NEW YORK, Aug. 7, 2018 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE American: BRG) ("the Company"),
an owner of highly amenitized multi-family apartment communities,
announced today its financial results for the quarter ended
June 30, 2018.
Second Quarter Highlights
- Total revenues grew 57% to $45.0
million for the quarter from $28.7
million in the prior year period.
- Net loss attributable to common stockholders for the second
quarter of 2018 was ($0.44) per
share, as compared to net income attributable to common
stockholders of $0.67 per share in
the prior year period. The prior year period included
$1.26 per share of gains on the sale
of real estate investments and joint venture interests.
- Property Net Operating Income ("NOI") grew 49% to $22.5 million, from $15.0
million in the prior year period.
- Same store Revenue and NOI increased 3.6% and 3.9%
respectively, as compared to the prior year period.
- Adjusted funds from operations attributable to common
shares and units ("AFFO") grew 56% to $5.3 million, from $3.4
million in the prior year period. AFFO per share is
$0.17 for the quarter as compared to
$0.13 in second quarter
2017.
- Consolidated real estate investments, at cost, increased
approximately $151.5 million to
$1.6 billion, from year
end.
- The Company invested approximately $82
million in two multifamily communities totaling 502 units
and $9 million to buy out minority
ownership interests in two assets.
- The Company completed 292 value-add unit upgrades at an average
cost of $4,708 per unit, and leased
269 of them during the second quarter. Year-to-date, the Company
has completed 462 upgrades at an average cost of $4,373 per unit. The Company expects to
complete between 900 and 1,200 unit renovations in 2018.
- Since inception, the Company has completed 942 value-add unit
upgrades and achieved a $107 average
monthly rental increase per unit, equating to a 27.4% ROI on all
unit upgrades leased as of June 30,
2018.
- Repurchased 107,040 shares of stock during the second quarter
at an average price of $8.96 per
share, for a total cost of approximately $1.0 million.
- The Company increased the low end of its full year 2018 AFFO
guidance from $0.65 to $0.66 per share and is affirming the top end of
the range at $0.70 per share.
"We continued to produce strong operating results in the second
quarter with property NOI up 49%, same store NOI that increased
3.9% and AFFO which again for the second quarter in a row exceeded
our dividend payment," said Ramin
Kamfar, Company Chairman and CEO. "The robust first half
performance has allowed us to increase the bottom end of our 2018
AFFO guidance range. We remain focused on ongoing operational
improvements and creating value through our value-add unit upgrade
programs. Furthermore, with access to attractive capital with our
Series B redeemable preferred stock issuance, we will selectively
pursue opportunities to accretively grow our portfolio of highly
amenitized communities in targeted growth markets."
Financial Results
Net loss attributable to common stockholders for the second
quarter of 2018 was $10.2 million,
compared to a net income of $17.6
million in the prior year period. The prior year
period included approximately $32.8
million of gains on sale of real estate investments and
joint venture interests. Net loss attributable to common
stockholders included non-cash expenses of $14.2 million or $0.46 per share in the second quarter of 2018
compared to $17.1 million or
$0.66 per share for the prior year
period.
AFFO for the second quarter of 2018 was $5.3 million, or $0.17 per diluted share, compared to $3.4 million, or $0.13 per diluted share in the prior year
period. AFFO was primarily driven by growth in property NOI
of $7.4 million and interest income
of $3.5 million arising from
significant investment activity. This was primarily offset by a
year-over-year rise in interest expense of $4.4 million, general and administrative expenses
of $2.0 million, and preferred stock
dividends of $2.3 million.
Total Portfolio Performance
$ In thousands,
except average rental rates
|
2Q18
|
|
2Q17
|
|
Variance
|
|
YTD18
|
|
YTD17
|
|
Variance
|
|
Total Revenues
(1)
|
$
|
44,959
|
|
$
|
28,666
|
|
56.8%
|
|
$
|
86,828
|
|
$
|
56,849
|
|
52.7%
|
|
Property Operating
Expenses
|
$
|
16,874
|
|
$
|
11,527
|
|
46.4%
|
|
$
|
32,533
|
|
$
|
22,146
|
|
46.9%
|
|
NOI
|
$
|
22,450
|
|
$
|
15,042
|
|
49.2%
|
|
$
|
43,465
|
|
$
|
31,083
|
|
39.8%
|
|
Operating
Margin
|
57.1%
|
|
56.6%
|
|
50
|
bps
|
57.2%
|
|
58.4%
|
|
(120)
|
bps
|
Occupancy
Percentage
|
93.9%
|
|
94.3%
|
|
(40)
|
bps
|
93.7%
|
|
94.4%
|
|
(40)
|
bps
|
Average Rental
Rate
|
$
|
1,239
|
|
$
|
1,208
|
|
2.6%
|
|
$
|
1,233
|
|
$
|
1,182
|
|
4.3%
|
|
(1)Including interest income from related
parties
|
|
|
|
|
|
|
|
|
|
|
|
|
For the second quarter of 2018, property revenues increased by
48.0% compared to the same prior year period primarily attributable
to the increased size of the portfolio. Total portfolio NOI
was $22.5 million, an increase of
$7.4 million, or 49.2%, compared to
the same period in the prior year.
Property NOI margins were 57.1% of revenue for the quarter,
compared to 56.6% of revenue in the prior year quarter.
Property operating expenses were up primarily due to the increased
size of the portfolio.
