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)) |
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 x | ||||
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. x |
Exhibits | Description | |||
99.1 |
STEADFAST APARTMENT REIT, INC. | |||
Date: | March 14, 2019 | By: | /s/ Kevin Keating |
Kevin Keating | |||
Chief Financial Officer and Treasurer |
![]() | 18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700 |
Contact: | Jennifer Franklin |
Phone: | 949.333.1721 |
Email: | jfranklin@Stiracmg.com |
• | Owned as of December 31, 2018, a multifamily property portfolio of 34 properties comprised of 11,601 apartment homes with an aggregate contract purchase price of $1.5 billion. |
• | Had $357.9 million of variable rate debt with a weighted average interest rate of 4.46% and $692.3 million of fixed rate debt with a weighted average interest rate of 4.47% as of December 31, 2018. The weighted average interest rate on the Company's total outstanding debt was 4.46% as of December 31, 2018. |
• | Experienced an increase in net operating income (“NOI”) to $96.5 million for the year ended December 31, 2018, from $93.2 million for the year ended December 31, 2017. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.) |
• | Reported net cash provided by operating activities of $33.6 million for the year ended December 31, 2018, compared to $34.7 million for the year ended December 31, 2017. Net cash used in investing activities was |
• | Reported net cash provided by financing activities of $18.0 million for the year ended December 31, 2018, compared to net cash used in financing activities of $8.0 million for the year ended December 31, 2017, which included $23.4 million and $21.9 million of distributions paid, net of $22.7 million and $23.3 million in non-cash distributions paid pursuant to the Company's distribution reinvestment plan for the year ended December 31, 2018 and 2017, respectively. |
• | Invested $18.0 million in improvements to the Company's real estate portfolio during the year ended December 31, 2018, compared to $26.8 million for the year ended December 31, 2017. |
• | Received proceeds of $50.5 million, net of principal payments of $667.5 million, deferred financing costs of $4.5 million and debt extinguishment costs of $1.0 million related to the refinancing of a portion of the Company's outstanding debt during the year ended December 31, 2018. |
December 31, | |||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Assets: | |||||||
Real Estate: | |||||||
Land | $ | 164,113,072 | $ | 164,113,072 | |||
Building and improvements | 1,411,198,832 | 1,394,779,659 | |||||
Total real estate, cost | 1,575,311,904 | 1,558,892,731 | |||||
Less accumulated depreciation and amortization | (218,672,162 | ) | (147,726,630 | ) | |||
Total real estate, net | 1,356,639,742 | 1,411,166,101 | |||||
Cash and cash equivalents | 58,880,007 | 27,298,855 | |||||
Restricted cash | 13,858,768 | 11,368,850 | |||||
Rents and other receivables | 1,836,406 | 1,722,065 | |||||
Other assets | 2,923,725 | 2,812,186 | |||||
Total assets | $ | 1,434,138,648 | $ | 1,454,368,057 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 32,330,278 | $ | 27,612,665 | |||
Notes payable: | |||||||
Mortgage notes payable, net | 502,143,306 | 948,557,074 | |||||
Credit facilities, net | 548,012,437 | 44,848,788 | |||||
Total notes payable, net | 1,050,155,743 | 993,405,862 | |||||
Distributions payable | 3,953,499 | 3,886,730 | |||||
Due to affiliates | 1,711,168 | 2,760,555 | |||||
Total liabilities | 1,088,150,688 | 1,027,665,812 | |||||
Commitments and contingencies | |||||||
Redeemable common stock | — | 36,397,062 | |||||
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, 51,723,801 and 50,842,640 shares issued and outstanding at December 31, 2018 and 2017, respectively | 517,238 | 508,426 | |||||
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2018 and 2017, respectively | 10 | 10 | |||||
Additional paid-in capital | 684,140,823 | 633,186,743 | |||||
