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 2.02 | Results of Operations and Financial Condition. |
99.1 | Earnings Release, dated March 17, 2015 |
STEADFAST INCOME REIT, INC. | |||
Date: | March 17, 2015 | By: | /s/ Kevin Keating |
Kevin Keating | |||
Treasurer |
99.1 | Earnings Release, dated March 17, 2015 |
18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700 |
Contact: | Jennifer Franklin |
Phone: | 949.333.1721 |
Email: | jfranklin@steadfastcmg.com |
• | Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $45.0 million for the year ended December 31, 2014 from MFFO of $19.3 million for the year ended December 31, 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 $101.3 million for the year ended December 31, 2014 from $58.7 million for the year ended December 31, 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 seven multifamily properties with a total of 1,115 apartment homes for an aggregate purchase price of $130.3 million during the year ended December 31, 2014. |
• | Disposed of three multifamily properties with a total of 448 apartment homes and recognized a gain on sales of $9.9 million during the year ended December 31, 2014. |
• | Increased its multifamily property portfolio as of December 31, 2014 to 65 properties (net of two acquisitions of property immediately adjacent to existing properties in the portfolio) with 16,526 apartment homes and an aggregate purchase price of $1.62 billion from 63 properties with 15,859 apartment homes and an aggregate purchase price of $1.52 billion as of December 31, 2013. As of December 31, 2014, the Company had $481.1 million of fixed rate debt, including debt premiums and discounts totaling $4.7 million, with a weighted average interest rate of 4.30%, and $603.7 million of variable rate debt with a weighted average interest rate of 2.51%. |
• | Reported net cash provided by operating activities of $48.6 million for the year ended December 31, 2014 compared to net cash used in operating activities of $2.2 million for the year ended December 31, 2013. Net cash used in investing activities was $126.8 million for the year ended December 31, 2014 compared to $849.1 million for the year ended December 31, 2013. |
• | Reported net cash provided by financing activities of $88.2 million for the year ended December 31, 2014, that included $29.5 million of distributions paid, net of $24.2 million in non-cash distributions pursuant to the Company's distribution reinvestment plan. |
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Assets: | |||||||
Real Estate: | |||||||
Land | $ | 174,102,422 | $ | 162,425,511 | |||
Building and improvements | 1,457,633,918 | 1,316,608,491 | |||||
Tenant origination and absorption costs | 524,712 | 15,588,747 | |||||
Other intangible assets | 2,644,263 | 2,644,263 | |||||
Construction-in-progress | 2,048,098 | — | |||||
Total real estate held for investment, cost | 1,636,953,413 | 1,497,267,012 | |||||
Less accumulated depreciation and amortization | (98,342,452 | ) | (46,376,515 | ) | |||
Total real estate held for investment, net | 1,538,610,961 | 1,450,890,497 | |||||
Real estate held for sale, net | — | 20,072,662 | |||||
Total real estate, net | 1,538,610,961 | 1,470,963,159 | |||||
Cash and cash equivalents | 29,529,312 | 19,552,205 | |||||
Restricted cash | 25,478,939 | 24,978,312 | |||||
Rents and other receivables | 1,992,310 | 28,555,764 | |||||
Assets related to real estate held for sale | — | 265,004 | |||||
