Bluerock ResidentialGrowth REIT Inc. on March 29 signed a sales agreement with a group ofdistribution agents for an offering of its 8.250% series A preferred stock withan aggregate amount of as much as $100 million.
The company said in a same-day filing that sales of the seriesA preferred stock will be made from time to time in at-the-market offerings, whichmay include sales made directly on or through the NYSE MKT, on any other existingtrading market for the stock or through a market maker. Subject to the company'sprior consent, sales of the stock may also be made through negotiated transactionsor by any other lawful method.
The REIT added that the articles supplementary classifying anddesignating an additional 8 million shares of its authorized but unissued preferredstock as series A preferred shares was filed March 29 with the Maryland State Departmentof Assessments and Taxation and became effective the same day.
After giving effect to the articles supplementary, Bluerock Residentialhas authority to issue 10,875,000 series A preferred shares in total, with no increasein the company's authorized shares, according to the filing.
Bluerock Residential Holdings LP, the company's operating partnership,and BRG Manager LLC, its manager, are also parties to the sales agreement.
The distribution agents are FBR Capital Markets & Co. andMLV & Co. LLC.