Bluerock Residential Growth REIT (BRG) Provides Update on Rent Collections and Occupancy
Bluerock Residential Growth REIT reported a strong performance for August 2020, with rent collections from multifamily properties hitting 97%, including 1% from payment plans. The company's occupancy rate remained stable at approximately 95.4% as of August 31, 2020. This stability is attributed to its focus on knowledge economy markets and the management of affordable luxury apartments. The REIT is part of the Russell 2000 and Russell 3000 Indexes and aims to create value through strategic acquisitions and improvements.
- August 2020 rent collections at 97%, including 1% from payment plans.
- Stable occupancy rate at approximately 95.4% as of August 31, 2020.
- Focus on knowledge economy markets contributing to operational stability.
- Potential adverse effects from the COVID-19 pandemic on financial performance and tenant rent payments.
NEW YORK, Sept. 11, 2020 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (the "Company") today provided an update on August rent collections and occupancy.
Rent Collections and Occupancy
On a preliminary basis, for the month of August, the Company reported rent collections from its multifamily properties of
The Company's operating portfolio occupancy as of August 31, 2020 was consistent month-over-month at approximately
The continued stability of the Company's operating performance is attributable to several factors, including the focus on knowledge economy markets, primarily in the south and west, its strategy to own Class A affordable luxury apartment communities, and a tenancy targeted towards knowledge economy renters by choice, including those employed in health care, technology, education, sciences, and finance, a demographic often characterized by healthier, more stable, wage-to-rent ratios.
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. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
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.
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