Company Quick10K Filing
Bluerock Residential Growth REIT
Price11.91 EPS1
Shares23 P/E10
MCap270 P/FCF5
Net Debt1,178 EBIT50
TEV1,448 TEV/EBIT29
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-11
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-04
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-18
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-13
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2011-01-18
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-05-12 Sale of Shares
8-K 2020-05-11 Earnings, Regulation FD, Exhibits
8-K 2020-04-14 Regulation FD
8-K 2020-04-10 Sale of Shares, Officers
8-K 2020-03-31 Officers, Other Events
8-K 2020-03-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-02-18 Sale of Shares
8-K 2020-02-13 Earnings, Regulation FD, Exhibits
8-K 2020-01-01 Sale of Shares
8-K 2019-12-18 Enter Agreement, Exhibits
8-K 2019-11-20 Enter Agreement, Exhibits
8-K 2019-11-13 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2019-11-07 Sale of Shares
8-K 2019-11-05 Earnings, Regulation FD, Exhibits
8-K 2019-10-31 Other Events, Exhibits
8-K 2019-10-28 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2019-09-30 Shareholder Vote
8-K 2019-09-13 Enter Agreement, Exhibits
8-K 2019-08-09 Sale of Shares
8-K 2019-08-06 Earnings, Regulation FD, Exhibits
8-K 2019-07-15 M&A, Exhibits
8-K 2019-06-17 Enter Agreement, Officers, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-09 Sale of Shares
8-K 2019-05-07 Earnings, Regulation FD, Exhibits
8-K 2019-04-01 Officers, Exhibits
8-K 2019-03-11 Officers
8-K 2019-03-11 Accountant, Exhibits
8-K 2019-02-26 Regulation FD, Exhibits
8-K 2019-02-20 Sale of Shares
8-K 2019-02-14 Earnings, Regulation FD, Exhibits
8-K 2019-01-01 Sale of Shares
8-K 2018-12-21 Other Events, Exhibits
8-K 2018-11-16 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-11-15 Other Events, Exhibits
8-K 2018-11-09 Sale of Shares
8-K 2018-11-05 Earnings, Regulation FD, Exhibits
8-K 2018-10-10 Other Events
8-K 2018-10-04 Sale of Shares
8-K 2018-09-28 Officers, Shareholder Vote, Exhibits
8-K 2018-08-09 Sale of Shares
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-07-10 Officers, Regulation FD, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-05-11 Amend Bylaw, Exhibits
8-K 2018-05-10
8-K 2018-05-08 Earnings, Regulation FD, Exhibits
8-K 2018-04-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-19 Other Events
8-K 2018-03-14 Officers
8-K 2018-02-20 Sale of Shares
8-K 2018-02-14 Earnings, Regulation FD, Exhibits
8-K 2018-02-13 Other Events, Exhibits
8-K 2018-01-01 Sale of Shares
8-K 2017-12-29 Enter Agreement, Other Events, Exhibits

BRG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Nature of Business
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
Note 3 - Sale of Real Estate Assets and Held for Sale Properties
Note 4 - Investments in Real Estate
Note 5 - Acquisition of Real Estate
Note 6 - Notes and Interest Receivable Due From Related Parties
Note 7 - Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Note 8 - Revolving Credit Facilities
Note 9 - Mortgages Payable
Note 10 - Fair Value of Financial Instruments
Note 11 - Derivative Financial Instruments
Note 12 - Related Party Transactions
Note 13 - Stockholders' Equity and Redeemable Preferred Stock
Note 14 - Commitments and Contingencies
Note 15 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 brg-20200331xex31d1.htm
EX-31.2 brg-20200331xex31d2.htm
EX-32.1 brg-20200331xex32d1.htm

Bluerock Residential Growth REIT Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.21.81.30.90.40.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ______

Commission File Number 001-36369

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland

 

26-3136483

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

1345 Avenue of the Americas, 32nd Floor, New York, NY

 

10105

(Address of principal executive offices)

 

(Zip Code)

(212) 843-1601

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

    

Trading Symbol

    

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

BRG

NYSE American

8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

BRG-PrA

NYSE American

7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share

BRG-PrC

NYSE American

7.125% Series D Cumulative Preferred Stock, $0.01 par value per share

BRG-PrD

NYSE American

Securities registered pursuant to Section 12(g) of the Exchange Act:

Title of each class

Series B Redeemable Preferred Stock, $0.01 par value per share

Warrants to Purchase Shares of Class A Common Stock, $0.01 par value per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Number of shares outstanding of the registrant’s

classes of common stock, as of May 7, 2020:

Class A Common Stock: 24,207,133 shares

Class C Common Stock: 76,603 shares

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FORM 10-Q

March 31, 2020

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

3

Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019

4

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2020 and 2019

5

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

54

Item 4.

