | |||||
Depreciation and amortization | 48,454,178 | 14,957,857 | |||||
Interest expense | 24,308,402 | 6,291,193 | |||||
General and administrative expenses | 6,857,240 | 3,085,470 | |||||
Acquisition costs | 8,169,451 | 3,275,349 | |||||
Total expenses | 164,960,373 | 53,146,859 | |||||
Loss on sale of real estate | (21,001 | ) | — | ||||
Net loss | $ | (55,879,857 | ) | $ | (22,559,927 | ) | |
Loss per common share — basic and diluted | $ | (1.39 | ) | $ | (1.84 | ) | |
Weighted average number of common shares outstanding — basic and diluted | 40,169,940 | 12,238,094 | |||||
Distributions declared | $ | 28,645,761 | $ | 8,636,158 |
For the Years Ended December 31, | ||||||||
Reconciliation of net loss to MFFO: | 2013 | 2012 | ||||||
Net loss | $ | (55,879,857 | ) | $ | (22,559,927 | ) | ||
Depreciation of real estate assets | 32,103,974 | 8,353,542 | ||||||
Amortization of lease-related costs | 16,350,204 | 6,604,315 | ||||||
Loss on sale of real estate | 21,001 | — | ||||||
FFO | (7,404,678 | ) | (7,602,070 | ) | ||||
Acquisition fees and expenses(1)(2) | 27,317,558 | 13,406,569 | ||||||
Unrealized loss on derivative instruments | 448,984 | 162,761 | ||||||
Accretion of below-market leases | (1,108,789 | ) | (138,703 | ) | ||||
MFFO | $ | 19,253,075 | $ | 5,828,557 |
(1) | By excluding expensed acquisition costs, management believes MFFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of the Company's properties. Acquisition fees and expenses include payments to the Company's advisor or third parties. Acquisition fees and expenses under GAAP are considered operating expenses and as expenses included in the determination of net income and income from continuing operations, both of which are performance measures under GAAP. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by the Company, unless earnings from operations or net sales proceeds from the disposition of properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to the property. In the event that proceeds from the Company's initial public offering are not available to fund the Company's reimbursement of acquisition fees and expenses incurred by the Company's advisor, such fees and expenses will need to be reimbursed to the advisor from other sources, including debt, operational earnings or cash flow, net proceeds from the sale of properties, or from ancillary cash flows. The acquisition of properties, and the corresponding acquisition fees and expenses, is the key operational feature of the Company's business plan to generate operational income and cash flow to fund distributions to its stockholders. |
(2) | Acquisition fees and expenses for the year ended December 31, 2013 and 2012 includes acquisition fees of $19,148,107 and $10,131,220, respectively, that are recorded in fees to affiliates in the accompanying statements of operations and acquisition expenses of $8,169,451 and $3,275,349, respectively that are recorded in acquisition costs in the accompanying statements of operations. |
For the Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net loss | $ | (55,879,857 | ) | $ | (22,559,927 | ) | ||
