Bluerock Residential Growth REIT, Inc. (BRG) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Exhibit 99.1

 

 

 

For Immediate Release

 

Bluerock Residential Growth REIT Announces Fourth Quarter and Full Year 2017 Results

 

- Company Exceeds Fourth Quarter 2017 Guidance –

- Invested Over $788 million in 2017 -

- Provides Guidance for 2018 -

 

New York, NY (February 14, 2018) – Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (“the Company”), an owner of highly amenitized multi-family apartment communities, announced today its financial results for the quarter and year ended December 31, 2017.

 

Fourth Quarter Highlights

 

Total revenues grew 54% to $36.5 million for the quarter from $23.7 million in the prior year priod. Net loss attributable to common stockholders for the fourth quarter of 2017 was ($1.87) per share, as compared to net loss attributable to common stockholders of ($0.34) per share in the prior year period. The Company’s performance during the fourth quarter was impacted by the timing of its investment activity and the utilization of the cash on its balance sheet late in the quarter.

 

Adjusted funds from operations (“AFFO”) per share is $0.13 for the quarter as compared to $0.18 in fourth quarter 2016, and exceeded guidance of $0.03 to $0.06 per share.

 

Property Net Operating Income (“NOI”) grew 37.6% to $20.2 million, from $14.7 million in the prior year period.

 

Same store NOI decreased 0.6%, as compared to the prior year period, primarily due to two properties located in Dallas, Texas. Same store revenue and NOI growth were 4.6% and 1.4%, respectively, excluding the two Dallas, Texas properties.

 

Consolidated real estate investments, at cost, increased 41% to $1.5 billion at December 31, 2017 from $1.0 billion at December 31, 2016.

 

Invested approximately $189 million of equity into approximately $509 million of real estate transactions, including four operating properties, the origination of three development mezzanine loans, and the buyouts of minority ownership interests in five assets.

 

Entered into a $150 million credit agreement, with an accordion borrowing feature up to $250 million.

 

Successfully became a self-managed real estate investment trust with the internalization of management.

 

Management Commentary

 

“2017 was a significant year in the Company’s evolution as we accomplished a number of milestones which position us well for 2018 and beyond,” said Ramin Kamfar, Chairman and CEO. “Importantly, we achieved one of our key IPO goals and completed the internalization of our management function, creating further alignment of management with our shareholders. During the year we also completed more than $788 million in investments, including $353 million in the fourth quarter, in operating properties, mezzanine loans and increases in already existing property ownership. While we did not fully benefit from these investments in our fourth quarter due to their timing, we are pleased with our ability to deploy our cash into attractive assets and are well-positioned to demonstrate the earnings potential of our portfolio in 2018 and beyond. Finally, we established our first revolving credit facility, entering into a $150 million bank line of credit, which along with our ongoing opportunistic use of our 6% Series B Preferred Stock Offering, provides us with flexibility and access to cost effective capital. We remain focused on our strategy of owning highly amenitized communities in targeted knowledge-economy growth markets, and with a robust pipeline of compelling investment opportunities we are confident in our outlook.”

 


The following information was filed by Bluerock Residential Growth REIT, Inc. on Wednesday, February 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Companies may provide additional information to their SEC Filings as exhibits. Click a link below to view an exhibit that was filed with this report:

Exhibit 12.1 - STATEMENT REGARDING CALCULATION OF RATIOS

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 31.2 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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Exhibit 99.2 - ADDITIONAL EXHIBITS

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Exhibit 99.3 - ADDITIONAL EXHIBITS

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Exhibit 99.4 - ADDITIONAL EXHIBITS

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Exhibit 99.5 - ADDITIONAL EXHIBITS

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Exhibit 99.6 - ADDITIONAL EXHIBITS

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Exhibit 99.7 - ADDITIONAL EXHIBITS

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Exhibit 99.8 - ADDITIONAL EXHIBITS

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001144204-18-014420
  • Filing Date: Tuesday, March 13, 2018
  • Accepted by the SEC: Tuesday, March 13, 2018 5:18:28 PM EST
  • Period Ending: December 2017