Bluerock Residential Growth REIT (BRG) Tops Q1 EPS by 14c

Bluerock Residential Growth REIT (NYSE: BRG) reported Q1 EPS of ($0.20), $0.14 better than the analyst estimate of ($0.34). Revenue for the quarter came in at $26.7 million versus the consensus estimate of $25.15 million.

• Total revenues grew 61% to $26.7 million for the quarter from $16.6 million for the prior year quarter primarily as a result of significant investment activity in the past year.
• Net loss attributable to common stockholders for the first quarter of 2017 was $(0.20) per share, as compared to $(0.20) per share in the prior year period. Net loss attributable to common stockholders included non-cash expenses of $0.55 per share in the first quarter of 2017 vs. $0.41 per share for the prior year period.
• Adjusted funds from operations attributable to common stockholders (\"AFFO\") was $4.6 million for the quarter compared to $5.3 million for the prior year quarter.
• AFFO per share is $0.18 for the first quarter of 2017 as compared to $0.26 for the first quarter of 2016, and exceeded guidance of $0.03 - $0.04.
• Pro forma AFFO per share of $0.38 for the first quarter exceeded pro forma guidance of $0.27 to $0.29 per share.
• The Company paid the full amount of the first quarter\'s management fees of $2.8 million in LTIP Units in lieu of cash payment. This favorably impacted both AFFO per share and pro forma AFFO per share by $0.09.
• Property Net Operating Income (NOI) grew 53% to $15.3 million for the quarter, from $10.0 million in the prior year quarter.
• Property NOI margins were 60.9% of revenue for the quarter, an improvement from 60.4% of revenue in the prior year quarter.
• Same store NOI increased 10.9% for the quarter, as compared to the prior year quarter.
• Consolidated real estate investments, at cost, increased 7% to $1.1 billion at March 31, 2017 from $1.0 billion at December 31, 2016.
• The Company invested in two operating properties totaling 683 units for a total purchase price of approximately $116.7 million during the first quarter.
• The Company declared monthly dividends for the second quarter of 2017 equal to a quarterly rate of $0.29 per share on the Company\'s Class A common stock. This equates to an 9.4% annualized yield based on the closing price of $12.31 for the Class A common stock as of March 31, 2017.
• The Company sold 23,569 shares of Series B preferred stock with associated warrants at a public offering price of $1,000 per unit, for gross proceeds of approximately $23.6 million during the first quarter, an increase of 86% over the fourth quarter.
• On January 17, 2017, the Company completed an underwritten offering of 4.6 million shares of Class A common stock at a public offering price of $13.15 per share for gross proceeds of $60.5 million, including the underwriters\' overallotment option, which closed on January 24, 2017.

For earnings history and earnings-related data on Bluerock Residential Growth REIT (BRG) click here.

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