Enterprising Investor
2 years ago
Board of Directors of Bluerock Residential Growth REIT, Inc. Approves the Completion of the Proposed Spin-Off of its Single-Family Rental Business to Shareholders; Completion of Spin-Off and Acquisition of Bluerock Residential Growth REIT by Affiliates of Blackstone Real Estate Expected on October 6, 2022 (9/19/22)
NEW YORK, Sept. 19, 2022 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) ("BRG" or the "Company") announced today that its Board of Directors (the "BRG Board") has approved the distribution to its shareholders of all of the outstanding shares of common stock of Bluerock Homes Trust, Inc., which will become the holder of the Company's single-family rental business (the "Spin-Off"). The Spin-Off is expected to be completed on October 6, 2022 before the opening of the New York Stock Exchange American. BRG, which will continue to hold the Company's multi-family rental business, expects to complete the previously announced acquisition of BRG by affiliates of Blackstone Real Estate (the "Acquisition") promptly following the completion of the Spin-Off.
The Spin-Off will occur by means of a pro rata distribution (the "Distribution") by BRG of all of the outstanding shares of common stock of BHM. The Distribution is subject to the satisfaction or waiver of certain conditions, as more fully described in BHM's Registration Statement on Form 10 (File No. 001-41322), as amended, including the U.S. Securities and Exchange Commission (the "SEC") having declared effective the Form 10. The Form 10 has been filed by BHM with the SEC and is available on the SEC's website. The completion of the Acquisition remains subject to the consummation of the Distribution, as well as the satisfaction or waiver of the other closing conditions in the merger agreement between the Company and affiliates of Blackstone Real Estate.
Distribution Information
At the time of the Distribution, each BRG shareholder will receive one share of BHM Class A or Class C common stock, as applicable, for every eight shares of BRG's Class A or Class C common stock held as of the close of business on the record date, which will be September 29, 2022. The Distribution is expected to occur at 12:01 A.M. on October 6, 2022. BRG shareholders will not receive fractional shares of BHM common stock.
No action is required by BRG shareholders to receive shares of BHM common stock in the Distribution. However, as previously disclosed, holders of warrants to purchase shares of BRG common stock who do not exercise such warrants prior to the close of business on September 23, 2022 will not be entitled to receive any shares of BHM common stock in the Spin-Off in respect of such warrants.
BRG expects to make available an information statement to all shareholders entitled to receive the Distribution. The information statement is filed as an exhibit to BHM's Registration Statement on Form 10 and describes BHM and certain risks of owning BHM common stock and provides other information regarding the Spin-Off and the Distribution.
The distribution agent, transfer agent, and registrar for the shares of BHM common stock will be Computershare. For questions relating to the mechanics of the Distribution, shareholders should contact Computershare, Attn: Alternative Investment Operations, P.O. Box 43007, Providence, RI 02940-3007, or by phone at: 1-866-574-5492. If shares are held by a bank, broker or other nominee, shareholders should contact that institution directly.
Trading of BHM Common Stock
Bluerock Homes Trust, Inc. ("BHM") Class A common stock is expected to be listed on the New York Stock Exchange American under the symbol "BHM."
BRG Class A common stock is expected to begin trading with "Due-Bills" on or about September 28, 2022 (i.e., trading with an entitlement to shares of BHM Class A common stock to be distributed pursuant to the Distribution) and will continue so trading up to and through October 5, 2022, the day prior to the date of the Distribution. BHM Class A common stock is expected to begin trading on a "When-Issued" basis under the ticker symbol "BHM WI" on or about September 28, 2022 and will continue so trading up to and through October 5, 2022, the day prior to the date of the Distribution.
"Regular-way" trading in BHM's Class A common stock is expected to begin on October 6, 2022.
BRG shareholders should consult their financial advisor, stockbroker, bank or other nominee before selling any shares before the date of the Distribution to understand how such sales would impact their entitlement to BHM common stock. Additional information regarding trading of BRG and BHM common stock will be set forth in BHM's information statement filed with the Form 10.
The date of the Distribution may change if certain conditions are not satisfied by that date, as described in BHM's information statement filed with the Form 10.
