Bluerock Residential Growth REIT Inc (BRG) 2014年年度报告「NYSE」.pdf

1、Bluerock Residential Growth REIT is now listed on the NYSE MKT Ticker:BRG2014 Annual Report Continued on page 2Letter from the CEOTo Our Shareholders:The past 12 months have been transformative for Bluerock Residential Growth REIT(BRG)(NYSE MKT ticker:BRG).We completed our initial public offering(IP

2、O)in April 2014 along with two successful follow-on offerings,one in October 2014 and another in January 2015 that,combined,increased our market cap more than seven-fold to over$180 million as of March 31,2015.This has enabled us to grow both our real estate portfolio and,by extension,our Adjusted F

3、unds from Operations(AFFO)significantly.Gross real estate assets increased$136 million to$284 million as of December 31,2014,from$148 million one year earlier.Since year end,we have added another$283 million in acquisition transactions.Of these,we have already closed on three properties totaling$117

4、.5 million,and we have four under contract or under our control totaling$165.5 million(the$283 million total is based on the acquisition price of the stabilized properties and the total expected construction costs of development properties).We provide details of these properties on page 6 of this le

5、tter.The REITs apartment unit count has risen to more than 5,000 units including the pro-forma pipeline,as compared to 1,518 units at December 31,2013.For the fourth quarter of 2014 AFFO was$1.7 million,up from the prior year quarters deficit of($0.6)million.On a per-share basis,AFFO for the fourth

6、quarter 2014 was$0.19,up from a deficit of($0.52)per share for the prior year quarter.Our pro-forma AFFO guidance for Q1 2015 is$0.26-$0.28 per share.Net income per common share for the fourth quarter of 2014 was$0.29,as compared to a net loss of($1.02)per common share in the prior year period.As of