Home Multifamily Bluerock Residential Q1 Numbers Show 61% Revenue Growth

Bluerock Residential Q1 Numbers Show 61% Revenue Growth

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Bluerock Residential Growth REIT Inc. recently revealed Q1 numbers showing that total revenues have grown 61% to $26.7 million for the quarter from $16.6 million from the prior year quarter, primarily as a result of significant investment activity in the past year.

The REIT also noted that net loss attributable to common stockholders for the first quarter of 2017 was $(0.20) per share, as compared to $(0.20) per share in the prior year period. Net loss attributable to common stockholders included non-cash expenses of $0.55 per share in the first quarter of 2017 vs. $0.41 per share for the prior year period.

“We are pleased to report the acquisition of two operating properties totaling 683 units for approximately $117 million, a class A common stock capital raise with gross proceeds of approximately $60 million and solid portfolio performance during the first quarter,” explained Ramin Kamfar, the company’s chairman and CEO.  “We continue to build a high-quality portfolio in our current footprint of growth markets in the Sunbelt, from the Carolinas to Florida and Texas.”

Looking ahead, for the second quarter of 2017, the company anticipates AFFO in the range of $0.01 to $0.02 per share, and $0.26 to $0.28 per share on a pro forma basis.

Other key highlights from the Q1 numbers are as follows:

  • Adjusted funds from operations attributable to common stockholders (“AFFO”) was $4.6 million for the quarter compared to $5.3 million for the prior year quarter.
  • AFFO per share is $0.18 for the first quarter of 2017 as compared to $0.26 for the first quarter of 2016, and exceeded guidance of $0.03 – $0.04.
  • Pro forma AFFO per share of $0.38 for the first quarter exceeded pro forma guidance of $0.27 to $0.29 per share.
  • The Company paid the full amount of the first quarter’s management fees of $2.8 million in LTIP Units in lieu of cash payment. This favorably impacted both AFFO per share and pro forma AFFO per share by $0.09.
  • Property Net Operating Income (NOI) grew 53% to $15.3 million for the quarter, from $10.0 million in the prior year quarter.
  • Property NOI margins were 60.9% of revenue for the quarter, an improvement from 60.4% of revenue in the prior year quarter.
  • Same store NOI increased 10.9% for the quarter, as compared to the prior year quarter.
  • Consolidated real estate investments, at cost, increased 7% to $1.1 billion at March 31, 2017 from $1.0 billion at December 31, 2016.
  • The Company invested in two operating properties totaling 683 units for a total purchase price of approximately $116.7 million during the first quarter.
  • The Company declared monthly dividends for the second quarter of 2017 equal to a quarterly rate of $0.29 per share on the Company’s Class A common stock. This equates to an 9.4% annualized yield based on the closing price of $12.31 for the Class A common stock as of March 31, 2017.
  • The company sold 23,569 shares of Series B preferred stock with associated warrants at a public offering price of $1,000 per unit, for gross proceeds of approximately $23.6 million during the first quarter, an increase of 86% over the fourth quarter.
  • On January 17, 2017, the Company completed an underwritten offering of 4.6 million shares of Class A common stock at a public offering price of $13.15 per share for gross proceeds of $60.5 million, including the underwriters’ overallotment option, which closed on January 24, 2017.