Fees to affiliates(1) | 26,557,500 | 12,019,086 | ||||||
Depreciation and amortization | 48,454,178 | 14,957,857 | ||||||
Interest expense | 24,308,402 | 6,291,193 | ||||||
General and administrative expenses | 6,857,240 | 3,085,470 | ||||||
Acquisition costs | 8,169,451 | 3,275,349 | ||||||
Loss on sale of real estate | 21,001 | — | ||||||
Net operating income | $ | 58,487,915 | $ | 17,069,028 |
(1) | Fees to affiliates for the year ended December 31, 2013 excludes property management fees of $3,226,878 and other fees of $929,359 that are included in NOI. Fees to affiliates for the year ended December 31, 2012 excludes property management fees of $960,968 and other fees of $147,504 that are included in NOI. |
![]() | ||||||||||||||
Monthly Portfolio Snapshot | | | December 2013 | ||||||||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family | ||||||||||||||
Lincoln Tower Apartments | Springfield, IL | 190 | 2 | 188 | 178 | 93.7% | 95.4% | |||||||
Park Place Condominiums | Des Moines, IA | 151 | — | 151 | 140 | 92.7% | 96.7% | |||||||
Arbor Pointe Apartments | Louisville, KY | 130 | — | 130 | 121 | 93.1% | 98.3% | |||||||
Clarion Park Apartments | Olathe, KS | 220 | 1 | 219 | 214 | 97.3% | 99.3% | |||||||
Cooper Creek Village | Louisville, KY | 123 | — | 123 | 113 | 91.9% | 94.5% | |||||||
Truman Farm Villas | Grandview, MO | 200 | 1 | 199 | 189 | 94.5% | 95.9% | |||||||
Prairie Walk Apartments | Kansas City, MO | 128 | 1 | 127 | 122 | 95.3% | 97.5% | |||||||
EBT Lofts | Kansas City, MO | 102 | — | 102 | 100 | 98.0% | 98.5% | |||||||
Windsor on the River | Cedar Rapids, IA | 424 | 1 | 423 | 390 | 92.0% | 93.7% | |||||||
Renaissance St. Andrews | Louisville, KY | 216 | — | 216 | 202 | 93.5% | 94.8% | |||||||
Spring Creek of Edmond | Edmond, OK | 252 | 2 | 250 | 243 | 96.4% | 98.1% | |||||||
Montclair Parc Apartments | Oklahoma City, OK | 360 | 2 | 358 | 319 | 88.6% | 91.7% | |||||||
Sonoma Grande Apartments | Tulsa, OK | 336 | 1 | 335 | 307 | 91.4% | 93.4% | |||||||
Estancia Apartments | Tulsa, OK | 294 | 1 | 293 | 266 | 90.5% | 92.8% | |||||||
Montelena Apartmetns | Round Rock, TX | 232 | 1 | 231 | 208 | 89.7% | 91.1% | |||||||
Valley Farms Apartments | Louisville, KY | 160 | 1 | 159 | 150 | 93.8% | 95.2% | |||||||
Hilliard Park Apartments | Columbus, OH | 201 | 2 | 199 | 189 | 94.0% | 95.5% | |||||||
Sycamore Terrace Apartments | Terre Haute, IN | 178 | — | 178 | 172 | 96.6% | 99.0% | |||||||
Hilliard Summit Apartments | Columbus, OH | 208 | 2 | 206 | 192 | 92.3% | 94.0% | |||||||
Springmarc Apartments | San Marcos, TX | 240 | 1 | 239 | 232 | 96.7% | 97.4% | |||||||
Renaissance at St. Andrews Condominiums | Louisville, KY | 29 | — | 29 | 28 | 96.6% | 96.6% | |||||||
Ashley Oaks Apartments | San Antonio, TX | 462 | 2 | 460 | 373 | 80.7% | 82.7% | |||||||
Arrowhead Apartments | Palatine, IL | 200 | 1 | 199 | 183 | 91.5% | 92.9% | |||||||
The Moorings Apartments | Roselle, IL | 216 | 1 | 215 | 204 | 94.4% | 96.9% | |||||||
Forty 57 Apartments | Lexington, KY | 436 | 1 | 435 | 415 | 95.2% | 95.9% | |||||||
Keystone Farms Apartments | Nashville, TN | 90 | — | 90 | 89 | 98.9% | 99.2% | |||||||
