IRVINE, Calif.–(BUSINESS WIRE)–Steadfast Apartment REIT, Inc. (STAR) announced today the determination of an estimated value per share of the company’s common stock of $14.46 as of December 31, 2015.
The estimated value per share was determined by STAR’s board of directors after independent, third-party firms conducted property-level and aggregate valuation analyses on STAR’s 30 apartment community properties plus cash and other assets, less the estimated value of outstanding mortgage debt and other liabilities, divided by the number of shares issued and outstanding on an adjusted fully diluted basis.
“We believe this estimated value per share reflects one of the non-traded REIT industry’s best valuations relative to initial share price in the shortest time since escrow break,” said Ella Neyland, president of Steadfast Apartment REIT. “We feel this highlights the successful execution of our strategy of bringing institutional-quality management to our portfolio of apartment properties, and then making comparatively minor aesthetic improvements that have a significant impact on the property’s revenue and resale value.”
The REIT, which closed to new investments on March 24, 2016, conducted its valuation in accordance with guidelines issued by the Investment Program Association.
About Steadfast Apartment REIT
Steadfast Apartment REIT has invested more than $1.25 billion in 31 apartment communities in 11 states. Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.
This release contains certain forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of Steadfast Apartment REIT’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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