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. 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 our website at: www.bluerockresidential.com.
https://www.prnewswire.com/news-releases/board-of-directors-of-bluerock-residential-growth-reit-inc-approves-the-completion-of-the-proposed-spin-off-of-its-single-family-rental-business-to-shareholders-completion-of-spin-off-and-acquisition-of-bluerock-residential-gro-301627554.html
Enterprising Investor
2 years ago
Bluerock Residential Growth REIT and Blackstone Real Estate Announce Anticipated Closing Date of Acquisition and Spin-Off (8/26/22)
NEW YORK, Aug. 26, 2022 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") and Blackstone Real Estate ("Blackstone") today announced that the completion of the proposed acquisition of the Company by Blackstone (the "Acquisition"), and the proposed spin-off of the Company's single-family rental business to its shareholders (the "Spin-Off"), is expected to occur on or about October 6, 2022. The completion of the Acquisition remains subject to the consummation of the Spin-Off, as well as the satisfaction or waiver of the other closing conditions in the merger agreement.
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 has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone's Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone's European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
https://www.prnewswire.com/news-releases/bluerock-residential-growth-reit-and-blackstone-real-estate-announce-anticipated-closing-date-of-acquisition-and-spin-off-301613227.html
Enterprising Investor
2 years ago
Receive $24.25 and shares in of Bluerock Homes Trust, Inc.with an estimated NAV of $5.60.
At 12/31/21,the Bluerock Homes Trust, Inc portfolio consisted of interests in approximately 3,800 homes, comprised of 1,800 operating homes, of which roughly 1,400 and 400 are scattered-site and build-to-rent, respectively, as well as 2,000 additional homes held through preferred equity and mezzanine loan investments, of which 500 are stabilized and 1,500 are under development. Excluding development properties, occupancy was 93%.
Enterprising Investor
2 years ago
Bluerock Residential Growth REIT To Be Acquired By Affiliates of Blackstone Real Estate In $3.6 Billion Transaction (12/20/21)
Shareholders to Receive $24.25 in Cash plus Shares of Bluerock Homes Trust, Inc., BRG's Single Family Rental Business Spin-Off, with an Estimated NAV of $5.60
NEW YORK, Dec. 20, 2021 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate ("Blackstone") under which Blackstone will acquire all outstanding shares of common stock of BRG for $24.25 per share in an all-cash transaction valued at $3.6 billion (the "Acquisition").
Under the terms of the agreement, Blackstone will acquire 30 multifamily properties comprising approximately 11,000 units as well as a loan book secured by 24 multifamily assets. The properties consist of high-quality garden-style assets with significant green space and resort-style amenities, built, on average, in 2000. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin.
Prior to the Acquisition, the Company separately intends to spin off its single-family rental business to its shareholders (the "Spin-Off" and together with the Acquisition, the "Transaction") through the taxable distribution to shareholders of all of the outstanding shares of common stock of a newly formed real estate investment trust named Bluerock Homes Trust, Inc. ("BHOM"), which will be externally managed by an affiliate of Bluerock Real Estate. BHOM will own interests in approximately 3,400 homes, including 2,000 through preferred/mezzanine investments, located in fast growing, high quality of life and knowledge economy markets across the United States. The Company's shareholders will receive shares of BHOM, with a current implied Net Asset Value estimated at $5.60 (based on the midpoint of the valuation range provided by Duff & Phelps, independent financial advisor to the Company's board of directors), for each share of Company common stock. There can be no assurance that the trading price upon a listing of BHOM will be equal to or greater than this estimated NAV.
The Transaction has been unanimously approved by the Company's board of directors and the Acquisition, excluding the value of BHOM, represents a premium of approximately 124% over the unaffected closing stock price on September 15, 2021, the date prior to a media article reporting that the Company was exploring strategic options including a sale.
"We are very proud to enter into a transaction that delivers tremendous value to our shareholders. We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets, along with the robust process run by the board of directors and management to secure maximum value for our shareholders," said Ramin Kamfar, Company Chairman and CEO.
Asim Hamid, Senior Managing Director at Blackstone Real Estate, said, "Bluerock's portfolio consists of high-quality multifamily properties in markets across the U.S. experiencing some of the strongest fundamentals. We look forward to bringing our best-in-class management to these properties to ensure they continue to be operated at the highest standards for the benefit of tenants and the surrounding communities."