Riverford Crossing Apartments | Frankfort, KY | 300 | 1 | 299 | 270 | 90.0% | 92.4% | |||||||
South Pointe at Valley Farms | Louisville, KY | 32 | — | 32 | 32 | 100.0% | 99.2% | |||||||
Montecito Apartments | Austin, TX | 268 | 1 | 267 | 263 | 98.1% | 99.6% | |||||||
Hilliard Grand Apartments | Dublin, OH | 314 | 2 | 312 | 278 | 88.5% | 92.9% | |||||||
The Hills at Fair Oaks | Fair Oaks Ranch, TX | 288 | 2 | 286 | 261 | 90.6% | 92.5% | |||||||
Library Lofts | Kansas City, MO | 118 | — | 118 | 115 | 97.5% | 98.3% | |||||||
Trails at Buda Ranch | Buda, TX | 264 | 2 | 262 | 237 | 89.8% | 92.6% | |||||||
Deep Deuce at Bricktown | Oklahoma City, OK | 294 | 2 | 292 | 249 | 84.7% | 92.1% | |||||||
Deer Valley Apartments | Lake Bluff, IL | 224 | 2 | 222 | 204 | 91.1% | 94.6% | |||||||
Grayson Ridge | North Richland Hills, TX | 240 | 1 | 239 | 230 | 95.8% | 97.3% | |||||||
Rosemont at Olmos Park | San Antonio, TX | 144 | — | 144 | 126 | 87.5% | 91.7% | |||||||
Retreat at Quail North | Oklahoma City, OK | 240 | 1 | 239 | 216 | 90.0% | 91.9% | |||||||
The Lodge at Trails Edge | Indianapolis, IN | 268 | 2 | 266 | 262 | 97.8% | 99.8% | |||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family (continued) | ||||||||||||||
Arbors of Carrolton | Dallas, TX | 131 | — | 131 | 124 | 94.7% | 96.2% | |||||||
Waterford on the Meadow | Dallas, TX | 350 | 8 | 342 | 321 | 91.7% | 94.7% | |||||||
Belmont | Dallas, TX | 260 | — | 260 | 242 | 93.1% | 95.8% | |||||||
Meritage at Steiner Ranch | Austin, TX | 502 | 3 | 499 | 424 | 84.5% | 86.0% | |||||||
Tapestry Park | Birmingham, AL | 223 | 1 | 222 | 218 | 97.8% | 99.9% | |||||||
Dawntree | Dallas, TX | 400 | — | 400 | 385 | 96.3% | 97.4% | |||||||
Stuart Hall | Kansas City, MO | 115 | — | 115 | 108 | 93.9% | 97.0% | |||||||
Bricegrove Park | Columbus, OH | 240 | 2 | 238 | 216 | 90.0% | 92.8% | |||||||
Retreat at Hamburg Place | Lexington, KY | 150 | 1 | 149 | 141 | 94.0% | 96.3% | |||||||
Cantare at ILV | Nashville, TN | 206 | 1 | 205 | 199 | 96.6% | 98.5% | |||||||
Landing at Mansfield | Mansfield, TX | 336 | 2 | 334 | 315 | 93.8% | 96.5% | |||||||
Heights at 2121 | Houston, TX | 504 | 4 | 500 | 476 | 94.4% | 96.2% | |||||||
Villas at Huffmeister | Houston, TX | 294 | — | 294 | 280 | 95.2% | 96.2% | |||||||
Villas at Kingwood | Kingwood, TX | 330 | 1 | 329 | 300 | 90.9% | 94.6% | |||||||
Waterford Place Riata Ranch | Cypress, TX | 228 | 1 | 227 | 215 | 94.3% | 95.1% | |||||||
Carrington at Champion Forest | Houston, TX | 284 | 1 | 283 | 264 | 93.0% | 94.4% | |||||||
Carrington Park at Huffmeister | Houston, TX | 232 | 1 | 231 | 213 | 91.8% | 93.3% | |||||||
Carrington Place | Houston, TX | 324 | 1 | 323 | 297 | 91.7% | 94.3% | |||||||
Willow Crossing | Elk Grove Village, IL | 579 | 2 | 577 | 553 | 95.5% | 96.5% | |||||||
Audubon Park | Nashville, TN | 256 | — | 256 | 236 | 92.2% | 92.2% | |||||||
Echo at Katy Ranch | Katy, TX | 260 | 1 | 259 | 171 | 65.8% | 67.7% | |||||||
Heritage Grand at Sienna Plantation | Missouri City, TX | 240 | 1 | 239 | 225 | 93.8% | 96.0% | |||||||
Mallard Crossing | Loveland , OH | 350 | 2 | 348 | 306 | 87.4% | 88.0% | |||||||
