Home News Bluerock Residential Growth REIT to Partially Redeem Series A Preferred Stock

Bluerock Residential Growth REIT to Partially Redeem Series A Preferred Stock

Bluerock Residential Growth REIT Inc. (NYSE: BRG), a publicly traded real estate investment trust that offers a preferred stock and warrants offering, plans to redeem nearly 1.4 million shares of its 8.250% Series A Cumulative Redeemable Preferred Stock.

Bluerock Residential Growth REIT Inc. (NYSE: BRG), a publicly traded real estate investment trust that offers a preferred stock and warrants offering, plans to redeem nearly 1.4 million shares of its 8.250% Series A Cumulative Redeemable Preferred Stock on October 21, 2020, representing approximately 25 percent of the total outstanding shares.

The shares will be redeemed in cash at $25.00 per share, plus accrued and unpaid dividends in an amount equal to $0.120313 per share, for total proceeds of $25.120313 per share.

As previously announced, on October 5, 2020, the company will pay the cash dividend on the Series A Preferred Stock of $0.515625 for the period from July 1, 2020 to September 30, 2020 to each holder of record on September 25, 2020. This payment will be separate from the redemption payment.

Bluerock Residential Growth REIT stock closed at $7.19 on Tuesday.

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 54 real estate properties, consisting of 34 consolidated operating properties and 20 properties through preferred equity, mezzanine loan or ground lease investments.

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