Deferred financing costs and other assets, net | 13,455,606 | 17,575,410 | |||||
Total assets | $ | 1,609,067,128 | $ | 1,561,889,854 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 39,527,928 | $ | 30,372,692 | |||
Below-market leases, net | — | 163,237 | |||||
Notes payable: | |||||||
Mortgage notes payable, net | 1,070,757,025 | 969,989,740 | |||||
Revolving credit facility | 14,000,000 | — | |||||
Mortgage notes payable related to real estate held for sale | — | 17,340,060 | |||||
Total notes payable, net | 1,084,757,025 | 987,329,800 | |||||
Distributions payable | 4,679,455 | 4,058,452 | |||||
Due to affiliates, net | 3,039,490 | 9,322,038 | |||||
Liabilities related to real estate held for sale | — | 580,100 | |||||
Total liabilities | 1,132,003,898 | 1,031,826,319 | |||||
Commitments and contingencies | |||||||
Redeemable common stock | — | 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, 76,858,483 and 74,153,580 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 768,585 | 741,538 | |||||
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 10 | 10 | |||||
Additional paid-in capital | 680,138,132 | 640,181,521 | |||||
Cumulative distributions and net losses | (203,843,497 | ) | (123,804,541 | ) | |||
Total stockholders’ equity | 477,063,230 | 517,118,528 | |||||
Total liabilities and stockholders’ equity | $ | 1,609,067,128 | $ | 1,561,889,854 |
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||
Rental income | $ | 175,267,082 | $ | 98,018,275 | $ | 27,955,977 | |||||
Tenant reimbursements and other | 20,662,774 | 11,083,242 | 2,630,955 | ||||||||
Total revenues | 195,929,856 | 109,101,517 | 30,586,932 | ||||||||
Expenses: | |||||||||||
Operating, maintenance and management | 52,427,001 | 28,708,239 | 8,687,480 | ||||||||
Real estate taxes and insurance | 34,750,097 | 17,499,798 | 3,721,952 | ||||||||
Fees to affiliates | 23,923,921 | 30,713,737 | 13,127,558 | ||||||||
Depreciation and amortization | 69,681,177 | 48,454,178 | 14,957,857 | ||||||||
Interest expense | 40,370,846 | 24,308,402 | 6,291,193 | ||||||||
Loss on debt extinguishment | 1,939,817 | — | — | ||||||||
General and administrative expenses | 6,896,519 | 7,106,568 | 3,085,470 | ||||||||
Acquisition costs | 1,626,904 | 8,169,451 | 3,275,349 | ||||||||
Total expenses | 231,616,282 | 164,960,373 | 53,146,859 | ||||||||
Loss from continuing operations | (35,686,426 | ) | (55,858,856 | ) | (22,559,927 | ) | |||||
Gain (loss) on sales of real estate | 9,944,134 | (21,001 | ) | — | |||||||
Net loss | $ | (25,742,292 | ) | $ | (55,879,857 | ) | $ | (22,559,927 | ) | ||
Loss per common share — basic and diluted | $ | (0.34 | ) | $ | (1.39 | ) | $ | (1.84 | ) | ||
Weighted average number of common shares outstanding — basic and diluted | 75,450,215 | 40,169,940 | 12,238,094 |
For the Years Ended December 31, | ||||||||||||
Reconciliation of net loss to MFFO: | 2014 | 2013 | 2012 | |||||||||
Net loss | $ | (25,742,292 | ) | $ | (55,879,857 | ) | $ | (22,559,927 | ) | |||
Depreciation of real estate assets | 59,014,085 | 32,103,974 | 8,353,542 | |||||||||
Amortization of lease-related costs | 10,667,092 | 16,350,204 | 6,604,315 | |||||||||
(Gain) loss on sales of real estate, net | (9,944,134 | ) | 21,001 | — | ||||||||
FFO | 33,994,751 | (7,404,678 | ) | (7,602,070 | ) | |||||||
Acquisition fees and expenses(1)(2) | 4,878,304 | 27,317,558 | 13,406,569 | |||||||||
Unrealized loss on derivative instruments | 4,353,301 | 448,984 | 162,761 | |||||||||
Loss on debt extinguishment | 1,939,817 | — | — | |||||||||
