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.