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):

November 10, 2015

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 1.01 Entry into a Material Definitive Agreement.

On November 10, 2015, Steadfast Income REIT, Inc. (the “Company”) entered into Amendment No. 8 (the “Amendment”) to the Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, Steadfast Income REIT Operating Partnership, L.P., the Company’s operating partnership, and Steadfast Income Advisor, LLC, the Company’s affiliated external advisor (the “Advisor”). The Amendment (i) renewed the term of the Advisory Agreement, effective as of November 15, 2015, for an additional one year term ending on November 15, 2016 and (ii) clarified the terms of the disposition fee that would be payable to the Advisor in certain circumstances.

The material terms of the Amendment described herein are qualified in their entirety by the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.02 Results of Operations and Financial Condition.

On November 12, 2015, the Company issued an earnings release announcing its financial results for the three and nine months ended September 30, 2015. 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 or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.

Item 8.01     Other Events.

On November 10, 2015, the Company’s Board of Directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day for the period commencing on January 1, 2016 and ending on March 31, 2016. The distributions will be calculated based on 366 days in the calendar year and will be equal to $0.001964 per share of the Company’s common stock, which is equal to an annualized distribution rate of 7.0%, assuming a purchase price of $10.24 per share. The distributions for each record date in January 2016, February 2016 and March 2016 will be paid in February 2016, Mach 2016 and April 2016, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

ExhibitDescription

10.1 Amendment No. 8 to the Amended and Restated Advisory Agreement, dated as of November 10, 2015, by and among Steadfast Income REIT, Inc., Steadfast Income REIT Operating Partnership, L.P. and Steadfast Income Advisor, LLC

99.1 Earnings Release, dated November 12, 2015

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:	November 12, 2015	By:	/s/ Kevin Keating
			Kevin Keating
			Treasurer

EXHIBIT INDEX

ExhibitsDescription

10.1 Amendment No. 8 to the Amended and Restated Advisory Agreement, dated as of November 10, 2015, by and among Steadfast Income REIT, Inc., Steadfast Income REIT Operating Partnership, L.P. and Steadfast Income Advisor, LLC

99.1 Earnings Release, dated November 12, 2015

EX-10.1

EXHIBIT 10.1

AMENDMENT NO. 8

TO THE

AMENDED AND RESTATED ADVISORY AGREEMENT

This Amendment No. 8 to the Amended and Restated Advisory Agreement (this “Amendment”) is made and entered into as of November 10, 2015, by and among Steadfast Income REIT, Inc., a Maryland corporation (the “Company”), Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), and Steadfast Income Advisor, LLC, a Delaware limited liability company (the “Advisor”). The Company, the Operating Partnership and the Advisor are collectively referred to herein as the “Parties.” Capitalized terms used but not defined herein shall have the meaning set forth in the Advisory Agreement (as defined below).

W I T N E S S E T H

WHEREAS, the Parties previously entered into that certain Amended and Restated Advisory Agreement, dated and effective as of May 4, 2010 (as amended to date, the “Advisory Agreement”), which provides for, among other matters, the management of the Company’s and the Operating Partnership’s day-to-day activities by the Advisor;

WHEREAS, pursuant to Section 28 (Modification) of the Advisory Agreement, the Parties desire to amend and clarify the terms of the payment of a Disposition Fee to the Advisor, as set forth herein;

WHEREAS, the current term of the Advisory Agreement expires November 15, 2015;

WHEREAS, the term of the Advisory Agreement may be renewed for an unlimited number of successive one-year terms, and pursuant to Section 17 thereof (Term of the Agreement); and

WHEREAS, the Parties desire to amend the Advisory Agreement in order to renew the Advisory Agreement for a term beginning on November 15, 2015 and ending on November 15, 2016.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE I

AMENDMENT

In order to give effect to the Parties’ agreement to amend the Advisory Agreement as set forth above, the Advisory Agreement is hereby amended as follows:

Section 1.1Amendment to Section 9(c) (Disposition Fee). Section 9(c) of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:

(c)    Disposition Fee. In connection with a Sale of an Investment and in the event of the sale of the entire Company (a “Final Liquidity Event”), in either case when the Advisor or any Affiliate of the Advisor provides a substantial amount of services as determined by a majority of the Independent Directors, the Company shall pay to the Advisor or its Affiliate a Disposition Fee equal to (x) with respect to a Sale of an Investment, 1.5% of the Contract Sales Price of the Investment sold; and (y) with respect to a Final Liquidity Event, (i) 0.5% of the total consideration paid in a Final Liquidity Event if the price per Share paid to Stockholders is less than or equal to $9.00; (ii) 0.75% of the total consideration paid in a Final Liquidity Event if the price per Share paid to Stockholders is between $9.01 and $10.24; (iii) 1.00% of the total consideration paid in a Final Liquidity Event if the price per Share paid to Stockholders is between $10.25 and $11.24; (iv) 1.25% of the total consideration paid in a Final Liquidity Event if the price per Share paid to Stockholders is between $11.25 and $12.00; and (v) 1.50% of the total consideration paid in a Final Liquidity Event if the price per Share paid to Stockholders is greater than or equal to $12.01.