Amortization of below-market leases | (163,237 | ) | (1,108,789 | ) | (138,703 | ) | ||||||
MFFO | $ | 45,002,936 | $ | 19,253,075 | $ | 5,828,557 | ||||||
FFO per share - basic and diluted | $ | 0.45 | $ | (0.18 | ) | $ | (0.62 | ) | ||||
MFFO per share - basic and diluted | 0.60 | 0.48 | 0.48 | |||||||||
Loss per common share - basic and diluted | (0.34 | ) | (1.39 | ) | (1.84 | ) | ||||||
Weighted average number of common shares outstanding, basic and diluted | 75,450,215 | 40,169,940 | 12,238,094 |
(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 (loss) and income (loss) 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. |
(2) | Acquisition fees and expenses for the years ended December 31, 2014, 2013 and 2012 includes acquisition fees of $3,251,400, $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 $1,626,904, $8,169,451 and $3,275,349, respectively, that are recorded in acquisition costs in the accompanying statements of operations. |
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||
Net loss | $ | (4,668,129 | ) | $ | (24,834,740 | ) | $ | (25,742,292 | ) | $ | (55,879,857 | ) | $ | (22,559,927 | ) | |||||
Fees to affiliates(1) | 3,789,171 | 10,754,705 | 16,503,709 | 26,557,500 | 12,019,086 | |||||||||||||||
Depreciation and amortization | 16,043,489 | 18,161,218 | 69,681,177 | 48,454,178 | 14,957,857 | |||||||||||||||
Interest expense | 10,077,924 | 8,438,975 | 40,370,846 | 24,308,402 | 6,291,193 | |||||||||||||||
Loss on debt extinguishment | — | — | 1,939,817 | — | — | |||||||||||||||
General and administrative expenses | 2,343,992 | 4,240,862 | 6,896,519 | 7,106,568 | 3,085,470 | |||||||||||||||
Acquisition costs | 270,758 | 2,876,492 | 1,626,904 | 8,169,451 | 3,275,349 | |||||||||||||||
Loss (gain) on sales of real estate | — | 21,001 | (9,944,134 | ) | 21,001 | — | ||||||||||||||
Net operating income | $ | 27,857,205 | $ | 19,658,513 | $ | 101,332,546 | $ | 58,737,243 | $ | 17,069,028 |
(1) | Fees to affiliates for the three and twelve months ended December 31, 2014 excludes property management fees of $1,501,010 and $5,802,772 and other fees of $400,552 and $1,617,440, respectively, that are included in NOI. Fees to affiliates for the three and twelve months ended December 31, 2013 excludes property management fees of $1,150,804 and $3,226,878 and other fees of $348,792 and $929,359, respectively, 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 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 | 130 | 86.1% | 92.7% | ||||||||
Clarion Park Apartments | Olathe, KS | 220 | 1 | 219 | 215 | 97.7% | 99.3% | ||||||||
Cooper Creek Village | Louisville, KY | 123 | — | 123 | 116 | 94.3% | 95.9% | ||||||||
Truman Farm Villas | Grandview, MO | 200 | 1 | 199 | 196 | 98.0% | 99.6% | ||||||||
EBT Lofts | Kansas City, MO | 102 | — | 102 | 97 | 95.1% | 97.1% | ||||||||
Windsor on the River | Cedar Rapids, IA | 424 | 1 | 423 | 402 | 94.8% | 96.8% | ||||||||
Renaissance St. Andrews | Louisville, KY | 216 | — | 216 | 211 | 97.7% | 98.2% | ||||||||
Spring Creek of Edmond | Edmond, OK | 252 | 2 | 250 | 242 | 96.0% | 98.3% | ||||||||
Montclair Parc Apartments | Oklahoma City, OK | 360 | 2 | 358 | 348 | 96.7% | 98.9% | ||||||||
Sonoma Grande Apartments | Tulsa, OK | 336 | 1 | 335 | 320 | 95.2% | 97.1% | ||||||||
Estancia Apartments | Tulsa, OK | 294 | 1 | 293 | 282 | 95.9% | 98.7% | ||||||||
Montelena Apartmetns | Round Rock, TX | 232 | 1 | 231 | 220 | 94.8% | 95.6% | ||||||||
