Exhibit 99.2

Motif | Fort Lauderdale, FL Wesley Village | Charlotte, NC

Bluerock Residential Growth REIT, Inc.

Third Quarter 2021

Supplemental Financial Information

(Unaudited)

Table of Contents

Third Quarter Earnings Release	3
Financial and Operating Highlights	18
Share and Unit Information	19
EBITDAre and Interest Information	20
Financial Statistics	21
Recent Acquisitions and Investments	22
Recent Dispositions	23
Preferred Equity Investments, Notes and Accrued Interest Receivable, and Ground Lease	24
Portfolio Information	26
Renovation Table	28
Lease-up and Development Preferred/Loan/Ground Lease Investments	29
Condensed Consolidated Balance Sheets	30
Consolidated Statements of Operations	31
Reconciliation of Funds from Operations (FFO) and Core Funds from Operations (CFFO)	32
Mortgages Payable Summary Information	33
2021 Projected Guidance Information	35
Definitions of Non-GAAP Financial Measures	36

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur.  Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, the Company’s actual results and performance could differ materially from those set forth in these forward-looking statements due to numerous factors. Currently, one of the most significant factors is the potential adverse effect of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants, partners and employees, as well as the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants, partners and employees will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact (including governmental actions that may vary by jurisdiction, such as mandated business closing; stay-at-home orders; limits on group activity; and actions to protect residential tenants from eviction), and the direct and indirect economic effects of the pandemic and containment measures, including national and local employment rates and the corresponding impact on the Company’s tenants’ ability to pay their rent on time or at all, among others.  For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on February 23, 2021, and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.

2

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

For Immediate Release

Bluerock Residential Growth REIT Announces Third Quarter 2021 Results

-Quarterly Portfolio Lease Rate Growth of 16.5% -

-October Portfolio Lease Rate Growth of 17.8% -

-Same Store Rental Revenues Increased 7.7% -

New York, NY (November 4, 2021) – Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (“the Company”), an owner of highly amenitized multifamily apartment communities, announced today its financial results for the quarter ended September 30, 2021.

“The accelerated improvement in lease growth, same store revenue and NOI growth continues to validate our strategy focusing on building a highly amenitized Class A affordable first-ring suburban portfolio in knowledge economy growth markets,” said Ramin Kamfar, Company Chairman and CEO. “In addition, we increased our investment pace throughout the quarter and expect it to carryforward into the end of the year. We also sold three investments at attractive cap rates below third-party NAV estimates which generated almost $100 million in net proceeds and will produce solid returns for shareholders upon capital reinvestment.”

Third Quarter Highlights

Financial Results

- Net income attributable to common stockholders for the third quarter of 2021 was $12.5 million or $0.45 per diluted share, as compared to net loss attributable to common stockholders of ($17.1) million or ($0.71) per diluted share in the prior year period.

- Core funds from operations attributable to common stockholders and unit holders (“CFFO”) was $5.4 million, or $0.15 per diluted share, compared to $5.4 million, or $0.16 per diluted share, in the prior year period. This year’s results were impacted by significant planned capital on the balance sheet in the first half of the quarter and is in the process of being fully invested into an attractive pipeline of opportunities through the year end.

Portfolio Performance

- Rental revenues grew 2.3% to $49.8 million from $48.7 million in the prior year period.

- Property Net Operating Income (“NOI”) increased 5.3% to $30.6 million from $29.1 million in the prior year period.

- Same store revenues grew 7.7% and same store NOI increased 9.2%, as compared to the prior year period.

- Same store average rent increased 7.1% and same store average occupancy expanded 30 basis points, as compared to the prior year period.

- Blended lease rate growth was 16.5%, up 620 basis points on a sequential quarter-over-quarter basis.

- September 2021 average lease growth accelerated to 17.9%, with renewals at 9.0% and new leases at 25.8%. Average lease growth was 17.8% in October.

- Portfolio occupancy was 96.2% at September 30, 2021, up 110 basis points from the prior year.

- Property operating margins improved 180 basis points to 61.6% compared to 59.8% in the prior year period.

3 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Portfolio Activity

- Consolidated real estate investments, at cost, were approximately $2.1 billion.

- Invested $83 million in operating assets with investment across multiple tranches of the capital structure.

- Invested $33 million of preferred equity into unconsolidated operating properties.

- Committed $68 million for four new preferred equity investments in development properties, of which $8 million has been funded.

- Funded $8 million for seven existing preferred equity and mezzanine loan investments.

- Sold two operating assets and one development property for $228 million with net proceeds of $100 million.

- Completed 368 value-add unit upgrades during the quarter achieving an average 20.8% ROI through an average monthly rent premium of $137 per unit.

