NEW YORK, July 19, 2016 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company")
announced today the completion of its underwritten public offering
of 2,300,000 shares of its 7.625% Series C Cumulative Redeemable
Preferred Stock, liquidation preference of $25.00 per share (the "Series C Preferred
Stock"), including 300,000 shares of Series C Preferred Stock
issued pursuant to the full exercise of an option to purchase
additional shares of Series C Preferred Stock granted to the
underwriters, at a price to the public of $25.00 per share.
The Company received approximately $55.3
million in total net proceeds from the offering after
deducting underwriting discounts, commissions, fees and estimated
offering expenses payable by the Company.
The Series C Preferred Stock has been approved for listing on
the NYSE MKT under the symbol "BRG-PrC." Trading of the
Series C Preferred Stock is expected to commence on July 21, 2016. Shares of the Company's Class A
Common Stock trade on the NYSE MKT under the ticker symbol "BRG,"
and shares of the Company's 8.250% Series A Cumulative Redeemable
Preferred Stock trade on the NYSE MKT under the ticker symbol
"BRG-PrA."
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
funding of capital improvements at its properties.
Janney Montgomery Scott,
D.A. Davidson & Co. and FBR
served as book-running managers for the offering. Boenning &
Scattergood and William Blair served
as co-managers for the offering.
The offering was made pursuant to the Company's shelf
registration statement, which was declared effective by
the U.S. Securities and Exchange Commission ("SEC") 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: Janney Montgomery Scott,
LLC, 1717 Arch Street, Philadelphia,
Pennsylvania 19103 or by email at prospectus@janney.com, or
D.A. Davidson & Co., 8 Third
Street North, Great Falls, Montana
59401 or by email at prospectusrequest@dadco.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 final prospectus supplement dated July 12, 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bluerock-residential-growth-reit-brg-announces-closing-of-public-offering-of-series-c-preferred-stock-and-full-exercise-of-underwriters-option-300300694.html
SOURCE Bluerock Residential Growth REIT, Inc.