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Section 1: 8-K (8-K)

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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 10, 2020
Steadfast Apartment REIT, Inc.
(Exact Name of Registrant as Specified in Charter)

 
 
 
 
 
Maryland
 
000-55428
 
36-4769184
(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))

Securities registered pursuant to Section 12(b) of the Act: None
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
N/A
N/A
N/A
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
 





Item 2.02    Results of Operations and Financial Condition.
On March 12, 2020, Steadfast Apartment REIT, Inc. (the “Company”) issued an earnings release announcing its financial results for the year ended December 31, 2019. 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.

Distribution Declaration
On March 10, 2020, 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, 2020, and ending on June 30, 2020. The distributions will be equal to $0.002459 per share of the Company’s common stock per day, which is equivalent to an annual distribution of $0.90 per share of common stock. The annual return will vary by investor based on the actual price invested per share. The distributions for each record date in April 2020, May 2020 and June 2020, will be paid in May 2020, June 2020 and July 2020, respectively. The distributions will be payable to stockholders from legally available funds therefor.





Item 9.01    Financial Statements and Exhibits.
(d) Exhibits.
Exhibits
Description
 
 
 
 
 
 
 
 
99.1









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 APARTMENT REIT, INC.
 
 
 
 
 
 
 
 
Date:
March 12, 2020
By:
/s/ Kevin Keating
 
 
 
Kevin Keating
 
 
 
Chief Financial Officer and Treasurer





(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
EXHIBIT 99.1




 
 
 
403279059_logo1a02a03a33.gif
 
18100 Von Karman Avenue
Suite 500
Irvine, CA 92612
949.852.0700

NEWS RELEASE
Contact:
Jennifer Franklin
Phone:
949.427.1385
Email:
STEADFAST APARTMENT REIT, INC. ANNOUNCES
RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019
Irvine, Calif., March 12, 2020 — Steadfast Apartment REIT, Inc. (the “Company”) announced today its operating results for the year ended December 31, 2019.
For the year ended December 31, 2019, the Company had total revenues of $173.5 million compared to $169.1 million for the year ended December 31, 2018. Net loss was $38.5 million for the year ended December 31, 2019, compared to $49.1 million for the year ended December 31, 2018. Total assets of the Company were $1.43 billion at December 31, 2019, and $1.43 billion at December 31, 2018.
Mergers with Steadfast Income REIT, Inc. and Steadfast Apartment REIT III, Inc.
On August 5, 2019, the Company entered into an Agreement and Plan of Merger with each of Steadfast Income REIT, Inc. (“SIR”) and Steadfast Apartment REIT III, Inc. (“STAR III”) whereby the Company would acquire SIR and STAR III in separate transactions. Both mergers closed on March 6, 2020 and were stock-for-stock transactions whereby each of SIR and STAR III merged into one of the Company’s newly formed, wholly-owned subsidiaries. At the time of the mergers, the combined company had approximately $3.4 billion in gross real estate assets. The combined portfolio consists of (1) 69 properties (including one property in development) in 14 states and (2) a 10% interest in one unconsolidated joint venture that owned 20 multifamily properties. The Company's financial information materially changed as a result of the mergers; however, as the mergers were completed subsequent to December 31, 2019, the financial information included in Company's Annual Report on Form 10-K and this earnings release does not include these changes.
Operational Highlights:
The Company:
Received proceeds of $56.9 million related to the financing of an unencumbered property and refinancing of a portion of the Company's outstanding debt during the year ended December 31, 2019.    
Disposed of two multifamily properties with 406 apartment homes during the year ended December 31, 2019, and recognized a gain on sale of $11.7 million.

