Bluerock Residential Growth REIT announced plans to redeem 1,393,294 shares of its 8.250% Series A Cumulative Redeemable Preferred Stock on October 21, 2020, which represents approximately 25% of the total outstanding shares. Each share will be redeemed at a price of $25.00 plus accrued dividends, totaling $25.120313. Additionally, a cash dividend of $0.515625 will be paid on October 5, 2020 for the previous quarter. Post-redemption, the shares will cease to accrue dividends, and the rights of holders will terminate, except for cash payment.
Bluerock Residential Growth REIT reported a strong performance for August 2020, with rent collections from multifamily properties hitting 97%, including 1% from payment plans. The company's occupancy rate remained stable at approximately 95.4% as of August 31, 2020. This stability is attributed to its focus on knowledge economy markets and the management of affordable luxury apartments. The REIT is part of the Russell 2000 and Russell 3000 Indexes and aims to create value through strategic acquisitions and improvements.
On September 11, 2020, Bluerock Residential Growth REIT (NYSE American: BRG) announced the declaration of quarterly cash dividends for Q3 2020. The Class A and Class C common stock dividends are set at $0.1625 per share, while the Series A, Series C, and Series D preferred dividends are $0.515625, $0.4765625, and $0.4453125 per share, respectively. All dividends are payable on October 5, 2020, to stockholders of record as of September 25, 2020.
Bluerock Residential Growth REIT (NYSE American: BRG) reported a 1.1% increase in total revenues for Q2 2020, totaling $53.0 million. Net income attributable to common stockholders was $15.1 million, compared to a net loss of $11.0 million last year. Property NOI grew by 5.5% to $29.1 million, with a 61.1% operating margin. Same store occupancy rose to 94.7% and average rent increased 1.6%. Total cash reserves stood at $236.2 million. The company remains cautious regarding future economic impacts from COVID-19.
Bluerock Residential Growth REIT (NYSE: BRG) reported strong rent collections of 97% for Q2 2020, including 1% from payment plans. Occupancy increased from 94% to 95% as of June 30, 2020. The company attributes its stability to its focus on knowledge economy markets and Class A affordable luxury apartment communities targeted at renters in stable employment sectors. Financial results for the second quarter will be released on August 10, 2020, with a conference call scheduled for the same day at 11:00 AM ET.
Bluerock Residential Growth REIT (NYSE American: BRG) declared monthly cash dividends for Q3 2020 on its Series B and Series T Redeemable Preferred Stock. The Series B Preferred Dividends amount to $15.00 per share, payable in installments of $5.00 on August 5, September 4, and October 5, 2020. The Series T Preferred Dividends total $0.384375 per share, with payments of $0.128125 on August 5, September 4, and October 5, 2020. These dividends are aimed at providing consistent income to shareholders and reflect the company's confidence in its financial stability.