- Subsequent to quarter end, we closed additional investments totaling $28 million in BRG equity.

Balance Sheet and Market Activity

- $300.7 million of unrestricted cash and availability under revolving credit facilities and $1.3 billion of indebtedness outstanding as of September 30, 2021.

- Paid quarterly dividend of $0.1625 in cash per share of common stock.

- Raised $115 million through the continuous registered Series T Preferred Stock offering with the issuance of 4.6 million shares at $25.00 per share.

- Redeemed 673 shares of Series B Preferred Stock through the issuance of 58,552 shares of Class A common stock at an average price of $11.49 per share. Redeemed 24,476 shares of Series T Preferred Stock through the issuance of 54,170 shares of Class A common stock at an average price of $11.30 per share.

- Repurchased 2,977,477 shares of Class A common stock during the quarter at an average price of $11.34 per share.

Included later in this release are definitions of NOI, CFFO and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented under GAAP.

4 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Third Quarter 2021 Financial Results

Net income attributable to common stockholders for the third quarter of 2021 was $12.5 million, compared to net loss attributable to common stockholders of ($17.1) million in the prior year period. Net income in 2021 was positively impacted by gain on sales of real estate investments. Net income attributable to common stockholders included non-cash expenses of $19.3 million or $0.73 per share in the third quarter of 2021 compared to $19.4 million or $0.79 per share for the prior year period.

CFFO for the third quarter of 2021 was $5.4 million, or $0.15 per diluted share, compared to $5.4 million, or $0.16 per diluted share, in the prior year period. CFFO was positively impacted by an increase in property NOI of $1.6 million, an increase in preferred returns of $0.4 million, and a reduction in interest expense of $0.3 million. This was primarily offset by a year-over-year reduction of $0.9 million in interest income from mezzanine loan and ground lease investments, $0.4 million in general and administrative expenses, and preferred stock dividend increase of $0.8 million.

Total Portfolio Performance

$ In thousands, except average rental rates		3Q21			3Q20		Variance				YTD21			YTD20		Variance
Total Revenues (1)	$	53,796		$	54,589		(1.5	)%		$	163,434		$	163,862		(0.3	)%
Property Operating Expenses	$	19,138		$	19,571		(2.2	)%		$	57,978		$	57,441		0.9	%
NOI	$	30,645		$	29,095		5.3	%		$	92,608		$	89,272		3.7	%
Operating Margin		61.6	%		59.8	%	180		bps		61.5	%		60.8	%	70		bps
Average Occupancy Percentage		95.8	%		95.1	%	70		bps		95.6	%		94.6	%	100		bps
Average Rental Rate	$	1,384		$	1,319		4.9	%		$	1,350		$	1,326		1.8	%

⁽¹⁾ Including interest income from loan and ground lease investments.  

For the third quarter of 2021, property revenues increased by 2.3% compared to the same prior year period. Total portfolio NOI was $30.6 million, an increase of $1.6 million, or 5.3%, compared to the same period in the prior year. Property NOI margins were 61.6% for the quarter, compared to 59.8% in the prior year quarter.

Same Store Portfolio Performance

$ In thousands, except average rental rates		3Q21			3Q20		Variance				YTD21			YTD20		Variance
Revenues	$	40,011		$	37,138		7.7	%		$	113,222		$	107,479		5.3	%
Property Operating Expenses	$	15,422		$	14,620		5.5	%		$	43,306		$	41,089		5.4	%
NOI	$	24,589		$	22,518		9.2	%		$	69,916		$	66,390		5.3	%
Operating Margin		61.5	%		60.6	%	90		bps		61.8	%		61.8	%	0		bps
Average Occupancy Percentage		95.5	%		95.2	%	30		bps		95.5	%		94.7	%	80		bps
Average Rental Rate	$	1,410		$	1,317		7.1	%		$	1,366		$	1,319		3.6	%

The Company’s same store portfolio for the quarter ended September 30, 2021 included 25 properties. For the third quarter of 2021, same store NOI was $24.6 million, an increase of $2.1 million, or 9.2%, compared to the 2020 period. Same store property revenues grew by 7.7% compared to the 2020 period, primarily driven by a 7.1% increase in average rental rates and a 30-basis point increase in occupancy; all of the Company’s 25 same store properties recognized rental rate increases and 14 recognized occupancy increases during the period. In addition, ancillary income, such as termination fees and late fees, increased $0.3 million.

Same store expenses increased 5.5%, or $0.8 million, partially due to non-controllable real estate tax increase of $0.2 million and insurance expense increase of $0.1 million due to industrywide multifamily insurance price increases. The remaining increase was due to a $0.2 million increase in repairs and maintenance and an increase of $0.3 million in administrative and marketing expenses.