Completion of the Acquisition, which is currently expected to occur in the second quarter of 2022, is contingent upon consummation of the Spin-Off, as well as customary closing conditions, including the approval of the Company's shareholders, who will vote on the transaction at a special meeting on a date to be announced. The Acquisition is not contingent on receipt of financing by Blackstone.
Most members of the Company's senior management, along with certain entities related to them, have agreed to retain their interests in the Company's operating partnership, which will hold the assets related to the single-family rental business upon completion of the Spin-Off, rather than receiving cash consideration.
Morgan Stanley & Co. LLC and Eastdil Secured LLC are the Company's lead financial advisors with BofA Securities also serving as an advisor. Wachtell, Lipton, Rosen & Katz, Kaplan Voekler Cunningham & Frank, PLC, and Vinson & Elkins, LLP are serving as the Company's legal counsel. Barclays and Wells Fargo Securities LLC are Blackstone's financial advisors and Simpson Thacher & Bartlett LLP is Blackstone's legal advisor.
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. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has $230 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, multifamily and single-family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone's Core+ strategy comprises open-ended funds that invest in substantially stabilized real estate assets globally and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
Additional Information and Where to Find It
In connection with the Acquisition, the Company will file relevant materials with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's proxy statement on Schedule 14A (the "Proxy Statement"). In addition, in connection with the Spin-Off, BHOM will file a registration statement on Form 10. This press release is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to its shareholders in connection with the proposed transactions. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC's website, http://www.sec.gov, and the Company's website, www.bluerockresidential.com. In addition, the documents (when available) may be obtained free of charge by accessing the Investor Relations section of the Company's website at ir.bluerockresidential.com or by contacting the Company's Investor Relations by email at investor.relations@bluerockre.com.
Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Company common stock in respect of the proposed transaction. Information about the directors and executive officers of the Company is set forth in the proxy statement for the Company's 2021 annual meeting of stockholders, which was filed with the SEC on June 25, 2021, in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 23, 2021 and in other documents filed by the Company with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions.
https://www.prnewswire.com/news-releases/bluerock-residential-growth-reit-to-be-acquired-by-affiliates-of-blackstone-real-estate-in-3-6-billion-transaction-301448158.html
barnyarddog
5 years ago
https://bluerockresidential.com/portfolio/
BRG Company Overview
Bluerock Residential Growth REIT, Inc. is a real estate investment trust. The Company is focused on acquiring a portfolio of residential real estate assets. As of December 31, 2016, the Company's portfolio consisted of interests in 31 properties (21 operating and 10 development properties). As of December 31, 2016, its properties contained an aggregate of 9,570 units, consisting of 6,972 operating units and 2,598 units under development. As of December 31, 2016, its operating properties included ARIUM at Palmer Ranch, Sarasota; ARIUM Grandewood, Orlando; ARIUM Gulfshore, Naples; ARIUM Palms, Orlando; ARIUM Pine Lakes, Port St. Lucie; ARIUM Westside, Atlanta; Ashton Reserve, Charlotte; Enders at Baldwin Park, Orlando; Fox Hill, Austin; Lansbrook Village, Palm Harbor; Legacy at Southpark, Austin; Nevadan, Atlanta; Roswell City Walk, Roswell; Sorrel, Frisco; Sovereign, Fort Worth; The Preserve at Henderson Beach, Destin; Village Green of Ann Arbor, Ann Arbor, and Whetstone, Durham.
NYSE American Real Time Quote Last Trade as of 8:00 PM ET 3/27/20
Extended Hours Quote and Chart ShowHide
Open
5.54
Previous Close
5.98
52-Week Range
5.25 - 12.655
3/24/20 -8/21/19
Avg Volume (10 days)
438,872
P/E (Trailing 12 mo.)
0.0x
EPS (Trailing 12 mo.)
-0.864
Next Earnings Date
5/11/20
Market Cap
139.7 M
Shares Outstanding
22.4 M
Beta
1.3
Dividend Yield
10.87%
Quarterly Dividend
0.1625
Ex-Dividend Date
3/24/20
Dividend Payable Date
4/3/20
SPORTSPROPHET
6 years ago
Borregaard: Share options issued
Borregaard's Board of Directors has decided to issue share options in accordance with the proxy given by the Annual General Meeting held on 12 April 2018. The total number of options issued is 400,000.
