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):

March 29, 2018

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:

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On March 29, 2018, Steadfast Income REIT, Inc. (the "Company") issued an earnings release announcing its financial results for the year ended December 31, 2017. A copy of the earnings release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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

Stockholder Letter

The Company is furnishing a letter to its stockholders, dated March 29, 2018 (the “Stockholder Letter”), that sets out, among other things, (1) the Company’s intent to commence a self-tender offer for shares of its common stock at $9.00 per share, (2) the suspension of the Company’s share repurchase program and (3) management's strategy for the Company going forward. The Stockholder Letter is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01.

Video Script

In connection with the initiatives outlined in the Stockholder Letter, the Company prepared a brief explanatory video for financial advisors. A script of the video is attached as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01.

Presentation on Estimated Per Share Value

The Company is furnishing supplemental information regarding its estimated value per share and other portfolio information. The supplemental information is attached as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01.

Distribution Declaration

On March 20, 2018, 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 April 1, 2018, and ending on June 30, 2018. The distributions will be equal to $0.001683 per share of the Company’s common stock per day, which if paid each day over a 365-day period is equivalent to a 6.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. The distributions for each record date in April 2018, May 2018 and June 2018 will be paid in May 2018, June 2018 and July 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Important Information

The tender offer described herein has not yet commenced. This communication is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell any shares of the Company’s common stock, or any other securities. The tender offer will be made only pursuant to an offer to purchase, letter of transmittal and related materials the Company intends to distribute to its stockholders and file with the Securities and Exchange Commission (the “SEC”). The full details of the tender offer, including complete instructions on how to tender shares, will be included in the offer to purchase, the letter of transmittal and related materials, which will become available to stockholders promptly following commencement of the tender offer. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND OTHER RELATED MATERIALS WHEN THEY ARE AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When and if filed, the offer to purchase, the letter of transmittal and other related materials will be available free of charge at the website maintained by the SEC at www.sec.gov. Stockholders also many obtain a copy of these documents, free of charge, from the Company when and if the materials become available.

Forward Looking Statements

This communication 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 communication, including the Company’s ability to complete the tender offer in a timely manner or at all. 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 communication 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 and Section 21E of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibits	Description
99.1	Earnings Release, dated March 29, 2018
99.2	Stockholder Letter
99.3	Video Script
99.4	Presentation on Estimated Value Per Share

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:	March 29, 2018	By:	/s/ Kevin J. Keating
			Kevin J. Keating
			Chief Financial Officer and Treasurer

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@Stiracmg.com

STEADFAST INCOME REIT, INC. ANNOUNCES

RESULTS FOR THE YEAR ENDED DECEMBER 31, 2017

Irvine, Calif., March 29, 2018 — Steadfast Income REIT, Inc. (the “Company”) announced today its operating results for the year ended December 31, 2017.

For the year ended December 31, 2017, the Company had total revenues of $213.0 million compared to $218.2 million for the year ended December 31, 2016. Net income was $72.5 million for the year ended December 31, 2017, compared to net loss of $25.6 million for the year ended December 31, 2016. Total assets of the Company at December 31, 2017, were $1.25 billion compared to $1.59 billion at December 31, 2016.

Highlights:

The Company:

• Owned a multifamily property portfolio as of December 31, 2017, of 48 properties comprising a total of 12,156 apartment homes and 21,130 square feet of rentable commercial space at two properties with an aggregate purchase price, including development and construction costs but excluding closing costs, of $1.2 billion and a 10% ownership interest in the Joint Venture (defined below).

• As of December 31, 2017, the Company had $415.7 million of fixed rate debt with a weighted-average interest rate of 3.89% and $460.1 million of variable rate debt with a weighted-average interest rate of 3.78%. The weighted average interest rate on the Company's total outstanding debt as of December 31, 2017, was 3.83%;

• Funded $16.4 million for additions to real estate investments for the year ended December 31, 2017, compared to $28.3 million for the year ended December 31, 2016;

• Disposed of 17 multifamily properties, including the contribution of 12 properties to the Joint Venture, for a gross sales price of $460.6 million, exclusive of closing costs for a gain on sales of real estate of $96.6 million;

• Entered into a joint venture arrangement with Blackstone Real Estate Income Trust, Inc. ("BX REIT"), whereby the Company agreed to contribute a portfolio of 20 multifamily properties to BREIT Steadfast MF JV LP (the "Joint Venture"), in exchange for cash and a 10% ownership interest in the Joint Venture. BX REIT, through its subsidiaries, owns a 90% interest in the Joint Venture and serves as the general partner of the Joint Venture;

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twelve properties were contributed to the Joint Venture on November 15, 2017, and the remaining eight properties were contributed to the Joint Venture on January 31, 2018;

• Experienced a decrease in net operating income (“NOI”) from $113.7 million for the year ended December 31, 2016, to NOI of $110.5 millionfor the year ended December 31, 2017. (See the reconciliation of NOI to net income (loss) and accompanying notes contained within this release for additional information on how the Company calculates NOI.);

• Experienced a decrease in modified funds from operations (“MFFO”), as defined by the Investment Program Association, from $49.1 million for the year ended December 31, 2016, to MFFO of $47.5 million for the year ended December 31, 2017. (See the reconciliation of MFFO to net income (loss) and accompanying notes contained within this release for additional information on how the Company calculates MFFO.);

• Experienced an increase in funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, from $43.9 million for the year ended December 31, 2016, to FFO of $44.5 million for the year ended December 31, 2017. (See the reconciliation of FFO to net income (loss) and accompanying notes contained within this release for additional information on how the Company calculates FFO.);

• Reported net cash provided by operating activities of $47.1 million for the year ended December 31, 2017, compared to $54.3 million for the year ended December 31, 2016. Net cash provided by investing activities was $125.7 million for the year ended December 31, 2017, compared to net cash used in investing activities of $56.9 million for the year ended December 31, 2016; and

• Reported net cash used in financing activities of $67.8 million for the year ended December 31, 2017, which included $54.4 million of distributions paid, all of which were paid in cash. Net cash provided by financing activities was $36.8 million for the year ended December 31, 2016, which included $54.9 million of distributions paid, all of which were paid in cash.

"Freddie Mac recently released its outlook for the 2018 multifamily housing market. Freddie Mac continues to see pent-up demand for household formation due to a recovering economy," said Ella Neyland, president of the Company. "With employment growth also comes higher wage growth, which Freddie Mac expects to pick up during the year, encouraging more household formation. We believe all of these economic factors benefit our apartment portfolio."

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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.

