Bluerock Residential Growth REIT Inc (BRG) 2016年年度报告「NYSE」.pdf

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1、Bluerock Residential Growth REIT is listed on the NYSE MKT Ticker:BRG,BRGpA,BRGpC,BRGpD2016 Annual Report Continued on page 2Letter from the CEOTo Our Shareholders:2016 was active for Bluerock Residential Growth REIT(“BRG,”“the REIT,”“the Company”).As we discuss below,in 2016 we successfully stepped

2、 up our capital formation while reducing capital costs substantially.We also saw significant improvements in key performance metrics and sustained a sizable increase in acquisition,development and disposition activity.In 2016,the REITs total asset size increased 78%,total unit count rose 48%,top lin

3、e revenues were up 74%and Adjusted Funds from Operations(AFFO)rose 32%.We share highlights of the REITs activities and performance below,as well as our outlook for the year to come:2016 Highlights:New Sources of Capital Formation and 17 InvestmentsCapital Formation at Reduced CostThroughout 2016,BRG

4、 remained focused on reducing our cost of capital through a series of preferred offerings,with each of our public offerings coming to market at progressively lower rates than the one before.Our three public preferred offerings,launched in April at 8.250%,July at 7.625%and October at 7.125%,also allo

5、wed us to tighten terms and expand our institutional shareholder base.As we were raising our public preferred,we were also ramping up sales of our continuously-offered,non-traded preferred,which is being issued at an even more cost effective rate of 6%.Importantly,we were able to execute each of our

6、 preferred tranches at a yield that is lower than that of our common dividend.This is a rare achievement and one that few firms have been able to accomplish in the preferred market.In total,BRGs public offerings of the Series A,B,C and D preferred stock raised gross proceeds of more than$220 million