Maryland | 000-55428 | 36-4769184 | ||
(State or Other Jurisdiction | (Commission File Number) | (IRS Employer | ||
of Incorporation) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Earnings Release, dated August 13, 2015 |
STEADFAST APARTMENT REIT, INC. | |||
Date: | August 13, 2015 | By: | /s/ Kevin Keating |
Kevin Keating | |||
Treasurer |
99.1 | Earnings Release, dated August 13, 2015 |
18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700 |
Contact: | Jennifer Franklin |
Phone: | 949.333.1721 |
Email: | jfranklin@steadfastcmg.com |
• | Increased modified funds from operations (“MFFO”), as defined by the Investment Program Association, to $3.1 million and $5.0 million for the three and six months ended ended June 30, 2015 from negative MFFO of $0.3 million and negative $0.5 million for the three and six months ended June 30, 2014. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.) |
• | Increased net operating income (“NOI”) to $6.8 million and $11.2 million for the three and six months ended ended June 30, 2015 from $0.1 million and $0.1 million for the three and six months ended June 30, 2014. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.) |
• | Acquired six multifamily properties with a total of 2,371 apartment homes for an aggregate purchase price of $255.9 million during the three months ended June 30, 2015. |
• | Increased its multifamily property portfolio as of June 30, 2015 to 18 properties with 6,165 apartment homes with an aggregate purchase price of $687.3 million. |
• | Had $432.0 million of variable rate debt with a weighted average interest rate of 2.18% as of June 30, 2015, which represented the Company's total outstanding debt as of June 30, 2015. |
• | Reported net cash used in operating activities of $2.9 million for the six months ended June 30, 2015 compared to $0.8 million for the six months ended June 30, 2014. Net cash used in investing activities was $420.2 million for the six months ended June 30, 2015 compared to $42.5 million for the six months ended June 30, 2014. |
• | Reported net cash provided by financing activities of $397.0 million for the six months ended June 30, 2015, which included $2.9 million of distributions paid, net of $3.1 million in non-cash distributions paid pursuant to the Company's distribution reinvestment plan. Net cash provided by financing activities was $48.9 million for the six months ended June 30, 2014, which included $49,580 of distributions paid, net of $25,066 in non-cash distributions paid pursuant to the Company's distribution reinvestment plan. |
• | Raised $285.3 million in net proceeds from the sale of 21.8 million shares of common stock in its public offering through June 30, 2015. |
June 30, 2015 | December 31, 2014 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Assets: | |||||||
Real Estate: | |||||||
Land | $ | 82,767,367 | $ | 34,558,732 | |||
Building and improvements | 592,657,175 | 234,259,502 | |||||
Tenant origination and absorption costs | 10,231,718 | 5,578,528 | |||||
Total real estate, cost | 685,656,260 | 274,396,762 | |||||
Less accumulated depreciation and amortization | (11,900,390 | ) | (4,409,133 | ) | |||
Total real estate, net | 673,755,870 | 269,987,629 | |||||
Cash and cash equivalents | 2,560,685 | 28,595,826 | |||||
Restricted cash | 9,614,103 | 2,792,589 | |||||
Rents and other receivables | 1,983,132 | 2,056,147 | |||||
Deferred financing costs and other assets, net | 6,967,293 | 3,038,306 | |||||
Total assets | $ | 694,881,083 | $ | 306,470,497 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 10,855,100 | $ | 3,386,648 | |||
Mortgage notes payable | 432,011,100 | 196,930,600 | |||||
Distributions payable | 1,543,531 | 608,904 | |||||
Due to affiliates | 5,136,712 | 1,499,869 | |||||
Total liabilities | 449,546,443 | 202,426,021 | |||||
Commitments and contingencies | |||||||
Redeemable common stock | 3,589,613 | 660,089 | |||||
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, 21,785,820 and 9,179,536 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 217,858 | 91,795 | |||||
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of June 30, 2015 and December 31, 2014, respectively | 10 | 10 | |||||
Additional paid-in capital | 281,595,727 | 117,443,760 | |||||
Cumulative distributions and net losses | (40,068,568 | ) | (14,151,178 | ) | |||
Total stockholders’ equity | 241,745,027 | 103,384,387 | |||||