1



As of December 31, 2019, owned a multifamily property portfolio of 32 properties, comprised of 11,195 apartment homes and a parcel of land held for the development of apartment homes (described below) with an aggregate contract purchase price of $1.5 billion.
Acquired land in Murfreesboro, TN, during the year ended December 31, 2019, for the development of new apartment homes.
Invested $26.7 million in improvements to the Company's real estate portfolio during the year ended December 31, 2019, compared to $18.0 million for the year ended December 31, 2018.
Had $157.6 million of variable rate debt with a weighted average interest rate of 3.63% and $950.9 million of fixed rate debt with a weighted average interest rate of 4.21% as of December 31, 2019. The weighted average interest rate on the Company's total outstanding debt was 4.13% as of December 31, 2019.
Reported net cash provided by operating activities of $29.1 million for the year ended December 31, 2019, compared to $33.6 million for the year ended December 31, 2018. Net cash provided by investing activities was $22.7 million for the year ended December 31, 2019, compared to $17.5 million used in investing activities for the year ended December 31, 2018.
Reported net cash provided by financing activities of $24.0 million for the year ended December 31, 2019, compared to $18.0 million for the year ended December 31, 2018, which included $25.7 million and $23.4 million of distributions paid, net of $21.2 million and $22.7 million in non-cash distributions paid pursuant to the Company's distribution reinvestment plan for the years ended December 31, 2019 and 2018, respectively.
Net operating income (“NOI”) increased to $96.6 million for the year ended December 31, 2019, from $96.5 million for the year ended December 31, 2018. (See the reconciliation of NOI to net loss and accompanying notes contained within this release for additional information on how the Company calculates NOI.)
Experienced an increase in funds from operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts, to $23.6 million for the year ended December 31, 2019, from $21.9 million for the year ended December 31, 2018. (See the reconciliation of FFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates FFO.)
Experienced a decrease in modified funds from operations ("MFFO"), as defined by the Institute for Portfolio Alternatives (formerly known as the Investment Program Association), to $25.4 million for the year ended December 31, 2019, from $27.4 million for the year ended December 31, 2018. (See the reconciliation of MFFO to net loss and accompanying notes contained within this release for additional information on how the Company calculates MFFO.)
“We believe moderate income apartments like those in STAR’s portfolio continue to be of keen interest to both renters and investors,” said Ella Neyland, president of Steadfast Apartment REIT. “As the broader market grapples with increasing volatility, lofty valuations and election year dynamics that bring uncertainty about future policies, we are keeping our eyes focused on being an operationally efficient owner of apartment communities that consumers want, in places they want to live at a price point that is attainable.”

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About Steadfast Apartment REIT, Inc.
Steadfast Apartment REIT, Inc. is a real estate investment trust that was formed to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles.
Steadfast Apartment REIT, Inc. 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.
Forward-Looking Statements
This release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, risks related to disruption of management’s attention from the ongoing business operations due to the mergers; availability of suitable investment opportunities; changes in interest rates; the availability and terms of financing; general economic conditions; market conditions; legislative and regulatory changes that could adversely affect the business of the Company, SIR or STAR III; and other factors, including those set forth in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (the "SEC") and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.
###


FINANCIAL TABLES, NOTES AND EXHIBITS FOLLOW



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STEADFAST APARTMENT REIT, INC.
CONSOLIDATED BALANCE SHEETS

 
December 31, 2019
 
December 31, 2018
 
 
 
 
ASSETS
Assets:
 
 
 
Real Estate:
 
 
 
Land
$
151,294,208

 
$
151,294,208

Building and improvements
1,369,256,465

 
1,342,307,250

Total real estate held for investment, cost
1,520,550,673

 
1,493,601,458

Less accumulated depreciation and amortization
(277,033,046
)
 
(206,006,568
)
Total real estate held for investment, net
1,243,517,627

 
1,287,594,890

Real estate held for development
5,687,977

 