5 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Renovation Activity

The Company completed 368 value-add unit upgrades during the third quarter of 2021 achieving an average 20.8% ROI through an average monthly rent premium of $137 per unit. Since inception, the Company has completed 3,643 value-add unit upgrades at an average cost of $6,249 per unit and achieved an average monthly rental rate increase of $121 per unit, equating to an average 23.2% ROI on all unit upgrades leased as of September 30, 2021. The Company has identified approximately 5,096 remaining units within the existing portfolio for value-add upgrades with similar projected economics to the completed renovations.

Dividend

Through September 30, 2021, the Board of Directors has authorized, and the Company has declared, quarterly cash dividends as reflected in the following table.

Declaration Date	Payable to stockholders of record as of	Amount		Date Paid or Payable
Class A Common Stock
June 11, 2021	June 25, 2021	$	0.162500	July 2, 2021
September 10, 2021	September 24, 2021	$	0.162500	October 5, 2021
Class C Common Stock
June 11, 2021	June 25, 2021	$	0.162500	July 2, 2021
September 10, 2021	September 24, 2021	$	0.162500	October 5, 2021
Series B Preferred Stock
April 12, 2021	June 25, 2021	$	5.00	July 2, 2021
July 12, 2021	July 23, 2021	$	5.00	August 5, 2021
July 12, 2021	August 25, 2021	$	5.00	September 3, 2021
July 12, 2021	September 24, 2021	$	5.00	October 5, 2021
Series C Preferred Stock
June 11, 2021	June 25, 2021	$	0.4765625	July 2, 2021
September 10, 2021	September 24, 2021	$	0.4765625	October 5, 2021
Series D Preferred Stock
June 11, 2021	June 25, 2021	$	0.4453125	July 2, 2021
September 10, 2021	September 24, 2021	$	0.4453125	October 5, 2021
Series T Preferred Stock (1)
April 12, 2021	June 25, 2021	$	0.128125	July 2, 2021
July 12, 2021	July 23, 2021	$	0.128125	August 5, 2021
July 12, 2021	August 25, 2021	$	0.128125	September 3, 2021
July 12, 2021	September 24, 2021	$	0.128125	October 5, 2021

⁽¹⁾ Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding.

2021 Guidance

The Company is reaffirming its prior 2021 CFFO guidance. Based on the Company’s current outlook and market conditions, the Company anticipates 2021 CFFO in the range of $0.65 to $0.70 per share. For additional guidance details underlying earnings guidance, please see page 35 of Company’s Third Quarter 2021 Earnings Supplement available under the Investors section on the Company’s website (www.bluerockresidential.com).

6 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Conference Call

All interested parties can listen to the live conference call at 11:00 AM ET on Thursday, November 4, 2021 by dialing +1 (866) 843-0890 within the U.S., or +1 (412) 317-6597, and requesting the "Bluerock Residential Conference."

For those who are not available to listen to the live call, the conference call will be available for replay on the Company’s website two hours after the call concludes, and will remain available until December 4, 2021 at  https://services.choruscall.com/mediaframe/webcast.html?webcastid=zZxaUQU8, as well as by dialing +1 (877) 344-7529 in the U.S., or +1 (412) 317-0088 internationally, and requesting conference number 10159493.

The full text of this Earnings Release and additional Supplemental Information is available in the Investors section on the Company’s website at http://www.bluerockresidential.com.

About Bluerock Residential Growth REIT, Inc.

Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of primarily affordable Class A 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 operations. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.

For more information, please visit the Company’s website at www.bluerockresidential.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, the Company’s actual results and performance could differ materially from those set forth in these forward-looking statements due to numerous factors. Currently, one of the most significant factors is the potential adverse effect of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants, partners and employees, as well as the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants, partners and employees will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact (including governmental actions that may vary by jurisdiction, such as mandated business closing; stay-at-home orders; limits on group activity; and actions to protect residential tenants from eviction), and the direct and indirect economic effects of the pandemic and containment measures, including national and local employment rates and the corresponding impact on the Company’s tenants’ ability to pay their rent on time or at all, among others. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on February 23, 2021, and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.

