Maryland | 000-55428 | 36-4769184 | ||
(State or Other Jurisdiction | (Commission File Number) | (IRS Employer | ||
of Incorporation) | Identification No.) |
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)) |
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 |
Exhibits | Description | |||
99.1 |
STEADFAST APARTMENT REIT, INC. | |||
Date: | August 13, 2019 | By: | /s/ Kevin Keating |
Kevin Keating | |||
Chief Financial Officer and Treasurer |
18100 Von Karman Avenue Suite 500 Irvine, CA 92612 949.852.0700 |
Contact: | Jennifer Franklin |
Phone: | 949.333.1721 |
Email: | jfranklin@Stiracmg.com |
• | Owned as of June 30, 2019, a multifamily property portfolio of 34 properties, comprised of 11,601 apartment homes with an aggregate contract purchase price of $1.5 billion. |
• | Acquired land in Murfreesboro, TN, for the new development of apartment homes. |
• | Had $358.1 million of variable rate debt with a weighted average interest rate of 4.34% and $692.1 million of fixed rate debt with a weighted average interest rate of 4.47% as of June 30, 2019. The weighted average interest rate on the Company's total outstanding debt was 4.42% as of June 30, 2019. |
• | Net operating income (“NOI”) remained stable at $24.2 million and $48.2 million for the three and six months ended June 30, 2019, compared to $24.3 million and $48.3 million for the three and six months ended June 30, 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 a decrease in funds from operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts, to $6.5 million and $12.4 million for the three and six months ended June 30, 2019, from $8.7 million and $18.1 million for the three and six months ended June 30, 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 $7.0 million and $13.5 million for the three and six months ended June 30, 2019, from $8.6 million and $17.5 million for the three and six months ended June 30, 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.) |
• | Reported net cash provided by operating activities of $11.2 million for the six months ended June 30, 2019, compared to $18.8 million for the six months ended June 30, 2018. Net cash used in investing activities was $12.1 million for the six months ended June 30, 2019, compared to $7.7 million for the six months ended June 30, 2018. |
• | Reported net cash used in financing activities of $17.1 million for the six months ended June 30, 2019, compared to $16.7 million for the six months ended June 30, 2018, which included $12.5 million and $11.4 million of distributions paid, net of $10.8 million and $11.5 million in non-cash distributions paid pursuant to the Company's distribution reinvestment plan for the six months ended June 30, 2019 and 2018, respectively. |
• | Invested $9.9 million in improvements to the Company's real estate portfolio during the six months ended June 30, 2019, compared to $7.8 million for the six months ended June 30, 2018. |
June 30, 2019 | December 31, 2018 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Assets: | |||||||
Real Estate: | |||||||
Land | $ | 164,113,072 | $ | 164,113,072 | |||
Building and improvements | 1,421,049,714 | 1,411,198,832 | |||||
Total real estate held for investment, cost | 1,585,162,786 | 1,575,311,904 | |||||
Less accumulated depreciation and amortization | (255,443,023 | ) | (218,672,162 | ) | |||
Total real estate held for investment, net | 1,329,719,763 | 1,356,639,742 | |||||
Real estate under development: | |||||||
Real estate held for development | 2,576,467 | — | |||||
Total real estate, net | 1,332,296,230 | 1,356,639,742 | |||||
Cash and cash equivalents | 43,745,735 | 58,880,007 | |||||