Any Disposition Fee payable under this Section 9(c) may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for the Sale of each Real Estate Asset shall not exceed 6.0% of the Contract Sales Price. Substantial assistance in connection with a Sale may include the preparation of an investment package (for example, a package including a new investment analysis, rent rolls, projections, tenant information regarding credit and lease terms, a property title report, an environmental report, a structural report and exhibits), coordination of the procurement and review of appraisals and required third-party reports, or other such substantial services performed in connection with a Sale. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a computation of the Disposition Fee. Generally, the Disposition Fee shall be paid to the Advisor at the closing of the transaction upon receipt of the invoice by the Company; provided, however, that such Disposition Fee shall be paid to an Affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable laws or regulations prohibit such payment to be made to a Person that is not a FINRA member broker-dealer. In addition, payment of the Disposition Fee may be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Disposition Fees shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request.

Section 1.2Amendment to Section 10(p) (Expenses). Section 10(p) of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:

(p)    all other out-of-pocket costs incurred by the Advisor in performing its duties hereunder, including, without limitation, all out-of-pocket costs incurred by the Advisor or an Affiliate of the Advisor in connection with a Sale of an Investment and a Final Liquidity Event.

Section 1.3    Renewal of Advisory Agreement. Pursuant to Section 17 of the Advisory Agreement, the Parties hereby renew the term of the Advisory Agreement for a term beginning on November 15, 2015 and ending on November 15, 2016.

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ARTICLE II

MISCELLANEOUS

Section 2.1    Continued Effect. Except as specifically set forth herein, all other terms and conditions of the Advisory Agreement shall remain unmodified and in full force and effect, the same being confirmed and republished hereby. In the event of any conflict between the terms of the Advisory Agreement and the terms of this Amendment, the terms of this Amendment shall control.

Section 2.2    Counterparts. The Parties may sign any number of copies of this Amendment. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page of this Amendment or any document or instrument delivered in connection herewith by telecopy or other electronic method shall be effective as delivery of a manually executed counterpart of this Amendment or such other document or instrument, as applicable.

Section 2.3    Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Delaware.

[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed as of the date first written above.

STEADFAST INCOME REIT, INC.
By:	/s/ Ella S. Neyland
Name:	Ella S. Neyland
Title:	President

STEADFAST INCOME REIT OPERATING PARTNERSHIP, L.P.

By:	STEADFAST INCOME REIT, INC.,
	its general partner

By:	/s/ Ella S. Neyland
Name:	Ella S. Neyland
Title:	President

STEADFAST INCOME ADVISOR, LLC

By:	/s/ Rodney F. Emery
Name:	Rodney F. Emery
Title:	CEO

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EX-99.1

Exhibit 99.1

18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700

NEWS RELEASE

Contact: Jennifer Franklin

Phone: 949.333.1721

Email: jfranklin@steadfastcmg.com

STEADFAST INCOME REIT, INC. ANNOUNCES

RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015

Irvine, Calif., November 12, 2015 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the three and nine months endedSeptember 30, 2015.

For the three and nine months endedSeptember 30, 2015, the Company had total revenues of $53.2 million and $156.5 million compared to $50.2 million and $145.1 million for the three and nine months endedSeptember 30, 2014. Net loss was $3.6 million and $10.3 million for the three and nine months ended September 30, 2015 compared to net loss of $3.3 million and $21.1 million for the three and nine months ended September 30, 2014. Total assets of the Company at September 30, 2015 were $1.59 billion compared to $1.61 billion at December 31, 2014.

Highlights:

The Company:

• Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $13.6 million and $40.6 million for the three and nine months ended September 30, 2015 from MFFO of $11.5 million and $32.0 million for the three and nine months ended September 30, 2014. (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 funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, to $12.9 million and $38.5 million for the three and nine months ended September 30, 2015 from FFO of $9.8 million and $22.6 million for the three and nine months ended September 30, 2014. (See the reconciliation of FFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates FFO.)

