03 Jul BMG Exploring Strategic Alternatives for Non-Traded REIT Portfolio
Bluerock Multifamily Growth REIT (‘BMG’ and ‘Company’) today announced that following its meeting with the Board of Directors, the Company has decided to explore strategic alternatives to enhance the growth of its portfolio.
“We’ve taken strategic actions over the past year to consolidate our holdings and strengthen and enhance the transparency of our balance sheet and income statement, to position the REIT to take advantage of growth opportunities and make it more shareholder friendly by reducing our ongoing fees and removing any internalization compensation,” reported Ramin Kamfar, BMG’s Chairman. “Our Board is committed to exploring available opportunities to facilitate our growth for the benefit of our shareholders,” remarked Mr. Kamfar.
In anticipation of its review of strategic alternatives, the Board of Directors voted to temporarily suspend the Company’s share repurchase plan, including pending repurchase requests, for the current quarter. The Board will revisit the share repurchase plan at the end of the third quarter.
The Company is not able to further discuss its possible strategic alternatives or address questions about them at this time due to limitations under federal securities laws. There is no set timetable for the Board of Directors to review alternatives and there can be no assurances that the review process will result in any transaction(s) being announced or completed.
BMG currently has a 7-property portfolio with 1,700+ units of primarily of Class A multifamily properties positioned in growth markets with an asset cost greater than $215 million.
BMG is a publicly registered, non-traded real estate investment trust. For copies of BMG’s public company filings, please visit the U.S. Securities and Exchange Commission’s website at www.sec.gov.
BMG is sponsored by Bluerock Real Estate, LLC, a national investment firm providing institutional investments for individual investors.