NEW YORK, Aug. 4, 2015 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company") today announced that is has adopted a Dividend Reinvestment Plan ("the DRIP") for its shareholders.
The DRIP allows shareholders of the Company's common stock to designate all or a portion of the cash dividends on their common shares for reinvestment in additional shares of the Company's Class A common stock ("Class A Stock"). To participate in the DRIP, a shareholder must enroll with the DRIP administrator and must be enrolled at least three business days prior to a dividend payment date to qualify for reinvestment of that dividend. Participation in the DRIP is optional.
"We are implementing the DRIP plan to provide our investors the ability to use their dividends to dollar-cost-average a monthly investment in our stock with the benefit of no transaction fees and no per-share commissions on those purchases. Prior to our listing on the NYSE MKT, a significant number of our investors took advantage of the DRIP program we had in place at the time," said Ramin Kamfar, Chairman and CEO of BRG.
BRG is currently paying a dividend at 9.06% rate based on the closing price on Friday, July 31, 2015.
The DRIP will be administered through the Company's transfer agent, American Stock Transfer & Trust Company ("Administrator"). Enrollment is available online through www.amstock.com. Shareholders may also enroll by completing an enrollment form and mailing it to American Stock Transfer & Trust Company, LLC, P.O. Box 922, Wall Street Station, New York, New York 10269-0560.
Shareholders must review the DRIP prospectus prior to enrolling. Copies of the DRIP prospectus are available online at AST's website, www.amstock.com, or by calling AST at (800) 278-4353.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities. The offer is being made solely through the DRIP prospectus.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate investment trust. The Company focuses on acquiring a diversified portfolio of Class A institutional-quality apartment properties in demographically attractive growth markets to appeal to the renter by choice category. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through improvements to operations and properties. BRG generally invests with strategic regional partners, including some the best-regarded private owner-operators in the United States, enabling the Company to operate as a local sharpshooter in each of its markets and to enhance its off-market sourcing capabilities. The Company is listed on the Russell 2000 and Russell 3000 Indexes. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. For more information, please visit our website at: http://www.bluerockresidential.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on March 4, 2015, and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE Bluerock Residential Growth REIT, Inc.