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Bluerock Residential Growth REIT Announces Second Quarter 2018 Results
Bluerock Residential Growth REIT Announces Second Quarter 2018 Results- Total Revenues Grew 57% YoY to $45.0 Million -- Increases Low End of Full Year 2018 AFFO Guidance Range -PR NewswireNEW YORK, Aug. 7, 2018NEW YORK, Aug. 7, 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 June 30, 2018.Second Quarter Highlights Total revenues grew 57% to $45.0 million for the quarter from $28.7 million in the prior year period.Net loss attributable to common stockholders for the second quarter of 2018 was ($0.44) per share, as compared to net income attributable to common stockholders of $0.67 per share in the prior year period. The prior year period included $1.26 per share of gains on the sale of real estate investments and joint venture interests.Property Net Operating Income ("NOI") grew 49% to $22.5 million, from $15.0 million in the prior year period.Same store Revenue and NOI increased 3.6% and 3.9% respectively, as compared to the prior year period.Adjusted funds from operations attributable to common shares and units ("AFFO") grew 56% to $5.3 million, from $3.4 million in the prior year period. AFFO per share is $0.17 for the quarter as compared to $0.13 in second quarter 2017.Consolidated real estate investments, at cost, increased approximately $151.5 million to $1.6 billion, from year end. The Company invested approximately $82 million in two multifamily communities totaling 502 units and $9 million to buy out minority ownership interests in two assets.The Company completed 292 value-add unit upgrades at an average cost of $4,708 per unit, and leased 269 of them during the second quarter. Year-to-date, the Company has completed 462 upgrades at an average cost of $4,373 per unit. The Company expects to complete between 900 and 1,200 unit renovations in 2018.Since inception, the Company has completed 942 value-add unit upgrades and achieved a $107 average monthly rental increase per unit, equating to a 27.4% ROI on all unit upgrades leased as of June 30, 2018.Repurchased 107,040 shares of stock during the second quarter at an average price of $8.96 per share, for a total cost of approximately $1.0 million.The Company increased the low end of its full year 2018 AFFO guidance from $0.65 to $0.66 per share and is affirming the top end of the range at $0.70 per share."We continued to produce strong operating results in the second quarter with property NOI up 49%, same store NOI that increased 3.9% and AFFO which again for the second quarter in a row exceeded our dividend payment," said Ramin Kamfar, Company Chairman and CEO. "The robust first half performance has allowed us to increase the bottom end of our 2018 AFFO guidance range. We remain focused on ongoing operational improvements and creating value through our value-add unit upgrade programs. Furthermore, with access to attractive capital with our Series B redeemable preferred stock issuance, we will selectively pursue opportunities to accretively grow our portfolio of highly amenitized communities in targeted growth markets." Financial ResultsNet loss attributable to common stockholders for the second quarter of 2018 was $10.2 million, compared to a net income of $17.6 million in the prior year period. The prior year period included approximately $32.8 million of gains on sale of real estate investments and joint venture interests. Net loss attributable to common stockholders included non-cash expenses of $14.2 million or $0.46 per share in the second quarter of 2018 compared to $17.1 million or $0.66 per share for the prior year period. AFFO for the second quarter of 2018 was $5.3 million, or $0.17 per diluted share, compared to $3.4 million, or $0.13 per diluted share in the prior year period. AFFO was primarily driven by growth in property NOI of $7.4 million and interest income of $3.5 million arising from significant investment activity. This was primarily offset by a year-over-year rise in interest expense of $4.4 million, general and administrative expenses of $2.0 million, and preferred stock dividends of $2.3 million.Total Portfolio Performance$ In thousands, except average rental rates2Q182Q17VarianceYTD18YTD17VarianceTotal Revenues (1)$44,959$28,66656.8%$86,828$56,84952.7%Property Operating Expenses$16,874$11,52746.4%$32,533$22,14646.9%NOI$22,450$15,04249.2%$43,465$31,08339.8%Operating Margin57.1%56.6%50bps57.2%58.4%(120)bpsOccupancy Percentage93.9%94.3%(40)bps93.7%94.4%(40)bpsAverage Rental Rate$1,239$1,2082.6%$1,233$1,1824.3%(1)Including interest income from related partiesFor the second quarter of 2018, property revenues increased by 48.0% compared to the same prior year period primarily attributable to the increased size of the portfolio. Total portfolio NOI was $22.5 million, an increase of $7.4 million, or 49.2%, compared to the same period in the prior year. Property NOI margins were 57.1% of revenue for the quarter, compared to 56.6% of revenue in the prior year quarter. Property operating expenses were up primarily due to the increased size of the portfolio.Same Store Portfolio Performance$ In thousands, except