Bluerock Residential Growth REIT Inc.'s board authorized the company to buy back up to $5.0 million of its outstanding shares of class A common stock.

The multifamily real estate investment trust said it will repurchase the shares under its $25 million share buyback program and in accordance with the guidelines specified under rule 10b5-1 of the 1934 Securities Exchange Act. The rule allows companies to repurchase stock at times when it might otherwise prevented from doing so by securities laws or trading blackouts.