Real estate held for sale, net
21,665,762

 
69,044,852

Total real estate, net
1,270,871,366

 
1,356,639,742

Cash and cash equivalents
74,806,649

 
58,604,804

Restricted cash
73,614,452

 
13,858,768

Rents and other receivables
2,032,774

 
1,836,406

Assets related to real estate held for sale
118,570

 
275,203

Other assets
5,513,315

 
2,923,725

Total assets
$
1,426,957,126

 
$
1,434,138,648

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
 
 
 
Accounts payable and accrued liabilities
$
30,265,713

 
$
30,066,810

Notes payable:
 
 
 
Mortgage notes payable, net
560,098,815

 
502,143,306

Credit facilities, net
548,460,230

 
548,012,437

Total notes payable, net
1,108,559,045

 
1,050,155,743

Distributions payable
4,021,509

 
3,953,499

Due to affiliates
7,305,570

 
1,711,168

  Liabilities related to real estate held for sale
788,720

 
2,263,468

Total liabilities
1,150,940,557

 
1,088,150,688

Commitments and contingencies
 
 
 
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; 999,999,000 shares authorized, 52,607,695 and 51,723,801 shares issued and outstanding at December 31, 2019 and 2018, respectively
526,077

 
517,238

Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2019 and 2018, respectively
10

 
10

Additional paid-in capital
698,453,981

 
684,140,823

Cumulative distributions and net losses
(424,166,210
)
 
(338,670,111
)
Total stockholders’ equity
274,813,858

 
345,987,960

Total liabilities and stockholders’ equity
$
1,426,957,126

 
$
1,434,138,648



4




STEADFAST APARTMENT REIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS


 
Year Ended December 31,
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Rental income
$
172,445,306

 
$
167,709,639

 
$
161,595,441

Other income
1,090,373

 
1,414,549

 
1,441,518

Total revenues
173,535,679

 
169,124,188

 
163,036,959

Expenses:
 
 
 
 
 
Operating, maintenance and management
43,473,179

 
42,490,381

 
41,133,450

Real estate taxes and insurance
25,152,761

 
23,501,730

 
22,745,539

Fees to affiliates
25,861,578

 
25,976,226

 
24,343,413

Depreciation and amortization
73,781,883

 
70,993,280

 
68,417,556

Interest expense
49,273,750

 
44,374,484

 
34,944,073

General and administrative expenses
7,440,680

 
6,386,131

 
5,244,554

Total expenses
224,983,831

 
213,722,232

 
196,828,585

Loss before other income (expenses)
(51,448,152
)
 
(44,598,044
)
 
(33,791,626
)
Other income (expenses):
 
 
 
 
 
Gain on sales of real estate, net
11,651,565

 

 

Interest income
865,833

 
271,478

 
20,491

Insurance proceeds in excess of losses incurred
448,047

 
201,717

 
147,294

Loss on debt extinguishment
(41,609
)
 
(4,975,497
)
 

Total other income (expenses)
12,923,836

 
(4,502,302
)
 
167,785

Net loss
$
(38,524,316
)
 
$
(49,100,346
)
 
$
(33,623,841
)
Loss per common share — basic and diluted
$
(0.74
)
 
$
(0.96
)
 
$
(0.67
)
Weighted average number of common shares outstanding — basic and diluted
52,204,410

 
51,312,947

 
50,358,618





























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Steadfast Apartment REIT, Inc.
Non-GAAP Measures - FFO and MFFO Reconciliation
For the Years Ended December 31, 2019, 2018 and 2017
Due to certain unique operating characteristics of real estate companies, as discussed below, National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a measure known as funds from operations, or 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 U.S. generally accepted accounting principles ("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 December 2018 (the “White Paper”). The White Paper defines FFO as net income (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