Total liabilities and stockholders’ equity | $ | 694,881,083 | $ | 306,470,497 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Rental income | $ | 11,467,698 | $ | 184,579 | $ | 18,476,677 | $ | 184,579 | |||||||
Tenant reimbursements and other | 1,281,050 | 8,285 | 2,017,889 | 8,285 | |||||||||||
Total revenues | 12,748,748 | 192,864 | 20,494,566 | 192,864 | |||||||||||
Expenses: | |||||||||||||||
Operating, maintenance and management | 3,574,360 | 56,558 | 5,475,093 | 56,558 | |||||||||||
Real estate taxes and insurance | 1,890,520 | 20,351 | 3,031,472 | 20,351 | |||||||||||
Fees to affiliates | 6,119,943 | 759,537 | 9,583,976 | 802,419 | |||||||||||
Depreciation and amortization | 7,713,616 | 150,296 | 13,069,785 | 150,296 | |||||||||||
Interest expense | 2,091,384 | 118,069 | 3,851,967 | 118,069 | |||||||||||
General and administrative expenses | 830,959 | 313,648 | 1,407,390 | 546,289 | |||||||||||
Acquisition costs | 2,012,005 | 421,421 | 3,038,220 | 424,830 | |||||||||||
Total expenses | 24,232,787 | 1,839,880 | 39,457,903 | 2,118,812 | |||||||||||
Net loss | (11,484,039 | ) | (1,647,016 | ) | (18,963,337 | ) | (1,925,948 | ) | |||||||
Loss per common share — basic and diluted | $ | (0.61 | ) | $ | (2.27 | ) | $ | (1.22 | ) | $ | (4.74 | ) | |||
Weighted average number of common shares outstanding — basic and diluted | 18,938,435 | 724,901 | 15,606,864 | 406,157 | |||||||||||
Distributions declared per share | $ | 0.224 | $ | 0.209 | $ | 0.446 | $ | 0.209 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Reconciliation of net loss to MFFO: | ||||||||||||||||
Net loss | $ | (11,484,039 | ) | $ | (1,647,016 | ) | $ | (18,963,337 | ) | $ | (1,925,948 | ) | ||||
Depreciation of real estate assets | 4,234,483 | 55,086 | 6,747,308 | 55,086 | ||||||||||||
Amortization of lease-related costs | 3,479,133 | 95,210 | 6,322,477 | 95,210 | ||||||||||||
FFO | (3,770,423 | ) | (1,496,720 | ) | (5,893,552 | ) | (1,775,652 | ) | ||||||||
Acquisition fees and expenses (1)(2) | 6,326,774 | 1,157,564 | 9,718,857 | 1,160,973 | ||||||||||||
Unrealized loss on derivative instruments | 503,972 | 83,212 | 1,168,082 | 83,212 | ||||||||||||
MFFO | $ | 3,060,323 | $ | (255,944 | ) | $ | 4,993,387 | $ | (531,467 | ) |
(1) | By excluding expensed acquisition costs, management believes MFFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties. Acquisition fees and expenses include payments to our 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 our initial public offering are not available to fund our reimbursement of acquisition fees and expenses incurred by our advisor, such fees and expenses will need to be reimbursed to the advisor from other sources, including debt, operational earnings or cash flow, net proceeds from the sale of properties, or from ancillary cash flows. The acquisition of properties, and the corresponding acquisition fees and expenses, is the key operational feature of our business plan to generate operational income and cash flow to fund distributions to its stockholders. |
(2) | Acquisition fees and expenses for the three and six months ended June 30, 2015 includes acquisition fees of $2,720,769 and $4,329,832 and loan coordination fees of $1,594,000 and $2,350,805 that are recorded in fees to affiliates in the accompanying consolidated statements of operations. Acquisition fees and expenses for the three and six months ended June 30, 2015 also includes acquisition expenses of $2,012,005 and $3,038,220 that are recorded in acquisition costs in the accompanying consolidated statements of operations. Acquisition fees and expenses for the |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net loss | $ | (11,484,039 | ) | $ | (1,647,016 | ) | $ | (18,963,337 | ) | $ | (1,925,948 | ) | ||||
Fees to affiliates (1) | 5,637,519 | 744,728 | 8,813,433 | 787,610 | ||||||||||||
Depreciation and amortization | 7,713,616 | 150,296 | 13,069,785 | 150,296 | ||||||||||||
Interest expense | 2,091,384 | 118,069 | 3,851,967 | 118,069 | ||||||||||||
General and administrative expenses | 830,959 | 313,648 | 1,407,390 | 546,289 | ||||||||||||
Acquisition costs | 2,012,005 | 421,421 | 3,038,220 | 424,830 | ||||||||||||
Net operating income | $ | 6,801,444 | $ | 101,146 | $ | 11,217,458 | $ | 101,146 |
(1) | Fees to affiliates for the three and six months ended June 30, 2015 excludes property management fees of $375,312 and $599,161 and other fees of $107,112 and $171,382 that are included in NOI. Fees to affiliates for the three and six months ended June 30, 2014 excludes property management fees of $7,122 and other fees of $7,687 that are included in NOI. |
