NEW YORK, Aug. 26, 2022 /PRNewswire/ -- Bluerock
Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company")
and Blackstone Real Estate ("Blackstone") today announced that the
completion of the proposed acquisition of the Company by Blackstone
(the "Acquisition"), and the proposed spin-off of the Company's
single-family rental business to its shareholders (the "Spin-Off"),
is expected to occur on or about October 6,
2022. The completion of the Acquisition remains subject to
the consummation of the Spin-Off, as well as the satisfaction or
waiver of the other closing conditions in the merger agreement.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE American: 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 to operations. The
Company has elected to be taxed as a real estate investment trust
(REIT) for U.S. federal income tax purposes.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone's real estate business was founded in 1991 and has US
$320 billion of investor capital
under management. Blackstone is the largest owner of commercial
real estate globally, owning and operating assets across every
major geography and sector, including logistics, residential,
office, hospitality and retail. Our opportunistic funds seek to
acquire undermanaged, well-located assets across the world.
Blackstone's Core+ business invests in substantially stabilized
real estate assets globally, through both institutional strategies
and strategies tailored for income-focused individual investors
including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S.
non-listed REIT, and Blackstone's European yield-oriented strategy.
Blackstone Real Estate also operates one of the leading global real
estate debt businesses, providing comprehensive financing solutions
across the capital structure and risk spectrum, including
management of Blackstone Mortgage Trust (NYSE: BXMT).
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. All statements other than
statements of historical fact are "forward-looking statements" for
purposes of federal and state securities laws and may be identified
by words such as "will," "expect," "believe," "plan," "anticipate,"
"intend," "goal," "future," "outlook," "guidance," "target,"
"estimate" and similar words or expressions, including the negative
version of such words and expressions. These forward-looking
statements are based upon the Company's present expectations,
estimates and projections about the industry and markets in which
the Company operates and beliefs of and assumptions made by Company
management, involve uncertainty that could cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements and 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, new information, data or methods, future
events or other changes. Investors should not place undue reliance
upon these forward-looking statements. Although the Company
believes that the expectations reflected in these forward-looking
statements are based on reasonable assumptions, the Company's
actual results and performance could differ materially from those
set forth in these forward-looking statements due to numerous
factors. Factors that could have a material adverse effect on our
operations, future prospects, the Acquisition and the
Spin-Off include, but are not limited to: the occurrence of
any event, change or other circumstance that could give rise to the
termination of the merger agreement between the Company and
affiliates of Blackstone; the failure to satisfy any of the
conditions to the completion of the Acquisition or the Spin-Off;
the risks that the market does not value Bluerock Homes Trust, Inc.
("BHM") shares at net asset value; the failure to recognize the
potential benefits of the Spin-Off due to, among other reasons,
BHM's lack of liquidity, small market size or inability to grow and
expand revenues and earnings following the Spin-Off; shareholder
litigation in connection with the Acquisition or the Spin-Off,
which may affect the timing or occurrence of the Acquisition or the
Spin-Off or result in significant costs of defense, indemnification
and liability; the effect of the announcement of the Acquisition
and the Spin-Off on the ability of the Company to retain and hire
key personnel and maintain relationships with its tenants, vendors
and others with whom it does business, or on its operating results
and businesses generally; risks associated with the disruption of
management's attention from ongoing business operations due to the
Acquisition and the Spin-Off; the ability to meet expectations
regarding the timing and completion of the Acquisition and the
Spin-Off; the possibility that any opinions, consents or approvals
required in connection with the Spin-Off will not be received or
obtained in the expected time frame, on the expected terms or at
all; and significant transaction costs, fees, expenses and charges.
There can be no assurance that the Acquisition, the Spin-Off or any
other transaction described above will in fact be consummated in
the expected time frame, on the expected terms or at all. There can
be no assurance as to the impact of COVID-19 and other potential
future outbreaks of infectious diseases on the Company's or BHM's
financial condition, results of operations, cash flows and
performance and those of their respective tenants as well as on the
economy and real estate and financial markets, which may impact the
timing or occurrence of the Acquisition or the Spin-Off. 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
SEC on March 11, 2022, its Quarterly
Reports on Form 10-Q and other filings by the Company with the SEC.
Any forward-looking statement speaks only as of the date on which
it is made, and the Company assumes no obligation to update or
revise such statement, whether as a result of new information,
future events or otherwise, except as required by applicable law.
The Company claims the safe harbor protection for forward looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
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SOURCE Bluerock Residential Growth REIT, Inc.