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.
