BluerockResidential Growth REIT, Inc. (BRG) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.20 million, or $ 0.20 a share in the quarter, against a net loss of $2.53 million, or $0.20 a share in the last year period. Revenue during the quarter surged 60.29 percent to $26.66 million from $16.63 million in the previous year period.
Cost of revenue surged 61.37 percent or $4.79 million during the quarter to $12.60 million. Gross margin for the quarter contracted 32 basis points over the previous year period to 52.75 percent.
Total expenses were $28.65 million for the quarter, up 60.99 percent or $10.86 million from year-ago period. Operating margin for the quarter stood at negative 7.47 percent as compared to a negative 7 percent for the previous year period.
Operating loss for the quarter was $1.99 million, compared with an operating loss of $1.16 million in the previous year period.
Revenue from real estate activities during the quarter surged 51.13 percent or $8.50 million to $25.14 million.
Income from operating leases during the quarter surged 49.84 percent or $7.94 million to $23.87 million.
Revenue from other real estate activities during the quarter was $1.27 million, up 80.17 percent or $0.57 million from year-ago period.
Other income during the quarter was $1.52 million.
"We are pleased to report the acquisition of two operating properties totaling 683 units for approximately $117 million, a Class A common stock capital raise with gross proceeds of approximately $60 million and solid portfolio performance during the first quarter," said Ramin Kamfar, the Company's Chairman and CEO. "We continue to build a high quality portfolio in our current footprint of growth markets in the Sunbelt, from the Carolinas to Florida and Texas."
Net receivables were at $65.68 million as on Mar. 31, 2017, up 1,357.36 percent or $61.18 million from year-ago. Accounts payable surged 141.82 percent or $1.09 million to $1.86 million on Mar. 31, 2017.
Total assets jumped 70.25 percent or $555.48 million to $1,346.17 million on Mar. 31, 2017. On the other hand, total liabilities were at $778.80 million as on Mar. 31, 2017, up 58.62 percent or $287.80 million from year-ago.
Return on assets moved up 106 basis points to 1.27 percent in the quarter. Return on equity for the quarter stood at negative 1.50 percent as compared to a negative 1.79 percent for the previous year period.
Debt increases substantially
Total debt was at $750.81 million as on Mar. 31, 2017, up 57.50 percent or $274.10 million from year-ago. Shareholders equity stood at $333.15 million as on Mar. 31, 2017, up 44.60 percent or $102.75 million from year-ago. As a result, debt to equity ratio went up 18 basis points to 2.25 percent in the quarter.
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