Bluerock Residential Growth REIT (BRG) Announces Third Quarter Dividends on Series B Preferred Stock and Series T Preferred Stock

Rhea-AI Summary

Bluerock Residential Growth REIT (NYSE American: BRG) declared monthly cash dividends for Q3 2020 on its Series B and Series T Redeemable Preferred Stock. The Series B Preferred Dividends amount to $15.00 per share, payable in installments of $5.00 on August 5, September 4, and October 5, 2020. The Series T Preferred Dividends total $0.384375 per share, with payments of $0.128125 on August 5, September 4, and October 5, 2020. These dividends are aimed at providing consistent income to shareholders and reflect the company's confidence in its financial stability.

Positive

• Monthly cash dividends of $15.00 per share on Series B Preferred Stock, affirming company cash flow.
• Monthly dividends of $0.384375 per share on Series T Preferred Stock, indicating ongoing returns to shareholders.

Negative

• The company's performance may be adversely impacted by the COVID-19 pandemic, affecting rent collection and overall financial health.

NEW YORK, July 10, 2020 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that its Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series B Redeemable Preferred Stock (the "Series B Preferred Stock") for the third quarter of 2020, equal to a quarterly rate of $15.00 per share (the "Series B Preferred Dividends").  In addition, the Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series T Redeemable Preferred Stock (the "Series T Preferred Stock") for the third quarter of 2020, equal to a quarterly rate of $0.384375 per share (the "Series T Preferred Dividends"). 

The Series B Preferred Dividends will be payable in cash as follows: $5.00 per share to be paid on Wednesday, August 5, 2020 to Series B Preferred stockholders of record as of Friday, July 24, 2020; $5.00 per share to be paid on Friday, September 4, 2020 to Series B Preferred stockholders of record as of Tuesday, August 25, 2020; and $5.00 per share to be paid on Monday, October 5, 2020 to Series B Preferred stockholders of record as of Friday, September 25, 2020.

The Series T Preferred Dividends will be payable in cash as follows: $0.128125 per share to be paid on Wednesday, August 5, 2020 to Series T Preferred stockholders of record as of Friday, July 24, 2020; $0.128125 per share to be paid on Friday, September 4, 2020 to Series T Preferred stockholders of record as of Tuesday, August 25, 2020; and $0.128125 per share to be paid on Monday, October 5, 2020 to Series T Preferred stockholders of record as of Friday, September 25, 2020.   Newly-issued shares of Series T Preferred Stock held for only a portion of the applicable monthly dividend period will receive a prorated Series T Preferred Dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding, as permitted under the Articles Supplementary to the Company's charter dated November 13, 2019.

About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through value-add improvements to properties and to operations.  The Company is included in the Russell 2000 and Russell 3000 Indexes. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. 

For more information, please visit our website at: www.bluerockresidential.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.  Investors should not place undue reliance upon forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, the Company's actual results and performance could differ materially from those set forth in these forward-looking statements due to numerous factors. Currently, one of the most significant factors is the potential adverse effect of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants, partners and employees, as well as the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants, partners and employees will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact (including governmental actions that may vary by jurisdiction, such as mandated business closing; stay-at-home orders; limits on group activity; and actions to protect residential tenants from eviction), and the direct and indirect economic effects of the pandemic and containment measures, including national and local employment rates and the corresponding impact on the Company's tenants' ability to pay their rent on time or at all, among others. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on February 24, 2020, and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.

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SOURCE Bluerock Residential Growth REIT, Inc.

FAQ

What is the dividend amount for BRG's Series B Preferred Stock?

The dividend amount for BRG's Series B Preferred Stock is $15.00 per share.

When will the dividends for Series B and T Preferred Stock be paid?

Dividends for Series B will be paid on August 5, September 4, and October 5, 2020, while Series T dividends are scheduled for the same dates.

What are the record dates for the dividends on BRG's Preferred Stocks?

Record dates for Series B are July 24, August 25, and September 25, 2020; for Series T, they are the same.

How often does BRG issue dividends on its Preferred Stocks?

Bluerock Residential Growth REIT issues monthly dividends on both Series B and Series T Preferred Stocks.

Is there any risk associated with BRG's dividend payments?

Yes, there is a risk due to potential adverse effects from the COVID-19 pandemic on the company's financial condition.