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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

	December 31,
	2017			2016
ASSETS
Assets:
Real Estate:
Land	$	115,023,911		$	114,972,911
Building and improvements	972,272,325			962,926,584
Other intangible assets	2,644,263			2,644,263
Total real estate held for investment, cost	1,089,940,499			1,080,543,758
Less accumulated depreciation and amortization	(193,075,058		)	(147,507,076		)
Total real estate held for investment, net	896,865,441			933,036,682
Real estate held for sale, net	129,849,889			528,498,193
Total real estate, net	1,026,715,330			1,461,534,875
Cash and cash equivalents	171,228,485			66,224,027
Restricted cash	31,442,700			15,466,891
Short-term investments	—			30,084,750
Investment in unconsolidated joint venture	8,133,156			—
Rents and other receivables	2,737,800			2,750,520
Assets related to real estate held for sale	2,424,823			12,086,960
Other assets	3,258,584			4,786,762
Total assets	$	1,245,940,878		$	1,592,934,785
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	29,617,317		$	30,417,436
Notes payable:
Mortgage notes payable, net	683,326,105			683,977,182
Credit facility, net	90,222,098			88,578,626
Notes payable related to real estate held for sale, net	102,237,735			445,160,472
Total notes payable, net	875,785,938			1,217,716,280
Distributions payable	4,595,301			4,625,355
Due to affiliates	1,967,129			2,787,566
Liabilities related to real estate held for sale	3,327,420			16,959,905
Total liabilities	915,293,105			1,272,506,542
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding	—			—
Common stock $0.01 par value per share; 999,999,000 shares authorized, 75,479,409 and 76,202,862 shares issued and outstanding at December 31, 2017 and 2016, respectively	754,794			762,029
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2017 and 2016, respectively	10			10
Additional paid-in capital	664,110,915			672,018,194
Cumulative distributions and net losses	(334,217,946		)	(352,351,990		)
Total stockholders’ equity	330,647,773			320,428,243
Total liabilities and stockholders’ equity	$	1,245,940,878		$	1,592,934,785

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STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	For the year ended December 31,
	2017			2016			2015
Revenues:
Rental income	$	188,019,112		$	192,088,348		$	186,264,470
Tenant reimbursements and other	24,950,128			26,149,184			23,126,188
Total revenues	212,969,240			218,237,532			209,390,658
Expenses:
Operating, maintenance and management	58,347,903			57,832,187			53,915,306
Real estate taxes and insurance	35,114,937			36,507,827			35,825,445
Fees to affiliates	21,960,145			25,440,718			21,927,913
Depreciation and amortization	67,755,152			69,513,484			65,640,196
Interest expense	44,114,130			40,551,427			39,149,018
Loss on debt extinguishment	2,380,051			4,932,369			—
General and administrative expenses	6,732,330			9,039,171			5,949,993
Acquisition costs	—			—			7,145
Total expenses	236,404,648			243,817,183			222,415,016
Loss before other income (expense)	(23,435,408		)	(25,579,651		)	(13,024,358		)
Other income (expense):
Equity in loss of unconsolidated joint venture	(663,896		)	—			—
Gain on sales of real estate, net	96,573,171			—			—
Total other income (loss)	95,909,275			—			—
Net income (loss)	$	72,473,867		$	(25,579,651	)	$	(13,024,358	)
Income (loss) per common share — basic and diluted	$	0.96		$	(0.34	)	$	(0.18	)
Weighted average number of common shares outstanding — basic	75,794,705			76,195,083			76,335,114
Weighted average number of common shares outstanding — diluted	75,807,710			76,195,083			76,335,114

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Steadfast Income REIT, Inc.

Non-GAAP Measures - FFO and MFFO Reconciliation

For the Years EndedDecember 31, 2017, 2016 and 2015

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

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

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

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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 are not capitalized, as discussed below, and affects 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 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

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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, except with respect to certain acquisition fees and expenses as discussed below. In calculating MFFO, the Company excludes acquisition related expenses that are not capitalized, 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. Currently under GAAP, acquisition fees and expenses are characterized as operating expenses in determining operating net income. However, following the recent publication of ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business (“ASU 2017-01”), acquisition fees and expenses are capitalized and depreciated under certain conditions. On January 1, 2017, the Company elected to early adopt ASU 2017-01 and for any future acquisitions this would result in a substantial part of acquisition fees and expenses being capitalized and therefore not excluded from the calculation of MFFO but would be captured as depreciation in calculating FFO. However, 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 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 and loss on extinguishment of debt 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

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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 that are not capitalized, 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 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.

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.

9

The Company's calculation of FFO and MFFO is presented in the following table for the years ended December 31, 2017, 2016 and 2015:

	For the Years Ended December 31,
Reconciliation of net income (loss) to MFFO:	2017			2016			2015
Net income (loss)	$	72,473,867		$	(25,579,651	)	$	(13,024,358	)
Depreciation of real estate assets	67,601,984			69,360,316			65,271,243
Amortization of lease-related costs	153,168			153,168			368,953
Gain on sales of real estate, net	(96,573,171		)	—			—
Adjustments for investment in unconsolidated joint venture(1)	829,927			—			—
FFO	44,485,775			43,933,833			52,615,838
Acquisition fees and expenses(2)(3)	2,291			960			194,880
Unrealized loss (gain) on derivative instruments	604,545			(61,698		)	2,032,746
Loss on debt extinguishment	2,380,051			4,932,369			—
Change in value of restricted common stock to Advisor	—			312,353			300,440
Adjustments for investment in unconsolidated joint venture(1)	(63		)	—			—
MFFO	$	47,472,599		$	49,117,817		$	55,143,904

________________

(1) Reflects adjustments to add back our noncontrolling interest share of the adjustments to reconcile the Company's net income (loss) attributable to common stockholders to FFO and MFFO for the Company's equity investment in the unconsolidated joint venture, which principally consists of depreciation and amortization incurred by the joint venture.

(2) By excluding acquisition fees and expenses, 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 us, 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 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.

(3) Acquisition fees and expenses for the years ended December 31, 2017, 2016 and 2015, include acquisition fees of $0, $960 and $187,735, respectively, that are recorded in fees to affiliates in the accompanying consolidated statements of operations. Acquisition expenses for the year ended December 31, 2017, of $2,291 did not meet the criteria for capitalization under ASU 2017-01 and are recorded in general and administrative expenses in the accompanying consolidated statements of operations. Acquisition expenses for the years ended December 31, 2016 and 2015, include acquisition expenses of $0 and $7,145, respectively, that are recorded in acquisition costs in the accompanying consolidated statements of operations.

10

Steadfast Income REIT, Inc.

Non-GAAP Measures - Net Operating Income

For the Years EndedDecember 31, 2017, 2016 and 2015

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 property owner. 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.

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.