Restricted cash | 10,913,822 | 13,858,768 | |||||
Rents and other receivables | 1,850,444 | 1,836,406 | |||||
Other assets | 2,870,473 | 2,923,725 | |||||
Total assets | $ | 1,391,676,704 | $ | 1,434,138,648 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 29,749,779 | $ | 32,330,278 | |||
Notes payable, net: | |||||||
Mortgage notes payable, net | 501,954,042 | 502,143,306 | |||||
Credit facilities, net | 548,256,798 | 548,012,437 | |||||
Total notes payable, net | 1,050,210,840 | 1,050,155,743 | |||||
Distributions payable | 3,856,773 | 3,953,499 | |||||
Due to affiliates | 2,634,840 | 1,711,168 | |||||
Total liabilities | 1,086,452,232 | 1,088,150,688 | |||||
Commitments and contingencies | |||||||
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, 52,142,845 and 51,723,801 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 521,428 | 517,238 | |||||
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 10 | 10 | |||||
Additional paid-in capital | 690,921,687 | 684,140,823 | |||||
Cumulative distributions and net losses | (386,218,653 | ) | (338,670,111 | ) | |||
Total stockholders’ equity | 305,224,472 | 345,987,960 | |||||
Total liabilities and stockholders’ equity | $ | 1,391,676,704 | $ | 1,434,138,648 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 42,887,126 | $ | 41,909,599 | $ | 85,204,046 | $ | 82,636,991 | ||||||||
Other income | 1,069,487 | 565,567 | 1,519,177 | 1,205,201 | ||||||||||||
Total revenues | 43,956,613 | 42,475,166 | 86,723,223 | 83,842,192 | ||||||||||||
Expenses: | ||||||||||||||||
Operating, maintenance and management | 10,496,086 | 10,439,849 | 20,537,351 | 20,414,684 | ||||||||||||
Real estate taxes and insurance | 6,443,394 | 5,962,503 | 13,024,583 | 11,647,883 | ||||||||||||
Fees to affiliates | 6,265,958 | 5,826,703 | 12,331,606 | 11,623,381 | ||||||||||||
Depreciation and amortization | 18,515,635 | 17,629,793 | 36,797,927 | 35,065,143 | ||||||||||||
Interest expense | 12,165,781 | 10,231,952 | 24,399,076 | 19,346,307 | ||||||||||||
Loss on debt extinguishment | — | — | 41,609 | — | ||||||||||||
General and administrative expenses | 2,062,769 | 1,330,544 | 3,943,353 | 2,709,066 | ||||||||||||
Total expenses | 55,949,623 | 51,421,344 | 111,075,505 | 100,806,464 | ||||||||||||
Net loss | $ | (11,993,010 | ) | $ | (8,946,178 | ) | $ | (24,352,282 | ) | $ | (16,964,272 | ) | ||||
Loss per common share — basic and diluted | $ | (0.23 | ) | $ | (0.17 | ) | $ | (0.47 | ) | $ | (0.33 | ) | ||||
Weighted average number of common shares outstanding — basic and diluted | 52,123,442 | 51,186,141 | 51,999,327 | 51,081,717 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Reconciliation of net loss to MFFO: | |||||||||||||||
Net loss | $ | (11,993,010 | ) | $ | (8,946,178 | ) | $ | (24,352,282 | ) | $ | (16,964,272 | ) | |||
Depreciation of real estate assets | 18,515,635 | 17,629,793 | 36,797,927 | 35,065,143 | |||||||||||
FFO | 6,522,625 | 8,683,615 | 12,445,645 | 18,100,871 | |||||||||||
Acquisition fees and expenses (1)(2) | 449,711 | — | 808,468 | — | |||||||||||
Unrealized loss (gain) on derivative instruments | 20,107 | (131,281 | ) | 199,723 | (578,894 | ) | |||||||||
Loss on debt extinguishment | — | — | 41,609 | — | |||||||||||
MFFO | $ | 6,992,443 | $ | 8,552,334 | $ | 13,495,445 | $ | 17,521,977 |