Same Store Portfolio Performance
$ In thousands,
except average rental rates
|
2Q18
|
|
2Q17
|
|
Variance
|
|
YTD18
|
|
YTD17
|
|
Variance
|
|
Revenues
|
$
|
23,413
|
|
$
|
22,591
|
|
3.6%
|
|
$
|
41,707
|
|
$
|
39,910
|
|
4.5%
|
|
Property Operating
Expenses
|
$
|
9,933
|
|
$
|
9,617
|
|
3.3%
|
|
$
|
17,629
|
|
$
|
16,669
|
|
5.8%
|
|
NOI
|
$
|
13,480
|
|
$
|
12,974
|
|
3.9%
|
|
$
|
24,078
|
|
$
|
23,241
|
|
3.6%
|
|
Operating
Margin
|
57.6%
|
|
57.4%
|
|
20
|
bps
|
57.7%
|
|
58.2%
|
|
(50)
|
bps
|
Occupancy
Percentage
|
94.3%
|
|
94.8%
|
|
(50)
|
bps
|
94.0%
|
|
94.4%
|
|
(40)
|
bps
|
Average Rental
Rate
|
$
|
1,271
|
|
$
|
1,220
|
|
4.2%
|
|
$
|
1,284
|
|
$
|
1,228
|
|
4.6%
|
|
The Company's same store portfolio for the quarter ended
June 30, 2018 included 18
properties. For the second quarter of 2018, same store NOI
was $13.5 million, an increase of
$0.5 million, or 3.9%, compared to
the same period in the prior year. Same store property revenues
increased by 3.6% compared to the same prior year period, primarily
attributable to a 4.2% increase in average rental rates, offset by
average occupancy decreasing 50 basis points to 94.3%. In
addition, the implementation of trash valet services at eleven
properties and a general increase in resident fees increased
revenues by $0.2 million. Same
store expenses increased $0.3 million
due implementation of trash valet services and the timing of
seasonal maintenance.
Second Quarter Acquisition Activity
- On April 26, 2018, invested
approximately $9 million to increase
our ownership stake to 100% in each of our ARIUM Gulfshore and
ARIUM at Palmer Ranch properties.
- On May 1, 2018, acquired a 100%
interest in a 264-unit apartment community located in Daytona Beach, Florida, known as Sands
Parc. The total purchase price was approximately $46.2 million, funded in part by the Company's
Senior Credit Facility.
- On June 14, 2018, acquired an 80%
indirect interest in a 238-unit apartment community located in
Lake Jackson, Texas, known as
Plantation Park. The total purchase price was approximately
$35.6 million, funded in part by a
$26.6 million mortgage loan secured
by the Plantation Park property.
Balance Sheet
During the second quarter, the Company raised gross proceeds of
approximately $31.6 million through
the issuance of 31,576 shares of Series B preferred stock with
associated warrants at $1,000 per
unit.
As of June 30, 2018, the Company
had $25.4 million of unrestricted
cash on its balance sheet, approximately $51.5 million available among its revolving
credit facilities, and $1.1 billion
of debt outstanding.
Dividend Details
The Board of Directors authorized, and the Company declared, a
quarterly dividend for the second quarter of 2018 equal to a
quarterly rate of $0.1625 per share
on its Class A common stock, payable to the stockholders of record
as of June 25, 2018, which was paid
in cash on July 5, 2018. A portion of
each dividend may constitute a return of capital for tax purposes.
There is no assurance that we will continue to declare dividends or
at this rate.
On July 10, 2018, the Board of
Directors authorized, and the Company declared, a monthly dividend
of $5.00 per share of Series B
preferred stock, payable to the stockholders of record as of
July 25, 2018, which was paid in cash
on August 3, 2018, and as of
August 24, 2018, and September 25, 2018, which will be paid in cash on
September 5, 2018 and October 5, 2018, respectively.
2018 Guidance
Based on the Company's current outlook and market conditions,
the Company is increasing the bottom end of the 2018 AFFO guidance
from $0.65 to $0.66 per share and is reaffirming the top end of
the range at $0.70 per share.
For additional guidance details, please see page 30 of Company's
Second Quarter 2018 Earnings Supplement available under Investor
Relations on the Company's website (www.bluerockresidential.com).
Subsequent to issuing 2018 guidance in February 2018, the Company revised its
presentation of AFFO attributable to common stockholders to reflect
AFFO attributable to common shares and units. The estimated
weighted average diluted shares and units outstanding used to
calculate AFFO per share now includes noncontrolling interests –
operating partnership units. As the Company's presentation
now also includes the impact of AFFO attributable to operating
partnership units, and as shares and units are treated on a
one-for-one basis, there is no change to projected AFFO per share
for purposes of 2018 AFFO guidance.
Conference Call
All interested parties can listen to the live conference call at
11:00 AM ET on Tuesday, August 7,
2018 by dialing +1 (866) 843-0890 within the U.S., or +1
(412) 317-6597, and requesting the "Bluerock Residential
Conference."
For those who are not available to listen to the live call, the
conference call will be available for replay on the Company's
website two hours after the call concludes, and will remain
available until September 7, 2018 at
http://services.choruscall.com/links/brg180807.html, as well as by
dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088
internationally, and requesting conference number 10122487.
The full text of this Earnings Release and additional
Supplemental Information is available in the Investor Relations
section on the Company's website at
http://www.bluerockresidential.com.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a
real estate investment trust that focuses on developing and
acquiring a diversified portfolio of institutional-quality highly
amenitized live/work/play apartment communities in demographically
attractive knowledge economy 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 value add improvements to properties and operations.
The Company is included in the Russell 2000 and Russell 3000
Indexes. BRG has elected to be taxed as a real estate
investment trust (REIT) for U.S. federal income tax
purposes.
For more information, please visit the Company's 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 March 13, 2018, 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.