The options will expire after five years (6 February 2024), and may be exercised in the last two years. The strike price of the options is NOK 82.35. It is based on the volume weighted average share price during the first three trading days after the announcement of the 4th quarter 2018 results with an addition of 10%. The strike price will be adjusted for dividend and equity transactions. The maximum annual gain is limited to twice the annual base salary for the CEO, and equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the Company, and the purchased shares will be locked for a period of three years. The members of the Executive Management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the CEO.
Primary insiders have the following holdings of options and shares in Borregaard after the new share options were issued on 6 February 2019 (new options in parenthesis):
Per A. Sørlie holds 300,000 options (60,000) and owns 147,439 shares
Morten Harlem holds 166,000 options (30,000) and owns 47,408 shares
Tom Erik Foss-Jacobsen holds 87,000 options (20,000) and owns 37,064 shares
Per Bjarne Lyngstad holds 117,000 options (20,000) and owns 55,045 shares
Tuva Barnholt holds 95,000 options (15,000) and owns 30,617 shares
Sveinung Heggen holds 95,000 options (15,000) and owns together with related parties 9,553 shares
Ole Gunnar Jakobsen holds 75,000 options (20,000) and owns 29,812 shares
Gisle Løhre Johansen holds 70,000 options (15,000) and owns 20,708 shares
Dag Arthur Aasbø holds 95,000 options (15,000) and owns 47,545 shares
The total number of outstanding share options is now 1,957,000, equivalent to 1.96 % of the number of shares (including 448,752 treasury shares) in Borregaard.
SPORTSPROPHET
6 years ago
Bluerock Residential Growth REIT (BRG) Fourth Quarter 2018 Earnings, Conference Call Set for February 14
Today : Wednesday 23 January 2019
NEW YORK, Jan. 23, 2019 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company" or "BRG") will release its financial results for the fourth quarter ended December 31, 2018 before the market opens on Thursday, February 14, 2019. The Company will host a conference call to discuss its financial results on Thursday, February 14, 2019 at 11:00 AM (Eastern Time). The call will include prepared remarks by management as well as a question and answer session.
Conference Call Details
Investors and analysts may pre-register for the webcast to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time, by accessing http://dpregister.com/10127798.
Participants who would like to join the call but have not pre-registered can do so on the day of the event by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference." To submit a question to management during the call, participants must be logged in via telephone. Questions submitted in advance are welcome and may be sent via email to Josh Hoffman at jhoffman@bluerockre.com.
Details for the Replay of the Conference Call
The webcast will be available for replay on the Company's website two hours after the call concludes, and will remain available through March 14, 2019. The webcast replay will be accessible through https://services.choruscall.com/links/brg190214.html, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10127798.
SPORTSPROPHET
6 years ago
Bluerock Residential Growth REIT (BRG) Announces First Quarter 2019 Series B Preferred Stock Dividends
NEW YORK, Jan. 11, 2019 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that its Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series B Redeemable Preferred Stock (the "Series B Preferred Stock") for the first quarter of 2019, equal to a quarterly rate of $15.00 per share (the "Series B Preferred Dividends").
The Series B Preferred Dividends will be payable in cash as follows: $5.00 per share to be paid on Tuesday, February 5, 2019 to Series B Preferred stockholders of record as of Friday, January 25, 2019; $5.00 per share to be paid on Tuesday, March 5, 2019 to Series B Preferred stockholders of record as of Monday, February 25, 2019; and $5.00 per share to be paid on Friday, April 5, 2019 to Series B Preferred stockholders of record as of Monday, March 25, 2019.
SPORTSPROPHET
6 years ago
Bluerock Residential Growth REIT (BRG) Third Quarter 2018 Earnings, Conference Call Set for November 5
NEW YORK, Oct. 15, 2018 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company" or "BRG") will release its financial results for the third quarter ended September 30, 2018 before the market opens on Monday, November 5, 2018. The Company will host a conference call to discuss its financial results on Monday, November 5, 2018 at 11:00 AM (Eastern Time). The call will include prepared remarks by management as well as a question and answer session.
Conference Call Details
Investors and analysts may pre-register for the webcast to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time, by accessing http://dpregister.com/10125116.