Renaissance at Carol Stream | Carol Stream, IL | 293 | 1 | 292 | 281 | 95.9% | 96.2% | |||||||
Total | 15,859 | 74 | 15,785 | 14,592 | 92.0% | 94.7% | ||||||||
Total Square Footage | Occupied Square Footage | % Occupied | ||||||||||||
Commercial | ||||||||||||||
Lincoln Tower Commercial | Springfield, IL | 8,995 | 8,845 | 98.3% | ||||||||||
Library Lofts Commercial | Kansas City, MO | 16,680 | 16,680 | 100.0% | ||||||||||
Stuart Hall Commercial | Kansas City, MO | 4,450 | 4,450 | 100.0% | ||||||||||
30,125 | 29,975 | 99.5% | ||||||||||||
![]() | ||||||||||||||
Monthly Portfolio Snapshot | | | November 2013 | ||||||||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family | ||||||||||||||
Lincoln Tower Apartments | Springfield, IL | 190 | 2 | 188 | 171 | 90.0% | 92.0% | |||||||
Park Place Condominiums | Des Moines, IA | 151 | — | 151 | 140 | 92.7% | 93.2% | |||||||
Arbor Pointe Apartments | Louisville, KY | 130 | — | 130 | 121 | 93.1% | 97.3% | |||||||
Clarion Park Apartments | Olathe, KS | 220 | 1 | 219 | 215 | 97.7% | 99.1% | |||||||
Cooper Creek Village | Louisville, KY | 123 | — | 123 | 115 | 93.5% | 95.9% | |||||||
Truman Farm Villas | Grandview, MO | 200 | 1 | 199 | 192 | 96.0% | 98.3% | |||||||
Prairie Walk Apartments | Kansas City, MO | 128 | 1 | 127 | 123 | 96.1% | 98.2% | |||||||
EBT Lofts | Kansas City, MO | 102 | — | 102 | 100 | 98.0% | 98.0% | |||||||
Windsor on the River | Cedar Rapids, IA | 424 | 1 | 423 | 400 | 94.3% | 95.6% | |||||||
Renaissance St. Andrews | Louisville, KY | 216 | — | 216 | 205 | 94.9% | 95.7% | |||||||
Spring Creek of Edmond | Edmond, OK | 252 | 2 | 250 | 242 | 96.0% | 98.2% | |||||||
Montclair Parc Apartments | Oklahoma City, OK | 360 | 2 | 358 | 318 | 88.3% | 91.1% | |||||||
Sonoma Grande Apartments | Tulsa, OK | 336 | 1 | 335 | 308 | 91.7% | 94.7% | |||||||
Estancia Apartments | Tulsa, OK | 294 | 1 | 293 | 267 | 90.8% | 92.8% | |||||||
Montelena Apartmetns | Round Rock, TX | 232 | 1 | 231 | 213 | 91.8% | 93.2% | |||||||
Valley Farms Apartments | Louisville, KY | 160 | 1 | 159 | 145 | 90.6% | 92.5% | |||||||
Hilliard Park Apartments | Columbus, OH | 201 | 2 | 199 | 190 | 94.5% | 97.3% | |||||||
Sycamore Terrace Apartments | Terre Haute, IN | 178 | — | 178 | 175 | 98.3% | 99.9% | |||||||
Hilliard Summit Apartments | Columbus, OH | 208 | 2 | 206 | 195 | 93.8% | 96.3% | |||||||
Springmarc Apartments | San Marcos, TX | 240 | 1 | 239 | 232 | 96.7% | 97.7% | |||||||
Renaissance at St. Andrews Condominiums | Louisville, KY | 29 | — | 29 | 28 | 96.6% | 95.7% | |||||||
Ashley Oaks Apartments | San Antonio, TX | 462 | 2 | 460 | 372 | 80.5% | 82.4% | |||||||
Arrowhead Apartments | Palatine, IL | 200 | 1 | 199 | 181 | 90.5% | 92.8% | |||||||
The Moorings Apartments | Roselle, IL | 216 | 1 | 215 | 200 | 92.6% | 95.4% | |||||||
Forty 57 Apartments | Lexington, KY | 436 | 1 | 435 | 406 | 93.1% | 94.4% | |||||||
Keystone Farms Apartments | Nashville, TN | 90 | — | 90 | 88 | 97.8% | 99.7% | |||||||
Riverford Crossing Apartments | Frankfort, KY | 300 | 1 | 299 | 267 | 89.0% | 89.8% | |||||||
South Pointe at Valley Farms | Louisville, KY | 32 | — | 32 | 31 | 96.9% | 97.7% | |||||||
