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Bluerock Residential's preferred stock offering prices

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Bluerock Residential's preferred stock offering prices

BluerockResidential Growth REIT Inc. announced the pricing of a publicoffering of 2.0million shares of 7.625% series C redeemable preferred stock, which is expectedto generate net proceeds of approximately $48.0 million after underwritingdiscounts and other expenses.

The offering's underwriters were granted an option toacquire up to 300,000 additional shares, which carry a $25.00 per-share liquidationpreference, to cover any overallotments.

The offering is expected to close July 19.

The company plans to use the net proceeds for futuremultifamily acquisitions and investments and other general corporate andworking capital purposes, possibly including the funding of capitalimprovements.

Bluerock applied to list the preferred stock on the NYSE MKTunder the symbol BRG-PrC, and if the application is approved, trading of thestock is expected to commence within 30 days after the initial issuance.

Janney Montgomery Scott LLC, D.A. Davidson & Co. and FBRare serving as book-running managers, and Boenning & Scattergood andWilliam Blair are serving as co-managers for the offering.