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Bluerock Residential Growth REIT, 7.625% Series C Cumulative Red Preferred Stock
Ticker Symbol: BRG-C* CUSIP: 09627J748 Exchange: AMEX
* NOTE: This security is no longer trading as of 10/07/2022
Security has been Called for: Friday, October 7, 2022
October 6, 2022 -- Blackstone (NYSE: BX) today announced that affiliates of Blackstone Real Estate (“Blackstone”) have completed the previously announced acquisition of Bluerock Residential Growth REIT, Inc. (“Bluerock”) for $24.25 per share in an all-cash transaction valued at $3.6 billion.
Bluerock has also completed the previously announced spin-off of its single-family rental business into an externally managed, real estate investment trust, Bluerock Homes Trust, Inc. (NYSE American: BHM) (“BHM”). BHM began trading on the New York Stock Exchange American this morning.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Bluerock Residential Growth REIT, Inc., 7.625% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 7/19/2021 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.625% per annum ($1.90625 per annum or $0.47656 per quarter) will be paid quarterly on 1/5, 4/5, 7/5 & 10/5 to holders of record on the record date that will be 3/25, 6/25, 9/25 & 12/25 respectively (NOTE: the ex-dividend date is one business day prior to the record date). On 7/19/2023, the issuer will pay cumulative cash dividends on the Preferred Stock at an annual dividend rate increased an additional 2.00% of the liquidation preference per annum on each subsequent anniversary thereafter, subject to a maximum annual dividend rate of 14.0% (see prospectus for further information). On 7/19/2023 holders of the Preferred Stock may, at their option, elect to cause the issuer to redeem their shares at a redemption price of $25.00 per share plus an amount equal to all accrued but unpaid dividends (see prospectus for further information). Mandatory Redemption for Asset Coverage may occur if the issuer fails to maintain asset coverage of at least 200%, the issuer will redeem a portion of its outstanding Redeemable and Term Preferred Stock (see prospectus for further information). Upon the occurrence of a Change of Control/Delisting the issuer will have the option to redeem the shares within 120 days for $25.00 per share, plus all accrued but unpaid dividends. Further, if the issuer does not redeem upon the occurrence of a Change of Control/Delisting, the holders of shares will have the option to cause the issuer to redeem their shares (see prospectus for further information). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (BRG*)
IPO - 7/12/2016 - 2.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: BRESP Changed: 7/21/2016
Market Value $58.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1345 Avenue of the Americas, 32nd Floor, New York, NY 10105 |
| Main Phone Number |
212-843-1601 |
| Fax Number |
646-278-4220 |
| Investor Relations
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888-558-1031
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| Toll Free Phone Number |
877-826-2583 |
| CEO - R. Ramin Kamfar |
CFO - Christopher J. Vohs |
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