Portfolio Summary
The following is a summary of our operating real estate and
mezzanine/preferred investments as of June
30, 2018:
Consolidated
Operating
Properties
|
|
Location
|
|
Number of
Units
|
|
Year
Built/ Renovated (1)
|
|
Ownership
Interest
|
|
Average
Rent
(2)
|
|
%
Occupied (3)
|
ARIUM at Palmer
Ranch
|
|
Sarasota,
FL
|
|
320
|
|
2016
|
|
100%
|
|
$
1,291
|
|
96%
|
ARIUM
Glenridge
|
|
Atlanta,
GA
|
|
480
|
|
1990
|
|
90%
|
|
1,150
|
|
93%
|
ARIUM
Grandewood
|
|
Orlando,
FL
|
|
306
|
|
2005
|
|
100%
|
|
1,346
|
|
95%
|
ARIUM
Gulfshore
|
|
Naples, FL
|
|
368
|
|
2016
|
|
100%
|
|
1,296
|
|
92%
|
ARIUM Hunter's
Creek
|
|
Orlando,
FL
|
|
532
|
|
1999
|
|
100%
|
|
1,353
|
|
93%
|
ARIUM
Metrowest
|
|
Orlando,
FL
|
|
510
|
|
2001
|
|
100%
|
|
1,328
|
|
93%
|
ARIUM
Palms
|
|
Orlando,
FL
|
|
252
|
|
2008
|
|
95%
|
|
1,307
|
|
94%
|
ARIUM Pine
Lakes
|
|
Port St. Lucie,
FL
|
|
320
|
|
2003
|
|
85%
|
|
1,229
|
|
94%
|
ARIUM
Westside
|
|
Atlanta,
GA
|
|
336
|
|
2008
|
|
90%
|
|
1,490
|
|
93%
|
Ashton
Reserve
|
|
Charlotte,
NC
|
|
473
|
|
2015
|
|
100%
|
|
1,073
|
|
91%
|
Citrus
Tower
|
|
Orlando,
FL
|
|
336
|
|
2006
|
|
97%
|
|
1,257
|
|
95%
|
Enders Place at
Baldwin Park
|
|
Orlando,
FL
|
|
220
|
|
2003
|
|
92%
|
|
1,734
|
|
95%
|
James on South
First
|
|
Austin, TX
|
|
250
|
|
2016
|
|
90%
|
|
1,160
|
|
98%
|
Marquis at Crown
Ridge
|
|
San Antonio,
TX
|
|
352
|
|
2009
|
|
90%
|
|
935
|
|
93%
|
Marquis at Stone
Oak
|
|
San Antonio,
TX
|
|
335
|
|
2007
|
|
90%
|
|
1,385
|
|
93%
|
Marquis at The
Cascades
|
|
Tyler, TX
|
|
582
|
|
2009
|
|
90%
|
|
1,069
|
|
95%
|
Marquis at
TPC
|
|
San Antonio,
TX
|
|
139
|
|
2008
|
|
90%
|
|
1,461
|
|
96%
|
Outlook at
Greystone
|
|
Birmingham,
AL
|
|
300
|
|
2007
|
|
100%
|
|
936
|
|
88%
|
Park &
Kingston
|
|
Charlotte,
NC
|
|
168
|
|
2015
|
|
100%
|
|
1,218
|
|
96%
|
Plantation
Park
|
|
Lake Jackson,
TX
|
|
238
|
|
2016
|
|
80%
|
|
1,428
|
|
92%
|
Preston
View
|
|
Morrisville,
NC
|
|
382
|
|
2000
|
|
100%
|
|
1,072
|
|
97%
|
Roswell City
Walk
|
|
Roswell,
GA
|
|
320
|
|
2015
|
|
98%
|
|
1,513
|
|
97%
|
Sands Parc
|
|
Daytona Beach,
FL
|
|
264
|
|
2017
|
|
100%
|
|
1,267
|
|
94%
|
Sorrel
|
|
Frisco, TX
|
|
352
|
|
2015
|
|
95%
|
|
1,252
|
|
91%
|
Sovereign
|
|
Fort Worth,
TX
|
|
322
|
|
2015
|
|
95%
|
|
1,320
|
|
94%
|
The Brodie
|
|
Austin, TX
|
|
324
|
|
2001
|
|
93%
|
|
1,105
|
|
98%
|
The Links at Plum
Creek
|
|
Castle Rock,
CO
|
|
264
|
|
2000
|
|
88%
|
|
1,362
|
|
94%
|
The Mills
|
|
Greenville,
SC
|
|
304
|
|
2013
|
|
100%
|
|
999
|
|
97%
|
The Preserve at
Henderson Beach
|
|
Destin, FL
|
|
340
|
|
2009
|
|
100%
|
|
1,306
|
|
97%
|
Villages at Cypress
Creek
|
|
Houston,
TX
|
|
384
|
|
2001
|
|
80%
|
|
1,079
|
|
97%
|
Wesley
Village
|
|
Charlotte,
NC
|
|
301
|
|
2010
|
|
100%
|
|
1,296
|
|
95%
|
Consolidated
Operating Properties Subtotal/Average
|
|
10,374
|
|
|
|
|
|
$
1,239
|
|
94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine/Preferred
Investments
|
|
Location
|
|
Planned Number of
Units
|
|
|
|
|
|
Pro Forma
Average
Rent (4)
|
|
|
|
Alexan
CityCentre
|
|
Houston,
TX
|
|
340
|
|
|
|
|
|
$
2,144
|
|
|
|
Alexan Southside
Place
|
|
Houston,
TX
|
|
270
|
|
|
|
|
|
2,012
|
|
|
|
Arlo, formerly West
Morehead
|
|
Charlotte,
NC
|
|
286
|
|
|
|
|
|
1,507
|
|
|
|
Cade Boca Raton,
formerly APOK Townhomes
|
|
Boca Raton,
FL
|
|
90
|
|
|
|
|
|
2,549
|
|
|
|
Domain at The One
Forty, formerly Domain
|
|
Garland,
TX
|
|
299
|
|
|
|
|
|
1,469
|
|
|
|
Flagler
Village
|
|
Fort Lauderdale,
FL
|
|
385
|
|
|
|
|
|
2,352
|
|
|
|
Helios
|
|
Atlanta,
GA
|
|
282
|
|
|
|
|
|
1,486
|
|
|
|
Leigh House, formerly
Lake Boone Trail
|
|
Raleigh,
NC
|
|
245
|
|
|
|
|
|
1,271
|
|
|
|
Novel Perimeter,
formerly Crescent Perimeter
|
|
Atlanta,
GA
|
|
320
|
|
|
|
|
|
1,749
|
|
|
|
Vickers Historic
Roswell, formerly Vickers Village
|
|
Roswell,
GA
|
|
79
|
|
|
|
|
|
3,176
|
|
|
|
Whetstone
|
|
Durham, NC
|
|
204
|
|
|
|
|
|
1,300
|
(2)
|
|
|
Mezzanine and
Preferred Investments Subtotal/Average
|
|
2,800
|
|
|
|
|
|
$
1,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
Properties Total/Average
|
|
13,174
|
|
|
|
|
|
$
1,365
|
|
|
|
|
(1) Represents date of last
significant renovation or year built if there were no
renovations.
|
(2)
Represents the average effective monthly rent per occupied unit for
the three months ended June 30, 2018.
|
(3)
Percent occupied is calculated as (i) the number of units occupied
as of June 30, 2018, divided by (ii) total number of units,
expressed as a percentage.
|
(4) Alexan
CityCentre, Alexan Southside Place, Helios, and Leigh House are
preferred equity investments with an option to convert into partial
ownership upon stabilization. Cade Boca Raton, Novel
Perimeter, Domain at The One Forty, Flagler Village, Vickers
Historic Roswell, and Arlo are mezzanine loan investments.
