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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ______

Commission File Number 001-36369

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland

 

26-3136483

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

1345 Avenue of the Americas, 32nd Floor, New York, NY

 

10105

(Address of principal executive offices)

 

(Zip Code)

(212) 843-1601

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

    

Trading Symbol

    

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

BRG

NYSE American

8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

BRG-PrA

NYSE American

7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share

BRG-PrC

NYSE American

7.125% Series D Cumulative Preferred Stock, $0.01 par value per share

BRG-PrD

NYSE American

Securities registered pursuant to Section 12(g) of the Exchange Act:

Title of each class

Series B Redeemable Preferred Stock, $0.01 par value per share

Warrants to Purchase Shares of Class A Common Stock, $0.01 par value per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Number of shares outstanding of the registrant’s

classes of common stock, as of November 3, 2020:

Class A Common Stock: 23,771,080 shares

Class C Common Stock: 76,603 shares

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FORM 10-Q

September 30, 2020

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

3

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

4

Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019

5

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

9

Notes to Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

61

Item 4.

Controls and Procedures

62

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

65

Item 3.

Defaults Upon Senior Securities

65

Item 4.

Mine Safety Disclosures

65

Item 5.

Other Information

65

Item 6.

Exhibits

66

SIGNATURES

67

2

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

September 30, 

December 31, 

    

2020

    

2019

ASSETS

 

 

Net Real Estate Investments

 

 

Land

$

273,043

$

268,244

Buildings and improvements

 

1,807,386

 

1,752,738

Furniture, fixtures and equipment

 

73,797

 

67,904

Total Gross Real Estate Investments

 

2,154,226

 

2,088,886

Accumulated depreciation

 

(177,124)

 

(141,566)

Total Net Real Estate Investments

 

1,977,102

 

1,947,320

Cash and cash equivalents

 

91,836

 

31,683

Restricted cash

 

34,744

 

19,085

Notes and accrued interest receivable

 

202,649

 

193,781

Due from affiliates

 

314

 

2,969

Accounts receivable, prepaids and other assets

 

26,954

 

16,317

Preferred equity investments and investments in unconsolidated real estate joint ventures

 

108,098

 

126,444

In-place lease intangible assets, net

 

522

 

3,098

Total Assets

$

2,442,219

$

2,340,697

LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY

 

  

 

  

Mortgages payable

$

1,427,542

$

1,425,257

Revolving credit facilities

 

 

18,000

Mandatorily redeemable preferred stock

34,833

Accounts payable

 

1,596

 

1,488

Other accrued liabilities

 

36,664

 

27,499

Due to affiliates

 

602

 

790

Distributions payable

 

14,964

 

13,541

Total Liabilities

1,516,201

 

1,486,575

8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 10,875,000 shares authorized; 5,558,392 and 5,721,460 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

102,656

 

140,355

6.000% Series B Redeemable Preferred Stock, liquidation preference $1,000 per share, 1,225,000 shares authorized; 516,100 and 536,695 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

469,538

 

480,921

7.625% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,295,845 and 2,323,750 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

56,373

 

56,797

6.150% Series T Redeemable Preferred Stock, liquidation preference $25.00 per share, 32,000,000 shares authorized; 6,671,458 and 17,400 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

150,823

388

Equity

 

 

Stockholders’ Equity

 

 

Preferred stock, $0.01 par value, 197,900,000 shares authorized; no shares issued and outstanding

 

 

7.125% Series D Cumulative Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,774,338 and 2,850,602 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

66,867

 

68,705

Common stock - Class A, $0.01 par value, 747,509,582 shares authorized; 24,589,389 and 23,422,557 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

246

 

234

Common stock - Class C, $0.01 par value, 76,603 shares authorized; 76,603 shares issued and outstanding as of September 30, 2020 and December 31, 2019

 

1

 

1

Additional paid-in-capital

 

323,064

 

311,683

Distributions in excess of cumulative earnings

 

(283,537)

 

(253,132)

Total Stockholders’ Equity

 

106,641

 

127,491

Noncontrolling Interests

 

 

Operating Partnership units

 

13,531

 

19,331

Partially owned properties

 

26,456

 

28,839

Total Noncontrolling Interests

 

39,987

 

48,170

Total Equity

 

146,628

 

175,661

TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY

$

2,442,219

$

2,340,697

See Notes to Consolidated Financial Statements

3

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share amounts)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Revenues

 

  

 

  

 

  

  

Rental and other property revenues

$

48,666

$

47,422

$

146,713

$

139,575

Interest income from mezzanine loan and ground lease investments

 

5,923

 

6,125

 

17,149

 

17,874

Total revenues

 

54,589

 

53,547

 

163,862

 

157,449

Expenses

 

  

 