7 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Portfolio Summary

The following is a summary of our operating real estate and preferred equity/loan/ground lease investments as of September 30, 2021:

Name	Location	Number of Units		Year Built/ Renovated (1)		Ownership Interest			Average Rent (2)		% Occupied (3)
Consolidated Operating Investments:
Multifamily
ARIUM Glenridge	Atlanta, GA		480		1990		90	%	$	1,408		93.5	%
ARIUM Westside	Atlanta, GA		336		2008		90	%		1,566		94.9	%
Ashford Belmar	Lakewood, CO		512		1988/1993		85	%		1,732		95.9	%
Avenue 25	Phoenix, AZ		254		2013		100	%		1,351		94.1	%
Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek	Orlando, FL		532		1999		100	%		1,471		95.7	%
Carrington at Perimeter Park	Morrisville, NC		266		2007		100	%		1,330		97.4	%
Chattahoochee Ridge	Atlanta, GA		358		1996		90	%		1,453		97.5	%
Chevy Chase	Austin, TX		320		1971		92	%		1,008		98.8	%
Cielo on Gilbert	Mesa, AZ		432		1985		90	%		1,178		97.0	%
Citrus Tower	Orlando, FL		336		2006		97	%		1,436		95.2	%
Denim	Scottsdale, AZ		645		1979		100	%		1,344		96.1	%
Elan	Austin, TX		270		2007		100	%		1,192		97.0	%
Element	Las Vegas, NV		200		1995		100	%		1,365		94.5	%
Falls at Forsyth	Cumming, GA		356		2019		100	%		1,491		98.3	%
Gulfshore Apartment Homes	Naples, FL		368		2016		100	%		1,347		98.4	%
Outlook at Greystone	Birmingham, AL		300		2007		100	%		1,196		95.7	%
Pine Lakes Preserve	Port St. Lucie, FL		320		2003		100	%		1,524		95.9	%
Providence Trail	Mount Juliet, TN		334		2007		100	%		1,355		97.9	%
Roswell City Walk	Roswell, GA		320		2015		98	%		1,705		97.2	%
Sands Parc	Daytona Beach, FL		264		2017		100	%		1,455		98.5	%
The Brodie	Austin, TX		324		2001		100	%		1,392		96.0	%
The Debra Metrowest, formerly ARIUM Metrowest	Orlando, FL		510		2001		100	%		1,477		95.5	%
The Links at Plum Creek	Castle Rock, CO		264		2000		88	%		1,531		95.1	%
The Mills	Greenville, SC		304		2013		100	%		1,099		98.7	%
The Preserve at Henderson Beach	Destin, FL		340		2009		100	%		1,665		95.9	%
The Sanctuary	Las Vegas, NV		320		1988		100	%		1,232		93.1	%
Veranda at Centerfield	Houston, TX		400		1999		93	%		1,062		94.5	%
Villages of Cypress Creek	Houston, TX		384		2001		80	%		1,222		96.4	%
Wesley Village	Charlotte, NC		301		2010		100	%		1,429		95.7	%
Windsor Falls	Raleigh, NC		276		1994		100	%		1,170		95.3	%
Total Units			10,626

8 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Single-Family Residential (4)	Market	Number of Homes		Average Year Built
Granbury	Granbury, TX		36		2020-2021	80	%		1,556		97.2	%
Indy	Indianapolis, IN		44		1958	60	%		753		88.6	%
Lubbock	Lubbock, TX		60		1955	80	%		969		93.3	%
Navigator Villas	Pasco, WA		176		2013	90	%		1,215		97.2	%
Springfield	Springfield, MO		290		2004	60	%		1,126		96.2	%
Springtown	Springtown, TX		70		1991	80	%		1,216		100.0	%
Texarkana	Texarkana, TX		29		1967	80	%		940		93.1	%
Wayford at Concord	Concord, NC		150		2019	83	%		1,868		98.0	%
Yauger Park Villas	Olympia, WA		80		2010	95	%		2,043		97.5	%
Total Homes			935
Total/Average Consolidated Operating Investments			11,561					$	1,384	(5)	96.2	%

Preferred Equity/Loan/Ground Lease Investments:

Multifamily
Alexan CityCentre	Houston, TX	340	$	1,628
Avondale Hills	Decatur, GA	240		1,538
Belmont Crossing	Smyrna, GA	192		924
Chandler	Chandler, AZ	208		1,457
Deercross	Indianapolis, IN	372		771
Deerwood Apartments	Houston, TX	330		1,590
Domain at The One Forty	Garland, TX	299		1,416
Georgetown Crossing	Savannah, GA	168		1,105
Hunter’s Pointe	Pensacola, FL	204		1,009
Lower Broadway	San Antonio, TX	386		1,769
Motif	Fort Lauderdale, FL	385		2,263
Orange City Apartments	Orange City, FL	298		1,457
Park on the Square	Pensacola, FL	240		1,233
Renew 3030	Mesa, AZ	126		1,098
Reunion Apartments	Orlando, FL	280		1,366
Sierra Terrace	Atlanta, GA	135		1,292
Sierra Village	Atlanta, GA	154		1,254
Spring Parc	Dallas, TX	304		953
The Commons	Jacksonville, FL	328		933
The Crossings at Dawsonville	Dawsonville, GA	216		1,447
The Hartley at Blue Hill, formerly The Park at Chapel Hill	Chapel Hill, NC	414		1,599
The Reserve at Palmer Ranch	Sarasota, FL	320		1,448
The Riley	Richardson, TX	262		1,485
Thornton Flats	Austin, TX	104		1,628
Water’s Edge	Pensacola, FL	184		1,214
Wayford at Innovation Park	Charlotte, NC	210		1,994
Zoey	Austin, TX	307		1,762
Total Units		7,006