• Increased net operating income (“NOI”) to $28.0 million and $83.0 million for the three and nine months ended September 30, 2015 from $25.3 million and $73.5 million for the three and nine months ended September 30, 2014. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.)

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• Increased cash payments to fund improvements to real estate investments to $8.4 million and $23.4 million for the three and nine months ended September 30, 2015 from $7.3 million and $18.1 million for the three and nine months ended September 30, 2014.

• Owned a multifamily property portfolio as of September 30, 2015 of 65 properties with 16,622 apartment homes and an aggregate purchase price of $1.62 billion. As of September 30, 2015, the Company had $481.8 million of fixed rate debt, including debt premiums and discounts totaling $3.8 million, with a weighted average interest rate of 4.32%, and $637.2 million of variable rate debt with a weighted average interest rate of 2.52%. The weighted average interest rate on the Company's total outstanding debt as of September 30, 2015 was 3.29%.

• Reported net cash provided by operating activities of $36.7 million for the nine months ended ended September 30, 2015 compared to $32.5 million for the nine months ended ended September 30, 2014. Net cash used in investing activities was $23.4 million for the nine months ended ended September 30, 2015 compared to $106.6 million for the nine months ended ended September 30, 2014.

• Reported net cash used in financing activities of $6.8 million for the nine months ended ended September 30, 2015, that included $41.4 million of distributions paid, all of which were paid in cash. Net cash provided by financing activities was $74.8 million for the nine months ended ended September 30, 2014, that included $20.3 million of distributions paid, net of $19.7 million in non-cash distributions pursuant to the Company's distribution reinvestment plan.

" America's love affair with living in apartment communities continues to grow--especially in Steadfast target markets, where businesses are growing and people are moving to find jobs," says Ella Neyland, President of the Company.

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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 Company's public filings with the Securities and Exchange Commission. 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.

FINANCIAL TABLES, NOTES AND EXHIBITS FOLLOW

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STEADFAST INCOME REIT, INC.

CONSOLIDATED BALANCE SHEETS

	September 30, 2015			December 31, 2014
	(Unaudited)
ASSETS
Assets:
Real Estate:
Land	$	174,102,422		$	174,102,422
Building and improvements	1,482,832,620			1,457,633,918
Tenant origination and absorption costs	—			524,712
Other intangible assets	2,644,263			2,644,263
Construction-in-progress	708,925			2,048,098
Total real estate, cost	1,660,288,230			1,636,953,413
Less accumulated depreciation and amortization	(146,650,452		)	(98,342,452		)
Total real estate, net	1,513,637,778			1,538,610,961
Cash and cash equivalents	36,024,455			29,529,312
Restricted cash	26,250,811			25,478,939
Rents and other receivables	3,262,403			1,992,310
Deferred financing costs and other assets, net	10,894,815			13,455,606
Total assets	$	1,590,070,262		$	1,609,067,128
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	43,208,759		$	39,527,928
Notes payable:
Mortgage notes payable, net	1,098,940,967			1,070,757,025
Revolving credit facility	20,000,000			14,000,000
Total notes payable, net	1,118,940,967			1,084,757,025
Distributions payable	4,529,332			4,679,455
Due to affiliates, net	1,946,090			3,039,490
Total liabilities	1,168,625,148			1,132,003,898
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, 76,872,491 and 76,858,483 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	768,725			768,585
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	10			10
Additional paid-in capital	676,069,449			680,138,132
Cumulative distributions and net losses	(255,393,070		)	(203,843,497		)
Total stockholders’ equity	421,445,114			477,063,230
Total liabilities and stockholders’ equity	$	1,590,070,262		$	1,609,067,128

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STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Revenues:
Rental income	$	47,233,877		$	44,846,735		$	139,155,382		$	130,015,288
Tenant reimbursements and other	5,932,544			5,370,882			17,306,141			15,106,092
Total revenues	53,166,421			50,217,617			156,461,523			145,121,380
Expenses:
Operating, maintenance and management	14,681,517			13,871,055			40,275,265			39,714,602
Real estate taxes and insurance	8,524,454			9,211,396			27,310,197			26,412,787
Fees to affiliates	5,660,066			5,603,741			16,441,909			18,233,188
Depreciation and amortization	16,496,386			15,975,228			48,832,712			53,637,688
Interest expense	10,019,513			9,095,277			29,527,109			30,292,922
Loss on debt extinguishment	—			1,047,932			—			1,939,817
General and administrative expenses	1,388,213			1,366,537			4,405,988			4,552,527
Acquisition costs	—			255,864			7,145			1,356,146
Total expenses	56,770,149			56,427,030			166,800,325			176,139,677
Loss from continuing operations	(3,603,728		)	(6,209,413		)	(10,338,802		)	(31,018,297		)
Gain on sale of real estate	—			2,871,840			—			9,944,134
Net loss	$	(3,603,728	)	$	(3,337,573	)	$	(10,338,802	)	$	(21,074,163	)
Loss per common share — basic and diluted	$	(0.05	)	$	(0.05	)	$	(0.14	)	$	(0.28	)
Weighted average number of common shares outstanding — basic and diluted	76,370,121			75,792,897			76,371,860			75,151,322
Distributions declared per common share	$	0.181		$	0.181		$	0.537		$	0.537

