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Highlights from the first quarter financial results encompass $23.6 million or $1.00 per diluted share for net income attributable to common stockholders. This is a significant improvement from last year’s first-quarter net loss of attributable income of $16.5 million or $0.70 per diluted share.
This year’s results were partially impacted by additional capital on the balance sheet. The core funds from operations attributable to common stockholders and unitholders (CFFO) was $5.3 million, or $0.16 per diluted share, compared to $7.1 million, or $0.22 per diluted share, in the prior-year period.
Portfolio performance shows Bluerock Residential Growth collected 97% of rents from multifamily properties for the first quarter of 2021. Total revenue and other property revenues grew 1.4% to $51.1 million, compared to $50.4 million the prior year. Additionally, the average lease growth finished at 5.8% in March, with renewals at 5.5% and new leases at 6.1%. Average lease growth accelerated to 7.7% growth in April.
Bluerock Residential Growth also completed 72 value-add unit upgrades during the first quarter of 2021, achieving an average 24.3% return on investment. Since its inception, the company has completed 3,027 value-add unit upgrades at an average cost of $5,953 per unit and achieved an average monthly rental rate increase of $117 per unit. This equates to an average 23.6% return on investment on all unit upgrades leased as of March 31, 2021.