8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

August 12, 2014

Steadfast Income REIT, Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland	000-54674	27-0351641
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)		Identification No.)

18100 Von Karman Avenue, Suite 500

Irvine, California 92612

(Address of Principal Executive Offices, including Zip Code)

Registrant's telephone number, including area code: (949) 852-0700

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2.):

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 2.02    Results of Operations and Financial Condition.

On August 12, 2014, Steadfast Income REIT, Inc. (the “Company”) issued an earnings release announcing its financial results for the three and six months ended June 30, 2014. A copy of the earnings release is being furnished as Exhibit 99.1 to this Form 8-K.

The information contained in this Item 2.02, including the related information set forth in the earnings release attached hereto as Exhibit 99.1 and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

ExhibitDescription

99.1 Earnings Release, dated August 12, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		STEADFAST INCOME REIT, INC.
Date:	August 12, 2014	By:	/s/ Ella S. Neyland
			Ella S. Neyland
			President

EXHIBIT INDEX

ExhibitsDescription

99.1 Earnings Release, dated August 12, 2014

EX-99.1

EXHIBIT 99.1

18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700

NEWS RELEASE

Contact: Jennifer Schmidt

Phone: 949.333.1721

Email: jschmidt@steadfastcmg.com

STEADFAST INCOME REIT, INC. ANNOUNCES

RESULTS FOR THE PERIOD ENDED JUNE 30, 2014

Irvine, Calif., August 12, 2014 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the period ended June 30, 2014.

For the three and six months ended June 30, 2014, the Company had total revenues of $49.2 million and $94.9 million compared to $22.4 million and $41.0 million for the three and six months ended June 30, 2013. Net loss was $3.7 million and $17.7 million for the three and six months ended June 30, 2014 compared to net loss of $7.7 million and $16.3 million for the three and six months ended June 30, 2013. Total assets of the Company grew from $1.56 billion at December 31, 2013 to $1.60 billion at June 30, 2014.

Highlights:

The Company:

• Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $11.1 million and $20.5 million for the three and six months ended June 30, 2014 from MFFO of $4.6 million and $8.9 millionfor the three and six months ended June 30, 2013. (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 $25.1 millionand$47.9 million for the three and six months ended June 30, 2014 from $12.3 million and $23.0 million for the three and six months ended June 30, 2013. (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 two multifamily properties with a total of 412 apartment homes for an aggregate purchase price of $45.2 million during the three months ended June 30, 2014.

• Disposed of one multifamily property with a total of 190 apartment homes and recognized a gain on sale of $7.1 million.

• Increased its multifamily property portfolio as of June 30, 2014 to 66 properties with 16,493 apartment homes and an aggregate purchase price of $1.6 billion. As of June 30, 2014, the Company had $492.4 million of fixed rate debt, including debt premiums and discounts totaling $5.3 million, with a weighted average interest rate of

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4.30% and $568.1 millionof variable rate debt with a weighted average interest rate of 2.57%. The weighted average interest rate on the Company's total outstanding debt as of June 30, 2014 was 3.38%.

• Reported net cash provided by operating activities was $17.3 million for the six months ended June 30, 2014 compared to $3.1 million for the six months ended June 30, 2013. Net cash used in investing activities was $95.1 million for the six months ended June 30, 2014 compared to $172.6 million for the six months ended June 30, 2013.

• Reported net cash provided by financing activities was $82.4 million for the six months ended June 30, 2014, and included $13.3 million of distributions paid, net of $12.9 million in non-cash distributions pursuant to the Company's distribution reinvestment plan. Net cash provided by financing activities was $205.2 million for the six months ended June 30, 2013, and included $5.4 million of distributions paid, net of $4.0 million in non-cash distributions pursuant to the Company's distribution reinvestment plan.

“Job growth is a key driver of demand for apartment homes,” said Ella Neyland, President of the Company. “The Steadfast markets have above average job and population growth. Our largest market, Houston, has led major US cities in job recovery since December 2011. Austin, one of our next largest markets, was #1 on Forbes' list of the “Fastest Growing cities in 2014” and Dallas was ranked number 3 on the same list. Nashville was dubbed by Time magazine as the “South’s Red-Hot Town” because it had the strongest employment growth since the recession of any large metropolitan area according to the Nashville Business Journal.”

Conference Call

The Company will host a conference call on Wednesday, August 13, 2014 at 4:00 P.M. Eastern Time to discuss its operating results for the period ended June 30, 2014.

Live Conference Call Details

Domestic toll-free dial-in number: (877) 513-1694

Canada toll-free dial-in number: (855) 669-9657

International dial-in Number: (412) 902-4146

Details for the Replay of the Conference Call

Domestic toll-free dial-in number: (877) 344-7529

International Dial-In Number: (412) 317-0088

Conference ID for Replay: 10049670

Dates Available: August 13, 2014 at 6:00 PM ET to September 2, 2014 at 9:00 AM ET

An audio replay of the call will be accessible through the Investor Information page of the Company's web site at www.steadfastreits.com.