11

The following is a reconciliation of the Company's NOI to net income (loss) for the three months ended December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015:

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2017			2016			2017			2016			2015
Net income (loss)	$	86,101,893		$	(4,223,102	)	$	72,473,867		$	(25,579,651	)	$	(13,024,358	)
Fees to affiliates(1)	3,186,582			3,538,199			13,909,675			17,360,515			14,042,560
Depreciation and amortization	13,902,611			17,789,498			67,755,152			69,513,484			65,640,196
Interest expense	10,350,173			9,843,905			44,114,130			40,551,427			39,149,018
Loss on debt extinguishment	1,978,377			—			2,380,051			4,932,369			—
General and administrative expenses	1,513,444			2,550,631			6,732,330			9,039,171			5,949,993
Acquisition costs	—			—			—			—			7,145
Gain on sales of real estate, net	(91,190,324		)	—			(96,573,171		)	—			—
Adjustments for investment in unconsolidated joint venture(2)	970,819			—			970,819			—			—
Other (gains) and losses(3)	(769,037		)	(516,752		)	(1,215,779		)	(2,141,740		)	581,376
NOI	$	26,044,538		$	28,982,379		$	110,547,074		$	113,675,575		$	112,345,930

________________

(1) Fees to affiliates for the three months and year ended December 31, 2017, excludes property management fees of $1,407,012 and $6,278,850 and other fees of $393,646 and $1,771,620, respectively, that are included in NOI. Fees to affiliates for the three months and year ended December 31, 2016, excludes property management fees of $1,612,601 and $6,406,479 and other fees of $342,312 and $1,673,724, respectively, that are included in NOI. Fees to affiliates for the year ended December 31, 2015, excludes property management fees of $6,188,525 and other fees of $1,696,828 that are included in NOI.

(2) Reflects adjustments to add back the Company's noncontrolling interest share of the adjustments to reconcile the Company's net income (loss) attributable to common stockholders to NOI for our equity investment in the unconsolidated joint venture, which principally consists of depreciation, amortization and interest expense incurred by the joint venture.

(3) Other gains and losses for the years ended December 31, 2017, 2016 and 2015, include non-recurring insurance proceeds, interest income and certain corporate level expenses that are not included in NOI.

12

EXHIBIT A

Monthly Portfolio Snapshot	|	OCTOBER 2017
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Clarion Park Apartments		Olathe, KS	220	1	219	204	92.7%	96.2%
Cooper Creek Village Apartments		Louisville, KY	123	—	123	119	96.7%	97.6%
Truman Farm Villas		Grandview, MO	200	1	199	198	99.0%	100.0%
EBT Lofts		Kansas City, MO	102	—	102	94	92.2%	92.2%
Renaissance at St. Andrews		Louisville, KY	216	—	216	206	95.4%	96.8%
Spring Creek Apartments		Edmond, OK	252	2	250	238	94.4%	96.2%
Montclair Parc Apartment Homes		Oklahoma City, OK	360	2	358	339	94.2%	95.9%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	311	92.6%	95.5%
Estancia Apartments		Tulsa, OK	294	1	293	270	91.8%	94.6%
Montelena Apartments		Round Rock, TX	232	1	231	214	92.2%	93.1%
Valley Farms Apartment Homes		Louisville, KY	160	1	159	152	95.0%	97.0%
Hilliard Park Apartments		Columbus, OH	201	1	200	187	93.0%	96.0%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	233	93.2%	96.1%
Hilliard Summit Apartments		Columbus, OH	208	1	207	199	95.7%	97.6%
Springmarc Apartments		San Marcos, TX	240	1	239	228	95.0%	96.1%
Renaissance at St. Andrews Condominiums		Louisville, KY	30	—	30	29	96.7%	98.3%
Ashley Oaks Apartment Homes		San Antonio, TX	462	2	460	437	94.6%	95.8%
Arrowhead Apartment Homes		Palatine, IL	200	1	199	186	93.0%	94.6%
The Moorings Apartments		Roselle, IL	216	1	215	205	94.9%	96.5%
Forty 57 Apartments		Lexington, KY	436	1	435	414	95.0%	97.0%
Keystone Farms Apartments		Nashville, TN	90	—	90	86	95.6%	95.6%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	289	96.3%	97.7%
Valley Farms North		Louisville, KY	128	1	127	119	93.0%	94.9%
Montecito Apartments		Austin, TX	268	2	266	245	91.4%	93.5%
Hilliard Grand Apartments		Dublin, OH	314	1	313	300	95.5%	97.7%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	271	94.1%	96.7%
Library Lofts East		Kansas City, MO	118	—	118	102	86.4%	87.3%
Trails at Buda Ranch		Buda, TX	264	1	263	251	95.1%	97.3%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	277	94.2%	95.9%
Deer Valley Apartments		Lake Bluff, IL	224	1	223	205	91.5%	93.0%
Grayson Ridge Apartment Homes		North Richland Hills, TX	240	1	239	230	95.8%	97.3%
Rosemont Olmos Park Apartments		San Antonio, TX	144	1	143	132	91.7%	93.7%
Retreat at Quail North		Oklahoma City, OK	240	1	239	223	92.9%	94.9%
Lodge at Trails Edge		Indianapolis, IN	268	1	267	256	95.5%	96.9%
Arbors of Carrolton		Carrolton, TX	131	—	131	125	95.4%	96.0%
Waterford on the Meadow		Plano, TX	350	—	350	330	94.3%	96.5%

Property	Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family (continued)
The Belmont	Grand Prairie, TX	260	—	260	247	95.0%	97.1%
Meritage at Steiner Ranch	Austin, TX	502	3	499	466	92.8%	95.1%
Tapestry Park Apartments	Birmingham, AL	354	1	353	338	95.5%	96.5%
Dawntree Apartments	Carrolton, TX	400	—	400	378	94.5%	95.7%
Stuart Hall Lofts	Kansas City, MO	115	—	115	108	93.9%	95.4%
Bricegrove Park Apartments	Canal Winchester, OH	240	—	240	223	92.9%	94.8%
Retreat at Hamburg Place	Lexington, KY	150	1	149	143	95.3%	96.5%
Cantare at Indian Lake Village	Hendersonville, TN	206	1	205	195	94.7%	97.1%
The Landing at Mansfield	Mansfield, TX	336	2	334	318	94.6%	96.0%
Heights at 2121	Houston, TX	504	4	500	473	93.8%	95.9%
Villas at Huffmeister	Houston, TX	294	1	293	278	94.6%	97.5%
Villas at Kingwood	Kingwood, TX	330	1	329	327	99.1%	100.0%
Waterford Place at Riata Ranch	Cypress, TX	228	1	227	213	93.4%	95.5%
Carrington Place	Houston, TX	324	1	323	313	96.6%	98.1%
Carrington at Champion Forest	Houston, TX	284	1	283	277	97.5%	99.2%
Carrington Park at Huffmeister	Cypress, TX	232	1	231	226	97.4%	98.9%
Willow Crossing Apartments	Elk Grove Village, IL	579	2	577	528	91.2%	92.7%
Echo at Katy Ranch	Katy, TX	260	1	259	251	96.5%	97.8%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	226	94.2%	96.1%
Audubon Park Apartments	Nashville, TN	256	1	255	227	88.7%	92.9%
Mallard Crossing Apartments	Loveland, OH	350	2	348	328	93.7%	96.3%
Reserve at Creekside	Chattanooga, TN	192	1	191	179	93.2%	94.4%
Mapleshade Park	Dallas, TX	148	1	147	141	95.3%	96.8%
Richland Falls	Murfreesboro, TN	276	1	275	263	95.3%	96.0%
Oak Crossing Apartments	Fort Wayne, IN	222	1	221	210	94.6%	97.6%
Park Shore Apartments	St. Charles, IL	160	—	160	158	98.8%	99.7%
Total		15,841	63	15,778	14,938	94.3%	96.2%
		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	—	—%
Total		4	25,973	21,230	81.4%

