Bluerock Residential Growth REIT (BRG) Provides Update on Rent Collections and Schedules Second Quarter 2020 Earnings - Conference Call Set for August 10

Rhea-AI Summary

Bluerock Residential Growth REIT (NYSE: BRG) reported strong rent collections of 97% for Q2 2020, including 1% from payment plans. Occupancy increased from 94% to 95% as of June 30, 2020. The company attributes its stability to its focus on knowledge economy markets and Class A affordable luxury apartment communities targeted at renters in stable employment sectors. Financial results for the second quarter will be released on August 10, 2020, with a conference call scheduled for the same day at 11:00 AM ET.

Positive

• Rent collections at 97% for Q2 2020 indicating strong cash flow.
• Occupancy rate increased from 94% to 95% month-over-month.

Negative

• None.

NEW YORK, July 14, 2020 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE: BRG) (the "Company" or "BRG") today provided a second quarter update on rent collections and occupancy.

Rent Collections and Occupancy

On a preliminary basis, for the second quarter of 2020, the Company reported rent collections from its multifamily properties of 97%, including payment plans of 1%.

The Company's operating portfolio occupancy at June 30, 2020 increased month-over-month from 94% to approximately 95%.

The Company's continued stability is attributable to several factors, including the focus on knowledge economy markets, primarily in the south and west, the 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.

Earnings Conference Call

Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company" or "BRG") will release its financial results for the second quarter ended June 30, 2020 before the market opens on Monday, August 10, 2020. The Company will host a conference call to discuss its financial results on Monday, August 10, 2020 at 11:00 AM (Eastern Time). The call will include prepared remarks by management as well as a question and answer session.

Conference Call Details

Investors and analysts may pre-register for the webcast to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time, by accessing http://dpregister.com/10146336.  

Participants who would like to join the call but have not pre-registered can do so on the day of the event by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference." To submit a question to management during the call, participants must be logged in via telephone. Questions submitted in advance are welcome and may be sent via email to Josh Hoffman at jhoffman@bluerockre.com.

Details for the Replay of the Conference Call

The webcast will be available for replay on the Company's website two hours after the call concludes, and will remain available through September 10, 2020. The webcast replay will be accessible through https://services.choruscall.com/links/brg200810.html, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10146336.

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 the Company's 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. 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 are the rent collection rates reported by Bluerock Residential Growth REIT (BRG) for Q2 2020?

Bluerock Residential Growth REIT reported a rent collection rate of 97% for Q2 2020.

What was the occupancy rate for Bluerock Residential Growth REIT (BRG) as of June 30, 2020?

The occupancy rate for Bluerock Residential Growth REIT as of June 30, 2020, was approximately 95%.

When will Bluerock Residential Growth REIT (BRG) announce its Q2 2020 earnings?

Bluerock Residential Growth REIT will announce its Q2 2020 earnings on August 10, 2020.

At what time will the conference call for Bluerock Residential Growth REIT (BRG) take place?

The conference call for Bluerock Residential Growth REIT will take place at 11:00 AM ET on August 10, 2020.