Bluerock’s Q1 Results Include Additional Capital on Balance Sheet

Bluerock Residential Growth REIT Inc. released its financial results for the quarter ending March 31, 2021. Net income attributable to common stockholders for the first quarter of 2021 was $23.6 million or $1.00 per diluted share, as compared to net loss attributable to common stockholders of $16.5 million or $0.70 per diluted share in the prior year period.

Core funds from operations attributable to common stockholders and unit holders were $5.3 million or $0.16 per diluted share, compared to $7.1 million or $0.22 per diluted share in the prior year period. This year’s results were partially impacted by additional capital on the balance sheet.

“We are encouraged by the substantial sequential reacceleration of rent growth and year-over-year improvement in same-store occupancy which reflect a high-quality affordable class-A portfolio of highly amenitized live/work/play apartment communities,” said Ramin Kamfar, Bluerock chairman and CEO. “Our strategy of maintaining occupancy over the past year, along with the favorable positioning of our portfolio, is allowing us to achieve industry-leading lease rate growth.”