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About Steadfast Income REIT

     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.

###

This release contains certain forward-looking statements. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may” and “should” and their variations identify forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors section of the Annual Report on Form 10-K for Steadfast Income REIT, Inc. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.

FINANCIAL TABLES, NOTES AND EXHIBITS FOLLOW

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STEADFAST INCOME REIT, INC.

CONSOLIDATED BALANCE SHEETS

	June 30, 2014			December 31, 2013
ASSETS
Assets:
Real Estate:
Land	$	171,685,494		$	163,061,398
Building and improvements	1,416,617,048			1,322,198,787
Tenant origination and absorption costs	1,749,308			15,588,747
Other intangible assets	2,644,263			2,644,263
Total real estate held for investment, cost	1,592,696,113			1,503,493,195
Less accumulated depreciation and amortization	(68,696,539		)	(46,865,284		)
Total real estate held for investment, net	1,523,999,574			1,456,627,911
Real estate held for sale, net	6,050,723			14,335,248
Total real estate, net	1,530,050,297			1,470,963,159
Cash and cash equivalents	23,873,891			19,368,573
Restricted cash	31,733,017			24,982,208
Rents and other receivables	1,657,153			28,555,764
Assets related to real estate held for sale	154,728			444,740
Deferred financing costs and other assets, net	12,301,178			17,575,410
Total assets	$	1,599,770,264		$	1,561,889,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	30,328,673		$	30,418,334
Below-market leases, net	—			163,237
Notes payable:
Mortgage notes payable, net	1,035,531,644			973,889,547
Revolving credit facility	20,000,000			—
Mortgage notes payable related to real estate held for sale	4,963,942			13,440,253
Total notes payable, net	1,060,495,586			987,329,800
Distributions payable	4,460,118			4,058,452
Due to affiliates, net	1,949,756			9,322,038
Liabilities related to real estate held for sale	101,656			534,458
Total liabilities	1,097,335,789			1,031,826,319
Commitments and contingencies
Redeemable common stock	22,833,164			12,945,007
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, 75,884,855 and 74,153,580 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	758,849			741,538
Convertible stock, $0.01 par value per share; 1,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	10			10
Additional paid-in capital	647,012,521			640,181,521
Cumulative distributions and net losses	(168,170,069		)	(123,804,541		)
Total stockholders’ equity	479,601,311			517,118,528
Total liabilities and stockholders’ equity	$	1,599,770,264		$	1,561,889,854

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STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues:
Rental income	$	43,924,772		$	19,979,998		$	85,168,553		$	36,779,427
Tenant reimbursements and other	5,299,287			2,390,455			9,735,210			4,181,782
Total revenues	49,224,059			22,370,453			94,903,763			40,961,209
Expenses:
Operating, maintenance and management	13,314,840			5,944,288			26,168,121			10,472,201
Real estate taxes and insurance	8,876,041			3,300,748			17,201,391			5,914,486
Fees to affiliates	6,125,623			4,550,796			12,629,447			8,736,922
Depreciation and amortization	17,457,109			9,772,519			37,662,460			18,496,076
Interest expense	11,273,624			4,552,197			21,197,645			8,854,210
Loss on debt extinguishment	891,885			—			891,885			—
General and administrative expenses	1,527,542			994,118			2,861,416			1,704,940
Other acquisition costs	483,368			1,001,902			1,100,282			3,120,390
Total expenses	59,950,032			30,116,568			119,712,647			57,299,225
Loss from continuing operations	(10,725,973		)	(7,746,115		)	(24,808,884		)	(16,338,016		)
Gain (loss) on sale of real estate	7,072,294			—			7,072,294			—
Net loss	(3,653,679		)	(7,746,115		)	(17,736,590		)	(16,338,016		)
Net loss per common share — basic and diluted	$	(0.05	)	$	(0.24	)	$	(0.24	)	$	(0.57	)
Weighted average number of common shares outstanding — basic and diluted	75,164,490			32,136,950			74,817,466			28,727,291

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Steadfast Income REIT, Inc.

Non-GAAP Measures - FFO and MFFO Reconciliation

For the Three and Six Months EndedJune 30, 2014 and 2013

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a measure known as funds from operations (FFO), which the Company believes to be an appropriate supplemental measure to reflect the operating performance of a real estate investment trust (REIT). The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to the Company's net income or loss as determined under GAAP.