Participants who would like to join the call but have not pre-registered can do so on the day of the event by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference." To submit a question to management during the call, participants must be logged in via telephone. Questions submitted in advance are welcome and may be sent via email to Josh Hoffman at jhoffman@bluerockre.com.
Details for the Replay of the Conference Call
The webcast will be available for replay on the Company's website two hours after the call concludes, and will remain available through December 6, 2018. The webcast replay will be accessible through https://services.choruscall.com/links/brg181106.html, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10125116.
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.
SPORTSPROPHET
6 years ago
Bluerock Residential Growth REIT (BRG) Announces Fourth Quarter 2018 Series B Preferred Stock Dividends
NEW YORK, Oct. 12, 2018 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that its Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series B Redeemable Preferred Stock (the "Series B Preferred Stock") for the fourth quarter of 2018, equal to a quarterly rate of $15.00 per share (the "Series B Preferred Dividends").
(PRNewsfoto/Bluerock Residential Growth REI)
The Series B Preferred Dividends will be payable in cash as follows: $5.00 per share to be paid on Monday, November 5, 2018 to Series B Preferred stockholders of record as of Thursday, October 25, 2018; $5.00 per share to be paid on Wednesday, December 5, 2018 to Series B Preferred stockholders of record as of Friday, November 23, 2018; and $5.00 per share to be paid on Friday, January 4, 2019 to Series B Preferred stockholders of record as of Monday, December 24, 2018.
SPORTSPROPHET
7 years ago
Bluerock Residential Growth REIT (BRG) Announces Second Quarter 2018 Series B Preferred Stock Dividends
1:00 pm ET April 13, 2018 (PR Newswire)
Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that its Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series B Redeemable Preferred Stock (the "Series B Preferred Stock") for the second quarter of 2018, equal to a quarterly rate of $15.00 per share (the "Series B Preferred Dividends").
https://mma.prnewswire.com/media/544125/BRG_Logo.jpg
The Series B Preferred Dividends will be payable in cash as follows: $5.00 per share to be paid on Friday, May 4, 2018 to Series B Preferred stockholders of record as of Wednesday, April 25, 2018; $5.00 per share to be paid on Tuesday, June 5, 2018 to Series B Preferred stockholders of record as of Friday, May 25, 2018; and $5.00 per share to be paid on Thursday, July 5, 2018 to Series B Preferred stockholders of record as of Monday, June 25, 2018.
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 Core+ 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 our website at: www.bluerockresidential.com.
SPORTSPROPHET
7 years ago
Bluerock Residential Growth REIT Announces Share Repurchase Plan
NEW YORK, Feb. 14, 2018 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company"), an owner of highly amenitized multi-family communities, announced today that its Board of Directors has authorized the repurchase of up to $25 million of its outstanding shares of Class A common stock over a period of one year.
"We are pleased to announce this share repurchase plan, which demonstrates our strong belief in the quality of our assets and the growth embedded in our portfolio, which we believe is significantly undervalued by the market," said Ramin Kamfar, the Company's Chairman and CEO. "With this new plan we have an additional option to consider in our deployment of capital. It is our intention to take a measured approach to executing these repurchases as we prudently use our capital and manage our leverage in a careful manner to maximize shareholder value."
Purchases made pursuant to the plan will be made in either the open market, including through block purchases or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion. The stock repurchase plan does not obligate the Company to acquire any particular amount of Class A common stock and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. All open market repurchases will be made in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, which sets certain restrictions on the method, timing, price and volume of open market repurchases. The plan may be extended, modified, suspended or discontinued at any time at the Company's discretion.
SPORTSPROPHET
7 years ago
Yes, in one minute...unfortunately, I can't do it, but here's the info:
Bluerock Residential Growth REIT (BRG) Fourth Quarter 2017 Earnings, Conference Call Set for February 14
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company" or "BRG") will release its financial results for the fourth quarter ended December 31, 2017 before the market opens on Wednesday, February 14, 2018. The Company will host a conference call to discuss its financial results on Wednesday, February 14, 2018 at 11:00 AM (Eastern Time). The call will include prepared remarks by management as well as a question and answer session.
https://mma.prnewswire.com/media/544125/BRG_Logo.jpg
Conference Call Details Investors and analysts may pre-register for the webcast to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time, by accessing http://dpregister.com/10116771.