Controls and Procedures

55

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

Item 3.

Defaults Upon Senior Securities

57

Item 4.

Mine Safety Disclosures

58

Item 5.

Other Information

58

Item 6.

Exhibits

58

SIGNATURES

59

2

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

March 31, 

December 31, 

    

2020

    

2019

ASSETS

 

  

 

  

Net Real Estate Investments

 

  

 

  

Land

$

273,038

 

$

268,244

Buildings and improvements

 

1,800,314

 

 

1,752,738

Furniture, fixtures and equipment

 

70,814

 

 

67,904

Total Gross Real Estate Investments

 

2,144,166

 

 

2,088,886

Accumulated depreciation

 

(147,601)

 

 

(141,566)

Total Net Operating Real Estate Investments

1,996,565

1,947,320

Operating real estate held for sale, net

76,413

Total Net Real Estate Investments

 

2,072,978

 

 

1,947,320

Cash and cash equivalents

 

94,180

 

 

31,683

Restricted cash

 

21,855

 

 

19,085

Notes and accrued interest receivable from related parties

 

166,169

 

 

193,781

Due from affiliates

 

2,015

 

 

4,077

Accounts receivable, prepaids and other assets

 

21,037

 

 

15,209

Preferred equity investments and investments in unconsolidated real estate joint ventures

 

103,372

 

 

126,444

In-place lease intangible assets, net

 

2,612

 

 

3,098

Non-real estate assets associated with operating real estate held for sale

399

Total Assets

$

2,484,617

 

$

2,340,697

LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY

 

 

 

Mortgages payable

$

1,399,422

 

$

1,425,257

Mortgages payable associated with operating real estate held for sale

61,918

Revolving credit facilities

 

102,753

 

 

18,000

Accounts payable

 

1,740

 

 

1,488

Other accrued liabilities

 

28,708

 

 

27,499

Due to affiliates

 

1,006

 

 

790

Distributions payable

 

14,057

 

 

13,541

Liabilities associated with operating real estate held for sale

1,071

Total Liabilities

 

1,610,675

 

 

1,486,575

8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 10,875,000 shares authorized; 5,721,460 shares issued and outstanding as of March 31, 2020 and December 31, 2019

 

140,560

 

 

140,355

6.000% Series B Redeemable Preferred Stock, liquidation preference $1,000 per share, 1,225,000 shares authorized; 519,338 and 536,695 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

 

467,043

 

 

480,921

7.625% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,323,750 shares issued and outstanding as of March 31, 2020 and December 31, 2019

 

56,876

 

 

56,797

6.150% Series T Redeemable Preferred Stock, liquidation preference $25.00 per share, 32,000,000 shares authorized; 2,314,512 and 17,400 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

52,153

 

 

388

Equity

 

Stockholders’ Equity

 

 

 

Preferred stock, $0.01 par value, 197,900,000 shares authorized; no shares issued and outstanding

 

 

 

7.125% Series D Cumulative Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,850,602 shares issued and outstanding as of March 31, 2020 and December 31, 2019

 

68,705

 

 

68,705

Common stock - Class A, $0.01 par value, 747,509,582 shares authorized; 24,015,484 and 23,422,557 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

 

240

 

 

234

Common stock - Class C, $0.01 par value, 76,603 shares authorized; 76,603 shares issued and outstanding as of March 31, 2020 and December 31, 2019

 

1

 

 

1

Additional paid-in-capital

 

318,802

 

 

311,683

Distributions in excess of cumulative earnings

 

(273,538)

 

 

(253,132)

Total Stockholders’ Equity

 

114,210

 

 

127,491

Noncontrolling Interests

 

 

 

Operating Partnership units

 

14,946

 

 

19,331

Partially owned properties

 

28,154

 

 

28,839

Total Noncontrolling Interests

 

43,100

 

 

48,170

Total Equity

 

157,310

 

 

175,661

TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY

$

2,484,617

 

$

2,340,697

See Notes to Consolidated Financial Statements

3

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share amounts)