The Company defines FFO, a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property and non-cash impairment charges of real estate related investments, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In particular, the Company believes it is appropriate to disregard impairment charges, as this is a fair value adjustment that is largely based on market fluctuations and assessments regarding general market conditions which can change over time. An asset will only be evaluated for impairment if certain impairment indications exist and if the carrying, or book value, exceeds the total estimated undiscounted future cash flows (including net rental and lease revenues, net proceeds on the sale of the property, and any other ancillary cash flows at a property or group level under GAAP) from such asset. Investors should note, however, that determinations of whether impairment charges have been incurred are based partly on anticipated operating performance, because estimated undiscounted future cash flows from a property, including estimated future net rental and lease revenues, net proceeds on the sale of the property, and certain other ancillary cash flows, are taken into account in determining whether an impairment charge has been incurred. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that due to the fact that impairments are based on estimated future undiscounted cash flows and the relatively limited term of the Company's operations, it could be difficult to recover any impairment charges. The Company's FFO calculation complies with NAREIT’s policy described above.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, especially if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances and/or as requested or required by lessees for operational purposes in order to maintain the value disclosed. The Company believes that since real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, the Company believes that the use of FFO, which excludes the impact of real estate related depreciation and amortization, provides a more complete understanding of its performance to investors and to

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management, and when compared year over year, reflects the impact on its operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. However, FFO, and modified funds from operations (MFFO) as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating the Company's operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and MFFO measures and the adjustments to GAAP in calculating FFO and MFFO.

Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT’s definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses. The Company's management believes these fees and expenses do not affect the Company's overall long-term operating performance. Publicly registered, non-listed REITs typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operation. While other start-up entities may also experience significant acquisition activity during their initial years, the Company believes that public, non-listed REITs, are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after acquisition activity ceases. The Company's board of directors will determine to pursue a liquidity event when it believes that the then-current market conditions are favorable. However, the board of directors does not anticipate evaluating a liquidity event (i.e., a listing of the Company's common stock on a national exchange, a merger or sale of the Company or another similar transaction) until 2015. Thus, as a limited life REIT the Company will not continuously purchase assets and will have a limited life.

Due to the above factors and other unique features of publicly registered, non-listed REITs, the Investment Program Association (IPA), an industry trade group, has standardized a measure known as MFFO, which the IPA has recommended as a supplemental measure for publicly registered non-listed REITs and which the Company believes to be another appropriate supplemental measure to reflect the operating performance of a public, non-listed REIT having the characteristics described above. MFFO is not equivalent to net income or loss as determined under GAAP, and MFFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate with a limited life and targeted exit strategy, as currently intended. The Company believes that, because MFFO excludes costs that it considers more reflective of investing activities and other non-operating items included in FFO and also excludes acquisition fees and expenses that affect its operations only in periods in which properties are acquired, MFFO can provide, on a going forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of its operating performance after the period in which it is acquiring properties and once its portfolio is in place. By providing MFFO, the Company believes it is presenting useful information that assists investors and analysts to better assess the sustainability of its operating performance after its offering has been completed and its properties have been acquired. The Company also believes that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry. Further, the Company believes MFFO is useful

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in comparing the sustainability of its operating performance after its offering and acquisitions are completed with the sustainability of the operating performance of other real estate companies that are not as involved in acquisition activities. Investors are cautioned that MFFO should only be used to assess the sustainability of the Company's operating performance after its offering has been completed and properties have been acquired, as it excludes acquisition costs that have a negative effect on the Company's operating performance during the periods in which properties are acquired.

The Company defines MFFO, a non-GAAP financial measure, consistent with the IPA’s Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations (the Practice Guideline), issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for the following items, as applicable, included in the determination of GAAP net income: acquisition fees and expenses; amounts relating to deferred rent receivables and amortization of above and below market leases and liabilities (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income; nonrecurring gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. The accretion of discounts and amortization of premiums on debt investments, nonrecurring unrealized gains and losses on hedges, foreign exchange, derivatives or securities holdings, unrealized gains and losses resulting from consolidations, as well as other listed cash flow adjustments are adjustments made to net income in calculating the cash flows provided by operating activities and, in some cases, reflect gains or losses which are unrealized and may not ultimately be realized. While the Company relies on its external advisor for managing interest rate, hedge and foreign exchange risk, the Company does not retain an outside consultant to review all of its hedging agreements. Inasmuch as interest rate hedges are not a fundamental part of the Company's operations, the Company believes it is appropriate to exclude such non-recurring gains and losses in calculating MFFO, as such gains and losses are not reflective of on-going operations.

The Company's MFFO calculation complies with the IPA’s Practice Guideline described above. In calculating MFFO, the Company excludes acquisition related expenses, amortization of above and below market leases, fair value adjustments of derivative financial instruments, deferred rent receivables and the adjustments of such items related to noncontrolling interests. Under GAAP, acquisition fees and expenses are characterized as operating expenses in determining operating net income. These expenses are paid in cash by the Company. 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 other properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to such property. In the event that proceeds from the Company's initial public offering are not available to fund its reimbursement of acquisition fees and expenses incurred by its 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

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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 stockholders. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, the Company views fair value adjustments of derivatives and gains and losses from dispositions of assets as non-recurring items or items which are unrealized and may not ultimately be realized, and which are not reflective of on-going operations and are therefore typically adjusted for when assessing operating performance.

The Company's management uses MFFO and the adjustments used to calculate MFFO in order to evaluate the Company's performance against other public, non-listed REITs which have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate in this manner. The Company believes that its use of MFFO and the adjustments used to calculate MFFO allow the Company to present its performance in a manner that reflects certain characteristics that are unique to public, non-listed REITs, such as their limited life, limited and defined acquisition period and targeted exit strategy, and hence that the use of such measures is useful to investors. By excluding expensed acquisition costs, the use of MFFO provides information consistent with the Company's management’s analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to the Company's current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, the Company believes MFFO provides useful supplemental information.

