Steadfast Apartment REIT III Reports Second Quarter 2017 Results
Steadfast Apartment REIT III Inc., a publicly registered non-traded real estate investment trust, announced its operating results for the second quarter of 2017.
Second Quarter 2017 Highlights:
• For the three months ended June 30, 2017, the company had total revenues of $3.6 million compared to $0.1 million for the same period in 2016.
• Net loss was $2.6 million in the second quarter of 2017 compared to $0.8 million over the same period in 2016.
• Increased modified funds from operations to $173,684 for the second quarter of 2017, compared to ($348,847) for the same period in 2016.
• Increased funds from operations to ($92,319) for the three months ended June 30, 2017, from ($723,734) during the same period in 2016.
• Increased net operating income to $2 million during the second quarter of 2017, compared to $72,903 during the second quarter of 2016.
• Acquired one 300-unit multifamily property for $45.2 million, inclusive of closing costs, during the second quarter of 2017.
• Total assets of the company grew from $117.4 million at December 31, 2016, to $211.1 million at June 30, 2017.
• Had $123.8 million of variable rate debt with a weighted average interest rate of 3.60 percent, which represented the company’s total outstanding debt as of June 30, 2017.
• Reported net cash used in operating activities of $10,676 for the six months ended June 30, 2017, compared to $65,232 for the six months ended June 30, 2016.
• Net cash used in investing activities was $80.8 million for the six months ended June 30, 2017, compared to $7.7 million for the six months ended June 30, 2016.
• Raised $96 million in public offering proceeds net of offering costs from the sale of 2.3 million shares of Class A common stock, 0.2 million shares of Class R common stock and 2.1 million shares of Class T common stock in its public offering through June 30, 2017, including shares issued pursuant to the distribution reinvestment plan.
Steadfast Apartment REIT III, which invests in middle-market apartments and senior living facilities located throughout the United States, went effective in February 2016 and had raised nearly $115.4 million in investor equity, as of July 21, 2017. The company’s portfolio consists of six properties with a total purchase price of $242 million.
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