Bluerock Residential Growth REIT (BRG) Reports Q3 CFFO of $0.19

Bluerock Residential Growth REIT (NYSE: BRG) reported Q3 CFFO of $0.19, versus $0.21 reported last year. Revenue for the quarter came in at $53.5 million versus the consensus estimate of $53.26 million.

• Total revenues grew 11.8% to $53.5 million for the quarter from $47.9 million in the prior year period.
• Net income attributable to common stockholders for the third quarter of 2019 was $0.75 per diluted share, as compared to net loss attributable to common stockholders of ($0.44) per diluted share in the prior year period.
• Property Net Operating Income ("NOI") grew 15.9% to $28.0 million from $24.2 million in the prior year period.
• Same store revenue and same store NOI increased 4.3% and 4.3% respectively, as compared to the prior year period.
• Core funds from operations attributable to common stockholders and unit holders (\"CFFO\") was $5.8 million, compared to $6.4 million in the prior year period. CFFO per diluted share is $0.19 for the quarter as compared to $0.21 in third quarter 2018. The change year over year was due in part to the timing of reinvestment of capital from asset dispositions in the quarter as part of the Company\'s recycling into higher growth assets. The Company is reaffirming its 2019 CFFO per share guidance range.
• Completed the sale of seven assets during the quarter, totaling approximately $369 million at an economic cap rate of 4.7%.
• Invested in two multifamily communities totaling 965 units for a total purchase price of $193.1 million. The two new acquisitions are projected to yield a year one economic cap rate of 4.9% and grow to north of 6.0%. The Company maintains a robust pipeline and is actively working on closing additional investments by year end.
• Invested $9.9 million in new preferred investments in two unrelated third-party operating multifamily communities totaling 304 units in Austin, Texas.
• Paid quarterly common stock dividend of $0.1625, an 86% payout on a CFFO basis.
• Consolidated real estate investments, at cost, increased approximately $22.1 million to $1.8 billion, from year end.
• Completed 263 value-add unit upgrades during the quarter producing a 22.7% ROI through increased monthly rental rates.

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

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