9 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Single-Family Residential
Corpus	Corpus Christi, TX	81		1,146
Jolin	Weatherford, TX	24		1,360
Peak Housing	Various (6)	474		968
The Cottages at Myrtle Beach	Myrtle Beach, SC	294		1,743
The Cottages of Port St. Lucie	Port St. Lucie, FL	286		2,133
Willow Park	Willow Park, TX	46		2,362
Total Homes		1,205
Total/Average Preferred Equity/Loan/Ground Lease Investments		8,211	$	1,440	(7)
Total/Average Portfolio		19,772	$	1,407	(8)

(1)	Represents date of last significant renovation or year built if no renovations.
(2)	For operating investments, represents the average effective monthly rent per occupied unit for the three months ended September 30, 2021.  For development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.
(3)	Percent occupied is calculated as (i) the number of units occupied as of September 30, 2021, divided by (ii) total number of units, expressed as a percentage.
(4)	Single-Family Residential includes single-family residential homes and attached townhomes/flats.
(5)	The average effective monthly rent including sold properties was $1,384 for the three months ended September 30, 2021.
(6)	Peak Housing includes portfolios of homes located in Indiana, Missouri and Texas.
(7)	The average effective monthly rent including sold properties was $1,434 for the three months ended September 30, 2021.
(8)	The average effective monthly rent including sold properties was $1,405 for the three months ended September 30, 2021.

10 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Consolidated Statement of Operations

For the Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited and dollars in thousands except for share and per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Revenues
Rental and other property revenues	$	49,783		$	48,666		$	150,586		$	146,713
Interest income from loan and ground lease investments		4,013			5,923			12,848			17,149
Total revenues		53,796			54,589			163,434			163,862
Expenses
Property operating		19,138			19,571			57,978			57,441
Property management fees		1,259			1,231			3,787			3,719
General and administrative		6,856			5,901			20,097			17,575
Acquisition and pursuit costs		413			2,242			428			3,933
Weather-related losses, net		140			—			540			—
Depreciation and amortization		19,204			19,216			59,454			60,206
Total expenses		47,010			48,161			142,284			142,874
Operating income		6,786			6,428			21,150			20,988
Other income (expense)
Other income		208			60			418			119
Preferred returns on unconsolidated real estate joint ventures		3,322			2,963			7,938			8,213
Provision for credit losses		(17	)		—			(584	)		—
Gain on sale of real estate investments		48,943			—			137,285			58,096
Loss on extinguishment of debt and debt modification costs		(3,053	)		—			(6,740	)		(13,985	)
Interest expense, net		(12,755	)		(13,520	)		(40,050	)		(42,294	)
Total other income (expense)		36,648			(10,497	)		98,267			10,149
Net income (loss)		43,434			(4,069	)		119,417			31,137
Preferred stock dividends		(15,772	)		(15,003	)		(44,756	)		(42,787	)
Preferred stock accretion		(4,840	)		(4,451	)		(19,152	)		(11,978	)
Net income (loss) attributable to noncontrolling interests
Operating Partnership units		4,994			(6,270	)		13,176			(6,679	)
Partially owned properties		5,284			(195	)		11,637			1,512
Net income (loss) attributable to noncontrolling interests		10,278			(6,465	)		24,813			(5,167	)
Net income (loss) attributable to common stockholders	$	12,544		$	(17,058	)	$	30,696		$	(18,461	)
Net income (loss) per common share - Basic	$	0.46		$	(0.71	)	$	1.14		$	(0.80	)
Net income (loss) per common share – Diluted	$	0.45		$	(0.71	)	$	1.13		$	(0.80	)
Weighted average basic common shares outstanding		26,567,269			24,566,196			25,941,571			24,321,282
Weighted average diluted common shares outstanding		26,795,507			24,566,196			26,032,592			24,321,282

11 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Consolidated Balance Sheets

Third Quarter 2021

(Unaudited and dollars in thousands except for share and per share amounts)

