Steadfast Apartment REIT Declares March Distributions
February 23, 2021 | James Sprow | Blue Vault
On February 18, 2021, the Board of Directors of Steadfast Apartment REIT, Inc. (the “Company”), approved and authorized a daily distribution to stockholders of record as of the close of business on each day for the period commencing on March 1, 2021, and ending on March 31, 2021. The distributions will be equal to $0.00143836 per share of the Company’s common stock per day. The distributions for each record date in March 2021 will be paid in April 2021. The distributions will be payable to stockholders from legally available funds, therefore.
In a January 14, 2021, letter to shareholders, the Company announced that the annualized distribution rate for a share of its common stock would be $0.5250, a decrease from the annualized distribution payment of $0.90 per share that the Company had historically paid. That rate was reflected in the payment made in early March for the month of February.
Separately, the board of directors determined to limit the Company’s share repurchase plan to instances of death and qualifying disability. This change will be in effect on the next repurchase date at the end of April 2021. Death and disability requests will be limited to $3 million per quarter.
On October 30, 2020, the Company fulfilled $4 million in repurchase requests, representing 282,220 shares of outstanding and unfulfilled repurchase requests. The total number of shares requested to be repurchased in Q3 2020 was 1,568,908. At that time the Company repurchased shares at prices determined to be 93% of the most recently disclosed estimated value per share regardless of the holding period.
Source: SEC