Monthly Portfolio Snapshot	|	NOVEMBER 2017
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Clarion Park Apartments		Olathe, KS	220	1	219	201	91.4%	93.9%
Truman Farm Villas		Grandview, MO	200	1	199	197	98.5%	99.6%
EBT Lofts		Kansas City, MO	102	—	102	92	90.2%	91.4%
Renaissance at St. Andrews		Louisville, KY	216	—	216	206	95.4%	96.5%
Spring Creek Apartments		Edmond, OK	252	2	250	236	93.7%	95.3%
Montclair Parc Apartment Homes		Oklahoma City, OK	360	2	358	341	94.7%	95.6%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	313	93.2%	95.0%
Estancia Apartments		Tulsa, OK	294	1	293	280	95.2%	96.6%
Valley Farms Apartment Homes		Louisville, KY	160	1	159	155	96.9%	98.6%
Hilliard Park Apartments		Columbus, OH	201	1	200	188	93.5%	95.4%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	237	94.8%	96.5%
Hilliard Summit Apartments		Columbus, OH	208	1	207	198	95.2%	96.6%
Springmarc Apartments		San Marcos, TX	240	1	239	229	95.4%	95.9%
Renaissance at St. Andrews Condominiums		Louisville, KY	30	—	30	30	100.0%	98.3%
Arrowhead Apartment Homes		Palatine, IL	200	1	199	186	93.0%	94.3%
The Moorings Apartments		Roselle, IL	216	1	215	206	95.4%	95.9%
Forty 57 Apartments		Lexington, KY	436	1	435	415	95.2%	96.3%
Keystone Farms Apartments		Nashville, TN	90	—	90	86	95.6%	98.0%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	287	95.7%	96.9%
Valley Farms North		Louisville, KY	128	1	127	118	92.2%	93.9%
Montecito Apartments		Austin, TX	268	2	266	245	91.4%	93.5%
Hilliard Grand Apartments		Dublin, OH	314	1	313	300	95.5%	97.2%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	271	94.1%	96.0%
Library Lofts East		Kansas City, MO	118	—	118	99	83.9%	85.8%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	270	91.8%	94.1%
Deer Valley Apartments		Lake Bluff, IL	224	1	223	208	92.9%	94.5%
Retreat at Quail North		Oklahoma City, OK	240	1	239	227	94.6%	96.7%
Lodge at Trails Edge		Indianapolis, IN	268	1	267	254	94.8%	96.6%
Arbors of Carrolton		Carrolton, TX	131	—	131	125	95.4%	95.6%
Waterford on the Meadow		Plano, TX	350	—	350	332	94.9%	96.9%
Tapestry Park Apartments		Birmingham, AL	354	1	353	335	94.6%	95.9%
Dawntree Apartments		Carrolton, TX	400	—	400	374	93.5%	94.1%
Stuart Hall Lofts		Kansas City, MO	115	—	115	106	92.2%	93.5%
Bricegrove Park Apartments		Canal Winchester, OH	240	—	240	223	92.9%	94.6%
Retreat at Hamburg Place		Lexington, KY	150	1	149	141	94.0%	95.2%
Heights at 2121		Houston, TX	504	4	500	472	93.7%	96.0%
Villas at Huffmeister		Houston, TX	294	1	293	273	92.9%	95.9%
Villas at Kingwood		Kingwood, TX	330	1	329	327	99.1%	99.8%
Waterford Place at Riata Ranch		Cypress, TX	228	1	227	208	93.9%	96.4%
Carrington Place		Houston, TX	324	1	323	310	92.6%	94.1%
Carrington at Champion Forest		Houston, TX	284	1	283	278	94.7%	97.1%
Carrington Park at Huffmeister		Cypress, TX	232	1	231	225	94.0%	96.0%

Property	Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family (continued)
Willow Crossing Apartments	Elk Grove Village, IL	579	2	577	524	90.5%	91.7%
Echo at Katy Ranch	Katy, TX	260	1	259	251	96.5%	98.2%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	224	93.3%	95.1%
Mallard Crossing Apartments	Loveland, OH	350	1	349	332	94.9%	96.8%
Reserve at Creekside	Chattanooga, TN	192	1	191	175	91.1%	93.1%
Mapleshade Park	Dallas, TX	148	1	147	141	95.3%	97.0%
Oak Crossing Apartments	Fort Wayne, IN	222	1	221	212	95.5%	97.9%
Park Shore Apartments	St. Charles, IL	160	—	160	158	98.8%	100.0%
Total		12,540	48	12,492	11,821	94.3%	95.9%
		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%
Total		3	21,130	21,130	100.0%

Monthly Portfolio Snapshot	|	DECEMBER 2017
Property		Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family
Clarion Park Apartments		Olathe, KS	220	1	219	197	89.5%	94.9%
Truman Farm Villas		Grandview, MO	200	1	199	198	99.0%	99.9%
EBT Lofts		Kansas City, MO	102	—	102	91	89.2%	93.5%
Renaissance at St. Andrews		Louisville, KY	216	—	216	205	94.9%	96.5%
Spring Creek Apartments		Edmond, OK	252	2	250	235	93.3%	95.4%
Montclair Parc Apartment Homes		Oklahoma City, OK	360	2	358	341	94.7%	95.9%
Sonoma Grande Apartments		Tulsa, OK	336	1	335	311	92.6%	93.3%
Estancia Apartments		Tulsa, OK	294	1	293	279	94.9%	96.7%
Valley Farms Apartment Homes		Louisville, KY	160	1	159	155	96.9%	97.8%
Hilliard Park Apartments		Columbus, OH	201	1	200	187	93.0%	95.4%
Sycamore Terrace Apartments		Terre Haute, IN	250	1	249	233	93.2%	95.0%
Hilliard Summit Apartments		Columbus, OH	208	1	207	197	94.7%	96.9%
Springmarc Apartments		San Marcos, TX	240	1	239	223	92.9%	94.0%
Renaissance at St. Andrews Condominiums		Louisville, KY	30	—	30	29	96.7%	98.0%
Arrowhead Apartment Homes		Palatine, IL	200	1	199	187	93.5%	95.8%
The Moorings Apartments		Roselle, IL	216	1	215	204	94.4%	95.6%
Forty 57 Apartments		Lexington, KY	436	1	435	414	95.0%	96.3%
Keystone Farms Apartments		Nashville, TN	90	—	90	86	95.6%	97.1%
Riverford Crossing Apartments		Frankfort, KY	300	1	299	285	95.0%	96.6%
Valley Farms North		Louisville, KY	128	1	127	118	92.2%	94.2%
Montecito Apartments		Austin, TX	268	2	266	243	90.7%	93.1%
Hilliard Grand Apartments		Dublin, OH	314	1	313	297	94.6%	95.9%
The Hills at Fair Oaks		Fair Oaks Ranch, TX	288	2	286	268	93.1%	95.0%
Library Lofts East		Kansas City, MO	118	—	118	103	87.3%	88.5%
Deep Deuce at Bricktown		Oklahoma City, OK	294	2	292	269	91.5%	93.7%
Retreat at Quail North		Oklahoma City, OK	240	1	239	227	94.6%	97.1%
Lodge at Trails Edge		Indianapolis, IN	268	1	267	255	95.1%	95.7%
Arbors of Carrollton		Carrollton, TX	131	—	131	124	94.7%	95.7%
Waterford on the Meadow		Plano, TX	350	—	350	330	94.3%	95.6%
Tapestry Park Apartments		Birmingham, AL	354	1	353	330	93.2%	95.4%
Dawntree Apartments		Carrollton, TX	400	—	400	372	93.0%	93.6%
Stuart Hall Lofts		Kansas City, MO	115	—	115	104	90.4%	91.5%
BriceGrove Park Apartments		Canal Winchester, OH	240	—	240	225	93.8%	95.1%
Retreat at Hamburg Place		Lexington, KY	150	1	149	139	92.7%	93.2%
Heights at 2121		Houston, TX	504	4	500	474	94.0%	96.4%
Villas at Huffmeister		Houston, TX	294	1	293	273	92.9%	94.6%
Villas of Kingwood		Kingwood, TX	330	1	329	319	96.7%	98.3%
Waterford Place at Riata Ranch		Cypress, TX	228	1	227	211	92.5%	95.3%

