Steadfast Apartment REIT completed the merger with Steadfast Income REIT and Steadfast Apartment REIT III, creating a combined company with c. $3.4bn in gross real estate asset value. In exchange for each share of SIR and STAR III common stock, SIR and STAR III stockholders received 0.5934 and 1.43 shares, respectively, of STAR common stock, which is equivalent to $9.40 per SIR share and $22.65 per STAR III share, based on STAR's most recent estimated value per share of $15.84. "We appreciate the confidence of our stockholders who voted overwhelmingly in favor of these transactions. As a result, STAR has an enhanced and diversified portfolio that is concentrated in high growth markets. Additionally, we now expect better access to attractive capital sources that can be used to drive future growth opportunities," Rodney F. Emery, Steadfast Apartment REIT Chairman.