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Steadfast Income REIT, Inc.

Non-GAAP Measures - FFO and MFFO Reconciliation

For the Three and Nine Months EndedSeptember 30, 2015 and 2014

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

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real estate related depreciation and amortization, provides a more complete understanding of its performance to investors and to 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. 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 operational earnings and cash flow 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, net proceeds from the sale of properties, or from

8

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 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 where there is no regular net asset value determination of the Company. 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.

9

Neither the Securities and Exchange Commission (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 nine months endedSeptember 30, 2015 and 2014 (amounts unaudited):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Reconciliation of net loss to MFFO:	2015			2014			2015			2014
Net loss	$	(3,603,728	)	$	(3,337,573	)	$	(10,338,802	)	$	(21,074,163	)
Depreciation of real estate assets	16,458,094			15,035,916			48,502,050			43,476,249
Amortization of lease-related costs	38,292			939,312			330,662			10,161,439
Gain on sales of real estate, net	—			(2,871,840		)	—			(9,944,134		)
FFO	12,892,658			9,765,815			38,493,910			22,619,391
Acquisition fees and expenses(1)(2)	187,735			628,642			194,880			4,225,826
Unrealized loss on derivative instruments	540,376			46,544			1,908,550			3,362,058
Loss on debt extinguishment	—			1,047,932			—			1,939,817
Accretion of below-market leases	—			—			—			(163,237		)
Change in value of restricted common stock to Advisor	5,291			—			27,431			—
MFFO	$	13,626,060		$	11,488,933		$	40,624,771		$	31,983,855
FFO per share — basic and diluted	$	0.17		$	0.13		$	0.50		$	0.30
MFFO per share — basic and diluted	0.18			0.15			0.53			0.43
Loss per common share — basic and diluted	(0.05		)	(0.05		)	(0.14		)	(0.28		)
Weighted average number of common shares outstanding, basic and diluted	76,370,121			75,792,897			76,371,860			75,151,322

___________

(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 operational

10

earnings and cash flow 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, net proceeds from the sale of properties, or from ancillary cash flows.

(2) Acquisition fees and expenses for the three and nine months endedSeptember 30, 2015 includes acquisition fees of $187,735 and $187,735 and acquisition fees of $372,778 and $2,869,680 for the three and nine months endedSeptember 30, 2014, respectively, that are recorded in fees to affiliates in the accompanying consolidated statements of operations. Acquisition fees and expenses for the three and nine months endedSeptember 30, 2015 also includes acquisition expenses of $0 and $7,145 and acquisition expenses of $255,864 and $1,356,146 for the three and nine months endedSeptember 30, 2014, respectively, that are recorded in acquisition costs in the accompanying consolidated statements of operations.

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Steadfast Income REIT, Inc.

Non-GAAP Measures - Net Operating Income

For the Three and Nine Months EndedSeptember 30, 2015 and 2014

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 nine months endedSeptember 30, 2015 and 2014 (amounts unaudited):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Net loss	$	(3,603,728	)	$	(3,337,573	)	$	(10,338,802	)	$	(21,074,163	)
Fees to affiliates(1)	3,661,459			3,725,847			10,558,176			12,714,538
Depreciation and amortization	16,496,386			15,975,228			48,832,712			53,637,688
Interest expense	10,019,513			9,095,277			29,527,109			30,292,922
Loss on debt extinguishment	—			1,047,932			—			1,939,817
General and administrative expenses	1,388,213			1,366,537			4,405,988			4,552,527
Acquisition costs	—			255,864			7,145			1,356,146
Gain on sales of real estate, net	—			(2,871,840		)	—			(9,944,134		)
Net operating income	$	27,961,843		$	25,257,272		$	82,992,328		$	73,475,341

________________

(1) Fees to affiliates for the three and nine months endedSeptember 30, 2015 excludes property management fees of $1,570,816 and $4,621,570 and other fees of $427,791 and $1,262,163, respectively, that are included in NOI. Fees to affiliates for the three and nine months endedSeptember 30, 2014 excludes property management fees of $1,484,356 and $4,301,762 and other fees of $393,538 and $1,216,888, respectively, that are included in NOI.