6



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 the Company's 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. The Company adopted ASU 2016-02, Leases, or ASU 2016-02, on January 1, 2019, which requires the Company, as a lessee, to recognize a liability for obligations under a lease contract and a right-of-use asset. ASU 2017-01 now forms part of ASC 805, Business Combinations ("ASC 805"). The carrying amount of the right-of-use asset is amortized over the term of the lease. Because the Company has no ownership rights (current or residual) in the underlying asset, NAREIT concluded that the amortization of the right-of-use asset should not be added back to GAAP net income (loss) in calculating FFO. This amortization expense is included in FFO. However, FFO, and modified funds from operations, or MFFO as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating the Company's operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and MFFO measures and the adjustments to GAAP in calculating FFO and MFFO.
Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT’s definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses. The Company's management believes these fees and expenses do not affect the Company's overall long-term operating performance. Publicly registered, non-listed REITs typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operation. While other start-up entities may also experience significant acquisition activity during their initial years, the Company believes that public, non-listed REITs, like the Company, are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after acquisition activity ceases.

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Due to the above factors and other unique features of publicly registered, non-listed REITs, the Institute for Portfolio Alternatives ("IPA"), an industry trade group, has standardized a measure known as MFFO, which it 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 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

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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, 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. Historically under GAAP, acquisition fees and expenses were characterized as operating expenses in determining operating net income. However, following the publication of ASU 2017-01, which now forms part of ASC 805, acquisition fees and expenses are capitalized and depreciated under certain conditions. 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. The acquisition of properties, and the corresponding acquisition fees and expenses, is the key operational feature of the Company's business plan to generate operational income and cash flow to fund distributions to stockholders. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, the Company views fair value adjustments of derivatives and gains and losses from dispositions of assets as non-recurring items or items which are unrealized and may not ultimately be realized, and which are not reflective of on-going operations and are therefore typically adjusted for when assessing operating performance.
The Company's management uses MFFO and the adjustments used to calculate MFFO in order to evaluate the Company's performance against other public, non-listed REITs which have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate in this manner. The Company believes that its use

9



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.

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The Company's calculation of FFO and MFFO is presented in the following table for the years ended December 31, 2019, 2018 and 2017:
 
 
For the Year Ended December 31,
 
 
2019
 
2018
 
2017
Reconciliation of net loss to MFFO:
 
 
 
 
 
 
Net loss
 
$
(38,524,316
)
 
$
(49,100,346
)
 
$
(33,623,841
)
  Depreciation of real estate assets
 
73,780,075

 
70,993,280

 
67,407,444

  Amortization of lease-related costs
 

 

 
1,010,112

Gain on sales of real estate, net
 
(11,651,565
)
 

 

FFO
 
23,604,194

 
21,892,934

 
34,793,715

  Acquisition fees and expenses(1)(2)
 
1,507,338

 
858,712

 
2,185

  Unrealized loss (gain) on derivative instruments
 
225,637

 
(87,160
)
 
447,668

  Realized gain on derivative instruments
 

 
(270,000
)
 

  Loss on debt extinguishment
 
41,609

 
4,975,497

 

MFFO
 
$
25,378,778

 
$
27,369,983

 
$
35,243,568


_____________
(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 publication of ASU 2017-01, which now forms part of ASC 805, acquisition fees and expenses are capitalized and depreciated under certain conditions. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by the Company, unless earnings from operations or net sales proceeds from the disposition of properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to the property. 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, 2019, 2018 and 2017 include acquisition expenses of $1,507,338, $858,712 and $2,185, respectively, that did not meet the criteria for capitalization under ASU 2017-01, which now forms part of ASC 805, and were recorded in general and administrative expenses in the accompanying consolidated statements of operations. These expenses largely pertained to the SIR Merger and STAR III Merger that

11



were incurred and expensed through the date of the Merger Agreement. Upon signing the Merger Agreement, merger related acquisition expenses met the definition of capitalized expenses and were therefore capitalized in the accompanying consolidated balance sheets thereby not impacting MFFO. Also included in expensed acquisition expenses are acquisition expenses related to real estate projects that did not come to fruition.


