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Bluerock Residential Growth REIT, Inc. (BRG) was a real estate investment trust that focused on acquiring, developing, and managing multifamily apartment communities across the United States before its acquisition by Blackstone Real Estate affiliates.
The company specialized in institutional-quality, highly amenitized live/work/play residential properties located in knowledge economy growth markets. Bluerock Residential Growth REIT targeted Class A and Class B+ multifamily housing in demographically attractive markets characterized by strong employment growth and favorable population migration trends.
The company's portfolio primarily consisted of garden-style apartment communities and mid-rise residential buildings in high-growth Sunbelt markets and knowledge economy corridors throughout the southeastern and southwestern United States. Key target markets included metropolitan areas in Texas, Florida, North Carolina, Georgia, Tennessee, Arizona, and Colorado.
Bluerock Residential Growth REIT was structured as an externally managed REIT with operations overseen by Bluerock Real Estate, L.L.C. The company was included in both the Russell 2000 and Russell 3000 indexes during its time as a publicly traded entity.
The company was subsequently acquired by affiliates of Blackstone Real Estate in a transaction valued at approximately $3.6 billion. Prior to the acquisition, the company's single-family rental business was spun off into Bluerock Homes Trust, Inc. Following the completion of the acquisition, BRG's shares were delisted from the NYSE American exchange.
Note: BRG is no longer publicly traded. Historical news coverage remains available for reference purposes.
Bluerock Residential Growth REIT (BRG) reported its Q2 2021 financial results, highlighting a net loss of $5.4 million, or $0.21 per diluted share, compared to a net income of $15.1 million in Q2 2020. Rental revenues increased by 4.2% to $49.7 million, with property NOI rising 5.8% to $30.8 million. The company completed 248 unit upgrades, achieving an average ROI of 24%. Despite challenges, core funds from operations grew to $6.0 million. The firm reaffirmed its CFFO guidance for 2021, projecting earnings in the range of $0.65 to $0.70 per share.
Bluerock Residential Growth REIT (NYSE: BRG) plans to announce its Q2 2021 financial results on August 5, 2021, before market opening. A conference call will be held on the same day at 11:00 AM EDT for discussions and Q&A. Investors can preregister for the call or dial in on the day. Bluerock focuses on acquiring and developing high-quality live/work/play apartment communities. The company maintains its REIT status for tax purposes and aims to generate value through off-market transactions and property enhancements.
Bluerock Residential Growth REIT (NYSE American: BRG) announced its third-quarter 2021 cash dividends for Series B and Series T Preferred Stock. The Series B dividends total $15.00 per share, with payments of $5.00 scheduled for August 5, September 3, and October 5, 2021. The Series T dividends total $0.384375 per share, with payments of $0.128125 scheduled for the same dates. Both dividends are payable to record shareholders, underscoring BRG's commitment to delivering shareholder value.
Bluerock Residential Growth REIT (NYSE American: BRG) declared its second quarter 2021 dividends, amounting to $0.1625 per share for Class A and Class C common stocks. The Series C Cumulative Redeemable Preferred Stock will pay $0.4765625 per share, while the Series D Cumulative Preferred Stock will pay $0.4453125 per share. These dividends will be payable on July 2, 2021, to shareholders on record as of June 25, 2021.
Bluerock Residential Growth REIT (NYSE American: BRG) reported significant financial recovery for Q1 2021, with net income of $23.6 million ($1.00 per diluted share), contrasting with a $16.5 million loss in Q1 2020. Core funds from operations (CFFO) decreased to $5.3 million ($0.16 per diluted share) due to increased expenses. Portfolio occupancy improved to 95.8%, while total revenues rose 1.4% to $51.1 million. The company sold assets generating $303 million in gross sales, strengthening its balance sheet, which held $260.5 million in cash as of March 31, 2021.
Bluerock Residential Growth REIT (NYSE: BRG) will announce its financial results for Q1 2021 on May 10, 2021, prior to market open. Following the results, a conference call will take place at 11:00 AM ET the same day, offering insights through prepared remarks and a Q&A session. Investors are encouraged to pre-register for the call, which will also be accessible via webcast for replay until June 10, 2021. As a REIT, Bluerock focuses on acquiring and developing high-quality residential communities in attractive markets.
Bluerock Residential Growth REIT has declared monthly cash dividends for Q2 2021 on its Series B and Series T Redeemable Preferred Stock. The Series B dividends total $15.00 per share, payable at $5.00 on May 5, June 4, and July 2, 2021. The Series T dividends total $0.384375 per share, with payments of $0.128125 on the same dates as the Series B dividends. This decision reflects the company’s commitment to shareholder returns amidst its ongoing operations in the real estate sector.
Bluerock Residential Growth REIT (NYSE: BRG) announced strong preliminary February metrics, reporting 97% rent collections from its multifamily properties and an occupancy rate of 95.6% as of February 28, 2021. The Company attributes its stable performance to its focus on knowledge economy markets and its portfolio of Class A affordable luxury apartments, catering to tenants with better wage-to-rent ratios. BRG aims to expand its portfolio through targeted acquisitions and improvements, maintaining its inclusion in the Russell 2000 and 3000 Indexes.
Bluerock Residential Growth REIT (NYSE American: BRG) has declared quarterly cash dividends for the first quarter of 2021. Shareholders will receive $0.1625 per share for Class A and Class C common stocks, payable on April 5, 2021, to those on record as of March 25, 2021. Additionally, dividends for preferred stocks include $0.4765625 for the Series C and $0.4453125 for the Series D, also payable on April 5. The company aims to generate value through strategic transactions and property enhancements.
Bluerock Residential Growth REIT (NYSE American: BRG) reported a 6.6% increase in Q4 2020 revenues to $56 million, despite a net loss of $1.13 per diluted share. The company's property NOI grew 9.7% to $30.9 million, with portfolio occupancy at 95.4%. They continued to collect 97% of rents and executed substantial share repurchases. Full-year revenues rose 4.7% to $219.8 million. However, net loss per share for the year increased to $1.91. The company anticipates 2021 CFFO between $0.65 and $0.70 per share, emphasizing a stronger second half.
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