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EXHIBIT A

Monthly Portfolio Snapshot	|	SEPTEMBER 2015
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%	97.7%
Clarion Park Apartments		Olathe, KS	220	1	219	212	96.4%	98.9%
Cooper Creek Village Apartments		Louisville, KY	123	—	123	118	95.9%	97.4%
Truman Farm Villas		Grandview, MO	200	1	199	197	98.5%	99.6%
EBT Lofts		Kansas City, MO	102	—	102	94	92.2%	95.1%
Windsor on the River Apartments		Cedar Rapids, IA	424	1	423	398	93.9%	95.9%
Renaissance at St. Andrews		Louisville, KY	216	—	216	202	93.5%	94.8%
Spring Creek Apartments		Edmond, OK	252	2	250	245	97.2%	98.8%
Montclair Parc Apartment Homes		Oklahoma City, OK	360	2	358	334	92.8%	95.3%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	322	95.8%	97.2%
Estancia Apartments		Tulsa, OK	294	1	293	273	92.9%	95.6%
Montelena Apartments		Round Rock, TX	232	1	231	223	96.1%	96.7%
Valley Farms Apartment Homes		Louisville, KY	160	1	159	148	92.5%	94.7%
Hilliard Park Apartments		Columbus, OH	201	2	199	192	95.5%	98.1%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	242	96.8%	98.5%
Hilliard Summit Apartments		Columbus, OH	208	2	206	197	94.7%	96.8%
Springmarc Apartments		San Marcos, TX	240	1	239	230	95.8%	98.5%
Renaissance at St. Andrews Condominiums		Louisville, KY	29	—	29	29	100.0%	99.1%
Ashley Oaks Apartment Homes		San Antonio, TX	462	2	460	443	95.9%	96.9%
Arrowhead Apartment Homes		Palatine, IL	200	1	199	189	94.5%	96.0%
The Moorings Apartments		Roselle, IL	216	1	215	210	97.2%	98.8%
Forty 57 Apartments		Lexington, KY	436	1	435	412	94.5%	95.8%
Keystone Farms Apartments		Nashville, TN	90	—	90	88	97.8%	99.4%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	287	95.7%	97.4%
Southpointe at Valley Farms		Louisville, KY	128	1	127	68	53.1%	59.8%
Montecito Apartments		Austin, TX	268	2	266	262	97.8%	99.8%
Hilliard Grand Apartments		Dublin, OH	314	2	312	302	96.2%	98.3%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	276	95.8%	97.6%
Library Lofts East		Kansas City, MO	118	—	118	113	95.8%	97.2%
Trails at Buda Ranch		Buda, TX	264	2	262	258	97.7%	99.3%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	278	94.6%	97.3%
Deer Valley Apartments		Lake Bluff, IL	224	2	222	211	94.2%	95.9%
Grayson Ridge Apartment Homes		North Richland Hills, TX	240	1	239	233	97.1%	99.2%
Rosemont Olmos Park Apartments		San Antonio, TX	144	1	143	138	95.8%	96.7%
Retreat at Quail North		Oklahoma City, OK	240	1	239	229	95.4%	97.3%
Lodge at Trails Edge		Indianapolis, IN	268	1	267	260	97.0%	99.5%
Arbors of Carrolton		Dallas, TX	131	—	131	126	96.2%	96.9%
Waterford on the Meadow		Dallas, TX	350	—	350	341	97.4%	98.9%

