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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 June 30, 2022

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

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

Series T Redeemable Preferred 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 August 2, 2022:

Class A Common Stock: 30,506,694 shares

Class C Common Stock: 67,933 shares

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FORM 10-Q

June 30, 2022

PART I – FINANCIAL INFORMATION

    

Item 1.

Financial Statements

Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 (Audited)

3

Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021

4

Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021

5

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2022 and 2021

9

Notes to Consolidated Financial Statements

10

Item 2.

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

38

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

60

Item 4.

Controls and Procedures

61

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

SIGNATURES

64

2

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)

June 30, 

December 31, 

    

2022

    

2021

ASSETS

 

 

Net Real Estate Investments

 

 

Land

$

307,341

$

287,406

Buildings and improvements

 

1,989,363

 

1,894,745

Furniture, fixtures and equipment

 

95,102

 

89,270

Total Gross Real Estate Investments

 

2,391,806

 

2,271,421

Accumulated depreciation

 

(264,286)

 

(224,123)

Total Net Real Estate Investments

2,127,520

2,047,298

Cash and cash equivalents

 

244,924

 

166,492

Restricted cash

 

30,807

 

30,015

Notes and accrued interest receivable, net

 

23,118

 

173,489

Due from affiliates

 

1,536

 

711

Accounts receivable, prepaids and other assets, net

 

48,543

 

43,108

Preferred equity investments and investments in unconsolidated real estate joint ventures, net

 

165,556

 

135,690

In-place lease intangible assets, net

 

97

 

2,530

Total Assets

$

2,642,101

$

2,599,333

LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY

 

  

 

  

Mortgages payable

$

1,393,076

$

1,364,991

Revolving credit facilities

 

49,407

Accounts payable

3,184

3,824

Other accrued liabilities

 

50,095

 

52,947

Due to affiliates

 

595

 

599

Distributions payable

 

15,590

 

15,345

Total Liabilities

1,511,947

 

1,437,706

8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 5,153,540 shares authorized; no shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

6.000% Series B Redeemable Preferred Stock, liquidation preference $1,000 per share, 1,225,000 shares authorized; 358,235 and 359,197 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

338,444

 

331,983

7.625% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,295,845 shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

57,002

 

56,823

6.150% Series T Redeemable Preferred Stock, liquidation preference $25.00 per share, 32,000,000 shares authorized; 28,235,362 and 28,272,134 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

648,910

643,428

Equity

 

 

Stockholders’ Equity

 

 

Preferred stock, $0.01 par value, 203,621,460 shares authorized; no shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

7.125% Series D Cumulative Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,774,338 shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

66,867

 

66,867

Common stock - Class A, $0.01 par value, 747,509,582 shares authorized; 30,410,316 and 27,257,586 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

304

 

273

Common stock - Class C, $0.01 par value, 76,603 shares authorized; 67,933 and 76,603 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

1

 

1

Additional paid-in-capital

 

353,155

 

344,003

Distributions in excess of cumulative earnings

 

(369,705)

 

(327,270)

Total Stockholders’ Equity

 

50,622

 

83,874

Noncontrolling Interests

 

 

Operating Partnership units

 

(4,922)

 

5,889

Partially owned properties

 

40,098

 

39,630

Total Noncontrolling Interests

 

35,176

 

45,519

Total Equity

 

85,798

 

129,393

TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY

$

2,642,101

$

2,599,333

See Notes to Consolidated Financial Statements

3

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share amounts)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

    

2022

    

2021

Revenues

 

  

 

  

 

  

  

Rental and other property revenues

$

58,515

$

49,721

$

115,014

$

100,803

Interest income from loan and ground lease investments

 

1,073

 

4,114

 

7,825

 

8,835

Total revenues

 

59,588

 

53,835

 

122,839

 

109,638

Expenses

 

 

 

 

Property operating

 

21,806

 

18,909

 

41,690

 

38,841

Property management fees

 

2,104

 

1,247

 

3,974

 

2,528

General and administrative

 

7,284

 

6,595

 

15,204

 

13,240

Acquisition and pursuit costs

 

71

 

3

 

116

 

15

Weather-related losses, net

 

 

 

 

400

Depreciation and amortization

 

21,425

 

19,926

 

43,456

 

40,250

Total expenses

 

52,690

 

46,680

 

104,440

 

95,274

Operating income

 

6,898

 

7,155

 

18,399

 

14,364

Other income (expense)

 

 

 

 

Other income

 

198

 

57

 

1,184

 

209

Preferred returns on unconsolidated real estate joint ventures

 

4,547

 

2,329

 

8,364

 

4,616

Provision for credit losses

134

(26)

930

(567)

Gain on sale of real estate investments

 

 

19,429

 

 

88,342

Gain on sale of unconsolidated joint ventures

2,802

6,694

Transaction costs

(2,158)

(9,703)

Loss on extinguishment of debt and debt modification costs

 

 