average rental rates2Q182Q17VarianceYTD18YTD17VarianceRevenues$23,413$22,5913.6%$41,707$39,9104.5%Property Operating Expenses$9,933$9,6173.3%$17,629$16,6695.8%NOI$13,480$12,9743.9%$24,078$23,2413.6%Operating Margin57.6%57.4%20bps57.7%58.2%(50)bpsOccupancy Percentage94.3%94.8%(50)bps94.0%94.4%(40)bpsAverage Rental Rate$1,271$1,2204.2%$1,284$1,2284.6%The Company's same store portfolio for the quarter ended June 30, 2018 included 18 properties. For the second quarter of 2018, same store NOI was $13.5 million, an increase of $0.5 million, or 3.9%, compared to the same period in the prior year. Same store property revenues increased by 3.6% compared to the same prior year period, primarily attributable to a 4.2% increase in average rental rates, offset by average occupancy decreasing 50 basis points to 94.3%. In addition, the implementation of trash valet services at eleven properties and a general increase in resident fees increased revenues by $0.2 million. Same store expenses increased $0.3 million due implementation of trash valet services and the timing of seasonal maintenance. Second Quarter Acquisition ActivityOn April 26, 2018, invested approximately $9 million to increase our ownership stake to 100% in each of our ARIUM Gulfshore and ARIUM at Palmer Ranch properties.On May 1, 2018, acquired a 100% interest in a 264-unit apartment community located in Daytona Beach, Florida, known as Sands Parc. The total purchase price was approximately $46.2 million, funded in part by the Company's Senior Credit Facility.On June 14, 2018, acquired an 80% indirect interest in a 238-unit apartment community located in Lake Jackson, Texas, known as Plantation Park. The total purchase price was approximately $35.6 million, funded in part by a $26.6 million mortgage loan secured by the Plantation Park property.Balance SheetDuring the second quarter, the Company raised gross proceeds of approximately $31.6 million through the issuance of 31,576 shares of Series B preferred stock with associated warrants at $1,000 per unit.As of June 30, 2018, the Company had $25.4 million of unrestricted cash on its balance sheet, approximately $51.5 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 second 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 June 25, 2018, which was paid in cash on July 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 July 10, 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 July 25, 2018, which was paid in cash on August 3, 2018, and as of August 24, 2018, and September 25, 2018, which will be paid in cash on September 5, 2018 and October 5, 2018, respectively.2018 Guidance Based on the Company's current outlook and market conditions, the Company is increasing the bottom end of the 2018 AFFO guidance from $0.65 to $0.66 per share and is reaffirming the top end of the range at $0.70 per share. For additional guidance details, please see page 30 of Company's Second 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, August 7, 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 September 7, 2018 at http://services.choruscall.com/links/brg180807.html, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10122487.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 value add 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 June 30, 2018:Consolidated Operating PropertiesLocationNumber of UnitsYear Built/ Renovated (1)Ownership InterestAverageRent (2)% Occupied (3)ARIUM at Palmer RanchSarasota, FL3202016100%$ 1,29196%ARIUM GlenridgeAtlanta, GA480199090%1,15093%ARIUM GrandewoodOrlando, FL3062005100%1,34695%ARIUM GulfshoreNaples, FL3682016100%1,29692%ARIUM Hunter's CreekOrlando, FL5321999100%1,35393%ARIUM MetrowestOrlando, FL5102001100%1,32893%ARIUM PalmsOrlando, FL252200895%1,30794%ARIUM Pine LakesPort St. Lucie, FL320200385%1,22994%ARIUM WestsideAtlanta, GA336200890%1,49093%Ashton ReserveCharlotte, NC4732015100%1,07391%Citrus TowerOrlando, FL336200697%1,25795%Enders Place at Baldwin ParkOrlando, FL220200392%1,73495%James on South FirstAustin, TX250201690%1,16098%Marquis at Crown RidgeSan Antonio, TX352200990%93593%Marquis at Stone OakSan Antonio, TX335200790%1,38593%Marquis at The CascadesTyler, TX582200990%1,06995%Marquis at TPCSan Antonio, TX139200890%1,46196%Outlook at GreystoneBirmingham, AL 3002007100%93688%Park & KingstonCharlotte, NC1682015100%1,21896%Plantation ParkLake Jackson, TX238201680%1,42892%Preston ViewMorrisville, NC3822000100%1,07297%Roswell City WalkRoswell, GA320201598%1,51397%Sands ParcDaytona Beach, FL2642017100%1,26794%SorrelFrisco, TX352201595%1,25291%SovereignFort Worth, TX322201595%1,32094%The BrodieAustin, TX324200193%1,10598%The Links at Plum CreekCastle Rock, CO264200088%1,36294%The MillsGreenville, SC3042013100%99997%The Preserve at Henderson BeachDestin, FL3402009100%1,30697%Villages at Cypress CreekHouston, TX384200180%1,07997%Wesley VillageCharlotte, NC3012010100%1,29695%Consolidated Operating Properties Subtotal/Average10,374$ 1,23994%Mezzanine/Preferred InvestmentsLocationPlanned Number of UnitsPro Forma Average Rent (4)Alexan CityCentreHouston, TX340Full story available on Benzinga.com
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