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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