(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, acquisition fees and expenses are capitalized and depreciated under certain conditions. The Company elected to early adopt ASU 2017-01 but did not experience a material impact from adopting this new guidance. 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 us, 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 three and six months ended June 30, 2019 and 2018, include acquisition expenses of $449,711 and $808,468 and $0 and $0, respectively, that did not meet the criteria for capitalization under ASU 2017-01 and were recorded in general and administrative expenses in the consolidated statements of operations. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Net loss | $ | (11,993,010 | ) | $ | (8,946,178 | ) | $ | (24,352,282 | ) | $ | (16,964,272 | ) | |||||
Fees to affiliates (1) | 4,174,176 | 4,281,765 | 8,334,328 | 8,544,018 | |||||||||||||
Depreciation and amortization | 18,515,635 | 17,629,793 | 36,797,927 | 35,065,143 | |||||||||||||
Interest expense | 12,165,781 | 10,231,952 | 24,399,076 | 19,346,307 | |||||||||||||
Loss on debt extinguishment | — | — | 41,609 | — | |||||||||||||
General and administrative expenses | 2,062,769 | 1,330,544 | 3,943,353 | 2,709,066 | |||||||||||||
Other gains (2) | (741,786 | ) | (186,668 | ) | (923,169 | ) | (373,763 | ) | |||||||||
Net operating income | $ | 24,183,565 | $ | 24,341,208 | $ | 48,240,842 | $ | 48,326,499 |
(1) | Fees to affiliates for the three and six months ended June 30, 2019, exclude property management fees of $1,245,150 and $2,479,427 and other reimbursements of $846,632 and $1,517,851, respectively, that are included in NOI. Fees to affiliates for the three and six months ended June 30, 2018, exclude property management fees of $1,221,040 and $2,412,207 and other reimbursements of $323,898 and $667,156, respectively, that are included in NOI. |
(2) | Other gains for the three and six months ended June 30, 2019 and 2018, includes non-recurring insurance claim recoveries and interest income that are not included in NOI. |
Monthly Portfolio Snapshot | APRIL 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% | 96.8% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 282 | 91.9% | 94.3% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 243 | 93.5% | 94.4% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 286 | 94.1% | 95.0% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 1 | 695 | 651 | 93.5% | 95.5% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 2 | 498 | 470 | 94.0% | 96.2% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 242 | 96.0% | 97.4% | |||||||
Columns on Wetherington | Florence, KY | 192 | – | 192 | 186 | 96.9% | 98.6% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 429 | 92.5% | 95.3% | |||||||
Eagle Lake Landing Apartments | Speedway, IN | 277 | – | 277 | 261 | 94.2% | 96.7% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 208 | 94.5% | 96.7% | |||||||
Randall Highlands Apartments | North Aurora, IL | 146 | 1 | 145 | 140 | 95.9% | 97.9% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | – | 105 | 101 | 96.2% | 97.8% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 168 | 93.3% | 98.9% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 1 | 719 | 667 | 92.6% | 94.6% | |||||||
Bella Terra at City Center | Aurora, CO | 304 | 1 | 303 | 286 | 94.1% | 96.1% | |||||||
Hearthstone at City Center | Aurora, CO | 360 | 1 | 359 | 340 | 94.4% | 95.2% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | 3 | 699 | 621 | 88.5% | 90.5% | |||||||
Carrington Park | Kansas City, MO | 298 | 1 | 297 | 276 | 92.6% | 94.7% | |||||||
Delano at North Richland Hills | North Richland Hills, TX | 263 | 1 | 262 | 255 | 97.0% | 98.8% | |||||||
Meadows at North Richland Hills | North Richland Hills, TX | 252 | 1 | 251 | 235 | 93.3% | 94.9% | |||||||
Kensington by the Vineyard | Euless, TX | 259 | 1 | 258 | 246 | 95.0% | 95.7% | |||||||
Monticello by the Vineyard | Euless, TX | 354 | 1 | 353 | 334 | 94.4% | 95.5% | |||||||
