Bluerock Residential Growth REIT Inc. Announces Q1 2021 Financial Results

Bluerock Residential Growth REIT Inc. announced its final results for the first quarter of 2021, ending on March 31, 2021.

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.