Property	Location	Total Units	Non-Revenue Units	Rentable Units	Average Occupied Units	Average % Occupied	% Leased
Multi-Family (continued)
Carrington Place	Houston, TX	324	1	323	302	93.2%	93.6%
Carrington at Champion Forest	Houston, TX	284	1	283	276	97.2%	97.7%
Carrington Park at Huffmeister	Cypress, TX	232	1	231	218	94.0%	96.3%
Willow Crossing Apartments	Elk Grove Village, IL	579	2	577	522	90.2%	91.0%
Echo at Katy Ranch	Katy, TX	260	1	259	251	96.5%	98.4%
Heritage Grand at Sienna Plantation	Missouri City, TX	240	1	239	226	94.2%	96.6%
Mallard Crossing Apartments	Loveland, OH	350	1	349	334	95.4%	97.0%
Reserve at Creekside	Chattanooga, TN	192	1	191	174	90.6%	93.2%
Mapleshade Park	Dallas, TX	148	1	147	141	95.3%	96.4%
Oak Crossing Apartments	Fort Wayne, IN	222	1	221	215	96.8%	98.1%
Total		12,156	47	12,109	11,397	93.8%	95.4%
		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%
Total		3	21,130	21,130	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).

EX-99.2

March 29, 2018

Dear Fellow Stockholder:

We are writing to provide you with an update related to your investment in Steadfast Income REIT, Inc. (“SIR”).

Since we accepted our last investor in January 2014, SIR has been committed to successfully executing its strategy of acquiring and actively managing stable, income-producing properties to generate consistent, attractive distributions with the potential for capital appreciation. To date, we have provided a total return on your investment between $2.93 per share and $5.29 per share, depending on the timing of your initial investment. Total return based on cumulative distributions per share paid through December 31, 2017. Range shown represents early investors that invested approximately when distributions began to accrue and late investors that invested approximately at the close of the public offering. Additionally, SIR’s estimated value per share has consistently been above the offering prices of $10.00 and $10.24 in our public offering. On March 10, 2015, SIR first determined an estimated value per share of its common stock as of December 31, 2014, in accordance with Investment Program Association guidelines.

As we look ahead, we believe the SIR portfolio is well-positioned in favorable multifamily markets. We are confident in our strategy and will continue to look for the right opportunities to strengthen our balance sheet to attract capital on favorable terms and monetize assets.

Blackstone Transaction

As you may know, in November 2017, we announced that SIR formed a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”) with respect to 20 of the apartment communities owned by SIR. Under the terms of the agreement, BREIT acquired a 90% ownership interest in the 20-community portfolio for approximately $461 million and we retained a 10% ownership in the portfolio. We received approximately $154 million in net proceeds in the transaction. An affiliate of SIR’s advisor continues to manage the properties in the portfolio owned by the joint venture.

We believe that both this transaction, as well as our ongoing partnership with BREIT, represent an optimal outcome for stockholders. Further, we see this partnership as a powerful endorsement of Steadfast Companies’ real estate acumen, as well as its acquisition and management philosophy.

Current Portfolio

We regularly evaluate monetization opportunities while seeking to operate the portfolio for maximum value creation. Our current portfolio comprises 37 strategically located assets in 10 midwestern, southeastern and southern U.S. states. We see positive trends in these markets due to the following factors:

• A majority of our properties are concentrated in key secondary markets that have exhibited strong job and demographic growth, like Dallas, Kansas City and Columbus.

• We maintain a significant presence in oil-impacted markets, which are improving and continuing to exhibit potential for growth. Notably, in Houston, our nearly 2,700 apartment homes are positioned exceptionally well given an improving job market, lower supply pipeline and a post-Harvey environment in which many Houstonians saw their homes destroyed by flood and are likely to remain renters.

• In Kentucky, where we have properties in three cities, median home prices rose in 2017 and housing inventory dipped, while unemployment decreased by 1% - all positive metrics for the rental market.

Returning Capital

We regularly consider, evaluate and pursue strategic alternatives, including potential liquidity events, to balance the objectives of our collective stockholder base. Accordingly, in connection with the closing of the BREIT transaction, other asset sales, and as part of our end of year review, our Board of Directors (the “Board”), with the assistance of independent advisors, conducted a comprehensive evaluation of various opportunities available to SIR.

__________________________

1. Total return based on cumulative distributions per share paid through December 31, 2017. Range shown represents early investors that invested approximately when distributions began to accrue and late investors that invested approximately at the close of the public offering.

2. On March 10, 2015, SIR first determined an estimated value per share of its common stock as of December 31, 2014, in accordance with Investment Program Association guidelines.

After careful consideration of the various options, the Board decided to take the following steps, which we believe are in the best interest of our stockholders and their investment with us. We believe this is the best path forward to accommodate the differing needs of ALL our stockholders.

Tender Offer and Share Repurchase Program

In order to accommodate those stockholders that may desire immediate liquidity, the Board has authorized a tender offer as described below. We believe the tender offer provides optionality for stockholders that want liquidity, while allowing other stockholders to realize further potential appreciation of their investment by remaining invested in SIR.

SIR intends to conduct a tender offer for shares of SIR’s common stock at $9.00 per share, for up to $100 million, or approximately 15%, of SIR’s outstanding common stock. We believe that $9.00 per share represents a net value that takes into account transaction costs for a liquidating portfolio. We believe this will ensure that stockholders who wish to tender their shares will still achieve positive total returns while also ensuring that SIR does not overpay for tendered shares. You will receive a separate mailing in the coming weeks that will include the official tender offer documents with instructions on how to participate, if interested.