The Shores | Oklahoma City, OK | 300 | 1 | 299 | 281 | 93.7% | 94.7% | |||||||
Lakeside at Coppell | Coppell, TX | 315 | 1 | 314 | 302 | 95.9% | 98.0% | |||||||
Meadows at River Run | Bolingbrook, IL | 374 | 1 | 373 | 332 | 88.8% | 91.1% | |||||||
Park Valley Apartments | Smyrna, GA | 496 | 1 | 495 | 467 | 94.2% | 95.4% | |||||||
PeakView at T-Bone Ranch | Greeley, CO | 224 | 2 | 222 | 206 | 92.0% | 94.7% | |||||||
PeakView by Horseshoe Lake | Loveland, CO | 222 | 1 | 221 | 213 | 95.9% | 97.4% | |||||||
Stoneridge Farms | Smyrna, TN | 336 | 1 | 335 | 326 | 97.0% | 98.4% | |||||||
Fielder's Creek | Englewood, CO | 217 | 1 | 216 | 205 | 94.5% | 96.5% | |||||||
Landings of Brentwood | Brentwood, TN | 724 | 1 | 723 | 689 | 95.2% | 96.5% | |||||||
1250 West Apartments | Marietta, GA | 468 | 4 | 464 | 433 | 92.5% | 94.4% | |||||||
Sixteen50 @ Lake Ray Hubbard | Rockwall, TX | 334 | 1 | 333 | 318 | 95.2% | 96.6% | |||||||
Total | 11,601 | 38 | 11,563 | 10,867 | 93.7% | 95.5% | ||||||||
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% | ||||||||||
Monthly Portfolio Snapshot | MAY 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 | 170 | 96.6% | 97.8% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 283 | 92.2% | 95.7% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 241 | 92.7% | 94.2% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 289 | 95.1% | 96.2% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 1 | 695 | 650 | 93.4% | 95.4% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 2 | 498 | 471 | 94.2% | 96.7% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 242 | 96.0% | 97.4% | |||||||
Columns on Wetherington | Florence, KY | 192 | – | 192 | 185 | 96.4% | 97.0% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 427 | 92.0% | 95.1% | |||||||
Eagle Lake Landing Apartments | Speedway, IN | 277 | – | 277 | 262 | 94.6% | 96.7% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 207 | 94.1% | 96.6% | |||||||
Randall Highlands Apartments | North Aurora, IL | 146 | 1 | 145 | 142 | 97.3% | 98.6% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | – | 105 | 100 | 95.2% | 95.9% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 168 | 93.3% | 97.7% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 1 | 719 | 659 | 91.5% | 94.7% | |||||||
Bella Terra at City Center | Aurora, CO | 304 | 1 | 303 | 290 | 95.4% | 97.5% | |||||||
Hearthstone at City Center | Aurora, CO | 360 | 1 | 359 | 338 | 93.9% | 95.4% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | 3 | 699 | 624 | 88.9% | 92.1% | |||||||
Carrington Park | Kansas City, MO | 298 | 1 | 297 | 283 | 95.0% | 96.5% | |||||||
Delano at North Richland Hills | North Richland Hills, TX | 263 | 1 | 262 | 254 | 96.6% | 97.7% | |||||||
Meadows at North Richland Hills | North Richland Hills, TX | 252 | 1 | 251 | 230 | 91.3% | 94.4% | |||||||
Kensington by the Vineyard | Euless, TX | 259 | 1 | 258 | 245 | 94.6% | 97.1% | |||||||
Monticello by the Vineyard | Euless, TX | 354 | 1 | 353 | 330 | 93.2% | 95.3% | |||||||
The Shores | Oklahoma City, OK | 300 | 1 | 299 | 280 | 93.3% | 94.6% | |||||||
Lakeside at Coppell | Coppell, TX | 315 | 1 | 314 | 302 | 95.9% | 97.8% | |||||||
Meadows at River Run | Bolingbrook, IL | 374 | 1 | 373 | 337 | 90.1% | 92.9% | |||||||
Park Valley Apartments | Smyrna, GA | 496 | 1 | 495 | 468 | 94.4% | 96.1% | |||||||
PeakView at T-Bone Ranch | Greeley, CO | 224 | 1 | 223 | 208 | 92.9% | 95.8% | |||||||
PeakView by Horseshoe Lake | Loveland, CO | 222 | 1 | 221 | 214 | 96.4% | 97.1% | |||||||
Stoneridge Farms | Smyrna, TN | 336 | 1 | 335 | 316 | 94.0% | 95.8% | |||||||
Fielder's Creek | Englewood, CO | 217 | 1 | 216 | 206 | 94.9% | 97.0% | |||||||