12



Steadfast Apartment REIT, Inc.
Non-GAAP Measures - Net Operating Income
For the Years Ended December 31, 2019, 2018 and 2017
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, 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 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 (loss) 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 (those that did not meet the criteria for capitalization under ASC 805) 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 (those that did not meet the criteria for capitalization under ASC 805), 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

13



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 income (loss) as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income (loss) computed in accordance with GAAP. Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, the Company's NOI may not be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as the Company does.
The following is a reconciliation of the Company's NOI to net loss for the three months ended December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 computed in accordance with GAAP:
 
 
For the Three Months Ended December 31,
 
For the Year Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
 
2017
Net loss
 
$
(3,782,227
)
 
$
(11,464,743
)
 
$
(38,524,316
)
 
$
(49,100,346
)
 
$
(33,623,841
)
Fees to affiliates(1)
 
4,520,353

 
2,916,698

 
17,588,260

 
19,305,780

 
18,388,615

Depreciation and amortization
 
18,351,478

 
18,072,943

 
73,781,883

 
70,993,280

 
68,417,556

Interest expense
 
12,311,696

 
12,754,788

 
49,273,750

 
44,374,484

 
34,944,073

Loss on debt extinguishment
 

 

 
41,609

 
4,975,497

 

General and administrative expenses
 
1,559,402

 
1,809,070

 
7,440,680

 
6,386,131

 
5,244,554

Gain on sale of real estate
 
(8,322,487
)
 

 
(11,651,565
)
 

 

Other gains(2)
 
(329,568
)
 
(242,253
)
 
(1,313,880
)
 
(473,195
)
 
(167,786
)
Net operating income
 
$
24,308,647

 
$
23,846,503

 
$
96,636,421

 
$
96,461,631

 
$
93,203,171

________________
(1)
Fees to affiliates for the three months and year ended December 31, 2019 exclude property management fees of $1,260,797 and $5,016,845 and other fees of $831,519 and $3,256,473, respectively, that are included in NOI. 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 year ended December 31, 2017 exclude property management fees of $4,706,698 and other fees of $1,248,100, that are included in NOI.
(2)
Other gains for the years ended December 31, 2019, 2018 and 2017 include non-recurring insurance claim recoveries and interest income that are not included in NOI.



14



EXHIBIT A
MONTHLY PORTFOLIO SNAPSHOT - 4TH QUARTER

403279059_logoa03a05a33.gif
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly Portfolio Snapshot
 
OCTOBER 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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%
 