Participants who would like to join the call but have not pre-registered can do so on the day of the event by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference." To submit a question to management during the call, participants must be logged in via telephone. Questions submitted in advance are welcome and may be sent via email to Josh Hoffman at jhoffman@bluerockre.com.
SPORTSPROPHET
7 years ago
Borregaard: Share options issued
07.02.2018: Borregaard ASA ("Borregaard", OSE ticker: BRG)
Borregaard's Board of Directors has decided to issue share options in accordance with the proxy given by the Annual General Meeting held on 20 April 2017. The total number of options issued is 400,000.
The options will expire after five years (7 February 2023), and may be exercised in the last two years. The strike price of the options is NOK 80.00. It is based on the volume weighted average share price during the first three trading days after the announcement of the 4th quarter 2017 results with an addition of 10%. The strike price will be adjusted for dividend and equity transactions. The maximum annual gain is limited to twice the annual base salary for the CEO, and equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the Company, and the purchased shares will be locked for a period of three years. In addition, the members of the Executive Management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the CEO.
Primary insiders have the following holdings of options and shares in Borregaard after the new share options were issued on 7 February 2018 (new options in parenthesis):
Per A. Sørlie holds 240,000 options (60,000) and owns 146,421 shares
Morten Harlem holds 136,000 options (30,000) and owns 46,390 shares
Tom Erik Foss-Jacobsen holds 97,000 options (20,000) and owns 36,046 shares
Per Bjarne Lyngstad holds 97,000 options (20,000) and owns 54,027 shares
Tuva Barnholt holds 80,000 options (15,000) and owns 29,599 shares
Liv Longva holds 30,000 options (15,000) and owns 5,551 shares
Sveinung Heggen holds 80,000 options (15,000) and owns together with related parties 8,535 shares
Ole Gunnar Jakobsen holds 80,000 options (15,000) and owns 28,794 shares
Gisle Løhre Johansen holds 80,000 options (15,000) and owns 20,490 shares
Dag Arthur Aasbø holds 80,000 options (15,000) and owns 46,527 shares
The total number of outstanding share options is now 1,744,000, equivalent to 1.74 % of the number of shares (including 484,065 treasury shares) in Borregaard.
Contacts:
Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515
Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile +47 918 34 108
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
SPORTSPROPHET
7 years ago
Bluerock Residential Growth REIT (BRG) Fourth Quarter 2017 Earnings, Conference Call Set for February 14
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company" or "BRG") will release its financial results for the fourth quarter ended December 31, 2017 before the market opens on Wednesday, February 14, 2018. The Company will host a conference call to discuss its financial results on Wednesday, February 14, 2018 at 11:00 AM (Eastern Time). The call will include prepared remarks by management as well as a question and answer session.
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Conference Call Details Investors and analysts may pre-register for the webcast to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time, by accessing http://dpregister.com/10116771.
Participants who would like to join the call but have not pre-registered can do so on the day of the event by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference." To submit a question to management during the call, participants must be logged in via telephone. Questions submitted in advance are welcome and may be sent via email to Josh Hoffman at jhoffman@bluerockre.com.
Details for the Replay of the Conference CallThe webcast will be available for replay on the Company's website two hours after the call concludes, and will remain available through March 14, 2018. The webcast replay will be accessible through http://services.choruscall.com/links/brg180214.html, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10116771.
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 Core+ 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.
SPORTSPROPHET
7 years ago
Bluerock Capital Markets Reports 60% Growth in Capital Raise; Achieves Top 4 Ranking in Direct Investment Industry
Bluerock Capital Markets (BCM) announced today that it ranks among the direct investment industry's top 4 sponsors in 2017 with over $650 million of new capital raised, and that it continues to see substantial year-over-year growth across all three of its major product lines.
