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08.05.2018 14:30:00

Bluerock Residential Growth REIT Announces First Quarter 2018 Results

Bluerock Residential Growth REIT Announces First Quarter 2018 Results- Total Revenues Grew 49% YoY to $41.9 Million -- Reaffirms Full Year 2018 AFFO Guidance -PR NewswireNEW YORK, May 8, 2018NEW YORK, May 8, 2018 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE:BRG) ("the Company"), an owner of highly amenitized multi-family apartment communities, announced today its financial results for the quarter ended March 31, 2018.First Quarter Highlights  Total revenues grew 49% to $41.9 million for the quarter from $28.2 million in the prior year period.Net loss attributable to common stockholders for the first quarter of 2018 was ($0.40) per share, as compared to net loss attributable to common stockholders of ($0.20) per share in the prior year period.Property Net Operating Income ("NOI") grew 31% to $21.0 million, from $16.0 million in the prior year period.Same store Revenue and NOI increased 5.4% and 3.5% respectively, as compared to the prior year period.Adjusted funds from operations attributable to common shares and units ("AFFO") grew 21% to $5.6 million, from $4.6 million in the prior year period.  AFFO per share is $0.18 for the quarter as compared to $0.18 in first quarter 2017.Consolidated real estate investments, at cost, increased approximately $65 million to $1.5 billion. The Company invested approximately $61 million in a 264-unit highly amenitized community and grew development mezzanine loans by approximately $22 million.Repurchased 530,693 shares of stock during the first quarter at an average price of $7.92 per share, for a total cost of approximately $4.2 million.The Company entered into a $50 million junior credit facility agreement."We had an active start to the year as we produced strong results for the first quarter, and delivered AFFO which exceeded our dividend payment," said Ramin Kamfar, Company Chairman and CEO. "We also closed on the acquisition of a multi-family community for $61 million and strengthened our balance sheet as we established a $50 million junior revolving credit facility. We enter the second quarter with greater financial flexibility and capacity in pursuing our strategy of owning highly amenitized communities in targeted knowledge-economy growth markets." Financial ResultsNet loss attributable to common stockholders for the first quarter of 2018 was $9.4 million, compared to a net loss of $5.0 million in the prior year period.  Net loss attributable to common stockholders included non-cash expenses of $18.2 million or $0.59 per share in the first quarter of 2018 compared to $13.9 million or $0.55 per share for the prior year period.  AFFO for the first quarter of 2018 was $5.6 million, or $0.18 per diluted share, compared to $4.6 million, or $0.18 per diluted share in the prior year period.  AFFO was primarily impacted by growth in property NOI of $5.0 million and interest income of $3.7 million arising from significant investment activity. This was primarily offset by a year-over-year rise in interest expense of $3.0 million, general and administrative expenses of $1.9 million, and preferred stock dividends of $2.4 million.Total Portfolio Performance$ In thousands, except average rental rates1Q181Q17VarianceTotal Revenues (1)$41,871$28,18348.6%Property Operating Expenses$15,658$10,61947.5%NOI$21,017$16,04131.0%Operating Margin57.3%60.2%(290)bpsOccupancy Percentage93.5%94.3%(80)bpsAverage Rental Rate$1,227$1,254-2.2%(1) Including interest income from related partiesFor the first quarter of 2018, property revenues increased by 37.6% compared to the same prior year period primarily attributable to the increased size of the portfolio.  Total portfolio NOI was $21.0 million, an increase of $5.0 million, or 31.0%, compared to the same period in the prior year.  Property NOI margins were 57.3% of revenue for the quarter, compared to 60.2% of revenue in the prior year quarter.  Property NOI margins were impacted by the sales of stabilized assets owned for longer time periods and the recent purchase of replacement properties that have not yet achieved the same level of operational efficiency. Property operating expenses were up primarily due to the increased size of the portfolio.Same Store Portfolio Performance$ In thousands, except average rental rates1Q181Q17VarianceRevenues$20,781$19,7255.4%Property Operating Expenses$8,594$7,9468.2%NOI$12,187$11,7793.5%Operating Margin58.6%59.7%(110)bpsOccupancy Percentage93.8%94.0%(20)bps Average Rental Rate $1,284$1,2254.8%For the first quarter of 2018, same store NOI was $12.2 million, an increase of $408,000, or 3.5%, compared to the same period in the prior year. Same store property revenues increased by 5.4% compared to the same prior year period, primarily attributable to a 4.8% increase in average rental rates, offset by average occupancy decreasing 20 basis points to 93.8%.   Same store expenses were impacted by an approximate $400,000 increase in real estate taxes due to higher valuations by municipalities and lower 2017 tax expense as a result of 2016 real estate tax true-ups recorded in the 2017 period.  The Company's same store portfolio for the quarter ended March 31, 2018 included 16 properties.  