Bluerock Residential Growth REIT 8.25% Series A Cumulative Redeemable Preferred Stock (Puttable After 10/2022)
By: Tim McPartland,
Date Issued 10/16/2015
Shares Issued 2,500,000 Overallotment Shares 375,000
S&P Rating NR Moodys Rating NR
Security Ticker Symbol BRG-A OTC Temp Ticker BLPPP
Market Traded ON NYSE
Dividend Payment Paid on the 5th of January, April, July and October beginning on 1/5/2016
Quarterly Dividend .516 Annual Dividend 2.0625
Commencing in 10/2022 if the issue is not redeemed the dividend rate will be reset to 8.25% plus 2% of par (in 2022 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%.
Securities may be redeemed, at the issuers option, as early as 10/20/2020 the call price is $25 plus accrued dividends.
Dividend Payment will NOT be Qualified Distributions (Dividends of REITs are not qualified)
Maturity Date None
NOTE–beginning in 10/2022 holders may, at their option, elect to have their shares redeemed at $25/share plus accrued dividends OR in common shares, or in any combination at the option of the company.
Additionally Bluerock will be required to maintain a asset coverage ratio of 200% as defined in the prospectus.
Company Investor Relations Page for Bluerock Residential Growth REIT