Bluerock Residential Growth REIT Inc. set its 2018 class A common stock dividend rate at 65 cents per share and declared a quarterly cash dividend of 16.25 cents per class A common share for the first quarter of 2018.
The company said the new dividend rate aligns with its projected range disclosed in August and reflects a 6.4% annual yield on its Dec. 20 closing stock price of $10.10 per share on the NYSE American. The company said its board considered various factors in setting the new rate, including achieving a sustainable dividend covered by its current recurring adjusted funds from operations.
Bluerock also changed its dividend payment schedule to quarterly from monthly to align with industry standards.
The 2018 first-quarter dividend is payable in cash April 5, 2018, to class A common stockholders of record as of March 23, 2018.
