Bluerock Residential Growth REIT, Inc. (BRG) saw its loss widen to $1.56 million in the quarter ended compared with $0.37 million a year ago.
Revenue during the quarter surged 69.65 percent to $22.39 million from $13.20 million in the previous year period.
Cost of revenue surged 72.10 percent or $4.37 million during the quarter to $10.43 million. Gross margin for the quarter contracted 66 basis points over the previous year period to 53.43 percent.
Total expenses were $23.31 million for the quarter, up 54.52 percent or $8.22 million from year-ago period. Operating margin for the quarter stood at negative 4.08 percent as compared to a negative 14.27 percent for the previous year period.
Operating loss for the quarter was $0.91 million, compared with an operating loss of $1.88 million in the previous year period.
Revenue from real estate activities during the quarter surged 69.65 percent or $9.19 million to $22.39 million.
Income from operating leases during the quarter surged 68.83 percent or $8.71 million to $21.35 million.
Revenue from other real estate activities during the quarter was $1.04 million, up 88.59 percent or $0.49 million from year-ago period.
"We are pleased to report record acquisition volume of five operating properties totaling 1,700 units for approximately $270 million, a Series D preferred stock capital raise with gross proceeds of approximately $71 million and our portfolio continued to perform well during the fourth quarter," said Ramin Kamfar, the Company's chairman and chief executive officer. "We also raised approximately $60 million of common stock in January 2017, to provide capital to continue to build a high quality portfolio in our current footprint of growth markets in the Sunbelt, from the Carolinas to Florida and Texas."
Receivables increase substantially
Net receivables were at $30.82 million as on Dec. 31, 2016, up 305.43 percent or $23.22 million from year-ago. Accounts payable surged 184.33 percent or $1.08 million to $1.67 million on Dec. 31, 2016.
Total assets jumped 76.63 percent or $542.10 million to $1,241.32 million on Dec. 31, 2016. On the other hand, total liabilities were at $735.41 million as on Dec. 31, 2016, up 85.76 percent or $343.06 million from year-ago.
Return on assets moved down 2 basis points to 0.72 percent in the quarter. Return on equity for the quarter stood at negative 2.48 percent as compared to a negative 0.64 percent for the previous year period.
Debt increases substantially
Total debt was at $710.58 million as on Dec. 31, 2016, up 86.94 percent or $330.47 million from year-ago. Shareholders equity stood at $292.56 million as on Dec. 31, 2016, up 23.07 percent or $54.85 million from year-ago. As a result, debt to equity ratio went up 83 basis points to 2.43 percent in the quarter.
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