UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
September 15, 2020
STEADFAST APARTMENT REIT, INC.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 000-55428 | 36-4769184 | ||||||
| (State or Other Jurisdiction of | (Commission File Number) | (I.R.S. Employer | ||||||
| Incorporation or Organization) | Identification No.) | |||||||
18100 Von Karman Avenue, Suite 200 | ||
| Irvine, California 92612 | ||
| (Address of Principal Executive Offices, including Zip Code) | ||
Registrant’s Telephone Number, Including Area Code: (949) 569-9700
18100 Von Karman Avenue, Suite 500 | ||
| Irvine, California 92612 | ||
| (Address of Principal Executive Offices, including Zip Code) | ||
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||
Securities registered pursuant to Section 12(b) of the Act: None
| 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 ☐
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. ☐
Item 8.01 Other Events.
Distribution Declaration
On September 15, 2020, the Board of Directors (the “Board”) of Steadfast Apartment REIT, Inc. (the “Company”) approved and authorized a daily distribution to stockholders of record as of the close of business on each day for the period commencing on October 1, 2020 and ending on October 31, 2020. The distributions will be equal to $0.002459 per share of the Company’s common stock per day. The distributions for each record date in October 2020 will be paid in November 2020. The distributions will be payable to stockholders from legally available funds therefor.
Changes to Independent Director Compensation
On September 15, 2020, the Board approved immediately effective revisions to the compensation paid to the independent directors of the Board as follows: each independent director will receive an annual retainer equal to $75,000 in cash and $75,000 in shares of the Company’s common stock (subject to vesting); an annual cash retainer of $25,000 for the lead independent director; and an annual cash retainer of $15,000 for the chairman of the Audit Committee. Additionally, the independent directors each will receive $2,000 in cash per Board or committee meeting, whether held in person or telephonically, with a meeting fee cap of $4,000 for any day. Such revised amounts will be prorated for the remainder of the year ending December 31, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STEADFAST APARTMENT REIT, INC. | |||||||||||
| Date: | September 18, 2020 | By: | /s/ Ella S. Neyland | ||||||||
| Ella S. Neyland | |||||||||||
| President, Chief Financial Officer and Treasurer | |||||||||||