Bluerock Residential Growth REIT (BRG) Posts Highest Total Shareholder Return Among All Publicly Traded Multifamily REITs in 2020
New York, NY (January 28, 2021) – Bluerock Residential Growth REIT, Inc. (NYSE: BRG) (the “Company”) announced today the total return for the Company’s Class A common stock for 2020 was 14.7%, the #1 total return among all publicly traded multifamily REITs in 2020, according to Morningstar¹.
“Despite the challenges of 2020 and the ongoing impacts of COVID-19, we have been able to generate strong total returns to our shareholders this past year that outpaced our sector and the public REIT index”, noted Ramin Kamfar, Chairman of the Board and Chief Executive Officer. “We believe our common stock’s 2020 performance is the result of our multi-year strategic focus in investing in high growth, knowledge-economy markets with a Class A affordable luxury live/work/play product and prudent capital allocation among investments, dispositions and share repurchases. We are continuing to see attractive opportunities to continue our strong growth initiatives into 2021 and beyond”, added Kamfar.
On a preliminary basis, the Company also reported year-over-year average occupancy increased to 94.8% with 97% rent collections from April through December 2020². Since the beginning of the pandemic, the Company has executed on actions to prioritize the health and well-being of its tenants, business partners, service providers and employees, while striving to provide the highest quality living experience possible and facilitating virtual leasing and services.
The Company noted its continued asset stability is attributable to several factors, including: its focus on knowledge economy markets, primarily in the south and west, its strategy to own Class A affordable luxury apartment communities, and a tenancy targeted towards knowledge economy renters by choice, including those employed in health care, technology, education, sciences, and finance, a demographic often characterized by healthier, more stable, wage-to-rent ratios.
¹ Source: Morningstar Direct, based on total returns for common stock of publicly traded REITs classified as part of the multifamily sector by IQ Capital and SNL Financial for the period commencing 1.1.20 through 12.31.20.
² Company filings from May through December 2020, including quarterly Form 10-Qs and press releases. Rent collection data includes payments plans, which ranged from 1.0% for the second quarter 2020, declining to 0.2% total rent billed for the fourth quarter of 2020.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company’s objective is to generate value through off-market/relationship-based transactions and, at the asset level, through value-add improvements to properties and to operations. The Company is included in the Russell 2000 and Russell 3000 Indexes. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, the Company’s actual results and performance could differ materially from those set forth in these forward-looking statements due to numerous factors. Currently, one of the most significant factors is the potential adverse effect of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants, partners and employees, as well as the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants, partners and employees will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact (including governmental actions that may vary by jurisdiction, such as mandated business closing; stay-at-home orders; limits on group activity; and actions to protect residential tenants from eviction), and the direct and indirect economic effects of the pandemic and containment measures, including national and local employment rates and the corresponding impact on the Company’s tenants’ ability to pay their rent on time or at all, among others. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on February 24, 2020, and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.