  

 

  

 

  

Property operating

 

19,571

 

19,377

 

57,441

 

56,847

Property management fees

 

1,231

 

1,256

 

3,719

 

3,707

General and administrative

 

5,901

 

6,259

 

17,575

 

16,933

Acquisition and pursuit costs

 

2,242

 

217

 

3,933

 

346

Weather-related losses, net

 

 

57

 

 

347

Depreciation and amortization

 

19,216

 

17,643

 

60,206

 

51,097

Total expenses

 

48,161

 

44,809

 

142,874

 

129,277

Operating income

 

6,428

 

8,738

 

20,988

 

28,172

Other income (expense)

 

  

 

  

 

  

 

  

Other income

 

60

 

 

119

 

Preferred returns on unconsolidated real estate joint ventures

 

2,963

 

2,316

 

8,213

 

7,097

Gain on sale of real estate investments

 

 

48,680

 

58,096

 

48,680

Gain on sale of non-depreciable real estate investments

679

Loss on extinguishment of debt and debt modification costs

 

 

(6,924)

 

(13,985)

 

(6,924)

Interest expense, net

 

(13,520)

 

(14,635)

 

(42,294)

 

(45,826)

Total other (expense) income

 

(10,497)

 

29,437

 

10,149

 

3,706

Net (loss) income

 

(4,069)

 

38,175

 

31,137

 

31,878

Preferred stock dividends

 

(15,003)

 

(11,887)

 

(42,787)

 

(33,291)

Preferred stock accretion

 

(4,451)

 

(2,717)

 

(11,978)

 

(6,920)

Net (loss) income attributable to noncontrolling interests

 

  

 

  

 

 

  

Operating Partnership units

 

(6,270)

 

6,191

 

(6,679)

 

(1,747)

Partially owned properties

 

(195)

 

220

 

1,512

 

(662)

Net (loss) income attributable to noncontrolling interests

 

(6,465)

 

6,411

 

(5,167)

 

(2,409)

Net (loss) income attributable to common stockholders

$

(17,058)

$

17,160

$

(18,461)

$

(5,924)

Net (loss) income per common share - Basic

$

(0.71)

$

0.76

$

(0.80)

$

(0.29)

Net (loss) income per common share – Diluted

$

(0.71)

$

0.75

$

(0.80)

$

(0.29)

Weighted average basic common shares outstanding

 

24,566,196

 

22,320,710

 

24,321,282

 

22,622,040

Weighted average diluted common shares outstanding

 

24,566,196

 

22,669,188

 

24,321,282

 

22,622,040

See Notes to Consolidated Financial Statements

4

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share and per share amounts)

Class A Common Stock

Class C Common Stock

Series D Preferred Stock

Additional 

Net income

Number of

Number of

Number of

Paid-

Cumulative

to Common

Noncontrolling

    

Shares

    

Par Value

    

Shares

    

Par Value

    

Shares

    

Value

    

in Capital

    

Distributions

    

Stockholders

    

Interests

    

Total Equity

Balance, July 1, 2020

24,605,585

$

246

76,603

$

1

2,774,338

$

66,867

$

321,973

$

(302,485)

$

40,030

$

46,075

$

172,707

Issuance of Class A common stock, net

 

1,207

 

 

 

 

 

 

10

 

 

 

 

10

Repurchase of Class A common stock

(103,574)

(1)

(756)

(757)

Vesting of long-term incentive plan ("LTIP Units") for compensation

 

 

 

 

 

 

 

 

 

 

1,798

1,798

Vesting of restricted Class A common stock

129

129

Issuance of LTIP Units for expense and capitalized cost reimbursements

414

414

Issuance of LTIP Units for executive salaries

 

 

 

 

 

 

 

 

 

 

163

 

163

Common stock distributions declared

 

 

 

 

 

 

 

 

(4,024)

 

 

 

(4,024)

Series A Preferred Stock distributions declared

 

 

(2,866)

 

 

 

(2,866)

Series A Preferred Stock accretion

 

 

(243)

 

 

 

(243)

Company redemption of Series A Preferred Stock

(468)

(468)

Series B Preferred Stock distributions declared

 

 

(7,745)

 

 

 

(7,745)

Series B Preferred Stock accretion

 

 

(2,939)

 

 

 

(2,939)

Series C Preferred Stock distributions declared

 

 

(1,094)

 

 

 

(1,094)

Series C Preferred Stock accretion

 

 

(94)

 

 

 

(94)

Series D Preferred Stock distributions declared

 

 

(1,236)

 

 

 

(1,236)

Series T Preferred Stock distributions declared

(2,062)

(2,062)

Series T Preferred Stock accretion

(707)

(707)

Distributions to Operating Partnership noncontrolling interests