		September 30, 2021			December 31, 2020
ASSETS
Net Real Estate Investments
Land	$	263,361		$	279,481
Buildings and improvements		1,772,822			1,889,471
Furniture, fixtures and equipment		84,221			78,438
Total Gross Real Estate Investments		2,120,404			2,247,390
Accumulated depreciation		(205,124	)		(186,426	)
Total Net Operating Real Estate Investments		1,915,280			2,060,964
Operating real estate held for sale, net		—			36,213
Total Net Real Estate Investments		1,915,280			2,097,177
Cash and cash equivalents		163,349			83,868
Restricted cash		35,483			35,093
Notes and accrued interest receivable, net		179,395			157,734
Due from affiliates		682			339
Accounts receivable, prepaids and other assets, net		43,315			29,502
Preferred equity investments and investments in unconsolidated real estate joint ventures, net		127,421			83,485
In-place lease intangible assets, net		1,748			2,594
Non-real estate assets associated with operating real estate held for sale		—			145
Total Assets	$	2,466,673		$	2,489,937
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	$	1,341,241		$	1,490,932
Mortgages payable associated with operating real estate held for sale		—			38,773
Revolving credit facilities		—			33,000
Accounts payable		2,073			1,317
Other accrued liabilities		44,254			31,025
Due to affiliates		595			618
Distributions payable		14,177			13,421
Liabilities associated with operating real estate held for sale		—			383
Total Liabilities		1,402,340			1,609,469
8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 10,875,000 shares authorized; no shares and 2,201,547 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		—			54,332
6.000% Series B Redeemable Preferred Stock, liquidation preference $1,000 per share, 1,225,000 shares authorized; 359,925 and 513,489 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		328,781			469,907
7.625% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,295,845 shares issued and outstanding as of September 30, 2021 and December 31, 2020		56,728			56,462
6.150% Series T Redeemable Preferred Stock, liquidation preference $25.00 per share, 32,000,000 shares authorized; 22,920,168 and 9,717,917 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		520,704			219,967
Equity
Stockholders’ Equity
Preferred stock, $0.01 par value, 197,900,000 shares authorized; no shares issued and outstanding		—			—
7.125% Series D Cumulative Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,774,338 shares issued and outstanding as of September 30, 2021 and December 31, 2020		66,867			66,867
Common stock - Class A, $0.01 par value, 747,509,582 shares authorized; 26,120,780 and 22,020,950 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		261			220
Common stock - Class C, $0.01 par value, 76,603 shares authorized; 76,603 shares issued and outstanding as of September 30, 2021 and December 31, 2020		1			1
Additional paid-in-capital		339,815			304,710
Distributions in excess of cumulative earnings		(295,672	)		(313,392	)
Total Stockholders’ Equity		111,272			58,406
Noncontrolling Interests
Operating Partnership units		15,730			(3,272	)
Partially owned properties		31,118			24,666
Total Noncontrolling Interests		46,848			21,394
Total Equity		158,120			79,800
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	$	2,466,673		$	2,489,937

12 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Non-GAAP Financial Measures

The foregoing supplemental financial data includes certain non-GAAP financial measures that we believe are helpful in understanding our business and performance, as further described below. Our definition and calculation of these non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable.

Funds from Operations and Core Funds from Operations

We believe that funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and core funds from operations (“CFFO”) are important non-GAAP supplemental measures of operating performance for a REIT.

FFO attributable to common stockholders and unit holders is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. We define FFO, consistent with the NAREIT definition, as net income (loss), computed in accordance with GAAP, excluding gains or losses on sales of depreciable real estate property, plus depreciation and amortization of real estate assets, plus impairment write-downs of certain real estate assets and investments in entities where the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for notes receivable, unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis.

CFFO makes certain adjustments to FFO, removing the effect of items that do not reflect ongoing property operations such as acquisition expenses, non-cash interest expense, unrealized gains and losses on derivatives, losses on extinguishment of debt and debt modification costs (includes prepayment penalties incurred and the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt), one-time weather-related costs, non-cash equity compensation and preferred stock accretion. Commencing in 2020, we do not deduct the accrued portion of the preferred income on our preferred equity investments from FFO to determine CFFO as the income is deemed fully collectible. The accrued portion of the preferred income totaled $1.9 million and $0.4 million, and $4.6 million and $1.2 million for the three and nine months ended September 30, 2021 and 2020, respectively. We believe that CFFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core recurring property operations. As a result, we believe that CFFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential.

Our calculation of CFFO differs from the methodology used for calculating CFFO by certain other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance after adjustment for certain non-cash items, such as depreciation and amortization expenses, and acquisition and pursuit costs that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance between periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure to compare our financial performance to certain other REITs.