Valley Farms Apartments | Louisville, KY | 160 | — | 160 | 156 | 97.5% | 98.4% | ||||||||
Hilliard Park Apartments | Columbus, OH | 201 | 2 | 199 | 195 | 97.0% | 98.6% | ||||||||
Sycamore Terrace Apartments | Terre Haute, IN | 250 | 1 | 249 | 237 | 94.8% | 98.1% | ||||||||
Hilliard Summit Apartments | Columbus, OH | 208 | 2 | 206 | 189 | 90.9% | 93.0% | ||||||||
Springmarc Apartments | San Marcos, TX | 240 | 1 | 239 | 222 | 92.5% | 97.0% | ||||||||
Renaissance at St. Andrews Condominiums | Louisville, KY | 29 | — | 29 | 28 | 96.6% | 96.6% | ||||||||
Ashley Oaks Apartments | San Antonio, TX | 462 | 2 | 460 | 431 | 93.3% | 95.0% | ||||||||
Arrowhead Apartments | Palatine, IL | 200 | 1 | 199 | 195 | 97.5% | 98.3% | ||||||||
The Moorings Apartments | Roselle, IL | 216 | 1 | 215 | 206 | 95.4% | 97.1% | ||||||||
Forty 57 Apartments | Lexington, KY | 436 | 1 | 435 | 414 | 95.0% | 97.0% | ||||||||
Keystone Farms Apartments | Nashville, TN | 90 | — | 90 | 89 | 98.9% | 99.2% | ||||||||
Riverford Crossing Apartments | Frankfort, KY | 300 | 1 | 299 | 290 | 96.7% | 98.0% | ||||||||
South Pointe at Valley Farms | Louisville, KY | 32 | 1 | 31 | 30 | 93.8% | 98.4% | ||||||||
Montecito Apartments | Austin, TX | 268 | 2 | 266 | 257 | 95.9% | 97.8% | ||||||||
Hilliard Grand Apartments | Dublin, OH | 314 | 2 | 312 | 304 | 96.8% | 98.3% | ||||||||
The Hills at Fair Oaks | Fair Oaks Ranch, TX | 288 | 2 | 286 | 276 | 95.8% | 97.9% | ||||||||
Library Lofts | Kansas City, MO | 118 | — | 118 | 116 | 98.3% | 99.2% | ||||||||
Trails at Buda Ranch | Buda, TX | 264 | 1 | 263 | 251 | 95.1% | 96.4% | ||||||||
Deep Deuce at Bricktown | Oklahoma City, OK | 294 | 2 | 292 | 280 | 95.2% | 99.8% | ||||||||
Deer Valley Apartments | Lake Bluff, IL | 224 | 2 | 222 | 216 | 96.4% | 98.1% | ||||||||
Grayson Ridge | North Richland Hills, TX | 240 | 1 | 239 | 223 | 92.9% | 94.0% | ||||||||
Rosemont at Olmos Park | San Antonio, TX | 144 | 1 | 143 | 134 | 93.1% | 95.1% | ||||||||
Retreat at Quail North | Oklahoma City, OK | 240 | 1 | 239 | 234 | 97.5% | 99.6% | ||||||||
The Lodge at Trails Edge | Indianapolis, IN | 268 | 2 | 266 | 256 | 95.5% | 98.1% | ||||||||
Arbors of Carrolton | Dallas, TX | 131 | — | 131 | 127 | 96.9% | 97.9% | ||||||||
Waterford on the Meadow | Dallas, TX | 350 | — | 350 | 326 | 93.1% | 96.1% |
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | ||||||||
Multi-Family (continued) | |||||||||||||||
Belmont | Dallas, TX | 260 | — | 260 | 252 | 96.9% | 98.3% | ||||||||
Meritage at Steiner Ranch | Austin, TX | 502 | 3 | 499 | 465 | 92.6% | 96.8% | ||||||||
Tapestry Park | Birmingham, AL | 354 | 1 | 353 | 225 | 63.6% | 66.7% | ||||||||
Dawntree | Dallas, TX | 400 | — | 400 | 378 | 94.5% | 96.3% | ||||||||
Stuart Hall | Kansas City, MO | 115 | — | 115 | 107 | 93.0% | 97.2% | ||||||||
Bricegrove Park | Columbus, OH | 240 | — | 240 | 223 | 92.9% | 94.2% | ||||||||
Retreat at Hamburg Place | Lexington, KY | 150 | 1 | 149 | 143 | 95.3% | 97.2% | ||||||||
Cantare at ILV | Nashville, TN | 206 | 1 | 205 | 196 | 95.1% | 98.2% | ||||||||
Landing at Mansfield | Mansfield, TX | 336 | 2 | 334 | 313 | 93.2% | 94.3% | ||||||||
Heights at 2121 | Houston, TX | 504 | 4 | 500 | 469 | 93.1% | 95.5% | ||||||||
Villas at Huffmeister | Houston, TX | 294 | 1 | 293 | 283 | 96.3% | 97.8% | ||||||||
Villas at Kingwood | Kingwood, TX | 330 | 1 | 329 | 316 | 95.8% | 97.5% | ||||||||
Waterford Place Riata Ranch | Cypress, TX | 228 | 1 | 227 | 221 | 96.9% | 98.0% | ||||||||
Carrington Place | Houston, TX | 324 | 1 | 323 | 305 | 94.1% | 97.5% | ||||||||
