Bluerock Residential Growth REIT (BRG) Misses Q3 EPS by 4c, Revenues Beat

Bluerock Residential Growth REIT (NYSE: BRG) reported Q3 EPS of ($0.44), $0.04 worse than the analyst estimate of ($0.40). Revenue for the quarter came in at $47.9 million versus the consensus estimate of $46.07 million.

"Our third quarter results clearly demonstrate the successful execution of our strategic initiatives, including value-add investments and accretive approach to growing our portfolio," said Ramin Kamfar, Company Chairman and CEO. "We continued to perform well in the third quarter, with property NOI up 52% and on a CFFO basis we improved our dividend payout to 77% in the third quarter. Our same store operational results are among the best in the multifamily industry, reflecting the contribution from our unit upgrades and our focus on knowledge economy growth markets. These strong results have allowed us to again raise the lower end of our 2018 AFFO guidance range. We believe we have ample runway to continue to create additional value as we focus on accretive operational improvements and completing our value-add unit upgrade programs."

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

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