NEW YORK, Dec. 26, 2018 /PRNewswire/
-- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company"),
an owner of highly amenitized multi-family communities, announced
today that its Board of Directors has authorized a new plan for the
repurchase of up to $5.0 million of
its outstanding shares of Class A common stock in accordance
with the guidelines specified under Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended (the "Act"), as part of the
Company's previously announced $25
million share repurchase program.
A repurchase plan under Rule 10b5-1 allows companies to
repurchase shares at times when it might otherwise be prevented
from doing so by securities laws or because of self-imposed trading
blackout periods. Purchases pursuant to the repurchase plan
will be made in accordance with Rules 10b5-1 and 10b-18 of the Act, and may be made in either the
open market, including through block purchases, or in privately
negotiated transactions from time to time, subject to certain price
limitations and other conditions established under the plan. The
shares that may be purchased under the 10b5-1 plan will be applied
against the $25 million share
repurchase program previously announced by the Company on
February 13, 2018. The repurchase
plan does not obligate the Company to acquire any particular amount
of Class A common stock and will be subject to federal securities
laws and other legal requirements. All open market repurchases will
be made in accordance with Rule 10b-18 under the Act, which sets certain
restrictions on the method, timing, price and volume of open market
repurchases. The plan will terminate upon the earliest
to occur of certain specified events as set forth therein.
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 to
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.
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SOURCE Bluerock Residential Growth REIT, Inc.