Carrington at Champion Forest | Houston, TX | 284 | 1 | 283 | 275 | 96.8% | 98.7% | ||||||||
Carrington Park at Huffington | Houston, TX | 232 | 1 | 231 | 216 | 93.1% | 95.5% | ||||||||
Willow Crossing | Elk Grove Village, IL | 579 | 2 | 577 | 535 | 92.4% | 93.7% | ||||||||
Echo at Katy Ranch | Katy, TX | 260 | 1 | 259 | 242 | 93.1% | 95.1% | ||||||||
Heritage Grand at Sienna Plantation | Missouri City, TX | 240 | 1 | 239 | 227 | 94.6% | 96.8% | ||||||||
Audubon Park | Nashville, TN | 256 | 2 | 254 | 237 | 92.6% | 95.6% | ||||||||
Mallard Crossing | Loveland, OH | 350 | 2 | 348 | 322 | 92.0% | 94.4% | ||||||||
Renaissance at Carol Stream | Carol Stream, IL | 293 | 1 | 292 | 274 | 93.5% | 95.9% | ||||||||
Reserve at Creekside | Chattanooga, TN | 192 | 2 | 190 | 181 | 94.3% | 96.9% | ||||||||
Mapleshade | Dallas, TX | 148 | 1 | 147 | 133 | 89.9% | 92.1% | ||||||||
Richland Falls | Murfreesboro, TN | 190 | 1 | 189 | 183 | 96.3% | 99.1% | ||||||||
Oak Crossing | Fort Wayne, IN | 222 | 1 | 221 | 213 | 95.9% | 99.8% | ||||||||
Park Shore | St Charles, IL | 160 | — | 160 | 152 | 95.0% | 97.5% | ||||||||
Total | 16,526 | 71 | 16,455 | 15,547 | 94.1% | 96.6% | |||||||||
Total Units | Total Square Footage | Occupied Square Footage | % Occupied | ||||||||||||
Commercial | |||||||||||||||
Library Lofts Commercial | Kansas City, MO | 2 | 16,680 | 16,680 | 100.0% | ||||||||||
Stuart Hall Commercial | Kansas City, MO | 1 | 4,450 | 4,450 | 100.0% | ||||||||||
Meritage at Steiner Ranch Commercial | Austin, TX | 1 | 4,843 | 4,843 | 100.0% | ||||||||||
Total | 4 | 25,973 | 25,973 | 100.0% | |||||||||||
Monthly Portfolio Snapshot | | | November 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 | 140 | 92.7% | 95.4% | |||||||
Clarion Park Apartments | Olathe, KS | 220 | 1 | 219 | 215 | 97.7% | 99.2% | |||||||
Cooper Creek Village | Louisville, KY | 123 | — | 123 | 115 | 93.5% | 95.3% | |||||||
Truman Farm Villas | Grandview, MO | 200 | 1 | 199 | 192 | 96.0% | 98.5% | |||||||
EBT Lofts | Kansas City, MO | 102 | — | 102 | 99 | 97.1% | 97.3% | |||||||
Windsor on the River | Cedar Rapids, IA | 424 | 1 | 423 | 397 | 93.6% | 95.8% | |||||||
Renaissance St. Andrews | Louisville, KY | 216 | — | 216 | 206 | 95.4% | 97.1% | |||||||
Spring Creek of Edmond | Edmond, OK | 252 | 2 | 250 | 243 | 96.4% | 98.3% | |||||||
Montclair Parc Apartments | Oklahoma City, OK | 360 | 2 | 358 | 350 | 97.2% | 99.0% | |||||||
Sonoma Grande Apartments | Tulsa, OK | 336 | 1 | 335 | 320 | 95.2% | 97.3% | |||||||
Estancia Apartments | Tulsa, OK | 294 | 1 | 293 | 282 | 95.9% | 98.7% | |||||||
Montelena Apartments | Round Rock, TX | 232 | 1 | 231 | 222 | 95.7% | 96.2% | |||||||
Valley Farms Apartments | Louisville, KY | 160 | — | 160 | 158 | 98.8% | 99.1% | |||||||
Hilliard Park Apartments | Columbus, OH | 201 | 2 | 199 | 190 | 94.5% | 98.5% | |||||||
Sycamore Terrace Apartments | Terre Haute, IN | 250 | 1 | 249 | 240 | 96.0% | 99.2% | |||||||
Hilliard Summit Apartments | Columbus, OH | 208 | 2 | 206 | 197 | 94.7% | 96.2% | |||||||
Springmarc Apartments | San Marcos, TX | 240 | 1 | 239 | 223 | 92.9% | 94.1% | |||||||
Renaissance at St. Andrews Condominiums | Louisville, KY | 29 | — | 29 | 28 | 96.6% | 96.6% | |||||||
Ashley Oaks Apartments | San Antonio, TX | 462 | 2 | 460 | 435 | 94.2% | 96.4% | |||||||
Arrowhead Apartments | Palatine, IL | 200 | 1 | 199 | 192 | 96.0% | 97.6% | |||||||
The Moorings Apartments | Roselle, IL | 216 | 1 | 215 | 210 | 97.2% | 98.2% | |||||||
