NEW YORK, April 25, 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 8.250% Series A Cumulative Redeemable
Preferred Stock, liquidation preference of $25.00 per share (the "Series A Preferred
Stock"), including 300,000 shares of Series A Preferred Stock
issued pursuant to the full exercise of an option to purchase
additional shares of Series A 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 A Preferred Stock is listed on the NYSE MKT under the
symbol "BRG-PrA." Shares of the Company's Class A Common
Stock trade on the NYSE MKT under the ticker symbol "BRG."
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
repayment of indebtedness and the funding of capital improvements
at its properties.
Wunderlich and Compass Point served as book-running managers for
the offering. FBR and Janney Montgomery
Scott served as co-lead managers for the offering.
The offering was made pursuant to the Company's effective shelf
registration statement on Form S-3 filed with the U.S. Securities
and Exchange Commission (the "SEC"), which became effective 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:
Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000
Poplar Avenue, Suite 150, Memphis,
Tennessee 38119, or by email at
syndicate@wundernet.com, or Compass Point Research & Trading,
LLC, Equity Syndicate, 1055 Thomas Jefferson Street NW, Suite 303,
Washington, D.C. 20007, or by
email at syndicate@compasspointllc.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, 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 April 20,
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.
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SOURCE Bluerock Residential Growth REIT, Inc.