95.3%
Harrison Place Apartments
 
Indianapolis, IN
 
307
 
1
 
306
 
283
 
92.2%
 
95.3%
Club at Summer Valley
 
Austin, TX
 
260
 
1
 
259
 
247
 
95.0%
 
95.7%
Terrace Cove Apartment Homes
 
Austin, TX
 
304
 
2
 
302
 
292
 
96.1%
 
98.1%
The Residences on McGinnis Ferry
 
Suwanee, GA
 
696
 
1
 
695
 
670
 
96.3%
 
97.5%
The 1800 at Barrett Lakes
 
Kennesaw, GA
 
500
 
1
 
499
 
473
 
94.6%
 
96.5%
The Oasis
 
Colorado Springs, CO
 
252
 
 
252
 
242
 
96.0%
 
97.6%
Columns on Wetherington
 
Florence, KY
 
192
 
 
192
 
181
 
94.3%
 
94.8%
Preston Hills at Mill Creek
 
Buford, GA
 
464
 
1
 
463
 
428
 
92.2%
 
95.1%
Eagle Lake Landing Apartments
 
Speedway, IN
 
277
 
 
277
 
263
 
94.9%
 
97.5%
Reveal on Cumberland
 
Fishers, IN
 
220
 
1
 
219
 
211
 
95.9%
 
97.1%
Heritage Place Apartments
 
Franklin, TN
 
105
 
 
105
 
102
 
97.1%
 
98.4%
Rosemont at East Cobb
 
Marietta, GA
 
180
 
1
 
179
 
169
 
93.9%
 
96.0%
Ridge Crossings Apartments
 
Birmingham, AL
 
720
 
1
 
719
 
679
 
94.3%
 
95.9%
Bella Terra at City Center
 
Aurora, CO
 
304
 
1
 
303
 
291
 
95.7%
 
97.5%
Hearthstone at City Center
 
Aurora, CO
 
360
 
1
 
359
 
343
 
95.3%
 
96.7%
Arbors at Brookfield
 
Mauldin, SC
 
702
 
3
 
699
 
636
 
90.6%
 
93.2%
Carrington Park
 
Kansas City, MO
 
298
 
1
 
297
 
283
 
95.0%
 
96.1%
Delano at North Richland Hills
 
North Richland Hills, TX
 
263
 
1
 
262
 
253
 
96.2%
 
97.1%
Meadows at North Richland Hills
 
North Richland Hills, TX
 
252
 
1
 
251
 
242
 
96.0%
 
97.1%
Kensington by the Vineyard
 
Euless, TX
 
259
 
1
 
258
 
249
 
96.1%
 
97.8%
Monticello by the Vineyard
 
Euless, TX
 
354
 
1
 
353
 
345
 
97.5%
 
98.3%
The Shores
 
Oklahoma City, OK
 
300
 
1
 
299
 
283
 
94.3%
 
95.7%
Lakeside at Coppell
 
Coppell, TX
 
315
 
1
 
314
 
306
 
97.1%
 
98.3%
Meadows at River Run
 
Bolingbrook, IL
 
374
 
1
 
373
 
339
 
90.6%
 
92.5%
Park Valley Apartments
 
Smyrna, GA
 
496
 
1
 
495
 
467
 
94.2%
 
95.3%
PeakView at T-Bone Ranch
 
Greeley, CO
 
224
 
1
 
223
 
205
 
91.5%
 
92.2%
PeakView by Horseshoe Lake
 
Loveland, CO
 
222
 
1
 
221
 
213
 
95.9%
 
96.9%
Stoneridge Farms
 
Smyrna, TN
 
336
 
1
 
335
 
319
 
94.9%
 
96.5%
Fielder's Creek
 
Englewood, CO
 
217
 
1
 
216
 
209
 
96.3%
 
98.4%
Landings of Brentwood
 
Brentwood, TN
 
724
 
1
 
723
 
699
 
96.5%
 
97.8%
1250 West Apartments
 
Marietta, GA
 
468
 
1
 
467
 
431
 
92.1%
 
93.9%
Sixteen50 @ Lake Ray Hubbard
 
Rockwall, TX
 
334
 
1
 
333
 
322
 
96.4%
 
97.3%
Total
 
 
 
11,455
 
31
 
11,424
 
10,841
 
94.6%
 
96.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

15




403279059_logoa03a05a33.gif
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly Portfolio Snapshot
NOVEMBER 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
168
 
