Project Description

Bluerock Residential Growth Spin-off

December 24, 2021 Update

On the December 20th, Bluerock Residential Growth REIT (BRG) announced that it has entered into a agreement with Blackstone Real Estate that they will acquire all outstanding shares of common stock of BRG for $24.25 per share in an all-cash transaction valued at $3.6 billion, but prior to the acquisition, it will spin off its single family rental business. The spinoff transaction will be done through a taxable distribution to shareholders of all of the outstanding shares of a newly formed real estate investment trust named Bluerock Homes Trust, Inc. (BHOM)

BHOM will own interests in approximately 3,400 homes, including 2,000 through preferred/mezzanine investments, located in fast growing, high quality of life and knowledge economy markets across the United States. The estimated NAV of the new shares of BHOM is $5.60. Completion of the Acquisition, which is currently expected to occur in Q2 of 2022, is contingent upon the Spin-Off.