Cumulative distributions and net losses | (338,670,111 | ) | (243,389,996 | ) | |||
Total stockholders’ equity | 345,987,960 | 390,305,183 | |||||
Total liabilities and stockholders’ equity | $ | 1,434,138,648 | $ | 1,454,368,057 |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Revenues: | ||||||||||||
Rental income | $ | 150,900,039 | $ | 146,032,596 | $ | 128,723,298 | ||||||
Tenant reimbursements and other | 19,063,191 | 17,365,562 | 15,287,216 | |||||||||
Total revenues | 169,963,230 | 163,398,158 | 144,010,514 | |||||||||
Expenses: | ||||||||||||
Operating, maintenance and management | 42,446,994 | 41,113,376 | 35,644,845 | |||||||||
Real estate taxes and insurance | 23,501,730 | 22,745,539 | 20,836,003 | |||||||||
Fees to affiliates | 25,976,226 | 24,342,996 | 24,629,873 | |||||||||
Depreciation and amortization | 70,993,280 | 68,417,556 | 67,991,543 | |||||||||
Interest expense | 44,374,484 | 34,944,074 | 26,060,155 | |||||||||
Loss on debt extinguishment | 4,975,497 | — | — | |||||||||
General and administrative expenses | 6,795,365 | 5,456,273 | 4,848,801 | |||||||||
Acquisition costs | — | 2,185 | 1,681,768 | |||||||||
Total expenses | 219,063,576 | 197,021,999 | 181,692,988 | |||||||||
Net loss | $ | (49,100,346 | ) | $ | (33,623,841 | ) | $ | (37,682,474 | ) | |||
Loss per common share — basic and diluted | $ | (0.96 | ) | $ | (0.67 | ) | $ | (0.80 | ) | |||
Weighted average number of common shares outstanding — basic and diluted | 51,312,947 | 50,358,618 | 47,092,206 |
For the Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Reconciliation of net loss to MFFO: | |||||||||||
Net loss | $ | (49,100,346 | ) | $ | (33,623,841 | ) | $ | (37,682,474 | ) | ||
Depreciation of real estate assets | 70,993,280 | 67,407,444 | 54,857,243 | ||||||||
Amortization of lease-related costs | — | 1,010,112 | 13,134,300 | ||||||||
FFO | 21,892,934 | 34,793,715 | 30,309,069 | ||||||||
Acquisition fees and expenses (1)(2) | 858,712 | 2,185 | 5,987,477 | ||||||||
Unrealized (gain) loss on derivative instruments | (87,160 | ) | 447,668 | 270,222 | |||||||
Realized gain on derivative instruments | (270,000 | ) | — | — | |||||||
Loss on debt extinguishment | 4,975,497 | — | — | ||||||||
MFFO | $ | 27,369,983 | $ | 35,243,568 | $ | 36,566,768 |
(1) | By excluding expensed acquisition costs that are not capitalized, 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. Historically under GAAP, acquisition fees and expenses were 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. Following the recent publication of ASU 2017-01, acquisition fees and expenses are capitalized and depreciated under certain conditions. The Company elected to early adopt ASU 2017-01 but did not experience a material impact from adopting this new guidance. 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. The acquisition of properties, and the corresponding acquisition fees and expenses, is the key operational feature of the Company's business plan to generate operational income and cash flow to fund distributions to its stockholders. |
(2) | Acquisition fees and expenses for the years ended December 31, 2018, 2017 and 2016, include acquisition fees of $0, $0 and $2,766,209, respectively, and loan coordination fees of $0, $0 and $1,539,500, respectively, that are recorded in fees to affiliates in the accompanying consolidated statements of operations. Acquisition fees and expenses for the years ended December 31, 2018, 2017 and 2016, also include acquisition expenses of $858,712, $2,185 and $1,681,768, respectively, that did not meet the criteria for capitalization under ASU 2017-01 and were recorded in acquisition costs in the accompanying consolidated statements of operations prior to the adoption of ASU 2017-01 and in general and administrative expenses subsequent to its adoption. |
For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2016 | ||||||||||||||||
Net loss | $ | (11,464,743 | ) | $ | (10,119,644 | ) | $ | (49,100,346 | ) | $ | (33,623,841 | ) | $ | (37,682,474 | ) | |||||