Additionally, Cade Boca Raton, Domain at The One Forty, and Arlo
have an option to purchase an indirect property interest upon
maturity. Whetstone is currently a preferred equity
investment providing a stated investment return. Pro forma average
rent represents the average pro forma effective monthly rent per
occupied unit for all expected occupied units upon
stabilization.
|
Consolidated
Statement of Operations
|
For the Three and
Six Months Ended June 30, 2018 and 2017
|
(Unaudited and
dollars in thousands except for share and per share
data)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net rental
income
|
|
$
|
34,719
|
|
|
$
|
23,570
|
|
|
$
|
67,383
|
|
|
$
|
47,412
|
|
Other property
revenues
|
|
|
4,605
|
|
|
|
2,999
|
|
|
|
8,615
|
|
|
|
5,817
|
|
Interest income from
related parties
|
|
|
5,635
|
|
|
|
2,097
|
|
|
|
10,830
|
|
|
|
3,620
|
|
Total
revenues
|
|
|
44,959
|
|
|
|
28,666
|
|
|
|
86,828
|
|
|
|
56,849
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
operating
|
|
|
16,874
|
|
|
|
11,527
|
|
|
|
32,533
|
|
|
|
22,146
|
|
Property management
fees
|
|
|
1,074
|
|
|
|
737
|
|
|
|
2,067
|
|
|
|
1,469
|
|
General and
administrative
|
|
|
4,528
|
|
|
|
1,696
|
|
|
|
9,197
|
|
|
|
3,146
|
|
Management
fees
|
|
|
—
|
|
|
|
6,163
|
|
|
|
—
|
|
|
|
8,931
|
|
Acquisition and
pursuit costs
|
|
|
28
|
|
|
|
18
|
|
|
|
71
|
|
|
|
3,200
|
|
Management
internalization
|
|
|
—
|
|
|
|
340
|
|
|
|
—
|
|
|
|
820
|
|
Weather-related
losses, net
|
|
|
—
|
|
|
|
—
|
|
|
|
168
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
14,819
|
|
|
|
10,387
|
|
|
|
30,460
|
|
|
|
21,331
|
|
Total
expenses
|
|
|
37,323
|
|
|
|
30,868
|
|
|
|
74,496
|
|
|
|
61,043
|
|
Operating
loss
|
|
|
7,636
|
|
|
|
(2,202)
|
|
|
|
12,332
|
|
|
|
(4,194)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
—
|
|
|
|
17
|
|
|
|
—
|
|
|
|
17
|
|
Preferred returns and
equity in income of unconsolidated real estate
joint ventures
|
|
|
2,626
|
|
|
|
2,605
|
|
|
|
5,088
|
|
|
|
5,177
|
|
Gain on sale of real
estate investments
|
|
|
—
|
|
|
|
33,574
|
|
|
|
—
|
|
|
|
50,040
|
|
Gain on sale of real
estate joint venture interest
|
|
|
—
|
|
|
|
10,238
|
|
|
|
—
|
|
|
|
10,238
|
|
Loss on early
extinguishment of debt
|
|
|
(653)
|
|
|
|
(1,639)
|
|
|
|
(653)
|
|
|
|
(1,639)
|
|
Interest expense,
net
|
|
|
(13,041)
|
|
|
|
(7,825)
|
|
|
|
(23,158)
|
|
|
|
(14,943)
|
|
Total other
(expense) income
|
|
|
(11,068)
|
|
|
|
36,970
|
|
|
|
(18,723)
|
|
|
|
48,890
|
|
Net (loss)
income
|
|
|
(3,432)
|
|
|
|
34,768
|
|
|
|
(6,391)
|
|
|
|
44,696
|
|
Preferred stock
dividends
|
|
|
(8,643)
|
|
|
|
(6,381)
|
|
|
|
(16,890)
|
|
|
|
(12,233)
|
|
Preferred stock
accretion
|
|
|
(1,400)
|
|
|
|
(647)
|
|
|
|
(2,510)
|
|
|
|
(984)
|
|
Net (loss) income
attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partnership
units
|
|
|
(3,010)
|
|
|
|
186
|
|
|
|
(5,685)
|
|
|
|
129
|
|
Partially owned
properties
|
|
|
(253)
|
|
|
|
9,985
|
|
|
|
(468)
|
|
|
|
18,771
|
|
Net (loss) income
attributable to noncontrolling interests
|
|
|
(3,263)
|
|
|
|
10,171
|
|
|
|
(6,153)
|
|
|
|
18,900
|
|
Net (loss) income
attributable to common stockholders
|
|
$
|
(10,212)
|
|
|
$
|
17,569
|
|
|
$
|
(19,638)
|
|
|
$
|
12,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per common share - Basic
|
|
$
|
(0.44)
|
|
|
$
|
0.67
|
|
|
$
|
(0.83)
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per common share – Diluted
|
|
$
|
(0.44)
|
|
|
$
|
0.67
|
|
|
$
|
(0.83)
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic common shares outstanding
|
|
|
23,800,770
|
|
|
|
26,075,911
|
|
|
|
23,971,129
|
|
|
|
25,535,178
|
|
Weighted average
diluted common shares outstanding
|
|
|
23,800,770
|
|
|
|
26,076,572
|
|
|
|
23,971,129
|
|
|
|
25,535,839
|
|
Consolidated
Balance Sheets
|
Second Quarter
2018
|
(Unaudited and
dollars in thousands except for share and per share
amounts)
|
|
|
|
June
30, 2018
|
|
|
December 31,
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Net Real Estate
Investments
|
|
|
|
|
|
|
|
|
Land
|
|
$
|
176,865
|
|
|
$
|
169,135
|
|
Buildings and
improvements
|
|
|
1,382,353
|
|
|
|
1,244,193
