NEW YORK, Dec. 20, 2017 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company")
today announced that its Board of Directors has revised the
Company's dividend policy for the Company's Class A common stock
(the "Class A Common Stock") and set an annual dividend rate of
$0.65 per share. The new
dividend rate falls within the anticipated 2018 dividend range
announced by the Company in August
2017, and represents a 6.4% annual yield on today's closing
price of the Class A Common Stock on the NYSE American
($10.10/share). Concurrently,
the Board of Directors declared a quarterly cash dividend on the
Class A Common Stock for the first quarter of 2018, at a quarterly
rate of $0.1625 per share.
The Board of Directors considered a number of factors in setting
the new dividend rate, including but not limited to achieving a
sustainable dividend covered by current recurring AFFO (vs. pro
forma AFFO), multifamily and small cap peer dividend rates and
payout ratios, providing financial flexibility for the Company, and
achieving an appropriate balance between the retention of capital
to invest and grow net asset value and the importance of current
distributions.
Additionally, the Company's Board of Directors has
approved a change in the Class A Common Stock dividend payment
schedule from monthly to quarterly, to be more consistent with
industry standards. This change will affect the frequency of
dividend payments only, and will have no impact on the annualized
dividend payout. The change to quarterly dividend payments
will commence with the first quarterly dividend payment in 2018,
which will be payable in cash on Thursday,
April 5, 2018 to Class A Common stockholders of record as of
Friday, March 23, 2018.
About Bluerock Residential Growth REIT, Inc.
Bluerock
Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate
investment trust with a portfolio of institutional-quality highly
amenitized live/work/play apartment communities 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 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.
For more information, please visit our website
at: www.bluerockresidential.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. These forward-looking statements
are based upon the Company's present expectations, but these
statements are not guaranteed to occur. 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 set forth in Item 1A of the Company's Annual Report on Form
10-K filed by the Company with the U.S. Securities and Exchange
Commission ("SEC") on February
22, 2017,and subsequent filings by the Company with the
SEC. We claim the safe harbor protection for forward looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
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SOURCE Bluerock Residential Growth REIT, Inc.