Forty 57 Apartments | Lexington, KY | 436 | 1 | 435 | 415 | 95.2% | 96.5% | |||||||
Keystone Farms Apartments | Nashville, TN | 90 | — | 90 | 88 | 97.8% | 98.9% | |||||||
Riverford Crossing Apartments | Frankfort, KY | 300 | 1 | 299 | 290 | 96.7% | 97.8% | |||||||
Southpointe at Valley Farms | Louisville, KY | 32 | 1 | 31 | 30 | 93.8% | 96.1% | |||||||
Montecito Apartments | Austin, TX | 268 | 2 | 266 | 255 | 95.1% | 96.9% | |||||||
Hilliard Grand Apartments | Dublin, OH | 314 | 2 | 312 | 305 | 97.1% | 98.2% | |||||||
The Hills at Fair Oaks | Fair Oaks Ranch, TX | 288 | 2 | 286 | 279 | 96.9% | 98.5% | |||||||
Library Lofts | Kansas City, MO | 118 | — | 118 | 114 | 96.6% | 98.3% | |||||||
Trails at Buda Ranch | Buda, TX | 264 | 1 | 263 | 252 | 95.5% | 96.9% | |||||||
Deep Deuce at Bricktown | Oklahoma City, OK | 294 | 2 | 292 | 281 | 95.6% | 99.7% | |||||||
Deer Valley Apartments | Lake Bluff, IL | 224 | 2 | 222 | 215 | 96.0% | 97.4% | |||||||
Grayson Ridge | North Richland Hills, TX | 240 | 1 | 239 | 226 | 94.2% | 95.3% | |||||||
Rosemont at Olmos Park | San Antonio, TX | 144 | 1 | 143 | 136 | 94.4% | 96.0% | |||||||
Retreat at Quail North | Oklahoma City, OK | 240 | 1 | 239 | 229 | 95.4% | 98.8% | |||||||
The Lodge at Trails Edge | Indianapolis, IN | 268 | 2 | 266 | 258 | 96.3% | 98.0% | |||||||
Arbors of Carrolton | Dallas, TX | 131 | — | 131 | 127 | 96.9% | 97.0% | |||||||
Waterford on the Meadow | Dallas, TX | 350 | — | 350 | 333 | 95.1% | 96.8% | |||||||
Belmont | Dallas, TX | 260 | — | 260 | 253 | 97.3% | 98.6% |
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family (continued) | ||||||||||||||
Meritage at Steiner Ranch | Austin, TX | 502 | 3 | 499 | 467 | 93.0% | 95.8% | |||||||
Tapestry Park | Birmingham, AL | 243 | 1 | 242 | 220 | 90.5% | 95.6% | |||||||
Dawntree | Dallas, TX | 400 | — | 400 | 386 | 96.5% | 97.6% | |||||||
Stuart Hall | Kansas City, MO | 115 | — | 115 | 109 | 94.8% | 95.2% | |||||||
Bricegrove Park | Lexington, KY | 240 | — | 240 | 225 | 93.8% | 95.8% | |||||||
Retreat at Hamburg Place | Lexington, KY | 150 | 1 | 149 | 145 | 96.7% | 98.3% | |||||||
Cantare at ILV | Nashville, TN | 206 | 1 | 205 | 198 | 96.1% | 98.3% | |||||||
Landing at Mansfield | Mansfield, TX | 336 | 2 | 334 | 317 | 94.3% | 95.8% | |||||||
Heights at 2121 | Houston, TX | 504 | 4 | 500 | 473 | 93.8% | 96.3% | |||||||
Villas at Huffmeister | Houston, TX | 294 | 1 | 293 | 280 | 95.2% | 97.5% | |||||||
Villas at Kingwood | Kingwood, TX | 330 | 1 | 329 | 318 | 96.4% | 97.4% | |||||||
Waterford Place Riata Ranch | Cypress, TX | 228 | 1 | 227 | 221 | 96.9% | 98.2% | |||||||
Carrington Place | Houston, TX | 324 | 1 | 323 | 298 | 92.0% | 96.2% | |||||||
Carrington at Champion Forest | Houston, TX | 284 | 1 | 283 | 275 | 96.8% | 98.2% | |||||||
Carrington Park at Huffington | Houston, TX | 232 | 1 | 231 | 216 | 93.1% | 96.2% | |||||||
Willow Crossing | Elk Grove Village, IL | 579 | 2 | 577 | 527 | 91.0% | 92.7% | |||||||
Echo at Katy Ranch | Katy, TX | 260 | 1 | 259 | 244 | 93.8% | 95.6% | |||||||
Heritage Grand at Sienna Plantation | Missouri City, TX | 240 | 1 | 239 | 227 | 94.6% | 97.5% | |||||||
Audubon Park | Nashville, TN | 256 | 2 | 254 | 236 | 92.2% | 95.9% | |||||||
Mallard Crossing | Loveland, OH | 350 | 2 | 348 | 319 | 91.1% | 93.9% | |||||||
Renaissance at Carol Stream | Carol Stream, IL | 293 | 1 | 292 | 276 | 94.2% | 96.2% | |||||||
Reserve at Creekside | Chattanooga, TN | 192 | 2 | 190 | 184 | 95.8% | 97.9% | |||||||