In connection with the tender offer, we will suspend our share repurchase program (“SRP”) effective as of 30 days from the date of this letter, and no repurchase request submitted by stockholders after such date will be fulfilled. We will not make any redemptions under the SRP prior to its suspension. We intend for the suspension to be temporary, but there is no assurance as to when or if it will be reinstated. The Board has the right to revise the terms of the SRP once reinstated.

For stockholders that have already submitted a request for redemption through the SRP, it is important to note that you will need to separately submit the tender offer documents to participate in the tender.

Distribution Rate, Net Asset Value and Available Cash

Distribution Rate

The Board has approved a new, lower distribution rate of 6% on an annual basis based on the purchase price of $10.24 per share. The decision to re-align the distribution rate was from the result of multiple factors, including the fact that SIR has paid an all cash distribution since suspending the distribution reinvestment plan (“DRIP”) in 2014. We believe the new distribution rate is competitive to the industry, reflective of today’s marketplace and will better align to the net operating income and funds from operation (“FFO”) of our current 37-property portfolio. The new distribution rate will begin to accrue on April 1, 2018, and will be paid beginning with the May payment date.

Net Asset Value

Further, the Board has determined SIR’s net asset value (“NAV”) as of December 31, 2017, and has adjusted the estimated value per share of our common stock to $10.84. We want to be as transparent as possible, and as it relates to our decline in NAV, there are various business reasons that this occurred, including:

1. Like many companies, we were impacted by the volatility of oil prices in 2016 and 2017 and we maintain a significant presence in oil-impacted markets. However, we believe these markets are improving and continue to exhibit upside potential.

2. We sold properties where the proceeds had not been deployed by the time of the year-end valuation, and the un-invested cash creates a drag on FFO until deployed.

3. SIR incurred transaction costs associated with the sale of assets to the joint venture with BREIT during 2017.

4. All ordinary redemptions in 2017 were calculated from a price of $11.65, in excess of the new NAV per share.

5. Due to the suspension of the DRIP noted above, we have paid all distributions in cash rather than the industry average of 50% in cash and 50% in shares of common stock.

Available Cash

Going forward, in an attempt to maximize the value of the remaining portfolio, we will utilize remaining cash on hand to strengthen the balance sheet, further improve operations, make some needed capital expenditures and complete a few remaining portfolio transactions.

To our nearly 20,000 stockholders-thank you for your investment in and support of SIR. In today’s uncertain investment market we are pleased to be providing stockholders with a non-correlated asset that has consistently paid a cash distribution and has repeatedly published NAVs higher than the public offering price. As always we remain committed to professionalism and integrity in everything we do. In the coming year we will continue to work hard to increase the value we provide to you, our stockholders.

On behalf of the Board and our management team, I thank you for placing your trust in Steadfast Income REIT. We will continue to be transparent and update you throughout the year regarding our progress and performance.

Sincerely,

Rodney F. Emery

Chairman and Chief Executive Officer

The tender offer described herein has not yet commenced. This communication is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell any shares of SIR’s common stock, or any other securities. The tender offer will be made only pursuant to an offer to purchase, letter of transmittal and related materials SIR intends to distribute to its stockholders and file with the Securities and Exchange Commission (the “SEC”). The full details of the tender offer, including complete instructions on how to tender shares, will be included in the offer to purchase, the letter of transmittal and related materials, which will become available to stockholders promptly following commencement of the tender offer. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND OTHER RELATED MATERIALS WHEN THEY ARE AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When and if filed, the offer to purchase, the letter of transmittal and other related materials will be available free of charge at the website maintained by the SEC at www.sec.gov. Stockholders also many obtain a copy of these documents, free of charge, from SIR when and if the materials become available.

This communication 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 communication, including the company’s ability to complete the tender offer in a timely manner or at all. Such factors include those described in the Risk Factors section of SIR’s public filings with the Securities and Exchange Commission. Forward-looking statements in this communication 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 and Section 21E of the Securities Exchange Act of 1934, as amended.

EX-99.3

Exhibit 99.3

Steadfast Income REIT Video Script

Rodney Emery:

• Welcome, and thank you for viewing this video.

• I am Rod Emery, the CEO of Steadfast Companies and Steadfast Income REIT, and I am joined here today by Ella Neyland, President of Steadfast Income REIT.

• We are pleased to be together to provide you with an update on Steadfast Income REIT, or SIR, as we often call it.

• As you know, we have been working diligently over the last few years to execute our strategy of acquiring and actively managing stable, income-producing properties with the goal of generating attractive returns and portfolio appreciation. We are proud of the portfolio we have acquired for SIR.

• In today’s uncertain investment market we are pleased to be providing stockholders with a non-correlated asset that has consistently paid an attractive cash distribution and has repeatedly published NAVs higher than the offering price in our public offering. We recognize none of that would have been possible without your support.

Ella Neyland:

• I would like to echo Rod’s sentiments and tell you how much we have appreciated your support over the years. Our partnership has generated tangible results, and we look forward to that continuing.

• Let me now take a step back to explain where we are as a business today. As you know, in November 2017, we announced that SIR formed a joint venture with Blackstone Real Estate Income Trust, or BREIT, with respect to 20 apartment communities owned by SIR.

• We received approximately $154 million in net proceeds from the transaction while retaining a 10% interest in that portfolio. An affiliate of SIR’s advisor continues to manage the properties.

• We believe that both this transaction, as well as our ongoing partnership with BREIT, represent an optimal outcome for stockholders.

• Further, we believe this partnership is a clear endorsement of Steadfast’s investment management business as well as its acquisition and management philosophy.

• In connection with the closing of the BREIT transaction and as part of our end of year review, our Board of Directors, with assistance of independent advisors and our management team, conducted a comprehensive evaluation of various opportunities aimed at accommodating the diverse needs of SIR’s broad stockholder base. There were several outcomes of this review, which we will take you through at a high level.

Rodney Emery:

• First, the Board has authorized a $100 million tender offer for shares of our common stock, the details of which will be outlined in a tender offer package that will be sent to stockholders in early April.

• We believe that this provides optionality for stockholders that may desire immediate liquidity, while allowing other stockholders the opportunity to potentially realize further appreciation of their investment by remaining invested in SIR.

• Second, in connection with the tender offer, our Board of Directors suspended our share repurchase program. The Board intends for this to be temporary, but there is no assurance as to if or when it will be reinstated.

• Third, the Board is announcing a new, lower distribution rate. The need to re-align the distribution rate was from the result of multiple factors, including the fact that SIR has paid a full cash distribution since suspending the DRIP in late 2014. This full-cash distribution resulted in a significant portion of our cash from operations being returned to stockholders.

• We believe the new distribution is competitive to the industry, reflective of today’s marketplace and will better align to the net operating income and funds from operation of our current 37-property portfolio.

• Fourth, in an attempt to maximize the value of the remaining portfolio, we will utilize remaining proceeds to strengthen the balance sheet, further improve operations, make some needed capital expenditures and complete a few remaining portfolio transactions.