95.5%
 
97.3%
Harrison Place Apartments
 
Indianapolis, IN
 
307
 
1
 
306
 
287
 
93.5%
 
95.5%
Club at Summer Valley
 
Austin, TX
 
260
 
1
 
259
 
247
 
95.0%
 
95.6%
Terrace Cove Apartment Homes
 
Austin, TX
 
304
 
2
 
302
 
288
 
94.7%
 
96.0%
The Residences on McGinnis Ferry
 
Suwanee, GA
 
696
 
1
 
695
 
669
 
96.1%
 
96.9%
The 1800 at Barrett Lakes
 
Kennesaw, GA
 
500
 
1
 
499
 
463
 
92.6%
 
94.5%
The Oasis
 
Colorado Springs, CO
 
252
 
 
252
 
241
 
95.6%
 
96.5%
Columns on Wetherington
 
Florence, KY
 
192
 
 
192
 
178
 
92.7%
 
94.4%
Preston Hills at Mill Creek
 
Buford, GA
 
464
 
2
 
462
 
427
 
92.0%
 
94.1%
Eagle Lake Landing Apartments
 
Speedway, IN
 
277
 
 
277
 
265
 
95.7%
 
98.3%
Reveal on Cumberland
 
Fishers, IN
 
220
 
1
 
219
 
210
 
95.5%
 
97.2%
Heritage Place Apartments
 
Franklin, TN
 
105
 
 
105
 
101
 
96.2%
 
98.1%
Rosemont at East Cobb
 
Marietta, GA
 
180
 
1
 
179
 
171
 
95.0%
 
96.9%
Ridge Crossings Apartments
 
Birmingham, AL
 
720
 
1
 
719
 
679
 
94.3%
 
95.4%
Bella Terra at City Center
 
Aurora, CO
 
304
 
1
 
303
 
290
 
95.4%
 
96.8%
Hearthstone at City Center
 
Aurora, CO
 
360
 
1
 
359
 
341
 
94.7%
 
96.2%
Arbors at Brookfield
 
Mauldin, SC
 
702
 
3
 
699
 
645
 
91.9%
 
94.1%
Carrington Park
 
Kansas City, MO
 
298
 
1
 
297
 
282
 
94.6%
 
96.1%
Delano at North Richland Hills
 
North Richland Hills, TX
 
263
 
1
 
262
 
254
 
96.6%
 
97.4%
Meadows at North Richland Hills
 
North Richland Hills, TX
 
252
 
1
 
251
 
237
 
94.0%
 
96.4%
Kensington by the Vineyard
 
Euless, TX
 
259
 
1
 
258
 
247
 
95.4%
 
97.3%
Monticello by the Vineyard
 
Euless, TX
 
354
 
1
 
353
 
343
 
96.9%
 
97.7%
The Shores
 
Oklahoma City, OK
 
300
 
1
 
299
 
286
 
95.3%
 
96.5%
Lakeside at Coppell
 
Coppell, TX
 
315
 
1
 
314
 
304
 
96.5%
 
97.6%
Meadows at River Run
 
Bolingbrook, IL
 
374
 
1
 
373
 
336
 
89.8%
 
91.3%
Park Valley Apartments
 
Smyrna, GA
 
496
 
1
 
495
 
466
 
94.0%
 
94.9%
PeakView at T-Bone Ranch
 
Greeley, CO
 
224
 
1
 
223
 
204
 
91.1%
 
93.1%
PeakView by Horseshoe Lake
 
Loveland, CO
 
222
 
1
 
221
 
210
 
94.6%
 
96.5%
Stoneridge Farms
 
Smyrna, TN
 
336
 
1
 
335
 
319
 
94.9%
 
95.8%
Fielder's Creek
 
Englewood, CO
 
217
 
1
 
216
 
210
 
96.8%
 
98.3%
Landings of Brentwood
 
Brentwood, TN
 
724
 
1
 
723
 
705
 
97.4%
 
98.3%
1250 West Apartments
 
Marietta, GA
 
468
 
1
 
467
 
435
 
92.9%
 
94.1%
Sixteen50 @ Lake Ray Hubbard
 
Rockwall, TX
 
334
 
1
 
333
 
322
 
96.4%
 
97.1%
Total
 
 
 
11,455
 
32
 
11,423
 
10,830
 
94.5%
 
95.9%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



16




403279059_logoa03a05a33.gif
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly Portfolio Snapshot
 