Mapleshade | Dallas, TX | 148 | 1 | 147 | 139 | 93.9% | 95.4% | |||||||
Richland Falls | Murfreesboro, TN | 190 | 1 | 189 | 184 | 96.8% | 98.7% | |||||||
Oak Crossing | Fort Wayne, IN | 222 | 1 | 221 | 210 | 94.6% | 98.1% | |||||||
Park Shore | St Charles, IL | 160 | — | 160 | 156 | 97.5% | 98.3% | |||||||
Total | 16,415 | 71 | 16,344 | 15,590 | 95.0% | 97.1% | ||||||||
Total Units | Total Square Footage | Occupied Square Footage | % Occupied | |||||||||||
Commercial | ||||||||||||||
Library Lofts Commercial | Kansas City, MO | 2 | 16,680 | 16,680 | 100.0% | |||||||||
Stuart Hall Commercial | Kansas City, MO | 1 | 4,450 | 4,450 | 100.0% | |||||||||
Meritage at Steiner Ranch Commercial | Austin, TX | 1 | 4,843 | 4,843 | 100.0% | |||||||||
Total | 4 | 25,973 | 25,973 | 100.0% | ||||||||||
Monthly Portfolio Snapshot | | | October 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 | 138 | 91.4% | 95.5% | |||||||
Clarion Park Apartments | Olathe, KS | 220 | 1 | 219 | 213 | 96.8% | 98.6% | |||||||
Cooper Creek Village | Louisville, KY | 123 | — | 123 | 118 | 95.9% | 96.5% | |||||||
Truman Farm Villas | Grandview, MO | 200 | 1 | 199 | 190 | 95.0% | 98.1% | |||||||
EBT Lofts | Kansas City, MO | 102 | — | 102 | 100 | 98.0% | 99.0% | |||||||
Windsor on the River | Cedar Rapids, IA | 424 | 1 | 423 | 386 | 91.0% | 94.3% | |||||||
Renaissance St. Andrews | Louisville, KY | 216 | — | 216 | 201 | 93.1% | 95.1% | |||||||
Spring Creek of Edmond | Edmond, OK | 252 | 2 | 250 | 247 | 98.0% | 99.5% | |||||||
Montclair Parc Apartments | Oklahoma City, OK | 360 | 2 | 358 | 346 | 96.1% | 98.7% | |||||||
Sonoma Grande Apartments | Tulsa, OK | 336 | 1 | 335 | 325 | 96.7% | 99.1% | |||||||
Estancia Apartments | Tulsa, OK | 294 | 1 | 293 | 281 | 95.6% | 97.5% | |||||||
Montelena Apartmetns | Round Rock, TX | 232 | 1 | 231 | 223 | 96.1% | 97.1% | |||||||
Valley Farms Apartments | Louisville, KY | 160 | — | 160 | 155 | 96.9% | 97.7% | |||||||
Hilliard Park Apartments | Columbus, OH | 201 | 2 | 199 | 190 | 94.5% | 98.9% | |||||||
Sycamore Terrace Apartments | Terre Haute, IN | 250 | 1 | 249 | 238 | 95.2% | 97.5% | |||||||
Hilliard Summit Apartments | Columbus, OH | 208 | 2 | 206 | 203 | 97.6% | 99.2% | |||||||
Springmarc Apartments | San Marcos, TX | 240 | 1 | 239 | 225 | 93.8% | 95.5% | |||||||
Renaissance at St. Andrews Condominiums | Louisville, KY | 29 | — | 29 | 28 | 96.6% | 96.6% | |||||||
Ashley Oaks Apartments | San Antonio, TX | 462 | 2 | 460 | 425 | 92.0% | 94.2% | |||||||
Arrowhead Apartments | Palatine, IL | 200 | 1 | 199 | 193 | 96.5% | 97.8% | |||||||
The Moorings Apartments | Roselle, IL | 216 | 1 | 215 | 209 | 96.8% | 99.4% | |||||||
Forty 57 Apartments | Lexington, KY | 436 | 1 | 435 | 420 | 96.3% | 97.8% | |||||||
Keystone Farms Apartments | Nashville, TN | 90 | — | 90 | 89 | 98.9% | 100.0% | |||||||
Riverford Crossing Apartments | Frankfort, KY | 300 | 1 | 299 | 291 | 97.0% | 99.0% | |||||||
South Pointe at Valley Farms | Louisville, KY | 32 | 1 | 31 | 32 | 100.0% | 100.0% | |||||||
Montecito Apartments | Austin, TX | 268 | 2 | 266 | 253 | 94.4% | 97.0% | |||||||
Hilliard Grand Apartments | Dublin, OH | 314 | 2 | 312 | 304 | 96.8% | 98.6% | |||||||
The Hills at Fair Oaks | Fair Oaks Ranch, TX | 288 | 2 | 286 | 280 | 97.2% | 99.2% | |||||||
Library Lofts | Kansas City, MO | 118 | — | 118 | 114 | 96.6% | 98.7% | |||||||
Trails at Buda Ranch | Buda, TX | 264 | 1 | 263 | 246 | 93.2% | 95.5% | |||||||
Deep Deuce at Bricktown | Oklahoma City, OK | 294 | 2 | 292 | 281 | 95.6% | 99.5% | |||||||