• To that end, I believe that our efforts in SIR will be greatly aided by Steadfast Companies’ continued focus on expanding and enhancing its fully integrated real estate platform. Steadfast has made some significant investments over the past six to nine months in both top-tier personnel and systems that I believe will benefit SIR.

Ella Neyland:

• We have also re-evaluated SIR’s NAV as of December 31, 2017, and have adjusted the estimated value per share to $10.84.

• There are various business and macroeconomic reasons that this occurred. This includes the volatility of oil in 2016 and 2017, the ripple effect through markets like Houston and Oklahoma City and the fact that we sold properties where the proceeds had not been deployed before the year end valuation. The un-invested cash, of course, creates a drag on FFO until deployed.

• I would stress that we believe these issues are behind us. As we look at the overall environment today, as Rod mentioned, we believe several factors are acting as potential tailwinds.

• For example, a majority of our properties are concentrated in key secondary markets that have exhibited strong job and demographic growth.

• We also maintain a significant presence in oil-impacted markets, which are improving and continuing to exhibit potential for growth.

• We believe there remains tremendous value creation opportunity in our portfolio, and the Board will consider re-establishing the distribution reinvestment plan following the completion of the tender offer to allow stockholders to further participate in the potential growth of the REIT.

• Ultimately, we are pleased with the performance we have demonstrated, and we firmly believe that these decisions will best position SIR for continued success.

• I’ll now turn it back over to Rod for some closing remarks.

Rodney Emery:

• Thanks Ella.

• We continue to believe that multifamily real estate offers attractive investment opportunities for investors and that SIR continues to provide an appropriate vehicle for investors to take advantage of those opportunities.

• As we move forward, we will continue to actively manage the SIR portfolio with the goal of providing maximum value for our stockholders, and will continue to evaluate near-term opportunities to provide monetization and liquidity opportunities for stockholders.

• And, thank you once again for your continued support and business.

###

ON-SCREEN DISCLOSURE AT BEGINNING OF VIDEO

FOR FINANCIAL PROFESSIONAL USE ONLY - NOT INTENDED FOR DISTRIBUTION TO THE PUBLIC.

This communication 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 communication. 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 communication 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 and Section 21E of the Securities Exchange Act of 1934, as amended.

EX-99.4

Steadfast Income REIT, Inc. Valuation and Portfolio Update as of December 31, 2017

The information contained herein should be read in conjunction with, and is qualified by, the information in the Steadfast Income REIT, Inc. (“Steadfast Income REIT”, “SIR” or the “Company”) Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Commission Exchange (the "SEC") on March 29, 2018 (the "Annual Report"), including the "Risk Factors” section contained in the Annual Report. Forward-Looking Statements Certain statements contained herein may be deemed to be forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Steadfast Income REIT intends that such forward-looking statements be subject to the safe harbors created by Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the intent, belief or current expectations of Steadfast Income REIT and members of its management team as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should," or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Steadfast Income REIT undertakes no obligation to update or revise forward- looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Such statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from those contemplated by such forward-looking statements. Steadfast Income REIT makes no representation or warranty (express or implied) about the accuracy of any such forward-looking statements. These statements are based on a number of assumptions involving the judgment of management. The appraisal methodology for Steadfast Income REIT's real estate properties was performed by CBRE Capital Advisors, Inc., an independent, third-party real estate valuation firm (“CBRE") according to the appraisal methodology approved by the Company’s Board of Directors to assist the Company’s Board of Directors in establishing an estimated value of the Company’s common stock. Such appraisal methodology was addressed solely to the Company’s Board of Directors and is based on certain assumptions and limitations. Even small changes to the assumptions used to determine the estimated value per share could result in significant differences in the appraised values of Steadfast Income REIT's real estate properties and the estimated value per share. Actual events may cause the value and returns on Steadfast Income REIT's investments to be less than that used for purposes of Steadfast Income REIT's estimated value per share. Forward-Looking Statements 2

As of December 31, 2017 Total Acquisitions (Purchase Price): $1.21 Billion Wholly-Owned Assets: 48 Assets Number of Homes: 12,156 States: 10 Total Leverage (loan to value): 58% Occupancy: 94% Portfolio Overview 3

Third-Party Valuation • Steadfast Income REIT engaged CBRE to provide property-level and aggregate valuation analysis on the Company’s real estate properties and to provide a range of the estimated value per share of the Company’s common stock (the "EVPS Range''). CBRE utilized its appraisals of Steadfast Income REIT 's real estate properties and valuations performed by Steadfast Income REIT’s external advisor, Steadfast Income Advisor, LLC (the “Advisor”), of the Company's cash, other assets, mortgage debt and other liabilities, which are disclosed in the Annual Report, to determine the EVPS Range. • The estimated value per share is based on the estimated value of the Company's assets less the estimated value of the Company's liabilities divided by the number of shares outstanding, all as of December 31, 2017. The estimated value per share approximates the mid-range value of the EVPS Range as indicated in CBRE's valuation report, was recommended by the Advisor and is based on CBRE's appraisals and the Advisor's valuations. • CBRE and/or its affiliates primarily relied on a discounted cash flow analysis method to appraise the real estate properties, but used and considered other methods, including a direct capitalization and a sales comparison approach. • Steadfast Income REIT expects to continue updating the estimated value per share annually, utilizing an independent valuation firm. • CBRE and its affiliates are not responsible for the determination of the estimated value per share of the Company. CBRE made numerous assumptions and its valuation materials were not addressed to the public and should not be relied upon by any other person. CBRE’s valuation report does not constitute a recommendation by CBRE to purchase or sell any shares in the Company and should not be represented as such. Valuation Information 4

Estimated $ Values as of December 31, 2017 December 31, 2016 Valuation Summary 5 A sset s Lia b ilitie s $2,014,340,000 $66,224,027 $65,175,883 $2,145,739,910 $1,197,015,105 $54,790,262 $6,540,119 $1,258,345,486 $887,394,424 Real Estate1 Cash Other Assets Total Assets Mortgage Debt Other Liabilities Incentive fee2 Total Liabilities Net Equity $1,527,895,815 $171,228,485 $39,863,907 $1,738,988,207 $878,382,692 $39,507,167 $2,429,119 $920,318,978 $818,669,229 1 Real estate value at year end 2017 includes the value of SIR’s 10% interest in a joint venture reported under the equity accounting method. 2 Consistent with IPA guidelines, the reported incentive fee is a hypothetical estimate of the fee that would be paid to the Advisor if the portfolio was liquidated at year end. Payment would only occur if the portfolio was actually liquidated as defined in the Company’s operating documents.