|
|
Furniture, fixtures
and equipment
|
|
|
44,802
|
|
|
|
38,446
|
|
Construction in
progress
|
|
|
261
|
|
|
|
985
|
|
Total
Gross Real Estate Investments
|
|
|
1,604,281
|
|
|
|
1,452,759
|
|
Accumulated
depreciation
|
|
|
(80,104)
|
|
|
|
(55,177)
|
|
Total Net Real Estate
Investments
|
|
|
1,524,177
|
|
|
|
1,397,582
|
|
Cash and cash
equivalents
|
|
|
25,411
|
|
|
|
35,015
|
|
Restricted
cash
|
|
|
29,775
|
|
|
|
29,575
|
|
Notes and accrued
interest receivable from related parties
|
|
|
162,971
|
|
|
|
140,903
|
|
Due from
affiliates
|
|
|
2,537
|
|
|
|
2,003
|
|
Accounts receivable,
prepaid and other assets
|
|
|
14,358
|
|
|
|
9,689
|
|
Preferred equity
investments and investments in unconsolidated real estate joint
ventures
|
|
|
77,061
|
|
|
|
71,145
|
|
In-place lease
intangible assets, net
|
|
|
1,875
|
|
|
|
4,635
|
|
Total
Assets
|
|
$
|
1,838,165
|
|
|
$
|
1,690,547
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND EQUITY
|
|
|
|
|
|
|
|
|
Mortgages
payable
|
|
$
|
1,075,799
|
|
|
$
|
939,494
|
|
Revolving credit
facilities
|
|
|
68,209
|
|
|
|
67,670
|
|
Accounts
payable
|
|
|
1,071
|
|
|
|
1,652
|
|
Other accrued
liabilities
|
|
|
27,590
|
|
|
|
22,952
|
|
Due to
affiliates
|
|
|
815
|
|
|
|
1,575
|
|
Distributions
payable
|
|
|
11,690
|
|
|
|
14,287
|
|
Total
Liabilities
|
|
|
1,185,174
|
|
|
|
1,047,630
|
|
8.250% Series A
Cumulative Redeemable Preferred Stock, liquidation preference
$25.00 per share,
10,875,000 shares authorized; and 5,721,460 issued and outstanding
as of June 30, 2018 and December
31, 2017
|
|
|
139,137
|
|
|
|
138,801
|
|
|
6.000% Series B
Redeemable Preferred Stock, liquidation preference $1,000 per
share, 725,000 shares authorized; 233,417 and 184,130 issued and
outstanding as of June 30, 2018 and December 31, 2017,
respectively
|
|
|
206,878
|
|
|
|
161,742
|
|
|
7.625% Series C
Cumulative Redeemable Preferred Stock, liquidation preference
$25.00 per share,
4,000,000 shares authorized; and 2,323,750 issued and outstanding
as of June 30, 2018 and December 31,
2017
|
|
|
56,326
|
|
|
|
56,196
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, 230,400,000 shares authorized;
none issued and outstanding
|
|
|
—
|
|
|
|
—
|
|
7.125% Series D Cumulative Preferred Stock, liquidation preference
$25.00 per share, 4,000,000 shares authorized;
2,850,602 issued and outstanding at June 30, 2018 and December 31,
2017
|
|
|
68,705
|
|
|
|
68,705
|
|
Common stock - Class
A, $0.01 par value, 747,509,582 shares authorized; 23,658,991 and
24,218,359 shares issued and outstanding as of June 30, 2018 and
December 31, 2017, respectively
|
|
|
237
|
|
|
|
242
|
|
Common stock - Class
C, $0.01 par value, 76,603 shares authorized; 76,603 shares issued
and outstanding as of June 30, 2018 and December 31,
2017
|
|
|
1
|
|
|
|
1
|
|
Additional
paid-in-capital
|
|
|
310,595
|
|
|
|
318,170
|
|
Distributions in
excess of cumulative earnings
|
|
|
(187,720)
|
|
|
|
(164,286)
|
|
Total Stockholders'
Equity
|
|
|
191,818
|
|
|
|
222,832
|
|
Noncontrolling
Interests
|
|
|
|
|
|
|
|
|
Operating partnership
units
|
|
|
36,124
|
|
|
|
42,999
|
|
Partially owned properties
|
|
|
22,708
|
|
|
|
20,347
|
|
Total Noncontrolling
Interests
|
|
|
58,832
|
|
|
|
63,346
|
|
Total
Equity
|
|
|
250,650
|
|
|
|
286,178
|
|
TOTAL LIABILITIES,
REDEEMABLE PREFERRED STOCK AND EQUITY
|
|
$
|
1,838,165
|
|
|
$
|
1,690,547
|
|
Non-GAAP Financial Measures
The foregoing
supplemental financial data includes certain non-GAAP financial
measures that we believe are helpful in understanding our business
and performance, as further described below. Our definition and
calculation of these non-GAAP financial measures may differ from
those of other REITs, and may, therefore, not be comparable.
Funds from Operations, Core Funds from Operations, and
Adjusted Funds from Operations
We believe that funds from operations ("FFO"), as defined by the
National Association of Real Estate Investment Trusts ("NAREIT"),
core funds from operations ("Core FFO"), and adjusted funds from
operations ("AFFO") are important non-GAAP supplemental measures of
operating performance for a REIT.
