Bluerock Residential Growth REIT (BRG) Misses Q4 EPS by 11c, Revenues Beat

Bluerock Residential Growth REIT (NYSE: BRG) reported Q4 EPS of ($0.55), $0.11 worse than the analyst estimate of ($0.44). Revenue for the quarter came in at $50 million versus the consensus estimate of $49.07 million.

• Total revenues grew 37% to $50.0 million for the quarter from $36.6 million in the prior year period.
• Net loss attributable to common stockholders for the fourth quarter of 2018 was ($0.55) per share, as compared to ($1.87) per share in the prior year period.
• Property Net Operating Income(\"NOI\") grew 32% to $26.8 million, from $20.2 million in the prior year period.
• Same store revenue and NOI increased 5.5% and 7.6% respectively, as compared to the prior year period.
• Core funds from operations attributable to common shares and units (\"CFFO\") increased 47% to $6.3 million, from $4.3 million in the prior year period. CFFO per share is $0.20 for the fourth quarter as compared to $0.14 in the prior year period. Dividend payout on a CFFO basis improved to 81% during the fourth quarter.
• Adjusted funds from operations attributable to common shares and units (\"AFFO\") grew 48% to $5.6 million, from $3.8 million in the prior year period. AFFO per share is $0.18 for the quarter as compared to $0.13 in fourth quarter 2017.
• Consolidated real estate investments, at cost, increased approximately $349.9 million to $1.8 billion, from December 31, 2017.
• The Company invested approximately $39.7 million for an 85% interest in a multifamily community totaling 512 units with a total purchase price of $143.4 million.
• The Company completed 339 value-add unit upgrades during the quarter.

"We are pleased to announce another strong quarter of operating results. Property NOI is up over 32% and same store NOI is up 7.6% over the prior year. These results demonstrate the ongoing successful execution of our strategic initiatives. We continue to realize attractive returns on our value-add unit renovation investments along with accretively growing our portfolio with well-located, high quality properties," said Ramin Kamfar, Company Chairman and CEO. "We again covered our dividend and are pleased with our industry-leading performance. With a robust pipeline of opportunities, we remain committed to our investment strategy and are optimistic about our outlook."

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

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