Presentation of this information is intended to provide useful information to investors as they compare the operating performance to that of other public, non-listed REITs, although it should be noted that not all public, non-listed REITs calculate FFO and MFFO the same way, so comparisons with other public, non-listed REITs may not be meaningful. Furthermore, FFO and MFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of the Company's performance, as an alternative to cash flows from operations as an indication of the Company's liquidity, or indicative of funds available to fund the Company's cash needs, including the Company's ability to make distributions to stockholders. FFO and MFFO should be reviewed in conjunction with GAAP measurements as an indication of the Company's performance. MFFO has limitations as a performance measure in an offering such as the Company's where the price of a share of common stock is a stated value and there is no regular net asset value determinations during the offering stage and for a period thereafter. MFFO is useful in assisting the Company's management and investors in assessing the sustainability of operating performance in future operating periods, and in particular, after the offering and acquisition stages are complete and net asset value is disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are taken into account in determining net asset value but not in determining MFFO.

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Neither the SEC, NAREIT nor any other regulatory body has passed judgment on the acceptability of the adjustments that the Company uses to calculate FFO or MFFO. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry and in response to such standardization the Company may have to adjust its calculation and characterization of FFO or MFFO accordingly.

The Company's calculation of FFO and MFFO is presented in the following table for the three and six months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
Reconciliation of net loss to MFFO:	2014			2013			2014			2013
Net loss	$	(3,653,679	)	$	(7,746,115	)	$	(17,736,590	)	$	(16,338,016	)
Depreciation of real estate assets	14,574,731			6,474,682			28,440,333			11,867,644
Amortization of lease-related costs	2,882,378			3,297,837			9,222,127			6,628,432
Gain on sale of real estate, net	(7,072,294		)	—			(7,072,294		)	—
FFO	6,731,136			2,026,404			12,853,576			2,158,060
Acquisition fees and expenses(1)(2)	1,400,593			3,203,513			3,597,184			7,544,319
Unrealized loss on derivative instruments	2,125,640			(438,472		)	3,315,514			(373,855		)
Loss on debt extinguishment	891,885			—			891,885			—
Accretion of below-market leases	—			(167,992		)	(163,237		)	(426,318		)
MFFO	$	11,149,254		$	4,623,453		$	20,494,922		$	8,902,206

________________

(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 three and six months ended June 30, 2014 includes acquisition fees of $917,225 and $2,496,902, respectively, that are recorded in fees to affiliates in the accompanying statements of operations and acquisition expenses of $483,368 and $1,001,902, respectively, that are recorded in acquisition costs in the accompanying statements of operations. Acquisition fees and expenses for the three and six months ended June 30, 2013 includes acquisition fees of $2,201,611 and $4,423,929, respectively, that are recorded in fees to affiliates in the accompanying statements of operations and acquisition expenses of $1,001,902 and $3,120,390, respectively, that are recorded in acquisition costs in the accompanying statements of operations.

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Steadfast Income REIT, Inc.

Non-GAAP Measures - Net Operating Income

For the Three and Six Months EndedJune 30, 2014 and 2013

Net Operating Income (NOI), is a non-GAAP financial measure of performance. NOI is used by investors and the Company's management to evaluate and compare the performance of the Company's properties and to determine trends in earnings and to compute the fair value of the Company's properties as it is not affected by (1) the cost of funds of the Company, (2) acquisition costs of the Company, (3) non-operating fees paid to affiliates, (4) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, or (5) general and administrative expenses and other gains and losses that are specific to the Company. The cost of funds is eliminated from net income because it is specific to the particular financing capabilities and constraints of the Company. The cost of funds is also eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by the Company regarding the appropriate mix of capital which may have changed or may change in the future. Acquisition costs and non-operating fees to affiliates are eliminated because they do not reflect continuing operating costs of the Company. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in the Company's multifamily properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing the Company's operating results to the operating results of other real estate companies that have not made similarly timed purchases or sales. The Company believes that eliminating these costs from net (loss) income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating its properties as well as trends in occupancy rates, rental rates and operating costs.

However, the usefulness of NOI is limited because it excludes general and administrative costs, interest expense, interest income and other expense, acquisition costs, certain fees paid to affiliates, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties, all of which are significant economic costs. NOI may fail to capture significant trends in these components of net income which further limits its usefulness.

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NOI is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole. NOI is therefore not a substitute for net (loss) income as computed in accordance with GAAP. This measure should be analyzed in conjunction with net (loss) income computed in accordance with GAAP. Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, the Company's NOI may not be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as the Company does.