FFO attributable to common shares and units is a non-GAAP
financial measure that is widely recognized as a measure of REIT
operating performance. We consider FFO to be an appropriate
supplemental measure of our operating performance as it is based on
a net income analysis of property portfolio performance that
excludes non-cash items such as depreciation. The historical
accounting convention used for real estate assets requires
straight-line depreciation of buildings and improvements, which
implies that the value of real estate assets diminishes predictably
over time. Since real estate values historically rise and fall with
market conditions, presentations of operating results for a REIT,
using historical accounting for depreciation, could be less
informative. We define FFO, consistent with the NAREIT definition,
as net income, computed in accordance with GAAP, excluding gains
(or losses) from sales of property, plus depreciation and
amortization of real estate assets, plus impairment write-downs of
depreciable real estate, and after adjustments for unconsolidated
partnerships and joint ventures. Adjustments for unconsolidated
partnerships and joint ventures will be calculated to reflect FFO
on the same basis.
Core FFO makes certain adjustments to FFO, removing the
effect of items that do not reflect ongoing property operations
such as stock compensation expense, acquisition expenses, losses on
early extinguishment of debt (includes prepayment penalties
incurred and the write-off of unamortized deferred financing costs
and fair market value adjustments of assumed debt), non-cash
interest, one-time weather-related costs, and preferred stock
accretion. We believe that Core FFO is helpful to investors as a
supplemental performance measure because it excludes the effects of
certain items which can create significant earnings volatility, but
which do not directly relate to our core recurring property
operations. As a result, we believe that Core FFO can help
facilitate comparisons of operating performance between periods and
provides a more meaningful predictor of future earnings
potential.
AFFO makes certain adjustments to Core FFO in order to arrive at
a more refined measure of the operating performance of our
portfolio. There is no industry standard definition of AFFO and
practice is divergent across the industry. AFFO adjusts Core FFO
for items that impact our ongoing operations, such as subtracting
recurring capital expenditures (and while we were externally
managed, when calculating the quarterly incentive fee paid to our
former Manager only, we further adjusted FFO to include any
realized gains or losses on our real estate investments). We
believe that AFFO is helpful to investors as a meaningful
supplemental indicator of our operational performance.
Our calculation of Core FFO and AFFO differs from the
methodology used for calculating Core FFO and AFFO by certain other
REITs and, accordingly, our Core FFO and AFFO may not be comparable
to Core FFO and AFFO reported by other REITs. Our management
utilizes FFO, Core FFO, and AFFO as measures of our operating
performance after adjustment for certain non-cash items, such as
depreciation and amortization expenses, and acquisition and pursuit
costs that are required by GAAP to be expensed but may not
necessarily be indicative of current operating performance and that
may not accurately compare our operating performance between
periods. Furthermore, although FFO, Core FFO, AFFO and other
supplemental performance measures are defined in various ways
throughout the REIT industry, we also believe that FFO, Core FFO,
and AFFO may provide us and our stockholders with an additional
useful measure to compare our financial performance to certain
other REITs. While we were externally managed, we also used AFFO
for purposes of determining the quarterly incentive fee paid to our
former Manager in prior periods.
Neither FFO, Core FFO, nor AFFO is equivalent to net income,
including net income attributable to common stockholders, or cash
generated from operating activities determined in accordance with
GAAP. Furthermore, FFO, Core FFO, and AFFO do not represent amounts
available for management's discretionary use because of needed
capital replacement or expansion, debt service obligations or other
commitments or uncertainties. Neither FFO, Core FFO, nor AFFO
should be considered as an alternative to net income, including net
income attributable to common stockholders, as an indicator of our
operating performance or as an alternative to cash flow from
operating activities as a measure of our liquidity.
We have acquired interests in nine additional operating
properties subsequent to June 30,
2017. Therefore, the results presented in the table
below are not directly comparable and should not be considered an
indication of our future operating performance.
The table below reconciles our calculations of FFO, Core FFO and
AFFO to net income (loss), the most directly comparable GAAP
financial measure, for the three and six months ended June 30, 2018 and 2017 (in thousands, except per
share amounts):
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June
30,
|
|
|
June
30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
Net (loss) income
attributable to common shares
|
$
|
(10,212)
|
|
|
$
|
17,569
|
|
|
$
|
(19,638)
|
|
|
$
|
12,579
|
|
|
Add back: Net (loss)
income attributable to operating partnership units
|
|
(3,010)
|
|
|
|
186
|
|
|
|
(5,685)
|
|
|
|
129
|
|
|
Net (loss) income
attributable to common shares and units
|
|
(13,222)
|
|
|
|
17,755
|
|
|
|
(25,323)
|
|
|
|
12,708
|
|
|
Common stockholders
and operating partnership units pro-rata share of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
depreciation and amortization (1)
|
|
13,990
|
|
|
|
9,425
|
|
|
|
28,821
|
|
|
|
19,338
|
|
|
Gain on sale of real
estate investments
|
|
—
|
|
|
|
(26,832)
|
|
|
|
—
|
|
|
|
(34,313)
|
|
|
Gain on sale of joint
venture interests, net
|
|
—
|
|
|
|
(6,399)
|
|
|
|
—
|
|
|
|
(6,399)
|
|
|
FFO Attributable
