Bluerock Residential Growth REIT, Inc. (NYSEMKT:BRG) Files An 8-K Termination of a Material Definitive AgreementITEM 1.02
On October 4, 2017, Bluerock Residential Growth REIT, Inc. (the “Company”) announced that the Company terminated, effective as of September 30, 2017, the At Market Issuance Sales Agreement (the “Series A Sales Agreement”) dated March 29, 2016, by and among, the Company, FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”), and the At Market Issuance Sales Agreement (the “Series C Sales Agreement”) dated September 14, 2016, by and between the Company and FBR.
The Series A Sales Agreement allowed the Company to issue and sell through FBR and MLV, at any time and from time to time, the Company’s8.250% Series A Cumulative Redeemable Preferred Stock,par value $0.01 per share (the “Series A Preferred Stock”), in an aggregate offering amount up to $100,000,000. The Company agreed to pay FBR and MLV a commission equal to 2.0% of the gross proceeds from any sale of the Series A PreferredStocksold to the Series A Sales Agreement. As of September 30, 2017, the Company had sold 146,460 shares of Series A Preferred Stock for net proceeds of approximately $3.6 million after commissions. The Company has no further obligations thereunder.
The Series C Sales Agreement allowed the Company to issue and sell through FBR, at any time and from time to time, the Company’s7.625% Series C Cumulative Redeemable Preferred Stock,par value $0.01 per share (the “Series C Preferred Stock”), in an aggregate offering amount up to $36,000,000. The Company agreed to pay FBR a commission equal to 2.0% of the gross proceeds from any sale of the Series C Preferred Stock sold to the Series C Sales Agreement. As of September 30, 2017, the Company had sold 23,750 shares of Series C Preferred Stock for net proceeds of approximately $0.6 million after commissions. The Company has no further obligations thereunder.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
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Exhibit Number |
Description |
| 99.1 | Press release dated October 4, 2017 |
Bluerock Residential Growth REIT, Inc. ExhibitEX-99.1 2 v476485_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Corporate Headquarters 712 Fifth Ave.,…To view the full exhibit click here
About Bluerock Residential Growth REIT, Inc. (NYSEMKT:BRG)
Bluerock Residential Growth REIT, Inc. is a real estate investment trust. The Company’s business consists of investing in and operating multifamily communities. The Company operates through real estate assets segment. Its businesses are conducted through its operating partnership, Bluerock Residential Holdings, L.P. Its principal business objective is to generate risk-adjusted investment returns by assembling a portfolio of apartment properties located in growth markets and by implementing its investment strategies to achieve sustainable long-term growth in both its funds from operations and net asset value. The Company’s portfolio consists of interests in over 20 properties (over 10 operating and approximately six development properties). Its other acquired properties include Springhouse, North Park Towers, Alexan CityCentre, ARIUM Grandewood, Alexan Southside Place, Cheshire Bridge, Sovereign, Flagler Village and Lake Boone Trail.