13 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Neither FFO nor CFFO is equivalent to net income (loss), including net income (loss) attributable to common stockholders, or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor CFFO should be considered as an alternative to net income (loss), including net income (loss) attributable to common stockholders, as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

We have acquired twelve operating investments, made fifteen investments through preferred equity or loans, sold eight operating investments and received payoffs of our loan or preferred equity in eight investments subsequent to September 30, 2020. The results presented in the table below are not directly comparable and should not be considered an indication of our future operating performance.

The table below reconciles our calculations of FFO and CFFO to net income (loss), the most directly comparable GAAP financial measure, for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Net income (loss) attributable to common stockholders	$	12,544		$	(17,058	)	$	30,696		$	(18,461	)
Add back: Net income (loss) attributable to Operating Partnership Units		4,994			(6,270	)		13,176			(6,679	)
Net income (loss) attributable to common stockholders and unit holders		17,538			(23,328	)		43,872			(25,140	)
Common stockholders and Operating Partnership Units pro-rata share of:
Real estate depreciation and amortization		18,187			18,309			56,627			57,353
Provision for credit losses		17			—			584			—
Gain on sale of real estate investments		(43,359	)		—			(124,416	)		(55,360	)
FFO Attributable to Common Stockholders and Unit Holders		(7,617	)		(5,019	)		(23,333	)		(23,147	)
Common stockholders and Operating Partnership Units pro-rata share of:
Acquisition and pursuit costs		413			2,242			428			3,933
Non-cash interest expense		363			731			1,517			2,323
Unrealized loss on derivatives		41			98			31			67
Loss on extinguishment of debt and debt modification costs		2,975			—			6,148			13,590
Amortization of deferred interest income on mezzanine loan		984			—			1,981			—
Weather-related losses, net		140			—			500			—
Non-real estate depreciation and amortization		122			122			365			364
Other income, net		(216	)		(52	)		(168	)		(49	)
Non-cash equity compensation		3,395			2,850			10,184			8,589
Preferred stock accretion		4,840			4,451			19,152			11,978
CFFO Attributable to Common Stockholders and Unit Holders	$	5,440		$	5,423		$	16,805		$	17,648
Per Share and Unit Information:
FFO Attributable to Common Stockholders and Unit Holders - diluted	$	(0.20	)	$	(0.15	)	$	(0.64	)	$	(0.70	)
CFFO Attributable to Common Stockholders and Unit Holders - diluted	$	0.15		$	0.16		$	0.46		$	0.53
Weighted average common shares and units outstanding - diluted		37,461,558			33,688,877			36,360,295			33,187,360

14 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")

NAREIT defines earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") (September 2017 White Paper) as net income (loss), computed in accordance with GAAP, before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, and impairment write-downs of depreciated operating properties.

We consider EBITDAre to be an appropriate supplemental measure of our performance because it eliminates depreciation, income taxes, interest and non-recurring items, which permits investors to view income from operations unobscured by non-cash items such as depreciation, amortization, the cost of debt or non-recurring items.

Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and it is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not consider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges.

EBITDAre and Adjusted EBITDAre are not recognized measurements under GAAP. Because not all companies use identical calculations, our presentation of EBITDAre and Adjusted EBITDAre may not be comparable to similarly titled measures of other companies.

Below is a reconciliation of net income (loss) attributable to common stockholders to EBITDAre and Adjusted EBITDAre (unaudited and dollars in thousands).

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Net income (loss) attributable to common stockholders	$	12,544		$	(17,058	)	$	30,696		$	(18,461	)
Net income (loss) attributable to noncontrolling interests		10,278			(6,465	)		24,813			(5,167	)
Preferred stock dividends		15,772			15,003			44,756			42,787
Preferred stock accretion		4,840			4,451			19,152			11,978
Interest expense, net		12,755			13,520			40,050			42,294
Real estate depreciation and amortization		19,157			19,169			59,315			60,068
Provision for credit losses		17			—			584			—
Gain on sale of real estate investments		(48,943	)		—			(137,285	)		(58,096	)
Loss on extinguishment of debt and debt modification costs		3,053			—			6,740			13,985
EBITDAre	$	29,473		$	28,620		$	88,821		$	89,388
Acquisition and pursuit costs		413			2,242			428			3,933
Amortization of deferred interest income on mezzanine loan		984			—			1,981			—
Non-real estate depreciation and amortization		122			122			365			364
Weather-related losses, net		140			—			540			—
Non-cash equity compensation		3,395			2,850			10,184			8,589
Other income, net		(216	)		(52	)		(168	)		(49	)
Adjusted EBITDAre	$	34,311		$	33,782		$	102,151		$	102,225

Same Store Properties

Same store properties are conventional multifamily residential apartments which were owned and operational for the entire periods presented, including each comparative period.