to Common Shares and Units
|
|
768
|
|
|
|
(6,051)
|
|
|
|
3,498
|
|
|
|
(8,666)
|
|
|
Common stockholders
and operating partnership units pro-rata share of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
pursuit costs
|
|
28
|
|
|
|
16
|
|
|
|
71
|
|
|
|
3,056
|
|
|
Non-cash
interest expense
|
|
1,602
|
|
|
|
783
|
|
|
|
2,062
|
|
|
|
1,261
|
|
|
Loss on early
extinguishment of debt
|
|
653
|
|
|
|
1,551
|
|
|
|
653
|
|
|
|
1,551
|
|
|
Weather-related
losses, net
|
|
—
|
|
|
|
—
|
|
|
|
165
|
|
|
|
—
|
|
|
Non-real estate
depreciation and amortization (1)
|
|
75
|
|
|
|
—
|
|
|
|
139
|
|
|
|
—
|
|
|
Non-recurring
income
|
|
—
|
|
|
|
(16)
|
|
|
|
—
|
|
|
|
(16)
|
|
|
Non-cash preferred
returns and equity in income of unconsolidated real estate joint
ventures
|
|
(233)
|
|
|
|
(492)
|
|
|
|
(464)
|
|
|
|
(492)
|
|
|
Management
internalization
|
|
—
|
|
|
|
340
|
|
|
|
—
|
|
|
|
820
|
|
|
Non-cash equity
compensation
|
|
1,638
|
|
|
|
6,919
|
|
|
|
3,418
|
|
|
|
10,120
|
|
|
Preferred stock
accretion
|
|
1,400
|
|
|
|
647
|
|
|
|
2,510
|
|
|
|
984
|
|
|
Core FFO
Attributable to Common Shares and Units
|
|
5,931
|
|
|
|
3,697
|
|
|
|
12,052
|
|
|
|
8,618
|
|
|
Common stockholders
and operating partnership units pro-rata share of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normally recurring
capital expenditures
|
|
(631)
|
|
|
|
(335)
|
|
|
|
(1,149)
|
|
|
|
(629)
|
|
|
AFFO Attributable
to Common Shares and Units
|
$
|
5,300
|
|
|
$
|
3,362
|
|
|
$
|
10,903
|
|
|
$
|
7,989
|
|
|
Per Share and Unit
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO Attributable
to Common Shares and Units - diluted
|
$
|
0.02
|
|
|
$
|
(0.23)
|
|
|
$
|
0.11
|
|
|
$
|
(0.34)
|
|
|
Core FFO
Attributable to Common Shares and Units -
diluted
|
$
|
0.19
|
|
|
$
|
0.14
|
|
|
$
|
0.39
|
|
|
$
|
0.33
|
|
|
AFFO Attributable
to Common Shares and Units - diluted
|
$
|
0.17
|
|
|
$
|
0.13
|
|
|
$
|
0.35
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares and units outstanding - diluted
|
|
30,814,839
|
|
|
|
26,352,066
|
|
|
|
30,873,023
|
|
|
|
25,815,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The real
estate depreciation and amortization amount includes our share of
consolidated real estate-related depreciation and amortization of
intangibles, less amounts attributable to noncontrolling interests
– partially owned properties, and our similar estimated share of
unconsolidated depreciation and amortization, which is included in
earnings of our unconsolidated real estate joint venture
investments.
|
Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("EBITDAre")
NAREIT defines earnings before interest, taxes, depreciation and
amortization for real estate ("EBITDAre") (September 2017 White Paper) as net income,
computed in accordance with GAAP, before interest expense, income
taxes, depreciation and amortization expense, and further adjusted
for gains and losses from sales of depreciated operating
properties, and impairment write-downs of depreciated operating
properties.
We consider EBITDAre to be an appropriate supplemental measure
of our performance because it eliminates depreciation, income
taxes, interest and non-recurring items, which permits investors to
view income from operations unobscured by non-cash items such as
depreciation, amortization, the cost of debt or non-recurring
items.
Adjusted EBITDAre represents EBITDAre further adjusted for
non-comparable items and it is not intended to be a measure of free
cash flow for our management's discretionary use, as it does not
consider certain cash requirements such as income tax payments,
debt service requirements, capital expenditures and other fixed
charges.
EBITDAre and Adjusted EBITDAre are not recognized measurements
under GAAP. Because not all companies use identical calculations,
our presentation of EBITDAre and Adjusted EBITDAre may not be
comparable to similarly titled measures of other companies.
Below is a reconciliation of net loss attributable to common
stockholders to EBITDAre (unaudited and dollars in thousands).
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net (loss) income
attributable to common stockholders
|
|
$
|
(10,212)
|
|
|
$
|
17,569
|
|
|
$
|
(19,638)
|
|
|
$
|
12,579
|
|
Net (loss) income
attributable to noncontrolling interests
|
|
|
(3,263)
|
|
|
|
10,171
|
|
|
|
(6,153)
|
|
|
|
18,900
|
|
Preferred stock
dividends
|
|
|
8,643
|
|
|
|
6,381
|
|
|
|
16,890
|
|
|
|
12,233
|
|
Preferred stock
accretion
|
|
|
1,400
|
|
|
|
647
|
|
|
|
2,510
|
|
|
|
984
|
|
Interest expense,
net
|
|
|
13,041
|
|
|
|
7,825
|
|
|
|
23,158
|
|
|
|
14,943
|
|
Depreciation and
amortization
|
|
|
14,744
|
|
|
|
10,387
|
|
|
|
30,321
|
|
|
|
21,331
|
|
Gain on sale of real
estate investments
|
|
|
-
|
|
|
|
(33,574)
|
|
|
|
-
|
|
|
|
(50,040)
|
|
Gain on sale of real
estate joint venture interest, net
|
|
|
-
|
|
|
|
(10,238)
|
|
|
|
-
|
|
|
|
(10,238)
|
|
Loss on early
extinguishment of debt
|
|
|
653
|
|
|
|
1,639
|
|
|
|
653
|
|
|
|
1,639
|
|
EBITDAre
|
|
$
|
25,006
|
|
|
$
|
10,807
|
|
|
$
|
47,741
|
|
|
$
|
22,331
|
|
Acquisition and
pursuit costs
|
|
|
28
|
|
|
|
18
|
|
|
|
71
|
|
|
|
3,200
|
|
Management
internalization
|
|
|
-
|
|
|
|
340
|
|
|
|
-
|
|
|
|
820
|
|
Non-real estate
depreciation and amortization
|
|
|
75
|
|
|
|
-
|
|
|
|
139
|
|
|
|
-
|
|
Weather-related
losses, net
|
|
|
-
|
|
|
|
-
|
|
|
|
168
|
|
|
|
-
|
|
Non-cash equity
compensation
|
|
|
1,638
|
|
|
|
6,919
|
|
|
|
3,418
|
|
|
|
10,119
|
|
Non-recurring
income
|
|
|
-
|
|
|
|
(17)
|
|
|
|
-
|
|
|
|
(17)
|
|
Non-cash preferred
returns and equity in income of unconsolidated real estate joint
ventures
|
|
|
(233)
|
|
|
|
(492)
|
|
|
|
(464)
|
|
|
|
(492)
|
|
Adjusted
EBITDAre
|
|
$
|
26,514
|
|
|
$
|
17,575
|
|
|
$
|
51,073
|
|
|
$
|
35,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring Capital Expenditures
We define recurring capital expenditures as expenditures that
are incurred at every property and exclude development, investment,
revenue enhancing and non-recurring capital expenditures.