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Capital raised for BCM's direct investment product suite grew by 60% in 2017, following a 160% increase in 2016. The company reports robust equity raises across all three of its product lines, which includes:
-- Bluerock's innovative Total Income+ Real Estate Fund (NASDAQ: TIPRX, TIPPX, TIPWX, TIPLX), that provides individual investors with access to private, institutional real estate securities, enabling them to invest alongside large pensions and endowments without the high minimums
-- Bluerock Residential Growth REIT (NYSE MKT: BRG) Series B Preferred stock designed to deliver current income and stability of principal plus potential capital appreciation with investments in the multifamily sector, and
-- Bluerock Value Exchange 1031 like-kind exchanges that seeks to provide investors with tax deferral, current income and potential capital appreciation
Bluerock's strong 2017 performance stands out in notable contrast to the broader direct investment industry or Portfolio Diversifying Investments (PDIs), which according to Stanger, declined 17% in 2017, following a decline of 55% in 2016. The Market Pulse report covers interval funds, public DPP, non-listed REIT, and non-listed BDC products marketed through independent broker-dealers.
"Bluerock's ability to grow as the larger industry contracts is attributable in part to a recognized pattern of consistent, solid performance and attractive risk-adjusted returns, as well as to the fact that we are offering a well-timed, responsive product suite that is suited to the current economic and regulatory environment," said Jeffrey S. Schwaber, CEO of Bluerock Capital Markets.
BCM has also made a significant investment to expand its human capital. "We now have 44 dedicated team members nationwide across 16 regional territories covering all 50 states and supported by two internal sales desks situated on both coasts. That expansion has made a tremendous impact on our ability to assist and educate our financial advisor base," Schwaber said.
Bluerock's TI+ closed-end interval fund, which reports approximately $900 million in AUM as of the date herein, is a comprehensive real estate holding which seeks to provide a combination of current income, capital preservation, and long-term capital appreciation with low to moderate volatility and low correlation to the broader equity and fixed income markets.
BRG, a multifamily REIT with assets in excess of $1.8 billion, acquires Class A institutional-quality apartment properties in demographically attractive growth markets, and generating value through off-market/relationship-based transactions and property enhancements.
Bluerock's 1031 Exchange (DST) products target the multifamily sector through Bluerock Value Exchange, a national sponsor of syndicated 1031-exchange offerings with a focus on Class A assets. Bluerock has structured over $1.4 billion in total property value and nearly 7.5 million square feet of property.
Market ranking is based on industry data obtained by Robert A. Stanger, Blue Vault Partners, and Mountain Dell Consulting.
About Bluerock Capital MarketsBluerock Capital Markets, LLC serves as the managing broker dealer for Bluerock Real Estate and is a member of FINRA/SIPC. BCM seeks to provide educational information related to real estate investment opportunities for financial advisors and their clients. The company distributes a broad range of real estate and real estate-related investment products exclusively through broker dealers and investment professionals. Bluerock Real Estate is a leading alternative investment management firm with over $4.5 billion on Assets Under Management and headquartered in Manhattan with regional offices across the U.S. Its principals have a collective 115+ years of investing experience, have been involved with over $10 billion in investments, and have helped launch leading private and public company platforms.
SPORTSPROPHET
7 years ago
Bluerock Residential Growth REIT (BRG) Announces Fourth Quarter Dividend on 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and 7.125% Series D Cumulative Preferred Stock
1:00 pm ET December 8, 2017 (PR Newswire) Print
Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that its Board of Directors has authorized and the Company has declared a quarterly cash dividend on the Company's 8.250% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") for the fourth quarter of 2017, in the amount of $0.515625 per share (the "Series A Preferred Dividend"). In addition, the Company has declared a quarterly cash dividend on its 7.625% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") for the fourth quarter of 2017, in the amount of $0.4765625 per share (the "Series C Preferred Dividend"). Further, the Company has declared a quarterly cash dividend on its 7.125% Series D Cumulative Preferred Stock (the "Series D Preferred Stock") for the fourth quarter of 2017, in the amount of $0.4453125 per share (the "Series D Preferred Dividend").
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The Series A Preferred Dividend, the Series C Preferred Dividend and the Series D Preferred Dividend will each be payable in cash on Friday, January 5, 2018 to Series A Preferred Stockholders, Series C Preferred Stockholders and Series D Preferred Stockholders of record (respectively) as of Friday, December 22, 2017.
About Bluerock Residential Growth REIT, Inc. Bluerock Residential Growth REIT, Inc. (NYSE American: 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, making it possible to operate as a local sharpshooter in each of its markets while enhancing off-market sourcing capabilities. 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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