The following is a reconciliation of the Company's NOI to net loss for the three and six months ended June 30, 2014 and 2013:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2014			2013			2014			2013
Net loss	$	(3,653,679	)	$	(7,746,115	)	$	(17,736,590	)	$	(16,338,016	)
Fees to affiliates(1)	4,234,718			3,699,881			8,988,691			7,178,795
Depreciation and amortization	17,457,109			9,772,519			37,662,460			18,496,076
Interest expense	11,273,624			4,552,197			21,197,645			8,854,210
Loss on debt extinguishment	891,885			—			891,885
General and administrative expenses	1,527,542			994,118			2,861,416			1,704,940
Acquisition costs	483,368			1,001,902			1,100,282			3,120,390
Gain on sale of real estate, net	(7,072,294		)	—			(7,072,294		)	—
Net operating income	$	25,142,273		$	12,274,502		$	47,893,495		$	23,016,395

________________

(1) Fees to affiliates for the three and six months ended June 30, 2014 excludes property management fees of $1,464,108 and $2,817,406 and other fees of $426,797 and $823,350 that are included in NOI. Fees to affiliates for the three and six months ended June 30, 2013 excludes property management fees of $671,007 and $1,219,860 and other fees of $179,908 and $338,267 that are included in NOI.

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EXHIBIT A

Monthly Portfolio Snapshot	|	June 2014
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Park Place Condominiums		Des Moines, IA	151	—	151	139	92.1%	96.2%
Arbor Pointe Apartments		Louisville, KY	130	—	130	128	98.5%	100.0%
Clarion Park Apartments		Olathe, KS	220	1	219	214	97.3%	99.0%
Cooper Creek Village		Louisville, KY	123	—	123	116	94.3%	97.0%
Truman Farm Villas		Grandview, MO	200	1	199	188	94.0%	96.3%
Prairie Walk Apartments		Kansas City, MO	128	1	127	121	94.5%	98.1%
EBT Lofts		Kansas City, MO	102	—	102	97	95.1%	97.8%
Windsor on the River		Cedar Rapids, IA	424	1	423	404	95.3%	96.9%
Renaissance St. Andrews		Louisville, KY	216	—	216	206	95.4%	98.5%
Spring Creek of Edmond		Edmond, OK	252	2	250	241	95.6%	98.6%
Montclair Parc Apartments		Oklahoma City, OK	360	2	358	344	95.6%	99.5%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	324	96.4%	98.4%
Estancia Apartments		Tulsa, OK	294	1	293	280	95.2%	98.1%
Montelena Apartments		Round Rock, TX	232	1	231	227	97.8%	100.0%
Valley Farms Apartments		Louisville, KY	160	1	159	156	97.5%	100.0%
Hilliard Park Apartments		Columbus, OH	201	2	199	195	97.0%	99.8%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	233	93.2%	97.2%
Hilliard Summit Apartments		Columbus, OH	208	2	206	201	96.6%	99.6%
Springmarc Apartments		San Marcos, TX	240	1	239	225	93.8%	97.3%
Renaissance at St. Andrews Condominiums		Louisville, KY	29	—	29	28	96.6%	97.4%
Ashley Oaks Apartments		San Antonio, TX	462	2	460	432	93.5%	95.2%
Arrowhead Apartments		Palatine, IL	200	1	199	196	98.0%	99.4%
The Moorings Apartments		Roselle, IL	216	1	215	210	97.2%	98.7%
Forty 57 Apartments		Lexington, KY	436	1	435	419	96.1%	98.3%
Keystone Farms Apartments		Nashville, TN	90	—	90	90	100.0%	100.0%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	293	97.7%	99.0%
South Pointe at Valley Farms		Louisville, KY	32	—	32	31	96.9%	100.0%
Montecito Apartments		Austin, TX	268	2	266	245	91.4%	97.9%
Hilliard Grand Apartments		Dublin, OH	314	2	312	306	97.5%	100.0%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	270	93.8%	96.8%
Library Lofts		Kansas City, MO	118	—	118	113	95.8%	98.5%
Trails at Buda Ranch		Buda, TX	264	1	263	254	96.2%	98.3%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	271	92.2%	99.7%
Deer Valley Apartments		Lake Bluff, IL	224	2	222	215	96.0%	97.5%
Grayson Ridge		North Richland Hills, TX	240	1	239	229	95.4%	97.2%
Rosemont at Olmos Park		San Antonio, TX	144	1	143	120	83.3%	91.5%
Retreat at Quail North		Oklahoma City, OK	240	1	239	228	95.0%	97.8%
The Lodge at Trails Edge		Indianapolis, IN	268	2	266	254	94.8%	99.3%