Property	Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family (continued)
The Belmont	Dallas, TX	260	—	260	253	97.3%	98.4%
Meritage at Steiner Ranch	Austin, TX	502	3	499	473	94.2%	98.3%
Tapestry Park Apartments	Birmingham, AL	354	1	353	337	95.2%	97.2%
Dawntree Apartments	Dallas, TX	400	—	400	394	98.5%	99.3%
Stuart Hall Lofts	Kansas City, MO	115	—	115	112	97.4%	98.7%
Bricegrove Park Apartments	Columbus, OH	240	—	240	231	96.3%	97.7%
Retreat at Hamburg Place	Lexington, KY	150	1	149	144	96.0%	97.5%
Cantare at Indian Lake Village	Nashville, TN	206	1	205	199	96.6%	99.0%
The Landing at Mansfield	Mansfield, TX	336	2	334	327	97.3%	98.6%
Heights at 2121	Houston, TX	504	4	500	474	94.0%	95.7%
Villas at Huffmeister	Houston, TX	294	1	293	280	95.2%	97.2%
Villas of Kingwood	Kingwood, TX	330	1	329	306	92.7%	95.4%
Waterford Place at Riata Ranch	Cypress, TX	228	1	227	212	93.0%	95.3%
Carrington Place	Houston, TX	324	1	323	306	94.4%	96.1%
Carrington at Champion Forest	Houston, TX	284	1	283	272	95.8%	97.7%
Carrington Park at Huffmeister	Cypress, TX	232	1	231	216	93.1%	94.9%
Willow Crossing Apartments	Elk Grove Village, IL	579	2	577	551	95.2%	97.3%
Echo at Katy Ranch	Katy, TX	260	1	259	232	89.2%	92.1%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	225	93.8%	96.3%
Audubon Park Apartments	Nashville, TN	256	—	256	235	91.8%	94.7%
Mallard Crossing Apartments	Loveland, OH	350	2	348	326	93.1%	94.9%
Renaissance at Carol Stream	Carol Stream, IL	293	1	292	279	95.2%	97.9%
Reserve at Creekside	Chattanooga, TN	192	2	190	185	96.4%	99.0%
Mapleshade Park	Dallas, TX	148	1	147	140	94.6%	97.6%
Richland Falls	Murfreesboro, TN	190	1	189	183	96.3%	99.9%
Oak Crossing Apartments	Fort Wayne, IN	222	1	221	211	95.0%	98.2%
Park Shore Apartments	St. Charles, IL	160	—	160	148	92.5%	71.1%
Total		16,622	70	16,552	15,771	94.9%	96.3%
		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	—	4,843	—	—%
Total		3	25,973	21,130	81.4%

Monthly Portfolio Snapshot	|	AUGUST 2015
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Park Place Condominiums		Des Moines, IA	151	1	150	143	94.7%	98.2%
Clarion Park Apartments		Olathe, KS	220	1	219	210	95.5%	98.4%
Cooper Creek Village Apartments		Louisville, KY	123	—	123	120	97.6%	98.8%
Truman Farm Villas		Grandview, MO	200	1	199	196	98.0%	100.0%
EBT Lofts		Kansas City, MO	102	—	102	96	94.1%	97.3%
Windsor on the River Apartments		Cedar Rapids, IA	424	1	423	412	97.2%	97.9%
Renaissance at St. Andrews		Louisville, KY	216	—	216	210	97.2%	98.0%
Spring Creek Apartments		Edmond, OK	252	2	250	247	98.0%	99.4%
Montclair Parc Apartment Homes		Oklahoma City, OK	360	2	358	345	95.8%	97.6%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	318	94.6%	97.3%
Estancia Apartments		Tulsa, OK	294	1	293	275	93.5%	97.5%
Montelena Apartments		Round Rock, TX	232	1	231	223	96.1%	97.8%
Valley Farms Apartment Homes		Louisville, KY	160	1	159	150	93.8%	96.6%
Hilliard Park Apartments		Columbus, OH	201	2	199	194	96.5%	99.0%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	235	94.0%	99.3%
Hilliard Summit Apartments		Columbus, OH	208	2	206	197	94.7%	96.8%
Springmarc Apartments		San Marcos, TX	240	1	239	226	94.2%	99.5%
Renaissance at St. Andrews Condominiums		Louisville, KY	29	—	29	28	96.6%	96.6%
Ashley Oaks Apartment Homes		San Antonio, TX	462	2	460	441	95.5%	97.1%
Arrowhead Apartment Homes		Palatine, IL	200	1	199	192	96.0%	97.8%
The Moorings Apartments		Roselle, IL	216	1	215	209	96.8%	99.5%
Forty 57 Apartments		Lexington, KY	436	1	435	419	96.1%	97.3%
Keystone Farms Apartments		Nashville, TN	90	—	90	89	98.9%	100.0%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	289	96.3%	98.8%
Southpointe at Valley Farms		Louisville, KY	112	1	111	55	49.1%	54.7%
Montecito Apartments		Austin, TX	268	2	266	259	96.6%	99.4%
Hilliard Grand Apartments		Dublin, OH	314	2	312	300	95.5%	98.2%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	279	96.9%	99.3%
Library Lofts East		Kansas City, MO	118	—	118	117	99.2%	100.0%
Trails at Buda Ranch		Buda, TX	264	1	263	260	98.5%	99.8%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	281	95.6%	98.0%
Deer Valley Apartments		Lake Bluff, IL	224	2	222	219	97.8%	99.4%
Grayson Ridge Apartment Homes		North Richland Hills, TX	240	1	239	233	97.1%	99.1%
Rosemont Olmos Park Apartments		San Antonio, TX	144	1	143	137	95.1%	97.4%
Retreat at Quail North		Oklahoma City, OK	240	1	239	228	95.0%	99.2%
Lodge at Trails Edge		Indianapolis, IN	268	1	267	260	97.0%	99.6%
Arbors of Carrolton		Dallas, TX	131	—	131	128	97.7%	98.9%
Waterford on the Meadow		Dallas, TX	350	—	350	340	97.1%	99.1%
The Belmont		Dallas, TX	260	—	260	252	96.9%	98.9%