First Quarter Acquisition ActivityOn March 26, 2018, acquired an 88% indirect interest in a 264-unit apartment community located in Castle Rock, Colorado, known as Links at Plum Creek.  The total purchase price was approximately $61.1 million, funded in part with a $40.0 million mortgage loan on the Links at Plum Creek.On March 28, 2018, increased its mezzanine loan in the Flagler Village development by $21.0 million.Balance SheetOn March 20, 2018, the Company, through its operating partnership, entered into a $50 million credit agreement (the "Junior Credit Facility") with KeyBank National Association and other lenders.  The Junior Credit Facility matures in March 2019, and borrowings bear interest, at the Company's option, at LIBOR plus 4.00%, or the base rate plus 3.00%.The Company raised gross proceeds of approximately $18.5 million through the sale of 18,531 shares of Series B preferred stock with associated warrants at $1,000 per unit.As of March 31, 2018, the Company had $31.5 million of unrestricted cash on its balance sheet, approximately $23.2 million available among its revolving credit facilities, and $1.1 billion of debt outstanding. Dividend DetailsThe Board of Directors authorized, and the Company declared, a quarterly dividend for the first quarter of 2018 equal to a quarterly rate of $0.1625 per share on its Class A common stock, payable to the stockholders of record as of March 23, 2018, which was paid in cash on April 5, 2018. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that we will continue to declare dividends or at this rate.On April 13, 2018, the Board of Directors authorized, and the Company declared, a monthly dividend of $5.00 per share of Series B preferred stock, payable to the stockholders of record as of April 25, 2018, which was paid in cash on May 4, 2018, and as of May 25, 2018, and June 25, 2018, which will be paid in cash on June 5, 2018 and July 5, 2018, respectively.2018 Guidance Based on the Company's current outlook and market conditions, the Company reiterates 2018 AFFO in the range of $0.65 to $0.70 per share.  For additional guidance details, please see page 28 of Company's First Quarter 2018 Earnings Supplement available under Investor Relations on the Company's website (www.bluerockresidential.com).  Subsequent to issuing 2018 guidance in February 2018, the Company revised its presentation of AFFO attributable to common stockholders to reflect AFFO attributable to common shares and units.  The estimated weighted average diluted shares and units outstanding used to calculate AFFO per share now includes noncontrolling interests – operating partnership units.  As the Company's presentation now also includes the impact of AFFO attributable to operating partnership units, and as shares and units are treated on a one-for-one basis, there is no change to projected AFFO per share for purposes of 2018 AFFO guidance.Conference CallAll interested parties can listen to the live conference call at 11:00 AM ET on Tuesday, May 8, 2018 by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference." For those who are not available to listen to the live call, the conference call will be available for replay on the Company's website two hours after the call concludes, and will remain available until June 8, 2018 at http://services.choruscall.com/links/brg180508.html, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10119871.The full text of this Earnings Release and additional Supplemental Information is available in the Investor Relations section on the Company's website at http://www.bluerockresidential.com.About Bluerock Residential Growth REIT, Inc.Bluerock Residential Growth REIT, Inc. (NYSE: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 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 StatementsThis 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.Portfolio Summary The following is a summary of our operating real estate and mezzanine/preferred investments as of March 31, 2018:Consolidated Operating PropertiesLocationNumber of UnitsYear Built/ Renovated (1)Ownership InterestAverage Rent (2)% Occupied (3)ARIUM at Palmer RanchSarasota, FL320201695%$    1,26997%ARIUM GlenridgeAtlanta, GA480199090%1,12296%ARIUM GrandewoodOrlando, FL3062005100%1,32397%ARIUM GulfshoreNaples, FL368201695%1,28895%ARIUM Hunter's CreekOrlando, FL5321999100%1,33097%ARIUM MetrowestOrlando, FL5102001100%1,29496%ARIUM PalmsOrlando, FL252200895%1,30997%ARIUM Pine LakesPort St. Lucie, FL320200385%1,20899%ARIUM WestsideAtlanta, GA336200890%1,49293%Ashton ReserveCharlotte, NC4732015100%1,06192%Citrus TowerOrlando, FL336200697%1,23497%Enders Place at Baldwin ParkOrlando, FL220200392%1,71296%James on South FirstAustin, TX250201690%1,26494%Marquis at Crown RidgeSan Antonio, TX352200990%92694%Marquis at Stone OakSan Antonio, TX335200790%1,40791%Marquis at The CascadesTyler, TX582200990%1,07691%Marquis at TPCSan Antonio, TX139200890%1,41396%Outlook at GreystoneBirmingham, AL 3002007100%92989%Park & KingstonCharlotte, NC1682015100%1,25192%Preston ViewMorrisville, NC3822000100%1,06596%Roswell City WalkRoswell, GA320201598%1,48695%SorrelFrisco, TX352201595%1,23591%SovereignFort Worth, TX322201595%1,32192%The BrodieAustin, TX324200193%1,17696%The Links at Plum CreekCastle Rock, CO264200088%1,271Full story available on Benzinga.com
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