Montecito Apartments | Austin, TX | 268 | 1 | 267 | 264 | 98.5% | 100.0% | |||||||
Hilliard Grand Apartments | Dublin, OH | 314 | 2 | 312 | 277 | 88.2% | 91.8% | |||||||
The Hills at Fair Oaks | Fair Oaks Ranch, TX | 288 | 2 | 286 | 265 | 92.0% | 94.0% | |||||||
Library Lofts | Kansas City, MO | 118 | — | 118 | 114 | 96.6% | 98.7% | |||||||
Trails at Buda Ranch | Buda, TX | 264 | 2 | 262 | 240 | 90.9% | 93.2% | |||||||
Deep Deuce at Bricktown | Oklahoma City, OK | 294 | 2 | 292 | 240 | 81.6% | 86.9% | |||||||
Deer Valley Apartments | Lake Bluff, IL | 224 | 2 | 222 | 195 | 87.1% | 89.0% | |||||||
Grayson Ridge | North Richland Hills, TX | 240 | 1 | 239 | 223 | 92.9% | 95.1% | |||||||
Rosemont at Olmos Park | San Antonio, TX | 144 | — | 144 | 122 | 84.7% | 84.9% | |||||||
Retreat at Quail North | Oklahoma City, OK | 240 | 1 | 239 | 214 | 89.2% | 92.0% | |||||||
The Lodge at Trails Edge | Indianapolis, IN | 268 | 2 | 266 | 260 | 97.0% | 99.9% | |||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family (continued) | ||||||||||||||
Arbors of Carrolton | Dallas, TX | 131 | — | 131 | 125 | 95.4% | 96.4% | |||||||
Waterford on the Meadow | Dallas, TX | 350 | 8 | 342 | 323 | 92.3% | 95.9% | |||||||
Belmont | Dallas, TX | 260 | — | 260 | 239 | 91.9% | 93.9% | |||||||
Meritage at Steiner Ranch | Austin, TX | 502 | 3 | 499 | 434 | 86.5% | 88.4% | |||||||
Tapestry Park | Birmingham, AL | 223 | 1 | 222 | 219 | 98.2% | 100.0% | |||||||
Dawntree | Dallas, TX | 400 | — | 400 | 383 | 95.8% | 98.1% | |||||||
Stuart Hall | Kansas City, MO | 115 | — | 115 | 110 | 95.7% | 97.8% | |||||||
Bricegrove Park | Columbus, OH | 240 | 2 | 238 | 221 | 92.1% | 94.6% | |||||||
Retreat at Hamburg Place | Lexington, KY | 150 | 1 | 149 | 137 | 91.3% | 93.5% | |||||||
Cantare at ILV | Nashville, TN | 206 | 1 | 205 | 201 | 97.6% | 99.1% | |||||||
Landing at Mansfield | Mansfield, TX | 336 | 2 | 334 | 323 | 96.1% | 98.8% | |||||||
Heights at 2121 | Houston, TX | 504 | 4 | 500 | 474 | 94.0% | 96.0% | |||||||
Villas at Huffmeister | Houston, TX | 294 | — | 294 | 282 | 95.9% | 96.7% | |||||||
Villas at Kingwood | Kingwood, TX | 330 | 1 | 329 | 302 | 91.5% | 94.5% | |||||||
Waterford Place Riata Ranch | Cypress, TX | 228 | 1 | 227 | 214 | 93.9% | 95.7% | |||||||
Carrington at Champion Forest | Houston, TX | 284 | 1 | 283 | 270 | 95.1% | 96.5% | |||||||
Carrington Park at Huffmeister | Houston, TX | 232 | 1 | 231 | 213 | 91.8% | 92.8% | |||||||
Carrington Place | Houston, TX | 324 | 1 | 323 | 297 | 91.7% | 92.9% | |||||||
Willow Crossing | Elk Grove Village, IL | 579 | 2 | 577 | 554 | 95.7% | 95.9% | |||||||
Total | 14,460 | 69 | 14,391 | 13,375 | 92.5% | 95.0% | ||||||||
Total Square Footage | Occupied Square Footage | % Occupied | ||||||||||||
Commercial | ||||||||||||||
Lincoln Tower Commercial | Springfield, IL | 8,995 | 8,845 | 98.3% | ||||||||||
Library Lofts Commercial | Kansas City, MO | 16,680 | 16,680 | 100.0% | ||||||||||
Stuart Hall Commercial | Kansas City, MO | 4,450 | 4,450 | 100.0% | ||||||||||
30,125 | 29,975 | 99.5% | ||||||||||||
