NEW YORK, May 26, 2016 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company")
announced today the pricing of its offering of 400,000 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 $9.5 million after
deducting placement agent fees and estimated offering expenses
payable by the Company. The offering is expected to close on
or about May 26, 2016, subject to the
satisfaction of customary closing conditions. Compass Point
Research & Trading, LLC served as placement agent for the
offering.
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.
The offering was made pursuant to the Company's effective shelf
registration statement on Form S-3 filed with the U.S. Securities
and Exchange Commission (the "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
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, 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 final
prospectus supplement dated May 25,
2016 and accompanying prospectus filed by the Company
with the SEC, 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.