Bluerock Residential Growth REIT (BRG) Misses Q1 EPS by 9c, Revenues Beat

Bluerock Residential Growth REIT (NYSE: BRG) reported Q1 EPS of ($0.53), $0.09 worse than the analyst estimate of ($0.44). Revenue for the quarter came in at $51.5 million versus the consensus estimate of $49.68 million.

First Quarter Highlights

• Total revenues grew 23% to $51.5 million for the quarter, from $41.9 million in the prior year period.
• Net loss attributable to common stockholders for the first quarter of 2019 was ($0.53) per share, as compared to ($0.40) per share in the prior year period. Net loss attributable to common stockholders includes non-cash items, including depreciation and amortization expense, of $0.74 per share in the first quarter of 2019 compared to $0.59 per share for the prior year period.
• Property Net Operating Income (\"NOI\") grew 29% to $27.1 million, from $21.0 million in the prior year period.
• Same store revenue and NOI increased 5.8% and 9.0% respectively, as compared to the prior year period.
• Core funds from operations attributable to common shares and units (\"CFFO\") increased 3% to $6.3 million, from $6.1 million in the prior year period. CFFO per share was $0.20 for the first quarter as compared to $0.20 in the prior year period.
• Paid quarterly common stock dividend of $0.1625, an 81% payout ratio on a CFFO basis.
• Consolidated real estate investments, at cost, were approximately $1.8 billion.
• Completed 273 value-add unit upgrades during the quarter achieving a 26.3% ROI.
• Invested $7.8 million to buy out the noncontrolling interest in one asset and invested $8.6 million in senior and mezzanine loans for a redevelopment property.
• Repurchased 505,797 shares of common stock during the first quarter at an average price of $10.01 per share, for a total cost of approximately $5.1 million.

"We are pleased to deliver another strong quarter of operating results, further validating our investment thesis of owning highly amenitized apartment communities in knowledge economy growth markets," said Ramin Kamfar, Company Chairman and CEO. "Property NOI is up over 29% and same store NOI is up 9.0% over the prior year. These results demonstrate the continued success of our strategic initiatives and the ability to realize attractive returns on our value-add unit renovation investments. With a robust pipeline of opportunities, we remain committed to our investment strategy and are optimistic about our outlook."

2019 Guidance

The Company is reaffirming its prior guidance. Based on the Company's current outlook and market conditions, the Company anticipates 2019 CFFO in the range of $0.80 to $0.84 per share.

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

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