(647)

 

 

(3,687)

Interest expense, net

 

(13,373)

 

(13,460)

 

(24,918)

 

(27,294)

Total other (expense) income

 

(7,850)

 

7,682

 

(17,449)

 

61,619

Net (loss) income

 

(952)

 

14,837

 

950

 

75,983

Preferred stock dividends

 

(18,557)

 

(14,367)

 

(37,129)

 

(28,984)

Preferred stock accretion

 

(5,639)

 

(7,290)

 

(10,845)

 

(14,312)

Net (loss) income attributable to noncontrolling interests

 

  

 

 

 

Operating Partnership units

 

(6,108)

 

(1,978)

 

(11,924)

 

8,182

Partially owned properties

 

(1,766)

 

587

 

(2,430)

 

6,353

Net (loss) income attributable to noncontrolling interests

 

(7,874)

 

(1,391)

 

(14,354)

 

14,535

Net (loss) income attributable to common stockholders

$

(17,274)

$

(5,429)

$

(32,670)

$

18,152

Net (loss) income per common share - Basic

$

(0.59)

$

(0.21)

$

(1.14)

$

0.68

Net (loss) income per common share – Diluted

$

(0.59)

$

(0.21)

$

(1.14)

$

0.68

Weighted average basic common shares outstanding

 

30,022,451

 

28,129,862

 

29,239,514

 

25,623,537

Weighted average diluted common shares outstanding

 

30,022,451

 

28,129,862

 

29,239,514

 

25,688,530

See Notes to Consolidated Financial Statements

4

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FOR THE THREE MONTHS ENDED JUNE 30, 2022

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

Number of

Number of

Number of

Paid-

Cumulative

Net Income

Noncontrolling

Shares

    

Par Value

    

Shares

    

Par Value

    

Shares

    

Value

    

in Capital

    

Distributions

    

to Stockholders

    

Interests

    

Total Equity

Balance, April 1, 2022

 

29,609,359

$

296

 

67,933

$

1

 

2,774,338

$

66,867

 

$

349,117

$

(484,338)

$

136,856

$

40,490

$

109,289

 

 

  

 

  

 

  

 

  

 

  

 

 

  

 

 

  

 

Issuance of Class A common stock due to Series B warrant exercises

595,540

6

13,473

13,479

Issuance of Long-Term Incentive Plan (“LTIP”) Units for executive salaries

 

 

 

 

 

 

 

 

 

 

267

 

267

Issuance of LTIP Units for executive bonuses

2,779

2,779

Vesting of LTIP Units for compensation

 

 

 

 

 

 

 

 

 

 

1,884

 

1,884

Vesting of restricted Class A common stock, net of forfeitures and shares withheld for employee taxes

(21,658)

(134)

(134)

Issuance of LTIP Units for expense reimbursements

 

 

 

 

 

 

 

 

 

 

390

 

390

Common stock distributions declared

(4,949)

(4,949)

Series B Preferred Stock distributions declared

(5,373)

(5,373)

Series B Preferred Stock accretion

 

 

 

 

 

 

 

 

(2,209)

 

 

 

(2,209)

Series C Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(1,094)

 

 

 

(1,094)

Series C Preferred Stock accretion

(101)

(101)

Series D Preferred Stock distributions declared

(1,235)

(1,235)

Series T Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(10,855)

 

 

 

(10,855)

Series T Preferred Stock accretion

(3,329)

(3,329)

Distributions to Operating Partnership noncontrolling interests

 

 

 

 

 

 

 

 

 

 

(1,780)

 

(1,780)

Distributions to partially owned noncontrolling interests

 

 

 

 

 

 

 

 

 

 

(1,050)

 

(1,050)

Conversion of Operating Partnership Units into Class A common stock

 

227,075

 

2

 

 

 

 

 

12

 

 

 

(15)

 

(1)

Cash redemption of Operating Partnership Units

 

 

 

 

 

 

 

(9)

 

 

 

 

(9)

Cash redemptions of Series T Preferred Stock

 

 

 

 

 

 

 

5

 

 

 

 

5

Cash redemptions of Series B Preferred Stock

17

17

Series B Preferred Stock warrant exercises and activity, net

 

 

 

 

 

 

 

(12,273)

 

 

 

 

(12,273)

Contributions from noncontrolling interests, net

 

 

 

 

 

 

 

 

 

 

3,032

 

3,032

Adjustment for noncontrolling interest ownership in Operating Partnership

 

 

 

 

 

 

 

2,947

 

 

 

(2,947)

 

Net income (loss)

 

 

 

 

 

 

 

 

 

6,922

 

(7,874)

 

(952)

 

 

Balance, June 30, 2022

 

30,410,316

$

304

 

67,933

$

1

 

2,774,338

$

66,867

 

$

353,155

$

(513,483)

$

143,778

$

35,176

$

85,798

See Notes to Consolidated Financial Statements

5

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FOR THE THREE MONTHS ENDED JUNE 30, 2021

