NEW YORK, Feb. 13, 2020 /PRNewswire/ — Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (“the Company”), an owner of highly amenitized multi-family apartment communities, announced today its financial results for the quarter ended December 31, 2019.
Fourth Quarter Highlights
• Total revenues grew 5.0% to $52.5 million for the quarter from $50.0 million in the prior year period.
• Net loss attributable to common stockholders for the fourth quarter of 2019 was ($0.62) per diluted share, as compared to net loss attributable to common stockholders of ($0.55) per diluted share in the prior year period.
• Property Net Operating Income (“NOI”) grew 5.2% to $28.2 million from $26.8 million in the prior year period.
• Same store revenue increased 2.4% and same store NOI decreased 0.2%, as compared to the prior year period due to one-time events detailed below. Full year same store revenue and NOI increased 4.8% and 5.8%, respectively.
• Completed 211 value-add unit upgrades during the quarter producing a 19.3% ROI through increased monthly rental rates.
• Improved operating margin by 110 basis points year over year to 61.6%.
• Core funds from operations attributable to common stockholders and unit holders (“CFFO”) was $6.7 million, compared to $6.3 million in the prior year period. CFFO per diluted share was $0.21 for the quarter as compared to $0.20 in fourth quarter 2018.
• Invested in three multifamily communities totaling 866 units for a total purchase price of $222 million.
• Invested $48 million in debt and preferred equity investments, including three multifamily communities totaling 481 units in Atlanta and Smyrna, Georgia and additional fundings of seven development projects.
• Paid quarterly common stock dividend of $0.1625, a 77% payout on a CFFO basis.
• Terminated the Series B Preferred Stock offering, and initiated sales of Series T preferred stock in December 2019.
• Consolidated real estate investments, at cost, increased approximately $286 million to $2.1 billion, from December 31, 2018.
