Bluerock Residential Growth REIT Inc., a publicly-traded real estate investment trust, plans to redeem nearly 2 million shares of its 8.250% Series A Cumulative Redeemable Preferred Stock on December 21, 2020. The partial redemption represents approximately 47 percent of the total outstanding shares.
Series A Preferred Stock shares will be redeemed at $25.00 each, plus accrued and unpaid dividends of $0.464063 per share, for total proceeds of approximately $25.46 per share. The redemption payments will be made in cash.
Shares of Bluerock Residential Growth REIT (NYSE: BRG) closed at $9.37 on Friday, up $0.19 from its opening price of $9.18.
Bluerock Residential Growth REIT focuses on developing and acquiring a portfolio of Class A apartment communities in growth markets. As of June 30, 2020, the company’s $2+ billion portfolio included 57 real estate properties, consisting of 35 consolidated operating properties and 22 properties through preferred equity, mezzanine loan or ground lease investments.