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

Number of

Number of

Number of

Paid-

Cumulative

Net Income

Noncontrolling

  

Shares

    

Par Value

    

Shares

    

Par Value

    

Shares

    

Value

    

in Capital

    

Distributions

    

to Stockholders

    

Interests

    

Total Equity

Balance, April 1, 2021

25,110,432

$

251

 

76,603

$

1

 

2,774,338

$

66,867

 

$

332,926

$

(375,748)

$

81,982

$

36,510

$

142,789

 

 

 

 

  

 

 

 

 

 

 

 

Issuance of Class A common stock, net

 

941

 

 

 

 

 

 

9

 

 

 

 

9

Issuance costs for Class A common stock ATM

(626)

(626)

Issuance of Class A common stock due to Series B warrant exercise

20

1

1

Repurchase of Class A common stock

 

(4,605,598)

 

(45)

 

 

 

 

 

(45,060)

 

 

 

 

(45,105)

Issuance of restricted Class A common stock, net of shares withheld for employee taxes

38,721

1

1

Issuance of LTIP Units for executive salaries

219

219

Vesting of LTIP Units for compensation

 

 

 

 

 

 

 

 

 

 

1,969

 

1,969

Issuance of LTIP Units for expense reimbursements

 

 

 

 

 

 

 

 

 

 

389

 

389

Common stock distributions declared

 

 

 

 

 

 

 

 

(4,765)

 

 

 

(4,765)

Series B Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(5,818)

 

 

 

(5,818)

Series B Preferred Stock accretion

 

 

 

 

 

 

 

 

(5,206)

 

 

 

(5,206)

Series C Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(1,094)

 

 

 

(1,094)

Series C Preferred Stock accretion

 

 

 

 

 

 

 

 

(94)

 

 

 

(94)

Series D Preferred Stock distributions declared

(1,235)

(1,235)

Series T Preferred Stock distributions declared

 

 

 

 

 

 

 

 

(6,220)

 

 

 

(6,220)

Series T Preferred Stock accretion

 

 

 

 

 

 

 

 

(1,990)

 

 

 

(1,990)

Distributions to Operating Partnership noncontrolling interests

 

 

 

 

 

 

 

 

 

 

(1,748)

 

(1,748)

Distributions to partially owned noncontrolling interests

 

 

 

 

 

 

 

 

 

 

(2,795)

 

(2,795)

Redemption of Operating Partnership Units

 

 

 

 

 

 

 

(4)

 

 

 

(1)

 

(5)

Holder redemptions of Series T Preferred Stock and conversion into Class A common stock

 

54,736

 

 

 

 

 

 

547

 

 

 

 

547

Holder redemptions of Series B Preferred Stock and conversion into Class A common stock

71,927

1

714

715

Company redemptions of Series B Preferred Stock and conversion into Class A common stock

8,190,758

82

79,473

79,555

Contributions from noncontrolling interests, net

4,147

4,147

Adjustment for noncontrolling interest ownership in Operating Partnership

 

 

 

 

 

 

 

(5,474)

 

 

 

5,474

 

Net income (loss)

16,228

(1,391)

14,837

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2021

 

28,861,937

$

289

 

76,603

$

1

 

2,774,338

$

66,867

 

$

362,507

$

(402,170)

$

98,210

$

42,773

$

168,477

See Notes to Consolidated Financial Statements

6

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FOR THE SIX MONTHS ENDED JUNE 30, 2022

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 

Number of

Number of

Number of

Paid-

Cumulative

Net Income

Noncontrolling

    

Shares

    

Par Value

    

Shares

    

Par Value

    

Shares

    

Value

    

in Capital

    

Distributions

    

to Stockholders

    

Interests

    

Total Equity

Balance, January 1, 2022

27,257,586

$

273

76,603

$

1

2,774,338

$

66,867

$

344,003

$

(455,744)

$

128,474

$

45,519

$

129,393

 

 

 

 

 

 

  

 

  

 

  

 

  

 

  

 

  

Issuance of Class A common stock due to Series B warrant exercises

 

2,221,231

 

22

 

 

 

 

 

49,483

 

 

 

 

49,505

Conversion of Class C common stock into Class A common stock

 

8,670

 

 

(8,670)

 

 

 

 

 

 

 

 

Issuance of LTIP Units for director compensation

 

 

 

 

 

 

 

 

 

 

374

 

374

Issuance of LTIP Units for executive salaries

534

534

Issuance of LTIP Units for executive bonuses

2,779

2,779

Vesting of LTIP Units for compensation

3,879

3,879

Vesting of restricted Class A common stock, net of forfeitures and shares withheld for employee taxes

(22,323)

(6)

(6)

Issuance of LTIP Units for expense reimbursements

 

 

 

 

 

 

 

 

 

 

824

 

824

Common stock distributions declared

(9,765)

(9,765)

Series B Preferred Stock distributions declared