Beginning Net Assets December 31, 2016 Real Estate2 Mortgage Debt3 Other Changes, Net4 Ending Net Assets December 31, 2017 2017 Change in Net Assets 6 1 During 2017, shares outstanding decreased by 0.7 million shares from 76.2 million shares to 75.5 million shares. 2 Change in real estate includes reduction from the sale of assets, increase in value of assets and $16.4 million of capital expenditures. SIR sold a 90% interest in 12 assets and contributed the remaining 10% to the joint venture with Blackstone Real Estate Income Trust, Inc. in November 2017 in exchange for a 10% interest in the joint venture.. 3 Change in mortgage debt includes pay off of debt related to asset sales, principal payments, proceeds from refinancing and debt mark-to-market. 4 Other changes are primarily attributable to the increase in cash from sale of assets during 2017. 2017 Change in Net Assets1 (all $ values in millions) $887.4 M ($486.5) M $318.6 M $99.2 M $818.7 M $11.65 ($6.20) $4.08 $1.31 $10.84 NAV Per Share

Offering Price History Estimated value per share as of December 31, 2017: $10.84 7 Time Period Public Offering Price Per Share Distribution Reinvestment Plan Price Per Share July 13, 2010 – September 9, 2012 $10.00 $9.50 September 10, 2012 – December 20, 20132 $10.24 $9.73 Steadfast Income REIT’s estimated value per share has consistently been above the offering prices in the public offering.1 1 SIR’s estimated value per share was first determined as of December 31, 2014. The estimated value per share is determined in accordance with IPA Guidelines. See “Stockholder Performance.” 2 Distribution reinvestment plan price per share was available until October 31, 2014.

• Distribution History: • Cumulative distributions per share range from $2.93/share for late investors to $5.29/share for early investors1 • As of April 1, 2018, the annualized distribution is $0.61/share or an annual yield of: 2 • 6.00% on shares purchased at $10.24 • 6.14% on shares purchased at $10.00 Distribution History & Current Yield 8 1 Early investor investment date is as of the beginning of the first month of distributions in August 2010 and late investor investment date is as of the beginning of the last month of the public offering in December 2013. 2 In March 2018, the board approved a daily distribution rate equal to 6.00% annualized, based on a purchase price of $10.24 per share, to be effective April 1, 2018. Prior to that date the distribution rate was 7.00% annualized, based on a purchase price of $10.24 per share.

Steadfast Income REIT provides an estimated value per share to assist broker-dealers that participated in its public offerings in meeting their customer account statement reporting obligations. This valuation was performed in accordance with the provisions of and comply with the IPA Valuation Guidelines. As with any valuation methodology, the methodologies used are based upon a number of estimates and assumptions that may not be accurate or complete. Different parties with different assumptions and estimates could derive a different estimated value per share of Steadfast Income REIT's common stock, and this difference could be significant. The estimated value per share is not audited and does not represent the fair value of the Company's assets less the fair value of the Company's liabilities according to GAAP. Accordingly, with respect to the estimated value per share, Steadfast Income REIT can give no assurance that: • a stockholder would be able to resell his or her shares at the estimated value per share; • a stockholder would ultimately realize distributions per share equal to the Company’s estimated value per share upon liquidation of the Company’s assets and settlement of its liabilities or a sale of the Company; • the Company’s shares of common stock would trade at the estimated value per share on a national securities exchange; • another independent third-party appraiser or third-party valuation firm would agree with the Company’s estimated value per share; or • the methodology used to determine the Company’s estimated value per share would be acceptable to FINRA or for compliance with ERISA reporting requirements. The estimated value per share as of December 31, 2017, is based on the estimated value of Steadfast Income REIT's assets less the estimated value of SIR’s liabilities divided by the number of shares outstanding, all as of December 31, 2017. The value of Steadfast Income REIT's shares will fluctuate over time in response to developments related to individual assets in its portfolio and the management of those assets, in response to the real estate and finance markets and due to other factors. The estimated value per share does not reflect a discount for the fact that Steadfast Income REIT is externally managed, nor does it reflect a real estate portfolio premium/discount versus the sum of the individual property values. The estimated value per share also does not take into account estimated disposition costs and fees for real estate properties, debt prepayment penalties that could apply upon the prepayment of certain of the Company's debt obligations or the impact of restrictions on the assumption of debt. Steadfast Income REIT currently expects to utilize an independent valuation firm to update the estimated value per share as of December 31, 2018. Stockholder Performance 9

Stockholder Performance Hypothetical Performance of Early and Late Investors Estimated Value Per Share Plus Cumulative Distributions Per Share Estimated Value Per Share As of December 31, 2017 Cumulative Distributions Per Share Received through December 31, 2017 Sum of Estimated Value Per Share and Cumulative Distributions Per Share Received through December 31, 2017 Early Investor: Invested When Distributions Began to Accrue (August 2010) $10.84 $5.29 $16.13 Late Investor: Invested at Close of Public Offering (December 2013) $10.84 $2.93 $13.77 10

Stockholder Performance Hypothetical Performance of Early and Late Investors1 Estimated Value Per Share Plus Cumulative Distributions Per Share 11 1 Total return is defined as share value reported in accordance with IPA Guidelines as a going concern (before sales transaction costs, disposition fees and loan prepayment penalties) plus cumulative distributions per share assuming all distributions were paid in cash (i.e., no dividend reinvestment). Steadfast Income REIT determined an estimated value per share as of September 10, 2012, and as of each calendar year end from 2014 through 2017. Prior to valuation the reported share value is the offering price. Early investor investment date is as of the beginning of the first month of distributions in August 2010 and late investor investment date is as of the beginning of the last month of the public offering in December 2013. $0.29 $0.99 $1.70 $2.42 $3.13 $3.85 $4.57 $5.29 $10.00 $10.00 $10.24 $10.24 $10.35 $11.44 $11.65 $10.84 $10.29 $10.99 $11.94 $12.66 $13.48 $15.29 $16.22 $16.13 2010 2011 2012 2013 2014 2015 2016 2017 Early Investor Cumulative Distributions Per Share Estimated Value Per Share $0.06 $0.78 $1.49 $2.21 $2.93 $10.24 $10.35 $11.44 $11.65 $10.84 $10.30 $11.13 $12.93 $13.86 $13.77 2013 2014 2015 2016 2017 Late Investor Cumulative Distributions Per Share Estimated Value Per Share

2018 Goals & Objectives • Maintain portfolio occupancy • Actively manage portfolio to increase net cash flow and NAV • Invest cash on hand to reposition SIR in stronger markets and assets, pay down debt or make capital improvements • $100 million tender offer at $9.00 per share • Pursue incremental capital markets transactions to offer periodic monetization events for investors and growth capital for SIR 12

Stockholder Communication • 1099’s sent in January 2018 • Account statements will reflect new estimated value per share of $10.84 beginning with March 2018 statements mailed in April 2018 • Stockholder letter included with Annual Report will be mailed in April explaining new estimated value per share • Estimated value per share visible through DST will be updated to show new estimated value • While Steadfast Income REIT cannot control reporting of custodians, we believe (based on inquiries) they will report the new estimated value per share. - It's possible that some custodians will take longer to report the estimated value per share than others and also that some may first require reporting of the estimated value per share from a third-party data provider. 13

Thank you! If you have any questions, contact your financial advisor or contact us at: STIRA Capital Markets Group, LLC 18100 Von Karman, Suite 500 Irvine, CA 92612 (877) 525-7264 14