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Section 1: 10-Q (10-Q)

sfar-20200630
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
   
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
   
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number 000-55428
STEADFAST APARTMENT REIT, INC.
(Exact Name of Registrant as Specified in Its Charter)
   
Maryland 36-4769184
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
18100 Von Karman Avenue  
Suite 500
Irvine  
California 92612
(Address of Principal Executive Offices) (Zip Code)
 (949852-0700
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: None
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated filer Accelerated filer 
Non-Accelerated filer Smaller reporting company 
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. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
As of July 31, 2020, there were 109,364,689 shares of the Registrant’s common stock issued and outstanding.


Table of Contents
STEADFAST APARTMENT REIT, INC.
INDEX
 
  Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
    
   
   
   
   
   




















1

Table of Contents

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements


STEADFAST APARTMENT REIT, INC.

CONSOLIDATED BALANCE SHEETS
 June 30, 2020December 31, 2019
(Unaudited)
ASSETS
Assets: 
Real Estate:
Land$344,242,749  $151,294,208  
Building and improvements
2,885,651,638  1,369,256,465  
Tenant origination and absorption costs
41,078,737    
Total real estate held for investment, cost
3,270,973,124  1,520,550,673  
Less accumulated depreciation and amortization
(358,922,535) (277,033,046) 
Total real estate held for investment, net
2,912,050,589  1,243,517,627  
Real estate held for development
29,745,781  5,687,977  
Real estate held for sale, net
  21,665,762  
Total real estate, net
2,941,796,370  1,270,871,366  
   Cash and cash equivalents
330,674,998  74,806,649  
   Restricted cash
36,667,410  73,614,452  
   Investment in unconsolidated joint venture18,984,491    
   Rents and other receivables
5,943,396  2,032,774  
   Assets related to real estate held for sale
  118,570  
   Other assets
4,209,681  5,513,315  
Total assets
$3,338,276,346  $1,426,957,126  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities: 
Accounts payable and accrued liabilities
$61,749,415  $30,265,713  
Notes Payable, net:
Mortgage notes payable, net
1,432,621,678  560,098,815  
Credit facilities, net
744,430,795  548,460,230  
Total notes payable, net2,177,052,473  1,108,559,045  
Distributions payable
8,232,272  4,021,509  
Due to affiliates
5,994,733  7,305,570  
Liabilities related to real estate held for sale
  788,720  
Total liabilities
2,253,028,893  1,150,940,557  
Commitments and contingencies (Note 11)
Redeemable common stock
  1,202,711  
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; 999,998,000 shares authorized, 109,437,702 and
      52,607,695 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
1,094,377  526,077  
   Convertible stock, $0.01 par value per share; 1,000 shares authorized, zero and 1,000 shares issued
      and outstanding as of June 30, 2020 and December 31, 2019, respectively
  10  
   Class A Convertible stock, $0.01 par value per share; 1,000 shares authorized, 1,000 and zero shares
      issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
10    
Additional paid-in capital
1,596,591,653  698,453,981  
Cumulative distributions and net losses
(526,888,587) (424,166,210) 
Total Steadfast Apartment REIT, Inc. (“STAR”) stockholders’ equity
1,070,797,453  274,813,858  
Noncontrolling interest14,450,000    
Total equity
1,085,247,453  274,813,858  
Total liabilities and stockholders’ equity
$3,338,276,346  $1,426,957,126  