Fees to affiliates (1) | 2,916,698 | 5,725,567 | 19,305,780 | 18,388,198 | 19,401,952 | |||||||||||||||
Depreciation and amortization | 18,072,943 | 17,256,537 | 70,993,280 | 68,417,556 | 67,991,543 | |||||||||||||||
Interest expense | 12,754,788 | 9,698,664 | 44,374,484 | 34,944,074 | 26,060,155 | |||||||||||||||
Loss on debt extinguishment | — | — | 4,975,497 | — | — | |||||||||||||||
General and administrative expenses | 1,985,224 | 1,423,654 | 6,795,365 | 5,456,273 | 4,848,801 | |||||||||||||||
Acquisition costs | — | — | — | 2,185 | 1,681,768 | |||||||||||||||
Other gains (2) | (406,097 | ) | (13,347 | ) | (839,042 | ) | (361,200 | ) | (709,116 | ) | ||||||||||
NOI | $ | 23,858,813 | $ | 23,971,431 | $ | 96,505,018 | $ | 93,223,245 | $ | 81,592,629 |
(1) | Fees to affiliates for the three months and year ended December 31, 2018, exclude property management fees of $1,233,125 and $4,886,436 and other fees of $576,764 and $1,784,010, respectively, that are included in NOI. Fees to affiliates for the three months and year ended December 31, 2017, exclude property management fees of $1,195,312 and $4,706,698 and other fees of $309,869 and $1,248,100, respectively, that are included in NOI. Fees to affiliates for the year ended December 31, 2016 exclude property management fees of $4,140,513 and other fees of $1,087,408, that are included in NOI. |
(2) | Other gains for the years ended December 31, 2018, 2017 and 2016, include non-recurring insurance claim recoveries and interest income that are not included in NOI. |
![]() | ||||||||||||||
Monthly Portfolio Snapshot | OCTOBER 2018 | |||||||||||||
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 | – | 176 | 167 | 94.9% | 96.9% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 289 | 94.1% | 96.9% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 242 | 93.1% | 94.8% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 285 | 93.8% | 96.2% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 1 | 695 | 644 | 92.5% | 94.3% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 1 | 499 | 475 | 95.0% | 97.3% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 227 | 90.1% | 92.0% | |||||||
Columns on Wetherington | Florence, KY | 192 | – | 192 | 187 | 97.4% | 98.6% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 433 | 93.3% | 96.2% | |||||||
Eagle Lake Landing Apartments | Speedway, IN | 277 | – | 277 | 257 | 92.8% | 94.8% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 2 | 218 | 207 | 94.1% | 95.6% | |||||||
Randall Highlands Apartments | North Aurora, IL | 146 | 1 | 145 | 143 | 97.9% | 98.4% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | – | 105 | 104 | 99.0% | 99.9% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 169 | 93.9% | 95.4% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 1 | 719 | 700 | 97.2% | 98.7% | |||||||
Bella Terra at City Center | Aurora, CO | 304 | 1 | 303 | 282 | 92.8% | 94.6% | |||||||
Hearthstone at City Center | Aurora, CO | 360 | 9 | 351 | 331 | 91.9% | 93.4% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | 3 | 699 | 658 | 93.7% | 96.0% | |||||||
Carrington Park | Kansas City, MO | 298 | 1 | 297 | 283 | 95.0% | 96.4% | |||||||
Delano at North Richland Hills | North Richland Hills, TX | 263 | 1 | 262 | 253 | 96.2% | 96.7% | |||||||
Meadows at North Richland Hills | North Richland Hills, TX | 252 | 1 | 251 | 234 | 92.9% | 94.3% | |||||||
Kensington by the Vineyard | Euless, TX | 259 | 1 | 258 | 243 | 93.8% | 95.6% | |||||||
Monticello by the Vineyard | Euless, TX | 354 | 1 | 353 | 337 | 95.2% | 96.1% | |||||||
The Shores | Oklahoma City, OK | 300 | 1 | 299 | 279 | 93.0% | 94.5% | |||||||
Lakeside at Coppell | Coppell, TX | 315 | 1 | 314 | 297 | 94.3% | 95.4% | |||||||
Meadows at River Run | Bolingbrook, IL | 374 | 1 | 373 | 343 | 91.7% | 94.7% | |||||||
Park Valley Apartments | Smyrna, GA | 496 | 1 | 495 | 462 | 93.1% | 94.3% | |||||||
PeakView at T-Bone Ranch | Greeley, CO | 224 | 1 | 223 | 212 | 94.6% | 95.7% | |||||||
