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9% Yield And 50% Upside At Bluerock Residential Growth REIT
- Bluerock is a discounted multi-family REIT with large growth potential.
- Developing and repositioning afford BRG greater yields on investment than market cap rates.
- Misconceptions about the company's operations have kept its market price down.
Bluerock Residential Growth REIT: Borrowing From Peter To Pay Paul But For How Long?
- BRG has had a strange birth and an even more strange upbringing.
- BRG has had previous liquidity concerns and it won't be long before the next few.
- BRG, despite attractive cap-rates and impressive historical transactions, is a risky position that investors should avoid.
Bluerock Residential Growth REIT: An IPO We Plan To Avoid
- BRG is an owner of apartment properties in the southeastern United States, with a total of 2620 units in Virginia, Tennessee, Georgia, Florida, Michigan, and Illinois.
- BRG plans to raise $50.0 million in its upcoming IPO, offering 3.3 million shares at a price of $15 per share.
- We plan to avoid this IPO as BRG is quickly losing money, and investor confidence in the real estate market has been shaky post-crash.
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Tue, Nov. 4, 12:31 PM
- Q3 Adj. FFO per share of $0.22 hitting upper end of the guidance from -$0.34 in 3Q13.
- Total Revenue at $9.6M up 210% y/y
- Same store NOI +5.7% y/y to $2.35M
- Average Portfolio occupancy 95.5% up 230bps q/q
- 4Q14 Guidance: EPS $0.15-$0.17
- Confernece call at 3:00 PM ET
- BRG -1.8%
- Previous: Bluerock Residential beats by $0.02, beats on revenue
Tue, Nov. 4, 8:22 AM| Comment!
Mon, Oct. 13, 4:48 PM
- Bluerock (NYSEMKT:BRG) currently owns or has interests in 12 assets, has one asset under LOI, and a legitimate pipeline of $700M, says analyst Wilkes Graham. Following the recent $36M capital raise, Graham assumes $95M in acquisitions at a 6.5% cap rate by the end of 2015 Q1, funds those deals at 65% LTV, and covers the $1.16 dividend by Q3.
- His $15 price target is 12x 2015 Q4 annualized FFO, a 7.7% dividend yield, and a 10% discount to his $17.08 NAV.
Fri, Oct. 3, 11:12 AM| 1 Comment
Mon, Sep. 29, 4:34 PM
- Bluerock Residential Growth (NYSEMKT:BRG) intents to use the net proceeds to help fund further multifamily purchases.
- The underwriter greenshoe is for another 395K shares.
- Press release
- Related: 9% Yield And 50% Upside At Bluerock Residential Growth REIT
Tue, Sep. 23, 12:29 PM
- Enders Place is a Class A 220-unit multifamily property in the Baldwin Park community of Orlando. Taking what's left of the proceeds from its IPO, Bluerock Residential Growth REIT (BRG -2.1%) lifts its stake in the property to 89.5% from 48.4%.
- The company expects a stabilized 6.25% return on the cost of the additional investment beginning in year two, and notes similar Orlando deals are going for cap rates in the 5.25-5.5% range.
- Press release
Wed, Sep. 3, 11:02 AM
- Struggling a little bit out of the gates after its IPO five months ago, Bluerock Residential (BRG +4.2%) has its tail in the air today after SA Pro's Dane Bowler suggests investor misconceptions have left the stock trading at a significant discount to peers as well as to NAV.
- The stock debuted in late March at $14.50 (vs. an expected $15) and, before today's big gain, had slipped to about $13. Bowler sees fair value of $18.
Wed, Jul. 30, 11:32 AM
- Bluerock Residential (BRG +0.3%) closes a preferred equity investment in a 296-unit Class A apartment community in Orlando. The company expects to invest up to $4M of preferred equity in the deal, with the ability to convert into common equity once the development is stabilized.
- By converting land previously designated for office use to residential use, Bluerock was able to achieve a below-market land basis, allowing a $10K-$15K per unit cost advantage, says CEO Ramin Kamfar.
- Press release
Fri, Jul. 25, 9:54 AM| Comment!
Wed, May. 7, 11:40 AM
- Newly IPOd apartment property owner Bluerock Residential Growth (BRG +0.8%) is started with a Buy rating and $16.50 price target at Wunderlich.
- The team comes up with a $17.75 net asset value for the company by applying a 6% cap rate on the portfolio. Putting a current average 7% discount to NAV for multifamily operators leads to the PT. A discounted cash flow analysis pegs fair value for BRG at $18.
BRG vs. ETF Alternatives
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate investment trust formed to acquire a diversified portfolio of institutional-quality apartment properties in demographically attractive growth markets throughout the United States. The Company has elected to be taxed as a... More
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