Deer Valley Apartments | Lake Bluff, IL | 224 | 2 | 222 | 214 | 95.5% | 97.0% | |||||||
Grayson Ridge | North Richland Hills, TX | 240 | 1 | 239 | 230 | 95.8% | 98.0% | |||||||
Rosemont at Olmos Park | San Antonio, TX | 144 | 1 | 143 | 133 | 92.4% | 94.4% | |||||||
Retreat at Quail North | Oklahoma City, OK | 240 | 1 | 239 | 225 | 93.8% | 97.5% | |||||||
The Lodge at Trails Edge | Indianapolis, IN | 268 | 2 | 266 | 258 | 96.3% | 99.2% | |||||||
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 | 129 | 98.5% | 99.8% | |||||||
Waterford on the Meadow | Dallas, TX | 350 | — | 350 | 334 | 95.4% | 97.4% | |||||||
Belmont | Dallas, TX | 260 | — | 260 | 247 | 95.0% | 96.4% | |||||||
Meritage at Steiner Ranch | Austin, TX | 502 | 3 | 499 | 464 | 92.4% | 95.5% | |||||||
Tapestry Park | Birmingham, AL | 223 | 1 | 222 | 214 | 96.0% | 97.0% | |||||||
Dawntree | Dallas, TX | 400 | — | 400 | 390 | 97.5% | 98.4% | |||||||
Stuart Hall | Kansas City, MO | 115 | — | 115 | 112 | 97.4% | 98.7% | |||||||
Bricegrove Park | Columbus, OH | 240 | — | 240 | 217 | 90.4% | 93.8% | |||||||
Retreat at Hamburg Place | Lexington, KY | 150 | 1 | 149 | 142 | 94.7% | 96.8% | |||||||
Cantare at ILV | Nashville, TN | 206 | 1 | 205 | 199 | 96.6% | 98.9% | |||||||
Landing at Mansfield | Mansfield, TX | 336 | 2 | 334 | 318 | 94.6% | 97.1% | |||||||
Heights at 2121 | Houston, TX | 504 | 4 | 500 | 488 | 96.8% | 99.0% | |||||||
Villas at Huffmeister | Houston, TX | 294 | 1 | 293 | 277 | 94.2% | 96.0% | |||||||
Villas at Kingwood | Kingwood, TX | 330 | 1 | 329 | 317 | 96.1% | 98.9% | |||||||
Waterford Place Riata Ranch | Cypress, TX | 228 | 1 | 227 | 219 | 96.1% | 97.3% | |||||||
Carrington Place | Houston, TX | 324 | 1 | 323 | 296 | 91.4% | 94.9% | |||||||
Carrington at Champion Forest | Houston, TX | 284 | 1 | 283 | 271 | 95.4% | 97.3% | |||||||
Carrington Park at Huffington | Houston, TX | 232 | 1 | 231 | 216 | 93.1% | 96.2% | |||||||
Willow Crossing | Elk Grove Village, IL | 579 | 2 | 577 | 520 | 89.8% | 92.5% | |||||||
Echo at Katy Ranch | Katy, TX | 260 | 1 | 259 | 245 | 94.2% | 95.2% | |||||||
Heritage Grand at Sienna Plantation | Missouri City, TX | 240 | 1 | 239 | 220 | 91.7% | 95.3% | |||||||
Audubon Park | Nashville, TN | 256 | 1 | 255 | 233 | 91.0% | 94.6% | |||||||
Mallard Crossing | Loveland, OH | 350 | 2 | 348 | 313 | 89.4% | 92.0% | |||||||
Renaissance at Carol Stream | Carol Stream, IL | 293 | 1 | 292 | 280 | 95.6% | 96.9% | |||||||
Reserve at Creekside | Chattanooga, TN | 192 | 2 | 190 | 183 | 95.3% | 97.0% | |||||||
Mapleshade | Dallas, TX | 148 | 1 | 147 | 142 | 95.9% | 98.5% | |||||||
Richland Falls | Murfreesboro, TN | 190 | 1 | 189 | 185 | 97.4% | 99.5% | |||||||
Oak Crossing | Fort Wayne, IN | 222 | 1 | 221 | 210 | 94.6% | 98.2% | |||||||
Park Shore | St Charles, IL | 160 | — | 160 | 155 | 96.9% | 97.7% | |||||||
Total | 16,395 | 70 | 16,325 | 15,540 | 94.8% | 97.3% | ||||||||
Total Units | Total Square Footage | Occupied Square Footage | % Occupied | |||||||||||
Commercial | ||||||||||||||
Library Lofts Commercial | Kansas City, MO | 2 | 16,680 | 16,680 | 100.0% | |||||||||
Stuart Hall Commercial | Kansas City, MO | 1 | 4,450 | 4,450 | 100.0% | |||||||||
Meritage at Steiner Ranch Commercial | Austin, TX | 1 | 4,843 | 4,843 | 100.0% | |||||||||
Total | 4 | 25,973 | 25,973 | 100.0% |
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 at the end of the reporting period. |
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). |