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Monthly Portfolio Snapshot | | | October 2013 | ||||||||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family | ||||||||||||||
Lincoln Tower Apartments | Springfield, IL | 190 | 2 | 188 | 170 | 89.5% | 92.0% | |||||||
Park Place Condominiums | Des Moines, IA | 151 | — | 151 | 141 | 93.4% | 94.4% | |||||||
Arbor Pointe Apartments | Louisville, KY | 130 | — | 130 | 122 | 93.8% | 96.2% | |||||||
Clarion Park Apartments | Olathe, KS | 220 | 1 | 219 | 217 | 98.6% | 99.4% | |||||||
Cooper Creek Village | Louisville, KY | 123 | — | 123 | 115 | 93.5% | 95.1% | |||||||
Truman Farm Villas | Grandview, MO | 200 | 1 | 199 | 193 | 96.5% | 98.4% | |||||||
Prairie Walk Apartments | Kansas City, MO | 128 | 1 | 127 | 121 | 94.5% | 98.6% | |||||||
EBT Lofts | Kansas City, MO | 102 | — | 102 | 98 | 96.1% | 98.3% | |||||||
Windsor on the River | Cedar Rapids, IA | 424 | 1 | 423 | 405 | 95.5% | 96.7% | |||||||
Renaissance St. Andrews | Louisville, KY | 216 | — | 216 | 205 | 94.9% | 97.0% | |||||||
Spring Creek of Edmond | Edmond, OK | 252 | 2 | 250 | 239 | 94.8% | 97.1% | |||||||
Montclair Parc Apartments | Oklahoma City, OK | 360 | 2 | 358 | 320 | 88.9% | 91.4% | |||||||
Sonoma Grande Apartments | Tulsa, OK | 336 | 1 | 335 | 309 | 92.0% | 95.0% | |||||||
Estancia Apartments | Tulsa, OK | 294 | 1 | 293 | 266 | 90.5% | 91.9% | |||||||
Montelena Apartmetns | Round Rock, TX | 232 | 1 | 231 | 220 | 94.8% | 96.6% | |||||||
Valley Farms Apartments | Louisville, KY | 160 | 1 | 159 | 142 | 88.8% | 90.8% | |||||||
Hilliard Park Apartments | Columbus, OH | 201 | 2 | 199 | 194 | 96.5% | 98.6% | |||||||
Sycamore Terrace Apartments | Terre Haute, IN | 178 | — | 178 | 174 | 97.8% | 99.9% | |||||||
Hilliard Summit Apartments | Columbus, OH | 208 | 2 | 206 | 196 | 94.2% | 96.5% | |||||||
Springmarc Apartments | San Marcos, TX | 240 | 1 | 239 | 227 | 94.6% | 97.2% | |||||||
Renaissance at St. Andrews Condominiums | Louisville, KY | 29 | — | 29 | 26 | 89.7% | 94.8% | |||||||
Ashley Oaks Apartments | San Antonio, TX | 462 | 2 | 460 | 383 | 82.9% | 84.7% | |||||||
Arrowhead Apartments | Palatine, IL | 200 | 1 | 199 | 183 | 91.5% | 94.5% | |||||||
The Moorings Apartments | Roselle, IL | 216 | 1 | 215 | 203 | 94.0% | 95.8% | |||||||
Forty 57 Apartments | Lexington, KY | 436 | 1 | 435 | 406 | 93.1% | 93.7% | |||||||
Keystone Farms Apartments | Nashville, TN | 90 | — | 90 | 88 | 97.8% | 100.0% | |||||||
Riverford Crossing Apartments | Frankfort, KY | 300 | 1 | 299 | 264 | 88.0% | 89.6% | |||||||
South Pointe at Valley Farms | Louisville, KY | 32 | — | 32 | 31 | 96.9% | 96.9% | |||||||
Montecito Apartments | Austin, TX | 268 | 1 | 267 | 261 | 97.4% | 99.6% | |||||||
Hilliard Grand Apartments | Dublin, OH | 314 | 3 | 311 | 277 | 88.2% | 91.6% | |||||||
The Hills at Fair Oaks | Fair Oaks Ranch, TX | 288 | 2 | 286 | 271 | 94.1% | 95.9% | |||||||
Library Lofts | Kansas City, MO | 118 | — | 118 | 116 | 98.3% | 99.8% | |||||||
Trails at Buda Ranch | Buda, TX | 264 | 2 | 262 | 248 | 93.9% | 96.7% | |||||||
Deep Deuce at Bricktown | Oklahoma City, OK | 294 | 2 | 292 | 236 | 80.3% | 85.5% | |||||||