DECEMBER 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
169
 
96.0%
 
96.4%
Harrison Place Apartments
 
Indianapolis, IN
 
307
 
1
 
306
 
289
 
94.1%
 
95.5%
Terrace Cove Apartment Homes
 
Austin, TX
 
304
 
2
 
302
 
289
 
95.1%
 
96.1%
The Residences on McGinnis Ferry
 
Suwanee, GA
 
696
 
1
 
695
 
668
 
96.0%
 
96.5%
The 1800 at Barrett Lakes
 
Kennesaw, GA
 
500
 
1
 
499
 
462
 
92.4%
 
94.9%
The Oasis
 
Colorado Springs, CO
 
252
 
1
 
251
 
239
 
94.8%
 
96.0%
Columns on Wetherington
 
Florence, KY
 
192
 
 
192
 
176
 
91.7%
 
94.4%
Preston Hills at Mill Creek
 
Buford, GA
 
464
 
2
 
462
 
425
 
91.6%
 
93.2%
Eagle Lake Landing Apartments
 
Speedway, IN
 
277
 
 
277
 
268
 
96.8%
 
98.6%
Reveal on Cumberland
 
Fishers, IN
 
220
 
1
 
219
 
209
 
95.0%
 
96.1%
Heritage Place Apartments
 
Franklin, TN
 
105
 
 
105
 
102
 
97.1%
 
98.0%
Rosemont at East Cobb
 
Marietta, GA
 
180
 
1
 
179
 
174
 
96.7%
 
98.8%
Ridge Crossings Apartments
 
Birmingham, AL
 
720
 
1
 
719
 
668
 
92.8%
 
94.5%
Bella Terra at City Center
 
Aurora, CO
 
304
 
1
 
303
 
292
 
96.1%
 
97.0%
Hearthstone at City Center
 
Aurora, CO
 
360
 
1
 
359
 
342
 
95.0%
 
96.3%
Arbors at Brookfield
 
Mauldin, SC
 
702
 
3
 
699
 
651
 
92.7%
 
94.3%
Carrington Park
 
Kansas City, MO
 
298
 
1
 
297
 
284
 
95.3%
 
97.3%
Delano at North Richland Hills
 
North Richland Hills, TX
 
263
 
1
 
262
 
252
 
95.8%
 
96.7%
Meadows at North Richland Hills
 
North Richland Hills, TX
 
252
 
1
 
251
 
238
 
94.4%
 
96.5%
Kensington by the Vineyard
 
Euless, TX
 
259
 
1
 
258
 
248
 
95.8%
 
97.5%
Monticello by the Vineyard
 
Euless, TX
 
354
 
1
 
353
 
341
 
96.3%
 
97.1%
The Shores
 
Oklahoma City, OK
 
300
 
1
 
299
 
284
 
94.7%
 
95.8%
Lakeside at Coppell
 
Coppell, TX
 
315
 
1
 
314
 
305
 
96.8%
 
97.4%
Meadows at River Run
 
Bolingbrook, IL
 
374
 
1
 
373
 
337
 
90.1%
 
91.0%
Park Valley Apartments
 
Smyrna, GA
 
496
 
1
 
495
 
468
 
94.4%
 
96.2%
PeakView at T-Bone Ranch
 
Greeley, CO
 
224
 
1
 
223
 
209
 
93.3%
 
95.3%
PeakView by Horseshoe Lake
 
Loveland, CO
 
222
 
1
 
221
 
208
 
93.7%
 
95.7%
Stoneridge Farms
 
Smyrna, TN
 
336
 
1
 
335
 
320
 
95.2%
 
96.4%
Fielder's Creek
 
Englewood, CO
 
217
 
1
 
216
 
209
 
96.3%
 
97.7%
Landings of Brentwood
 
Brentwood, TN
 
724
 
1
 
723
 
701
 
96.8%
 
98.0%
1250 West Apartments
 
Marietta, GA
 
468
 
1
 
467
 
438
 
93.6%
 
94.9%
Sixteen50 @ Lake Ray Hubbard
 
Rockwall, TX
 
334
 
1
 
333
 
322
 
96.4%
 
97.4%
Total
 
 
 
11,195
 
32
 
11,163
 
10,587
 
94.6%
 
96.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



17



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 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).




18
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