Non-Recurring Capital Expenditures
We define non-recurring capital expenditures as expenditures for
significant projects that upgrade units or common areas and
projects that are revenue enhancing.
Same Store Properties
Same store properties are conventional multifamily residential
apartments which were owned and operational for the entire periods
presented, including each comparative period.
Property Net Operating Income ("Property NOI")
We believe that net operating income, or NOI, is a useful
measure of our operating performance. We define NOI as total
property revenues less total property operating expenses, excluding
depreciation and amortization and interest. Other REITs may use
different methodologies for calculating NOI, and accordingly, our
NOI may not be comparable to other REITs. We believe that this
measure provides an operating perspective not immediately apparent
from GAAP operating income or net income. We use NOI to evaluate
our performance on a same store and non-same store basis; NOI
measures the core operations of property performance by excluding
corporate level expenses and other items not related to property
operating performance and captures trends in rental housing and
property operating expenses. However, NOI should only be used as a
supplemental measure of our financial performance.
Certain amounts in prior periods, related to tenant
reimbursements for utility expenses amounting to $1.5 million and $3.0
million for the three and six months ended June 30, 2017, have been reclassified to other
property revenues from property operating expenses, to conform to
the current period. In addition, property management fees
have been reclassified from property operating expenses.
The following table reflects net loss attributable to common
stockholders together with a reconciliation to NOI and to same
store and non-same store contributions to consolidated NOI, as
computed in accordance with GAAP for the periods presented
(unaudited and amounts in thousands):
|
|
Three Months Ended
(1)
|
Six Months Ended
(2)
|
|
|
June
30,
|
June
30,
|
|
|
2018
|
2017
|
2018
|
2017
|
Net (loss) income
attributable to common shares
|
$
|
(10,212)
|
$
|
17,569
|
$
|
(19,638)
|
$
|
12,579
|
Add back: Net (loss)
income attributable to operating partnership units
|
(3,010)
|
186
|
(5,685)
|
129
|
Net (loss) income
attributable to common shares and units
|
(13,222)
|
17,755
|
(25,323)
|
12,708
|
Add common
stockholders and operating partnership units pro-rata
share:
|
|
|
|
|
|
Depreciation and
amortization
|
13,990
|
9,425
|
28,821
|
19,338
|
|
Non-real estate
depreciation and amortization
|
75
|
—
|
139
|
—
|
|
Non-cash interest
expense
|
1,602
|
783
|
2,062
|
1,261
|
|
Property management
fees
|
1,017
|
668
|
1,956
|
1,317
|
|
Management
fees
|
—
|
6,163
|
—
|
8,931
|
|
Acquisition and
pursuit costs
|
28
|
16
|
71
|
3,056
|
|
Loss on early
extinguishment of debt
|
653
|
1,551
|
653
|
1,551
|
|
Corporate operating
expenses
|
4,528
|
1,696
|
9,197
|
3,146
|
|
Management
internalization
|
—
|
340
|
—
|
820
|
|
Weather-related
losses, net
|
—
|
—
|
165
|
—
|
|
Preferred
dividends
|
8,643
|
6,381
|
16,890
|
12,233
|
|
Preferred stock
accretion
|
1,400
|
647
|
2,510
|
984
|
Less common
stockholders and operating partnership units pro-rata
share:
|
|
|
|
|
|
Other
income
|
—
|
16
|
—
|
16
|
|
Preferred returns and
equity in income of unconsolidated real estate joint
ventures
|
2,626
|
2,605
|
5,088
|
5,177
|
|
Interest income from
related parties
|
5,635
|
2,097
|
10,830
|
3,620
|
|
Gain on sale of joint
venture interest
|
—
|
6,399
|
—
|
6,399
|
|
Gain on sale of real
estate investments
|
—
|
26,832
|
—
|
34,313
|
Pro-rata share of
properties' income
|
10,453
|
7,476
|
21,223
|
15,820
|
Add:
|
|
|
|
|
|
|
Noncontrolling
interest pro-rata share of partially owned property
income
|
542
|
702
|
1,152
|
1,790
|
Total property
income
|
10,995
|
8,178
|
22,375
|
17,610
|
Add:
|
|
|
|
|
|
|
Interest expense,
net
|
11,455
|
6,864
|
21,090
|
13,473
|
Net operating
income
|
22,450
|
15,042
|
43,465
|
31,083
|
Less:
|
|
|
|
|
|
|
Non-same store net
operating income
|
8,970
|
2,068
|
19,387
|
7,842
|
Same store net
operating income
|
$
|
13,480
|
$
|
12,974
|
$
|
24,078
|
$
|
23,241
|
|
|
|
|
|
|
|
(1) Same
Store sales for the three months ended June 30, 2018 related to the
following properties: Enders Place at Baldwin Park, ARIUM
Grandewood, Park & Kingston, Ashton Reserve, ARIUM Palms,
Sorrel, Sovereign, ARIUM Gulfshore, ARIUM at Palmer Ranch, The
Preserve at Henderson Beach, ARIUM Westside, ARIUM Pine Lakes,
James on South First, ARIUM Glenridge, Roswell City Walk, The
Brodie, Preston View and Wesley Village.
|
(2) Same
Store sales for the six months ended June 30, 2018 related to the
following properties: Enders Place at Baldwin Park, ARIUM
Grandewood, Park & Kingston, Ashton Reserve, ARIUM Palms,
Sorrel, Sovereign, ARIUM Gulfshore, ARIUM at Palmer Ranch, The
Preserve at Henderson Beach, ARIUM Westside, ARIUM Pine Lakes,
James on South First, ARIUM Glenridge, Roswell City Walk and The
Brodie.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/bluerock-residential-growth-reit-announces-second-quarter-2018-results-300693091.html
SOURCE Bluerock Residential Growth REIT, Inc.