NEW YORK, April 20, 2016 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company")
announced today the pricing of its public offering of 2,000,000
shares of its 8.250% Series A Cumulative Redeemable Preferred
Stock, liquidation preference of $25.00 per share (the "Series A Preferred
Stock"), for total net proceeds of approximately $48,025,000 after deducting underwriting
discounts, commissions, and estimated offering expenses payable by
the Company. The Company has granted the underwriters a
30-day option to purchase up to 300,000 additional shares to cover
overallotments, if any. The offering is expected to close on or
about April 25, 2016, subject to the
satisfaction of customary closing conditions.
The Company's Series A Preferred Stock is listed on the NYSE MKT
under the symbol "BRG-PrA." Shares of the Company's Class A Common
Stock trade on the NYSE MKT under the ticker symbol "BRG."
The Company intends to use the net proceeds of the offering for
future multifamily acquisitions and investments, and other general
corporate and working capital purposes, which may include the
repayment of indebtedness and the funding of capital improvements
at its properties.
Wunderlich and Compass Point are serving as book-running
managers for the offering. FBR and Janney
Montgomery Scott are serving as co-lead managers for the
offering.
The offering is being made pursuant to the Company's effective
shelf registration statement filed with the U.S. Securities and
Exchange Commission ("SEC") which became effective on January 29, 2016. Copies of the prospectus
supplement and accompanying prospectus may be obtained from the
SEC's website at www.sec.gov or by contacting: Wunderlich
Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue,
Suite 150, Memphis, Tennessee
38119, or by email at syndicate@wundernet.com , or Compass
Point Research & Trading, LLC, Equity Syndicate, 1055 Thomas
Jefferson Street NW, Suite 303, Washington, D.C. 20007, or by email at
syndicate@compasspointllc.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these shares or any other securities in any state in which such
offer, solicitation or sale would be unlawful, prior to
registration or qualification under the securities laws of any
state.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real
estate investment trust that focuses on acquiring a diversified
portfolio of Class A institutional-quality apartment properties in
demographically attractive growth markets to appeal to the renter
by choice. The Company's objective is to generate value through
off-market/relationship-based transactions and, at the asset level,
through improvements to operations and properties. The Company
generally invests with strategic regional partners, including some
of the best-regarded private owner-operators in the United States, enabling the Company to
operate as a local sharpshooter in each of its markets while
enhancing its off-market sourcing capabilities. The Company's Class
A Common Stock is included on the Russell 2000 and Russell 3000
Indexes. The Company has elected to be taxed as a real estate
investment trust (REIT) for U.S. federal income tax purposes.
Forward Looking Statements
This press release
contains statements that are "forward-looking
statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. Forward looking statements are statements that are
not historical, including statements regarding management's
intentions, beliefs, expectations, representations, plans or
predictions of the future, and are typically identified by such
words as "believe," "expect," "anticipate," "intend," "estimate,"
"may," "will," "should" and "could." Because such statements
include risks, uncertainties and contingencies, actual results may
differ materially from those expressed or implied by such forward
looking statements. These forward-looking statements are
based upon the Company's present expectations, but these statements
are not guaranteed to occur, including, without limitation,
with respect to the completion of the proposed public offering on
the terms described or at all, and the Company's proposed use of
net proceeds.Furthermore, the Company disclaims any obligation
to publicly update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, of new
information, data or methods, future events or other changes.
Investors should not place undue reliance upon forward-looking
statements. For further discussion of the factors that could affect
outcomes, please refer to the "Risk Factors" section of the
preliminary prospectus supplement and accompanying
prospectusfiled by the Company with the SEC on April 19, 2016, and the documents
incorporated therein by reference, and in the Company's
annual and periodic reports and other documents filed with the SEC,
copies of which are available on the SEC's website,
www.sec.gov.
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SOURCE Bluerock Residential Growth REIT, Inc.