Bluerock Residential Growth REIT Inc. 7.625% Series C Cumulative Redeemable Preferred Stock
By: Tim McPartland,
Date Issued 7/12/2016
Shares Issued 2,000,000 Overallotment Shares 300,000
S&P Rating NR Moodys Rating NR
Security Ticker Symbol BRG-C OTC Grey Market Ticker BRESP
Market Traded ON NYSE
Dividend Payment Paid on the 5th of January, April, July and October beginning on 10/5/2016
Quarterly Dividend .477 Annual Dividend 1.906
Securities may be redeemed, at the issuers option, as early as 07/19/2021 the call price is $25 plus accrued dividends
Dividend Payment will NOT be Qualified Distributions (Preferred stock of REITs do not pay qualified distributions).
Maturity Date None
Commencing in 7/19/2023 if the issue is not redeemed the dividend rate will be reset to 8.25% plus 2% of par (in 2023 the rate will be 10.25%), the rate will increase 2% of par (50 cents) on each anniversary date subject to a maximum of 14%.
NOTE–beginning in 7/2023 holders may, at their option, elect to have their shares redeemed at $25/share plus accrued dividends. The company may redeem in cash or common shares or in any combination.
Additionally Bluerock will be required to maintain a asset coverage ratio of 200% as defined in the prospectus. If this is not maintained they are required to redeem preferred shares.
Company Investor Relations Page for Blue Rock Residential Growth REIT Inc.
Click Here for the Offering Prospectus or Final Pricing
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