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	123	93.9%	96.4%
Waterford on the Meadow	Dallas, TX	350	—	350	335	95.7%	97.5%
Belmont	Dallas, TX	260	—	260	249	95.8%	98.8%
Meritage at Steiner Ranch	Austin, TX	502	2	500	468	93.2%	97.6%
Tapestry Park	Birmingham, AL	223	1	222	216	96.9%	100.0%
Dawntree	Dallas, TX	400	—	400	381	95.3%	98.0%
Stuart Hall	Kansas City, MO	115	—	115	108	93.9%	97.0%
Bricegrove Park	Columbus, OH	240	1	239	221	92.1%	96.7%
Retreat at Hamburg Place	Lexington, KY	150	1	149	145	96.7%	98.8%
Cantare at ILV	Nashville, TN	206	1	205	200	97.1%	99.4%
Landing at Mansfield	Mansfield, TX	336	2	334	320	95.2%	97.8%
Heights at 2121	Houston, TX	504	4	500	491	97.4%	99.9%
Villas at Huffmeister	Houston, TX	294	1	293	280	95.2%	97.5%
Villas at Kingwood	Kingwood, TX	330	1	329	321	97.3%	99.6%
Waterford Place Riata Ranch	Cypress, TX	228	1	227	213	93.4%	96.5%
Carrington Place	Houston, TX	324	1	323	293	90.4%	93.9%
Carrington at Champion Forest	Houston, TX	284	1	283	270	95.1%	96.4%
Carrington Park at Huffington	Houston, TX	232	1	231	221	95.3%	99.2%
Willow Crossing	Elk Grove Village, IL	579	2	577	543	93.8%	96.2%
Echo at Katy Ranch	Katy, TX	260	1	259	236	90.8%	93.0%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	228	95.0%	98.0%
Audubon Park	Nashville, TN	256	—	256	239	93.4%	95.3%
Mallard Crossing	Loveland, OH	350	2	348	330	94.3%	97.4%
Renaissance at Carol Stream	Carol Streamk, IL	293	1	292	272	92.8%	94.2%
Reserve at Creekside	Chattanooga, TN	192	2	190	179	93.2%	95.8%
Mapleshade	Dallas, TX	148	1	147	135	91.2%	96.0%
Richland Falls	Murfreesboro, TN	190	1	189	154	81.1%	93.7%
Oak Crossing	Fort Wayne, IN	222	1	221	204	91.9%	97.3%
Total		16,493	70	16,423	15,618	94.7%	97.7%
		Total Square Footage	Occupied Square Footage	% Occupied
Commercial
Library Lofts Commercial	Kansas City, MO	16,680	16,680	100.0%
Stuart Hall Commercial	Kansas City, MO	4,450	4,450	100.0%
Meritage at Steiner Ranch Commercial	Austin, TX	4,843	4,843	100.0%
		25,973	25,973	100.0%

Monthly Portfolio Snapshot	|	May 2014
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Lincoln Tower Apartments		Springfield, IL	190	—	190	181	95.3%	97.4%
Park Place Condominiums		Des Moines, IA	151	—	151	134	88.7%	95.5%
Arbor Pointe Apartments		Louisville, KY	130	—	130	127	97.7%	99.6%
Clarion Park Apartments		Olathe, KS	220	1	219	214	97.3%	99.7%
Cooper Creek Village		Louisville, KY	123	—	123	116	94.3%	96.1%
Truman Farm Villas		Grandview, MO	200	1	199	187	93.5%	96.8%
Prairie Walk Apartments		Kansas City, MO	128	1	127	125	97.7%	99.2%
EBT Lofts		Kansas City, MO	102	—	102	98	96.1%	98.0%
Windsor on the River		Cedar Rapids, IA	424	1	423	407	96.0%	97.5%
Renaissance St. Andrews		Louisville, KY	216	—	216	208	96.3%	98.2%
Spring Creek of Edmond		Edmond, OK	252	2	250	239	94.8%	98.4%
Montclair Parc Apartments		Oklahoma City, OK	360	2	358	328	91.1%	94.8%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	318	94.6%	97.1%
Estancia Apartments		Tulsa, OK	294	1	293	279	94.9%	98.6%
Montelena Apartments		Round Rock, TX	232	1	231	227	97.8%	99.9%
Valley Farms Apartments		Louisville, KY	160	1	159	155	96.9%	98.9%
Hilliard Park Apartments		Columbus, OH	201	2	199	196	97.5%	100.0%
Sycamore Terrace Apartments		Terre Haute, IN	250	—	250	224	89.6%	97.2%
Hilliard Summit Apartments		Columbus, OH	208	2	206	201	96.6%	99.4%
Springmarc Apartments		San Marcos, TX	240	1	239	222	92.5%	94.8%
Renaissance at St. Andrews Condominiums		Louisville, KY	29	—	29	27	93.1%	100.0%
Ashley Oaks Apartments		San Antonio, TX	462	2	460	424	91.8%	94.1%
Arrowhead Apartments		Palatine, IL	200	1	199	195	97.5%	99.8%
The Moorings Apartments		Roselle, IL	216	1	215	207	95.8%	97.9%
Forty 57 Apartments		Lexington, KY	436	1	435	419	96.1%	98.0%
Keystone Farms Apartments		Nashville, TN	90	—	90	88	97.8%	99.7%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	293	97.7%	99.5%
South Pointe at Valley Farms		Louisville, KY	32	—	32	31	96.9%	98.4%
Montecito Apartments		Austin, TX	268	2	266	248	92.5%	96.4%
Hilliard Grand Apartments		Dublin, OH	314	2	312	308	98.1%	99.9%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	268	93.1%	95.7%
Library Lofts		Kansas City, MO	118	—	118	106	89.8%	97.5%
Trails at Buda Ranch		Buda, TX	264	1	263	247	93.6%	97.1%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	272	92.5%	99.0%
Deer Valley Apartments		Lake Bluff, IL	224	2	222	216	96.4%	98.4%
Grayson Ridge		North Richland Hills, TX	240	1	239	231	96.3%	98.0%
Rosemont at Olmos Park		San Antonio, TX	144	1	143	130	90.3%	94.3%
Retreat at Quail North		Oklahoma City, OK	240	1	239	227	94.6%	98.2%
The Lodge at Trails Edge		Indianapolis, IN	268	2	266	259	96.6%	99.5%