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	469	93.4%	98.1%
Tapestry Park Apartments	Birmingham, AL	354	1	353	340	96.0%	98.0%
Dawntree Apartments	Dallas, TX	400	—	400	393	98.3%	99.7%
Stuart Hall Lofts	Kansas City, MO	115	—	115	114	99.1%	99.1%
Bricegrove Park Apartments	Columbus, OH	240	—	240	235	97.9%	98.6%
Retreat at Hamburg Place	Lexington, KY	150	1	149	146	97.3%	99.2%
Cantare at Indian Lake Village	Nashville, TN	206	1	205	198	96.1%	99.4%
The Landing at Mansfield	Mansfield, TX	336	2	334	328	97.6%	99.1%
Heights at 2121	Houston, TX	504	4	500	479	95.0%	97.6%
Villas at Huffmeister	Houston, TX	294	1	293	281	95.6%	98.0%
Villas of Kingwood	Kingwood, TX	330	1	329	312	94.5%	95.9%
Waterford Place at Riata Ranch	Cypress, TX	228	1	227	212	93.0%	95.6%
Carrington Place	Houston, TX	324	1	323	306	94.4%	97.2%
Carrington at Champion Forest	Houston, TX	284	1	283	267	94.0%	95.9%
Carrington Park at Huffmeister	Cypress, TX	232	1	231	221	95.3%	97.6%
Willow Crossing Apartments	Elk Grove Village, IL	579	2	577	557	96.2%	98.6%
Echo at Katy Ranch	Katy, TX	260	1	259	242	93.1%	95.2%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	226	94.2%	96.8%
Audubon Park Apartments	Nashville, TN	256	—	256	233	91.0%	96.9%
Mallard Crossing Apartments	Loveland, OH	350	2	348	328	93.7%	95.9%
Renaissance at Carol Stream	Carol Stream, IL	293	1	292	279	95.2%	97.7%
Reserve at Creekside	Chattanooga, TN	192	2	190	187	97.4%	99.7%
Mapleshade Park	Dallas, TX	148	1	147	142	95.9%	98.1%
Richland Falls	Murfreesboro, TN	190	1	189	184	96.8%	100.0%
Oak Crossing Apartments	Fort Wayne, IN	222	1	221	212	95.5%	99.8%
Park Shore Apartments	St. Charles, IL	160	—	160	152	95.0%	73.0%
Total		16,606	70	16,536	15,855	95.5%	97.2%
		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	|	JULY 2015
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Park Place Condominiums		Des Moines, IA	151	1	150	140	92.7%	98.1%
Clarion Park Apartments		Olathe, KS	220	1	219	208	94.5%	98.1%
Cooper Creek Village Apartments		Louisville, KY	123	—	123	118	95.9%	99.0%
Truman Farm Villas		Grandview, MO	200	1	199	196	98.0%	99.9%
EBT Lofts		Kansas City, MO	102	—	102	95	93.1%	98.8%
Windsor on the River Apartments		Cedar Rapids, IA	424	1	423	400	94.3%	97.3%
Renaissance at St. Andrews		Louisville, KY	216	1	215	206	95.4%	97.7%
Spring Creek Apartments		Edmond, OK	252	2	250	241	95.6%	98.8%
Montclair Parc Apartment Homes		Oklahoma City, OK	360	2	358	346	96.1%	98.8%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	321	95.5%	97.7%
Estancia Apartments		Tulsa, OK	294	1	293	279	94.9%	98.0%
Montelena Apartments		Round Rock, TX	232	1	231	225	97.0%	98.5%
Valley Farms Apartment Homes		Louisville, KY	160	1	159	147	91.9%	95.4%
Hilliard Park Apartments		Columbus, OH	201	2	199	192	95.5%	99.3%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	239	95.6%	99.0%
Hilliard Summit Apartments		Columbus, OH	208	2	206	197	94.7%	97.5%
Springmarc Apartments		San Marcos, TX	240	1	239	224	93.3%	100.0%
Renaissance at St. Andrews Condominiums		Louisville, KY	29	—	29	28	96.6%	100.0%
Ashley Oaks Apartment Homes		San Antonio, TX	462	2	460	434	93.9%	97.1%
Arrowhead Apartment Homes		Palatine, IL	200	1	199	194	97.0%	98.6%
The Moorings Apartments		Roselle, IL	216	1	215	212	98.1%	99.4%
Forty 57 Apartments		Lexington, KY	436	1	435	421	96.6%	98.7%
Keystone Farms Apartments		Nashville, TN	90	—	90	87	96.7%	99.8%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	287	95.7%	98.3%
Southpointe at Valley Farms		Louisville, KY	80	1	79	40	50.0%	64.1%
Montecito Apartments		Austin, TX	268	2	266	253	94.4%	99.7%
Hilliard Grand Apartments		Dublin, OH	314	2	312	302	96.2%	97.8%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	276	95.8%	99.2%
Library Lofts East		Kansas City, MO	118	—	118	112	94.9%	99.5%
Trails at Buda Ranch		Buda, TX	264	1	263	254	96.2%	99.2%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	272	92.5%	99.7%
Deer Valley Apartments		Lake Bluff, IL	224	2	222	215	96.0%	99.2%
Grayson Ridge Apartment Homes		North Richland Hills, TX	240	1	239	232	96.7%	99.2%
Rosemont Olmos Park Apartments		San Antonio, TX	144	1	143	133	92.4%	96.4%
Retreat at Quail North		Oklahoma City, OK	240	1	239	227	94.6%	98.8%
Lodge at Trails Edge		Indianapolis, IN	268	1	267	260	97.0%	99.6%
Arbors of Carrolton		Dallas, TX	131	—	131	129	98.5%	99.7%
Waterford on the Meadow		Dallas, TX	350	—	350	341	97.4%	99.5%