PeakView by Horseshoe Lake | Loveland, CO | 222 | 1 | 221 | 207 | 93.2% | 95.3% | |||||||
Stoneridge Farms | Smyrna, TN | 336 | 1 | 335 | 316 | 94.0% | 96.8% | |||||||
Fielder's Creek | Englewood, CO | 217 | 1 | 216 | 208 | 95.9% | 97.8% | |||||||
Landings of Brentwood | Brentwood, TN | 724 | 1 | 723 | 685 | 94.6% | 96.6% | |||||||
1250 West Apartments | Marietta, GA | 468 | 1 | 467 | 428 | 91.5% | 93.8% | |||||||
Sixteen50 @ Lake Ray Hubbard | Rockwall, TX | 334 | 1 | 333 | 312 | 93.4% | 94.3% | |||||||
Total | 11,601 | 42 | 11,559 | 10,899 | 93.9% | 95.8% | ||||||||
Total Units | Total Storage Units | Occupied Storage Units | % Occupied | |||||||||||
Commercial | ||||||||||||||
Park Valley Commercial | Smyrna, GA | 1 | 1 | 1 | 100.0% | |||||||||
Total | 1 | 1 | 1 | 100.0% | ||||||||||
![]() | ||||||||||||||
Monthly Portfolio Snapshot | NOVEMBER 2018 | |||||||||||||
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 | – | 176 | 166 | 94.3% | 96.6% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 293 | 95.4% | 97.4% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 240 | 92.3% | 94.3% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 288 | 94.7% | 97.1% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 1 | 695 | 639 | 91.8% | 94.2% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 1 | 499 | 473 | 94.6% | 96.3% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 229 | 90.9% | 92.8% | |||||||
Columns on Wetherington | Florence, KY | 192 | – | 192 | 182 | 94.8% | 97.2% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 434 | 93.5% | 95.8% | |||||||
Eagle Lake Landing Apartments | Speedway, IN | 277 | – | 277 | 259 | 93.5% | 95.3% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 208 | 94.5% | 96.6% | |||||||
Randall Highlands Apartments | North Aurora, IL | 146 | 1 | 145 | 139 | 95.2% | 96.2% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | – | 105 | 101 | 96.2% | 97.0% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 169 | 93.9% | 95.5% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 1 | 719 | 695 | 96.5% | 98.0% | |||||||
Bella Terra at City Center | Aurora, CO | 304 | 1 | 303 | 278 | 91.4% | 92.9% | |||||||
Hearthstone at City Center | Aurora, CO | 360 | 9 | 351 | 328 | 91.1% | 92.5% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | 3 | 699 | 658 | 93.7% | 95.5% | |||||||
Carrington Park | Kansas City, MO | 298 | 1 | 297 | 275 | 92.3% | 93.2% | |||||||
Delano at North Richland Hills | North Richland Hills, TX | 263 | 1 | 262 | 248 | 94.3% | 95.6% | |||||||
Meadows at North Richland Hills | North Richland Hills, TX | 252 | 1 | 251 | 237 | 94.0% | 94.9% | |||||||
Kensington by the Vineyard | Euless, TX | 259 | 1 | 258 | 245 | 94.6% | 95.7% | |||||||
Monticello by the Vineyard | Euless, TX | 354 | 1 | 353 | 337 | 95.2% | 96.4% | |||||||
The Shores | Oklahoma City, OK | 300 | 1 | 299 | 274 | 91.3% | 93.1% | |||||||
Lakeside at Coppell | Coppell, TX | 315 | 1 | 314 | 299 | 94.9% | 96.1% | |||||||
Meadows at River Run | Bolingbrook, IL | 374 | 1 | 373 | 344 | 92.0% | 94.4% | |||||||
Park Valley Apartments | Smyrna, GA | 496 | 1 | 495 | 454 | 91.5% | 93.7% | |||||||
PeakView at T-Bone Ranch | Greeley, CO | 224 | 1 | 223 | 208 | 92.9% | 95.1% | |||||||
PeakView by Horseshoe Lake | Loveland, CO | 222 | 1 | 221 | 208 | 93.7% | 94.5% | |||||||
Stoneridge Farms | Smyrna, TN | 336 | 1 | 335 | 315 | 93.8% | 94.4% | |||||||
Fielder's Creek | Englewood, CO | 217 | 1 | 216 | 209 | 96.3% | 97.7% | |||||||
Landings of Brentwood | Brentwood, TN | 724 | 1 | 723 | 687 | 94.9% | 95.8% | |||||||
1250 West Apartments | Marietta, GA | 468 | 3 | 465 | 425 | 90.8% | 92.6% | |||||||
Sixteen50 @ Lake Ray Hubbard | Rockwall, TX | 334 | 1 | 333 | 310 | 92.8% | 94.3% | |||||||
Total | 11,601 | 43 | 11,558 | 10,854 | 93.6% | 95.2% | ||||||||
Total Units | Total Storage Units | Occupied Storage Units | % Occupied | |||||||||||
Commercial | ||||||||||||||
Park Valley Commercial | Smyrna, GA | 1 | 1 | 1 | 100.0% | |||||||||
Total | 1 | 1 | 1 | 100.0% | ||||||||||