See accompanying notes to consolidated financial statements.
2

Table of Contents

PART I — FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued)
STEADFAST APARTMENT REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues:
Rental income
$79,612,668  $42,887,126  $132,879,341  $85,204,046  
Other income
682,926  327,702  1,130,193  596,009  
Total revenues
80,295,594  43,214,828  134,009,534  85,800,055  
Expenses:
Operating, maintenance and management
19,719,766  10,509,511  32,216,328  20,567,785  
Real estate taxes and insurance
13,667,771  6,443,394  22,411,216  13,024,583  
Fees to affiliates
13,709,333  6,265,958  22,136,629  12,331,606  
Depreciation and amortization
53,455,666  18,515,635  82,031,561  36,797,927  
Interest expense
19,715,318  12,165,781  34,106,272  24,399,076  
General and administrative expenses
5,272,855  1,800,880  7,703,154  3,665,149  
Impairment of real estate
5,039,937    5,039,937    
Total expenses
130,580,646  55,701,159  205,645,097  110,786,126  
Loss before other (loss) income
(50,285,052) (12,486,331) (71,635,563) (24,986,071) 
Other (loss) income:
   Gain on sale of real estate, net
    11,384,599    
   Interest income
134,262  161,887  387,516  340,564  
   Insurance proceeds in excess of losses incurred
57,689  331,434  124,412  334,834  
   Equity in loss from unconsolidated joint venture
(2,968,207)   (3,003,400)   
   Loss on debt extinguishment
      (41,609) 
Total other (loss) income
(2,776,256) 493,321  8,893,127  633,789  
Net loss
(53,061,308) (11,993,010) (62,742,436) (24,352,282) 
   Income allocated to noncontrolling interest
163,314    163,314    
Net loss attributable to common stockholders
$(53,224,622) $(11,993,010) $(62,905,750) $(24,352,282) 
Loss per common share — basic and diluted
$(0.49) $(0.23) $(0.71) $(0.47) 
Weighted average number of common shares outstanding — basic and diluted
109,139,963  52,123,442  88,660,741  51,999,327  
 
See accompanying notes to consolidated financial statements.
3

Table of Contents

PART I — FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued)
STEADFAST APARTMENT REIT, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)
 
 Common StockConvertible StockClass A Convertible StockAdditional
Paid-In Capital
Cumulative Distributions & Net LossesTotal STAR Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’ Equity
 SharesAmountSharesAmountSharesAmount
BALANCE, April 1, 2020
108,898,231  $1,088,982    $  1,000  $10  $1,588,131,358  $(449,238,871) $1,139,981,479  $—  $1,139,981,479  
Issuance of common stock
688,520  6,885  —  —  —  —  10,548,415  —  10,555,300  —  10,555,300  
Issuance of OP Units
—  —  —  —  —  —  —  —  —  14,450,000  14,450,000  
Repurchase of common stock
(149,049) (1,490) —  —  —  —  (2,109,047) —  (2,110,537) —  (2,110,537) 
Distributions declared ($0.224 per share
   of common stock)
—  —  —  —  —  —  —  (24,425,094) (24,425,094) (163,314) (24,588,408) 
Amortization of stock-based compensation
—  —  —  —  —  —  20,927  —  20,927  —  20,927  
Net (loss) income
—  —  —  —  —  —  —  (53,224,622) (53,224,622) 163,314  (53,061,308) 
BALANCE, June 30, 2020
109,437,702  $1,094,377    $  1,000  $10  $1,596,591,653  $(526,888,587) $1,070,797,453  $14,450,000  $1,085,247,453  

Common StockConvertible StockClass A Convertible StockAdditional
Paid-In Capital
Cumulative Distributions & Net LossesTotal STAR Stockholders’ EquityNoncontrolling InterestTotal
Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
BALANCE, January 1, 2020
52,607,695  $526,077  1,000  $10  —  $—  $698,453,981  $(424,166,210) $274,813,858  $—  $274,813,858  
Issuance of common stock
1,016,155  10,162  —  —  —  —  15,629,293  —  15,639,455  —  15,639,455  
Issuance of common stock in connection with the SIR Merger
43,775,314  437,753  —  —  —  —  692,963,221  —  693,400,974  —  693,400,974  
Issuance of common stock in connection with the STAR III Merger
12,240,739  122,407  —  —  —  —  193,770,898  —  193,893,305  —  193,893,305  
Issuance of OP Units
—  —  —  —  —  —  —  —  —  14,450,000  14,450,000  
Exchange of convertible common stock
   into Class A convertible common stock
—  —  (1,000) (10) 1,000  10  —  —  —  —  —  
Transfers to redeemable common stock
—  —  —  —  —  —  (1,383,318) —  (1,383,318) —  (1,383,318) 
Repurchase of common stock
(202,201) (2,022) —  —  —  —  (2,905,805) —  (2,907,827) —  (2,907,827) 
Distributions declared ($0.448 per share
   of common stock)
—  —  —  —  —  —  —  (39,816,627) (39,816,627) (163,314) (39,979,941) 
Amortization of stock-based compensation
—  —  —  —  —  —  63,383  —  63,383  —  63,383  
Net (loss) income
—  —  —  —  —  —  —  (62,905,750)