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	127	96.9%	97.5%
Waterford on the Meadow	Dallas, TX	350	—	350	340	97.1%	98.5%
Belmont	Dallas, TX	260	—	260	252	96.9%	99.3%
Meritage at Steiner Ranch	Austin, TX	502	2	500	466	92.8%	96.4%
Tapestry Park	Birmingham, AL	223	1	222	216	96.9%	99.9%
Dawntree	Dallas, TX	400	—	400	383	95.8%	97.3%
Stuart Hall	Kansas City, MO	115	—	115	103	89.6%	93.3%
Bricegrove Park	Columbus, OH	240	1	239	222	92.5%	96.9%
Retreat at Hamburg Place	Lexington, KY	150	1	149	140	93.3%	97.2%
Cantare at ILV	Nashville, TN	206	1	205	193	93.7%	97.6%
Landing at Mansfield	Mansfield, TX	336	2	334	316	94.0%	96.7%
Heights at 2121	Houston, TX	504	4	500	488	96.8%	100.0%
Villas at Huffmeister	Houston, TX	294	1	293	278	94.6%	97.4%
Villas at Kingwood	Kingwood, TX	330	1	329	313	94.8%	98.3%
Waterford Place Riata Ranch	Cypress, TX	228	1	227	212	93.0%	95.6%
Carrington at Champion Forest	Houston, TX	284	1	283	273	96.1%	97.7%
Carrington Park at Huffington	Houston, TX	232	1	231	220	94.8%	98.2%
Carrington Place	Houston, TX	324	1	323	293	90.4%	94.1%
Willow Crossing	Elk Grove Village, IL	579	2	577	537	92.7%	95.8%
Audubon Park	Nashville, TN	256	—	256	238	93.0%	95.2%
Echo at Katy Ranch	Katy, TX	260	1	259	232	89.2%	92.0%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	221	92.1%	97.0%
Mallard Crossing	Loveland, OH	350	2	348	321	91.7%	94.9%
Renaissance at Carol Stream	Carol Streamk, IL	293	1	292	276	94.2%	95.9%
Reserve at Creekside	Chattanooga, TN	192	2	190	179	93.2%	96.9%
Mapleshade	Dallas, TX	148	1	147	134	90.5%	92.6%
Richland Falls	Murfreesboro, TN	190	—	190	143	75.3%	81.6%
Total		16,461	67	16,394	15,498	94.1%	97.2%
		Total Square Footage	Occupied Square Footage	% Occupied
Commercial
Lincoln Tower Commercial	Springfield, IL	8,995	5,472	60.8%
Library Lofts Commercial	Kansas City, MO	16,680	16,680	100.0%
Stuart Hall Commercial	Kansas City, MO	4,450	4,450	100.0%
Meritage at Steiner Ranch Commercial	Austin, TX	4,843	—	—%
		34,968	26,602	76.1%

