Bluerock Residential Growth REIT, Inc. announced that at a special meeting of stockholders held earlier, based on preliminary voting results, the Company's stockholders approved the proposed acquisition of the Company by affiliates of Blackstone Real Estate. The Acquisition will occur following the spin-off of the Company's single-family rental business through the taxable distribution to common stockholders of all of the outstanding shares of common stock of a newly formed real estate investment trust named Bluerock Homes Trust, Inc. Company common stockholders will receive $24.25 in cash per share of Company common stock in the Acquisition in addition to the BHM common stock that they will receive in the Spin-Off.
The final voting results will be filed with the U.S. Securities and Exchange Commission (SEC) on a Form 8-K.
We are pleased that our stockholders have approved this transaction and thank them for their continued support. Today's stockholder approval marks a key step in completing the transaction and delivering on the tremendous value it offers to our stockholders."
Ramin Kamfar, Chairman and Chief Executive Officer of the Company
The Acquisition and the Spin-Off currently are expected to close in the second quarter of 2022, and are subject to the completion of customary closing conditions. Upon the closing of the Acquisition, BRG's common stock and preferred stock will no longer be listed on any public market.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through value-add improvements to properties and to operations. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.