![]() | ||||||||||||||
Monthly Portfolio Snapshot | DECEMBER 2018 | |||||||||||||
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 | – | 176 | 167 | 94.9% | 96.8% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 293 | 95.4% | 96.5% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 240 | 92.3% | 94.7% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 291 | 95.7% | 97.0% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 1 | 695 | 647 | 93.0% | 94.9% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 1 | 499 | 476 | 95.2% | 97.5% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 236 | 93.7% | 95.9% | |||||||
Columns on Wetherington | Florence, KY | 192 | – | 192 | 181 | 94.3% | 96.1% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 434 | 93.5% | 95.1% | |||||||
Eagle Lake Landing Apartments | Speedway, IN | 277 | – | 277 | 262 | 94.6% | 96.0% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 208 | 94.5% | 95.3% | |||||||
Randall Highlands Apartments | North Aurora, IL | 146 | 1 | 145 | 136 | 93.2% | 94.6% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | – | 105 | 101 | 96.2% | 97.1% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 167 | 92.8% | 94.9% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 1 | 719 | 682 | 94.7% | 96.1% | |||||||
Bella Terra at City Center | Aurora, CO | 304 | 1 | 303 | 279 | 91.8% | 93.0% | |||||||
Hearthstone at City Center | Aurora, CO | 360 | 9 | 351 | 332 | 92.2% | 93.6% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | 3 | 699 | 653 | 93.0% | 94.9% | |||||||
Carrington Park | Kansas City, MO | 298 | 1 | 297 | 280 | 94.0% | 95.4% | |||||||
Delano at North Richland Hills | North Richland Hills, TX | 263 | 1 | 262 | 248 | 94.3% | 94.7% | |||||||
Meadows at North Richland Hills | North Richland Hills, TX | 252 | 1 | 251 | 236 | 93.7% | 95.0% | |||||||
Kensington by the Vineyard | Euless, TX | 259 | 1 | 258 | 246 | 95.0% | 96.1% | |||||||
Monticello by the Vineyard | Euless, TX | 354 | 1 | 353 | 337 | 95.2% | 96.4% | |||||||
The Shores | Oklahoma City, OK | 300 | 1 | 299 | 282 | 94.0% | 95.3% | |||||||
Lakeside at Coppell | Coppell, TX | 315 | 1 | 314 | 298 | 94.6% | 95.3% | |||||||
Meadows at River Run | Bolingbrook, IL | 374 | 1 | 373 | 342 | 91.4% | 93.9% | |||||||
Park Valley Apartments | Smyrna, GA | 496 | 1 | 495 | 461 | 92.9% | 95.1% | |||||||
PeakView at T-Bone Ranch | Greeley, CO | 224 | 1 | 223 | 214 | 95.5% | 96.9% | |||||||
PeakView by Horseshoe Lake | Loveland, CO | 222 | 1 | 221 | 209 | 94.1% | 95.5% | |||||||
Stoneridge Farms | Smyrna, TN | 336 | 1 | 335 | 315 | 93.8% | 94.7% | |||||||
Fielder's Creek | Englewood, CO | 217 | 1 | 216 | 208 | 95.9% | 97.5% | |||||||
Landings of Brentwood | Brentwood, TN | 724 | 1 | 723 | 694 | 95.9% | 97.1% | |||||||
1250 West Apartments | Marietta, GA | 468 | 3 | 465 | 423 | 90.4% | 93.2% | |||||||
Sixteen50 @ Lake Ray Hubbard | Rockwall, TX | 334 | 1 | 333 | 316 | 94.6% | 95.6% | |||||||
Total | 11,601 | 43 | 11,558 | 10,894 | 93.9% | 95.5% | ||||||||
Total Units | Total Storage Units | Occupied Storage Units | % Occupied | |||||||||||
Commercial | ||||||||||||||
Park Valley Commercial | Smyrna, GA | 1 | 1 | 1 | 100.0% | |||||||||
Total | 1 | 1 | 1 | 100.0% | ||||||||||
Total Units: | Number of units per property at the end of the reporting period. |
Non-Revenue Units: | Number of model units or other non-revenue administrative units at the end of the reporting period. |
Rentable Units: | Total Units less Non-Revenue Units at the end of the reporting period. |
Average Occupied Units: | Number of units occupied based on a daily 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 Storage Units: | Total number of storage units at the end of the reporting period. |
Occupied Storage Units: | Total number of storage units occupied at the end of the reporting period. |
Percent Occupied: | Percent of storage units occupied (Occupied Storage Units divided by Total Storage Units). |
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