Monthly Portfolio Snapshot	|	April 2014
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Lincoln Tower Apartments		Springfield, IL	190	—	190	182	95.8%	96.3%
Park Place Condominiums		Des Moines, IA	151	—	151	145	96.0%	98.8%
Arbor Pointe Apartments		Louisville, KY	130	—	130	130	100.0%	100.0%
Clarion Park Apartments		Olathe, KS	220	1	219	217	98.6%	99.9%
Cooper Creek Village		Louisville, KY	123	—	123	118	95.9%	96.7%
Truman Farm Villas		Grandview, MO	200	1	199	185	92.5%	95.1%
Prairie Walk Apartments		Kansas City, MO	128	1	127	125	97.7%	99.4%
EBT Lofts		Kansas City, MO	102	—	102	98	96.1%	97.3%
Windsor on the River		Cedar Rapids, IA	424	1	423	406	95.8%	97.6%
Renaissance St. Andrews		Louisville, KY	216	—	216	205	94.9%	96.1%
Spring Creek of Edmond		Edmond, OK	252	2	250	242	96.0%	99.5%
Montclair Parc Apartments		Oklahoma City, OK	360	2	358	326	90.6%	93.9%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	319	94.9%	97.5%
Estancia Apartments		Tulsa, OK	294	1	293	279	94.9%	98.0%
Montelena Apartments		Round Rock, TX	232	1	231	227	97.8%	99.6%
Valley Farms Apartments		Louisville, KY	160	1	159	155	96.9%	99.2%
Hilliard Park Apartments		Columbus, OH	201	2	199	196	97.5%	99.1%
Sycamore Terrace Apartments		Terre Haute, IN	250	—	250	214	85.6%	93.5%
Hilliard Summit Apartments		Columbus, OH	208	2	206	202	97.1%	99.0%
Springmarc Apartments		San Marcos, TX	240	1	239	218	90.8%	93.5%
Renaissance at St. Andrews Condominiums		Louisville, KY	29	—	29	29	100.0%	99.1%
Ashley Oaks Apartments		San Antonio, TX	462	2	460	431	93.3%	94.5%
Arrowhead Apartments		Palatine, IL	200	1	199	191	95.5%	98.6%
The Moorings Apartments		Roselle, IL	216	1	215	202	93.5%	96.5%
Forty 57 Apartments		Lexington, KY	436	1	435	415	95.2%	96.8%
Keystone Farms Apartments		Nashville, TN	90	—	90	88	97.8%	99.4%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	291	97.0%	99.3%
South Pointe at Valley Farms		Louisville, KY	32	—	32	31	96.9%	99.2%
Montecito Apartments		Austin, TX	268	2	266	248	92.5%	95.2%
Hilliard Grand Apartments		Dublin, OH	314	2	312	306	97.5%	99.6%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	270	93.8%	95.5%
Library Lofts		Kansas City, MO	118	—	118	105	89.0%	93.0%
Trails at Buda Ranch		Buda, TX	264	1	263	255	96.6%	98.8%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	272	92.5%	97.3%
Deer Valley Apartments		Lake Bluff, IL	224	2	222	215	96.0%	98.0%
Grayson Ridge		North Richland Hills, TX	240	1	239	235	97.9%	99.1%
Rosemont at Olmos Park		San Antonio, TX	144	1	143	132	91.7%	93.2%
Retreat at Quail North		Oklahoma City, OK	240	1	239	222	92.5%	98.0%
The Lodge at Trails Edge		Indianapolis, IN	268	2	266	260	97.0%	99.9%
Arbors of Carrolton		Dallas, TX	131	—	131	126	96.2%	98.9%

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	—	350	335	95.7%	97.9%
Belmont	Dallas, TX	260	—	260	253	97.3%	99.3%
Meritage at Steiner Ranch	Austin, TX	502	5	497	450	89.6%	93.1%
Tapestry Park	Birmingham, AL	223	1	222	214	96.0%	98.7%
Dawntree	Dallas, TX	400	—	400	388	97.0%	98.0%
Stuart Hall	Kansas City, MO	115	—	115	104	90.4%	93.7%
Bricegrove Park	Columbus, OH	240	1	239	228	95.0%	97.1%
Retreat at Hamburg Place	Lexington, KY	150	2	148	142	94.7%	97.0%
Cantare at ILV	Nashville, TN	206	1	205	198	96.1%	97.7%
Landing at Mansfield	Mansfield, TX	336	2	334	316	94.0%	95.5%
Heights at 2121	Houston, TX	504	4	500	486	96.4%	99.5%
Villas at Huffmeister	Houston, TX	294	1	293	279	94.9%	97.1%
Villas at Kingwood	Kingwood, TX	330	1	329	311	94.2%	98.0%
Waterford Place Riata Ranch	Cypress, TX	228	1	227	211	92.5%	95.3%
Carrington at Champion Forest	Houston, TX	284	1	283	273	96.1%	98.0%
Carrington Park at Huffington	Houston, TX	232	1	231	215	92.7%	96.3%
Carrington Place	Houston, TX	324	1	323	289	89.2%	92.4%
Willow Crossing	Elk Grove Village, IL	579	2	577	543	93.8%	95.7%
Audubon Park	Nashville, TN	256	—	256	232	90.6%	92.3%
Echo at Katy Ranch	Katy, TX	260	1	259	219	84.2%	88.6%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	223	92.9%	97.0%
Mallard Crossing	Loveland, OH	350	2	348	317	90.6%	94.2%
Renaissance at Carol Stream	Carol Streamk, IL	293	1	292	277	94.5%	96.1%
Reserve at Creekside	Chattanooga, TN	192	2	190	175	91.1%	95.8%
Mapleshade	Dallas, TX	148	1	147	138	93.2%	91.9%
Total		16,271	71	16,200	15,329	94.2%	96.9%
		Total Square Footage	Occupied Square Footage	% Occupied
Commercial
Lincoln Tower Commercial	Springfield, IL	8,995	5,472	60.8%
Library Lofts Commercial	Kansas City, MO	16,680	16,680	100.0%
Stuart Hall Commercial	Kansas City, MO	4,450	4,450	100.0%
Meritage at Steiner Ranch Commercial	Austin, TX	4,843	—	—%
		34,968	26,602	76.1%

DEFINITIONS OF PORTFOLIO PERFORMANCE METRICS

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).