Landings of Brentwood | Brentwood, TN | 724 | 1 | 723 | 688 | 95.0% | 96.7% | |||||||
1250 West Apartments | Marietta, GA | 468 | 7 | 461 | 436 | 93.2% | 94.7% | |||||||
Sixteen50 @ Lake Ray Hubbard | Rockwall, TX | 334 | 1 | 333 | 317 | 94.9% | 96.2% | |||||||
Total | 11,601 | 40 | 11,561 | 10,862 | 93.6% | 95.7% | ||||||||
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% | ||||||||||
Monthly Portfolio Snapshot | JUNE 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 | 96.6% | 96.6% | |||||||
Harrison Place Apartments | Indianapolis, IN | 307 | 1 | 306 | 288 | 92.8% | 97.6% | |||||||
Club at Summer Valley | Austin, TX | 260 | 1 | 259 | 241 | 94.2% | 95.1% | |||||||
Terrace Cove Apartment Homes | Austin, TX | 304 | 2 | 302 | 291 | 94.1% | 96.9% | |||||||
The Residences on McGinnis Ferry | Suwanee, GA | 696 | 1 | 695 | 646 | 93.8% | 94.9% | |||||||
The 1800 at Barrett Lakes | Kennesaw, GA | 500 | 2 | 498 | 463 | 93.2% | 96.4% | |||||||
The Oasis | Colorado Springs, CO | 252 | 1 | 251 | 239 | 95.6% | 97.0% | |||||||
Columns on Wetherington | Florence, KY | 192 | – | 192 | 184 | 96.4% | 98.9% | |||||||
Preston Hills at Mill Creek | Buford, GA | 464 | 1 | 463 | 429 | 94.8% | 95.9% | |||||||
Eagle Lake Landing Apartments | Speedway, IN | 277 | – | 277 | 262 | 93.9% | 97.1% | |||||||
Reveal on Cumberland | Fishers, IN | 220 | 1 | 219 | 209 | 94.5% | 98.5% | |||||||
Randall Highlands Apartments | North Aurora, IL | 146 | 1 | 145 | 140 | 95.2% | 97.1% | |||||||
Heritage Place Apartments | Franklin, TN | 105 | – | 105 | 100 | 96.2% | 96.4% | |||||||
Rosemont at East Cobb | Marietta, GA | 180 | 1 | 179 | 168 | 93.9% | 97.2% | |||||||
Ridge Crossings Apartments | Birmingham, AL | 720 | 1 | 719 | 659 | 93.5% | 94.8% | |||||||
Bella Terra at City Center | Aurora, CO | 304 | 1 | 303 | 291 | 93.8% | 97.0% | |||||||
Hearthstone at City Center | Aurora, CO | 360 | 1 | 359 | 344 | 93.6% | 96.8% | |||||||
Arbors at Brookfield | Mauldin, SC | 702 | 3 | 699 | 634 | 92.7% | 92.3% | |||||||
Carrington Park | Kansas City, MO | 298 | 1 | 297 | 283 | 93.6% | 96.7% | |||||||
Delano at North Richland Hills | North Richland Hills, TX | 263 | 1 | 262 | 250 | 98.1% | 97.2% | |||||||
Meadows at North Richland Hills | North Richland Hills, TX | 252 | 1 | 251 | 232 | 93.7% | 94.8% | |||||||
Kensington by the Vineyard | Euless, TX | 259 | 1 | 258 | 248 | 93.4% | 97.0% | |||||||
Monticello by the Vineyard | Euless, TX | 354 | 1 | 353 | 336 | 95.8% | 97.4% | |||||||
The Shores | Oklahoma City, OK | 300 | 1 | 299 | 281 | 94.0% | 94.8% | |||||||
Lakeside at Coppell | Coppell, TX | 315 | 1 | 314 | 303 | 94.3% | 97.8% | |||||||
Meadows at River Run | Bolingbrook, IL | 374 | 1 | 373 | 341 | 89.6% | 92.4% | |||||||
Park Valley Apartments | Smyrna, GA | 496 | 1 | 495 | 466 | 94.4% | 95.8% | |||||||
PeakView at T-Bone Ranch | Greeley, CO | 224 | 1 | 223 | 212 | 93.3% | 96.6% | |||||||
PeakView by Horseshoe Lake | Loveland, CO | 222 | 1 | 221 | 211 | 96.8% | 96.3% | |||||||
Stoneridge Farms | Smyrna, TN | 336 | 1 | 335 | 317 | 96.7% | 96.2% | |||||||
Fielder's Creek | Englewood, CO | 217 | 1 | 216 | 206 | 95.4% | 97.3% | |||||||
Landings of Brentwood | Brentwood, TN | 724 | 1 | 723 | 696 | 94.5% | 97.6% | |||||||
1250 West Apartments | Marietta, GA | 468 | 7 | 461 | 433 | 91.7% | 94.3% | |||||||
Sixteen50 @ Lake Ray Hubbard | Rockwall, TX | 334 | 1 | 333 | 314 | 95.2% | 96.1% | |||||||
Total | 11,601 | 40 | 11,561 | 10,885 | 93.8% | 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% | ||||||||||
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). |
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