Property	Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family (continued)
The Belmont	Dallas, TX	260	—	260	251	96.5%	97.9%
Meritage at Steiner Ranch	Austin, TX	502	3	499	473	94.2%	98.5%
Tapestry Park Apartments	Birmingham, AL	354	1	353	333	94.1%	98.0%
Dawntree Apartments	Dallas, TX	400	—	400	394	98.5%	99.5%
Stuart Hall Lofts	Kansas City, MO	115	—	115	112	97.4%	99.8%
Bricegrove Park Apartments	Columbus, OH	240	—	240	235	97.9%	99.2%
Retreat at Hamburg Place	Lexington, KY	150	1	149	145	96.7%	99.6%
Cantare at Indian Lake Village	Nashville, TN	206	1	205	198	96.1%	98.1%
The Landing at Mansfield	Mansfield, TX	336	2	334	329	97.9%	99.8%
Heights at 2121	Houston, TX	504	4	500	476	94.4%	97.5%
Villas at Huffmeister	Houston, TX	294	1	293	279	94.9%	98.3%
Villas of Kingwood	Kingwood, TX	330	1	329	315	95.5%	96.8%
Waterford Place at Riata Ranch	Cypress, TX	228	1	227	215	94.3%	96.8%
Carrington Place	Houston, TX	324	1	323	306	94.4%	96.8%
Carrington at Champion Forest	Houston, TX	284	1	283	269	94.7%	95.8%
Carrington Park at Huffmeister	Cypress, TX	232	1	231	221	95.3%	98.2%
Willow Crossing Apartments	Elk Grove Village, IL	579	2	577	555	95.9%	99.1%
Echo at Katy Ranch	Katy, TX	260	1	259	246	94.6%	97.0%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	222	92.5%	96.3%
Audubon Park Apartments	Nashville, TN	256	—	256	232	90.6%	94.2%
Mallard Crossing Apartments	Loveland, OH	350	2	348	332	94.9%	97.5%
Renaissance at Carol Stream	Carol Stream, IL	293	1	292	279	95.2%	97.5%
Reserve at Creekside	Chattanooga, TN	192	2	190	185	96.4%	99.1%
Mapleshade Park	Dallas, TX	148	1	147	143	96.6%	99.7%
Richland Falls	Murfreesboro, TN	190	1	189	178	93.7%	99.4%
Oak Crossing Apartments	Fort Wayne, IN	222	1	221	212	95.5%	100.0%
Park Shore Apartments	St. Charles, IL	160	—	160	149	93.1%	77.8%
Total		16,574	71	16,503	15,767	95.1%	97.6%
		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%

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 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).