IRVINE,CA-Steadfast Income REIT Inc. says its board of directors has determined not to pursue a follow-on offering of its common stock. SIR will promptly withdraw the registration statement for its follow-on offering previously filed.
he board of directors also determined to discontinue SIR's ongoing initial public offering on December 20, 2013.

“The Board is committed to maximizing the total potential return to shareholders and originally felt that a limited follow-on offering would ultimately be necessary to position the REIT to be most marketable in the future,” said Rodney Emery, CEO of Steadfast Income REIT. “However, since filing the registration statement in May, we have acquired an additional 22 properties for over $600 million, and now believe the portfolio has grown to a size that will enhance our liquidity options, making a follow-on offering unnecessary.”

Since launching publicly in July 2010, the SIR portfolio has grown to include 57 apartment communities in 11 Midwestern and Southern states purchased for over $1.3 billion.

Steadfast Income REIT is a real estate investment trust that intends to acquire and operate a diverse portfolio of real estate investments focused primarily on the multifamily sector, including stable, income-producing and value-added properties. Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies, an Orange County-based group of affiliated real estate investment companies that acquire, develop and manage real estate in the U.S. and Mexico.

Instant Insights /

Steadfast REIT Withdraws Follow-on Offering

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