Deer Valley Apartments | Lake Bluff, IL | 224 | 2 | 222 | 194 | 86.6% | 88.5% | |||||||
Grayson Ridge | North Richland Hills, TX | 240 | 1 | 239 | 219 | 91.3% | 94.0% | |||||||
Rosemont at Olmos Park | San Antonio, TX | 144 | — | 144 | 124 | 86.1% | 86.8% | |||||||
Retreat at Quail North | Oklahoma City, OK | 240 | 1 | 239 | 218 | 90.8% | 93.8% | |||||||
The Lodge at Trails Edge | Indianapolis, IN | 268 | 2 | 266 | 258 | 96.3% | 99.6% | |||||||
Arbors of Carrolton | Dallas, TX | 131 | — | 131 | 127 | 96.9% | 96.8% | |||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family (continued) | ||||||||||||||
Waterford on the Meadow | Dallas, TX | 350 | 8 | 342 | 325 | 92.9% | 96.4% | |||||||
Belmont | Dallas, TX | 260 | — | 260 | 241 | 92.7% | 93.7% | |||||||
Meritage at Steiner Ranch | Austin, TX | 502 | 3 | 499 | 447 | 89.0% | 90.4% | |||||||
Tapestry Park | Birmingham, AL | 223 | 1 | 222 | 221 | 99.1% | 100.0% | |||||||
Dawntree | Dallas, TX | 400 | — | 400 | 390 | 97.5% | 98.6% | |||||||
Stuart Hall | Kansas City, MO | 115 | — | 115 | 109 | 94.8% | 97.6% | |||||||
Bricegrove Park | Columbus, OH | 240 | 2 | 238 | 223 | 92.9% | 95.8% | |||||||
Retreat at Hamburg Place | Lexington, KY | 150 | 1 | 149 | 136 | 90.7% | 91.3% | |||||||
Cantare at ILV | Nashville, TN | 206 | 1 | 205 | 196 | 95.1% | 98.9% | |||||||
Landing at Mansfield | Mansfield, TX | 336 | 2 | 334 | 326 | 97.0% | 99.3% | |||||||
Heights at 2121 | Houston, TX | 504 | 4 | 500 | 474 | 94.0% | 96.5% | |||||||
Villas at Huffmeister | Houston, TX | 294 | — | 294 | 281 | 95.6% | 72.2% | |||||||
Villas at Kingwood | Kingwood, TX | 330 | 1 | 329 | 312 | 94.5% | 71.7% | |||||||
Waterford Place Riata Ranch | Cypress, TX | 228 | 1 | 227 | 216 | 94.7% | 71.6% | |||||||
Total | 13,041 | 65 | 12,976 | 12,104 | 92.8% | 94.0% | ||||||||
Total Square Footage | Occupied Square Footage | % Occupied | ||||||||||||
Commercial | ||||||||||||||
Lincoln Tower Commercial | Springfield, IL | 8,995 | 8,609 | 95.7% | ||||||||||
Library Lofts Commercial | Kansas City, MO | 16,680 | 16,680 | 100.0% | ||||||||||
Stuart Hall Commercial | Kansas City, MO | 4,450 | 4,450 | 100.0% | ||||||||||
30,125 | 29,739 | 98.7% | ||||||||||||
Total Units: | Number of units per property at the end of the reporting period. |
Non-Revenue Units: | Number of model units or other non-revenue administrative units. |
Rentable Units: | Total Units less Non-Revenue Units at the end of the reporting period. |
Average Occupied Units: | Number of units occupied based on a weekly average during the reporting period. |
Average Percent Occupied: | Percent of units occupied (Average Occupied Units divided by Total Units). |
Percent Leased: | Percent of Total Units leased at the end of the reporting period (number of leased units divided by Total Units). |
Total Square Footage: | Total square footage of commercial property at the end of the reporting period. |
Occupied Square Footage: | Total square footage of commercial property occupied at the end of the reporting period. |
Percent Occupied: | Percent of square footage occupied (Occupied Square Footage divided by Total Square Footage). |