Monthly Portfolio Snapshot | JUNE 2015 | |||||||||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family | ||||||||||||||
Villages at Spring Hill Apartments | Spring Hill, TN | 176 | 1 | 175 | 170 | 96.7% | 100.0% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 289 | 94.1% | 98.9% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 250 | 96.2% | 99.2% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 285 | 93.8% | 98.4% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 2 | 694 | 634 | 91.1% | 97.0% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 2 | 498 | 471 | 94.2% | 99.1% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 236 | 93.7% | 99.0% | |||||||
Columns on Wetherington | Florence, KY | 192 | 1 | 191 | 184 | 95.8% | 98.4% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 437 | 94.4% | 98.2% | |||||||
Eagle Lake Landing | Speedway, IN | 277 | 1 | 276 | 253 | 91.3% | 96.4% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 188 | 85.5% | 93.1% | |||||||
Randall Highlands | North Aurora, IL | 146 | 1 | 145 | 141 | 96.6% | 98.6% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | — | 105 | 101 | 96.2% | 98.6% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 2 | 178 | 173 | 96.1% | 97.9% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 2 | 718 | 689 | 95.7% | 98.0% | |||||||
Bella Terra at City Center Apartments | Aurora, CO | 304 | 1 | 303 | 297 | 97.7% | 99.2% | |||||||
Hearthstone at City Center Apartments | Aurora, CO | 360 | 1 | 359 | 353 | 98.1% | 98.6% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | — | 702 | 657 | 93.6% | 93.9% | |||||||
Total | 6,165 | 21 | 6,144 | 5,808 | 94.2% | 97.9% | ||||||||
Monthly Portfolio Snapshot | MAY 2015 | |||||||||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family | ||||||||||||||
Villages at Spring Hill Apartments | Spring Hill, TN | 176 | 1 | 175 | 171 | 97.2% | 99.9% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 289 | 94.1% | 97.4% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 242 | 93.1% | 97.1% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 291 | 95.7% | 98.4% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 2 | 694 | 633 | 90.9% | 95.6% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 2 | 498 | 468 | 93.6% | 97.5% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 238 | 94.4% | 98.8% | |||||||
Columns on Wetherington | Florence, KY | 192 | 1 | 191 | 186 | 96.9% | 99.0% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 443 | 95.5% | 97.5% | |||||||
Eagle Lake Landing | Speedway, IN | 277 | 1 | 276 | 260 | 93.9% | 96.3% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 178 | 80.9% | 91.1% | |||||||
Randall Highlands | North Aurora, IL | 146 | 1 | 145 | 138 | 94.5% | 99.0% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | — | 105 | 101 | 96.2% | 97.9% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 171 | 95.0% | 95.6% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 2 | 718 | 684 | 95.0% | 97.8% | |||||||
Total | 4,799 | 18 | 4,781 | 4,493 | 93.6% | 97.3% | ||||||||
Monthly Portfolio Snapshot | APRIL 2015 | |||||||||||||
Property | Location | Total Units | Non-Revenue Units | Rentable Units | Average Occupied Units | Average % Occupied | % Leased | |||||||
Multi-Family | ||||||||||||||
Villages at Spring Hill Apartments | Spring Hill, TN | 176 | 1 | 175 | 169 | 96.0% | 100.0% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 290 | 94.5% | 97.0% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 247 | 95.0% | 97.3% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 292 | 96.1% | 99.0% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 2 | 694 | 641 | 92.1% | 94.9% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 1 | 499 | 461 | 92.2% | 94.1% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 239 | 94.8% | 97.5% | |||||||
Columns on Wetherington | Florence, KY | 192 | 1 | 191 | 184 | 95.8% | 98.6% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 432 | 93.1% | 95.8% | |||||||
Eagle Lake Landing | Speedway, IN | 277 | 1 | 276 | 263 | 94.9% | 97.2% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 166 | 75.5% | 81.3% | |||||||
Randall Highlands | North Aurora, IL | 146 | 1 | 145 | 132 | 90.4% | 95.4% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | — | 105 | 103 | 98.1% | 99.1% | |||||||
Total | 3,899 | 14 | 3,885 | 3,619 | 92.8% | 95.9% | ||||||||
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). |
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