NEW YORK, Jan. 11, 2017 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company")
announced today the pricing of its public offering of 4,000,000
shares of its Class A common stock, at a price to the public of
$13.15 per share, for total net
proceeds of approximately $49.77
million after deducting underwriting discounts, commissions,
and estimated offering expenses payable by the Company.
Shares of the Company's Class A common stock trade on the
NYSE MKT under the ticker symbol "BRG."
The offering is expected to close on January 17, 2017, subject to the satisfaction of
customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to 600,000 additional
shares to cover overallotments, if any.
The Company intends to use the net proceeds of the offering for
future multifamily acquisitions and investments, and other general
corporate and working capital purposes, which may include the
funding of capital improvements at its properties.
Janney Montgomery Scott, Compass
Point, D.A. Davidson & Co. and
Wunderlich are serving as book-running managers for the offering.
FBR, Oppenheimer & Co. and Wedbush Securities Inc. are serving
as co-managers for the offering.
The offering is being made pursuant to the Company's shelf
registration statement, which was declared effective by
the U.S. Securities and Exchange Commission ("SEC") on
January 29, 2016. Copies of the
preliminary prospectus supplement and accompanying prospectus may
be obtained from the SEC's website
at www.sec.gov or by contacting: Janney Montgomery Scott, LLC, 1717 Arch Street,
Philadelphia, Pennsylvania 19103
or by email at prospectus@janney.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these shares or any other securities in any state in which such
offer, solicitation or sale would be unlawful, prior to
registration or qualification under the securities laws of any
state.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real
estate investment trust that focuses on acquiring a diversified
portfolio of Class A institutional-quality apartment properties in
demographically attractive growth markets to appeal to the renter
by choice. The Company's objective is to generate value through
off-market/relationship-based transactions and, at the asset level,
through improvements to operations and properties. The Company
generally invests with strategic regional partners, including some
of the best-regarded private owner-operators in the United States, enabling the Company to
operate as a local sharpshooter in each of its markets while
enhancing its off-market sourcing capabilities. The Company's Class
A Common Stock is included on the Russell 2000 and Russell 3000
Indexes. The Company has elected to be taxed as a real estate
investment trust (REIT) for U.S. federal income tax purposes.
Forward Looking Statements
This press release
contains statements that are "forward-looking
statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
Forward looking statements are statements that are not historical,
including statements regarding management's intentions, beliefs,
expectations, representations, plans or predictions of the future,
and are typically identified by such words as "believe," "expect,"
"anticipate," "intend," "estimate," "may," "will," "should" and
"could." Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from those
expressed or implied by such forward looking statements.
These forward-looking statements are based upon the Company's
present expectations, but these statements are not guaranteed to
occur, including, without limitation, with respect to the
completion of the proposed public offering on the terms described
or at all, and the Company's proposed use of net proceeds.
Furthermore, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, of new information, data or
methods, future events or other changes. Investors should not
place undue reliance upon forward-looking statements. For further
discussion of the factors that could affect outcomes, please refer
to the "Risk Factors" section of the preliminary prospectus
supplement and accompanying prospectus filed by the Company with
the SEC on January 10, 2017, and the
documents incorporated therein by reference, and in the Company's
annual and periodic reports and other documents filed with the SEC,
copies of which are available on the SEC's website,
www.sec.gov.
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SOURCE Bluerock Residential Growth REIT, Inc.