Bluerock brings new preferreds; other recent new issues mixed; American Homes preferreds climb

By Christine Van Dusen

Atlanta, May 26 – BlueRock Residential Growth REIT Inc. priced a new issue of preferreds on a Thursday that saw mixed performance for recent deals.

In the new deal, Bluerock priced a $10 million add on to its 8.25% series A cumulative redeemable perpetual preferred stock (NYSE: BRGPA), the company announced on Thursday.

Compass Point was the placement agent.

The New York-based real estate investment trust originally priced $71.88 million of the preferreds on Oct. 15, 2015. Another $57.5 million priced on April 20 of this year.

At the close on Thursday, the notes were down 10 cents at $25.94.

Among recent new deals, Hersha Hospitality Trust’s $175 million of 6.5% series D cumulative redeemable preferreds (HRHPP) that priced Tuesday moved to $24.70 on Thursday after trading Wednesday at $24.75 bid, $24.90 offered. The stock closed Thursday at $24.75.

Morgan Stanley, BofA Merrill Lynch, Raymond James & Associates Inc., Wells Fargo and Citigroup Global Markets Inc. ran that deal.

Meanwhile, deals priced last week by LaSalle Hotel Properties and American Homes 4 Rent were in their second day trading on the New York Stock Exchange.

LaSalle – priced May 18 – listed under the symbol “LHOPJ.” American Homes listed under the symbol “AMHPD" after pricing on May 17.

The LaSalle issue, which on Wednesday closed at par, was flat on Thursday.

American Homes traded up 7 cents on Thursday morning, at $25.51, and finished the session at $25.62.

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