Three Months Ended

March 31, 

    

2020

    

2019

Revenues

  

  

Rental and other property revenues

$

50,353

$

45,690

Interest income from related parties and ground leases

 

5,888

 

5,776

Total revenues

 

56,241

 

51,466

Expenses

 

 

Property operating

 

19,299

 

18,602

Property management fees

 

1,294

 

1,215

General and administrative

 

6,371

 

5,627

Acquisition and pursuit costs

 

1,269

 

58

Depreciation and amortization

 

20,921

 

17,230

Total expenses

 

49,154

 

42,732

Operating income

 

7,087

 

8,734

Other income (expense)

 

 

Other income

 

40

 

Preferred returns on unconsolidated real estate joint ventures

 

2,415

 

2,289

Gain on sale of real estate investments

253

Gain on sale of non-depreciable real estate investments

 

 

679

Interest expense, net

(14,916)

(16,067)

Total other expense

 

(12,208)

 

(13,099)

Net loss

 

(5,121)

 

(4,365)

Preferred stock dividends

 

(13,547)

 

(10,384)

Preferred stock accretion

 

(3,925)

 

(1,887)

Net loss attributable to noncontrolling interests

 

 

Operating Partnership units

 

(5,822)

 

(4,051)

Partially owned properties

 

(278)

 

(492)

Net loss attributable to noncontrolling interests

 

(6,100)

 

(4,543)

Net loss attributable to common stockholders

$

(16,493)

$

(12,093)

Net loss per common share - Basic

$

(0.70)

$

(0.53)

Net loss per common share – Diluted

$

(0.70)

$

(0.53)

Weighted average basic common shares outstanding

 

24,087,811

 

23,123,616

Weighted average diluted common shares outstanding

 

24,087,811

 

23,123,616

See Notes to Consolidated Financial Statements

4

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FOR THE THREE MONTHS ENDED MARCH 31, 2020

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share and per share amounts)

Class A Common Stock

Class C Common Stock

Series D Preferred Stock

    

Additional

    

    

Net income

    

    

Number of

Number of

Number of

Paid-

Cumulative

to Common

Noncontrolling

    

Shares

    

Par Value

    

Shares

    

Par Value

    

Shares

    

Value

    

in Capital

    

Distributions

    

Stockholders

    

Interests

    

Total Equity

Balance, January 1, 2020

 

23,422,557

$

234

 

76,603

$

1

 

2,850,602

$

68,705

 

$

311,683

$

(259,254)

$

6,122

$

48,170

$

175,661

 

 

 

 

  

 

 

 

 

 

 

 

Issuance of Class A common stock, net

 

167,398

 

2

 

 

 

 

 

1,965

 

 

 

 

1,967

Issuance of Class A common stock due to Series B warrant exercise

 

11,172

 

 

 

 

 

 

121

 

 

 

 

121

Repurchase of Class A common stock

 

(1,028,293)

 

(10)

 

 

 

 

 

(11,598)

 

 

 

 

(11,608)

Issuance of Long-Term Incentive Plan (“LTIP”) Units for director compensation

 

 

 

 

 

 

 

 

 

 

343

 

343

Vesting of LTIP Units for compensation

 

 

 

 

 

 

 

 

 

 

1,858

 

1,858

Vesting of restricted Class A common stock

 

 

 

 

 

 

 

142

 

 

 

 

142

Issuance of LTIP Units for expense and capitalized cost reimbursements

 

 

 

 

 

 

 

 

 

 

505

 

505

Common stock distributions declared

 

 

 

 

 

 

 

 

(3,913)

 

 

 

(3,913)

Series A Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(2,950)

 

 

 

(2,950)

Series A Preferred Stock accretion

 

 

 

 

 

 

 

 

(205)

 

 

 

(205)

Series B Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(7,848)

 

 

 

(7,848)

Series B Preferred Stock accretion

 

 

 

 

 

 

 

 

(3,433)

 

 

 

(3,433)

Series C Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(1,107)

 

 

 

(1,107)

Series C Preferred Stock accretion

 

 

 

 

 

 

 

 

(79)

 

 

 

(79)

Series D Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(1,269)

 

 

 

(1,269)

Series T Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(373)

 

 

 

(373)

Series T Preferred Stock accretion

 

 

 

 

 

 

 

 

(208)

 

 

 

(208)

Distributions to Operating Partnership noncontrolling interests