Steadfast Apartment REIT Discloses Higher NAV
April 17, 2018 | Beth Glavosek | Blue Vault
In a filing on April 13, Steadfast Apartment REIT announced an estimated value per share of $15.18 as of December 31, 2017. This amount is another in a series of steadily increasing share valuations since the REIT ceased offering shares on March 24, 2016. The previous valuation on December 31, 2016, was $14.85 per share.
Notably, the REIT appears to have overcome fee hurdles. When full commissions and fees were applied to investors’ initial public offering price of $15, per-share proceeds in the REIT would have equated to $13.22.
Steadfast expects to continue to create value by undertaking renovations on certain assets, maintaining portfolio occupancy, and actively managing the portfolio to increase net cash flow and NAV.
Blue Vault’s Q4 2017 report on the nontraded REIT shows the Company owns a portfolio of 34 multifamily properties with a total of 11,601 units that were 93.1% occupied at December 31, 2017. At the current distribution rate, the REIT’s distribution yield is at 6.00% based upon the original offering price of $15.00 per share.
Sources: 8-K filed April 13, 2018, and Blue Vault Partners, LLC
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