15 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Property Net Operating Income ("Property NOI")

We believe that net operating income, or NOI, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding depreciation and amortization and interest. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same store and non-same store basis; NOI allows us to evaluate the operating performance of our properties because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as a supplemental measure of our financial performance.

The following table reflects net income (loss) attributable to common stockholders together with a reconciliation to NOI and to same store and non-same store contributions to consolidated NOI, as computed in accordance with GAAP for the periods presented (unaudited and amounts in thousands):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2021		2020			2021		2020
Net income (loss) attributable to common stockholders	$	12,544	$	(17,058	)	$	30,696	$	(18,461	)
Add back: Net income (loss) attributable to Operating Partnership Units		4,994		(6,270	)		13,176		(6,679	)
Net income (loss) attributable to common stockholders and unit holders		17,538		(23,328	)		43,872		(25,140	)
Add common stockholders and Operating Partnership Units pro-rata share of:
Real estate depreciation and amortization		18,187		18,309			56,627		57,353
Non-real estate depreciation and amortization		122		122			365		364
Non-cash interest expense		363		731			1,517		2,323
Unrealized loss on derivatives		41		98			31		67
Loss on extinguishment of debt and debt modification costs		2,975		—			6,148		13,590
Provision for credit losses		17		—			584		—
Property management fees		1,191		1,173			3,608		3,540
Acquisition and pursuit costs		413		2,242			428		3,933
Corporate operating expenses		6,781		5,817			19,871		17,279
Weather-related losses, net		140		—			500		—
Preferred dividends		15,772		15,003			44,756		42,787
Preferred stock accretion		4,840		4,451			19,152		11,978
Less common stockholders and Operating Partnership Units pro-rata share of:
Other income, net		216		52			324		49
Preferred returns on unconsolidated real estate joint ventures		3,322		2,935			7,938		8,343
Interest income from loan and ground lease investments		4,149		5,923			12,984		17,149
Gain on sale of real estate investments		43,359		—			124,416		55,360
Pro-rata share of properties’ income		17,334		15,708			51,797		47,173
Add:
Noncontrolling interest pro-rata share of partially owned property income		977		725			2,356		2,278
Total property income		18,311		16,433			54,153		49,451
Add:
Interest expense		12,334		12,662			38,455		39,821
Net operating income		30,645		29,095			92,608		89,272
Less:
Non-same store net operating income		6,056		6,577			22,692		22,882
Same store net operating income (1)	$	24,589	$	22,518		$	69,916	$	66,390

 ⁽¹⁾ Same store portfolio for the three months ended September 30, 2021 consists of 25 properties, which represent 8,882 units.  Same store portfolio for the nine months ended September 30, 2021 consists of 24 properties, which represent 8,628 units.

16 

Bluerock Residential Growth REIT, Inc.

Third Quarter Earnings Release

Contact

Investors:

(888) 558.1031
investor.relations@bluerockre.com

Media:

Josh Hoffman

(208) 475.2380

jhoffman@bluerockre.com

#

17

Bluerock Residential Growth REIT, Inc.

Financial and Operating Highlights

For the Three and Nine Months Ended September 30, 2021

(Unaudited and dollars in thousands except for share and per share data)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
OPERATING INFORMATION	2021			2020			% Change			2021			2020			% Change
Total revenue	$	53,796		$	54,589			(1.5	)%	$	163,434		$	163,862			(0.3	)%
Total assets	$	2,466,673		$	2,442,219			1.0	%	$	2,466,673		$	2,442,219			1.0	%
Property NOI (1)	$	30,645		$	29,095			5.3	%	$	92,608		$	89,272			3.7	%
Property NOI margins		61.6	%		59.8	%		3.0	%		61.5	%		60.8	%		1.2	%
Net income (loss) per common share - Diluted	$	0.45		$	(0.71	)		-		$	1.13		$	(0.80	)		-
CFFO attributable to common stockholders and unit holders per share (2)	$	0.15		$	0.16			(6.3	)%	$	0.46		$	0.53			(13.2	)%

(1)	See page 38 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)	See page 36 for the Company's definition of this non-GAAP measurement and reasons for using it.

18

Bluerock Residential Growth REIT, Inc.

Share and Unit Information

Third Quarter 2021

(Unaudited)

Weighted Average Common Stock and Units Outstanding for the quarter ended September 30, 2021
Class A Common Stock	26,490,666
Class C Common Stock	76,603
Weighted Average Common Stock Outstanding, Diluted	26,567,269
Warrants (1)	149,037
Restricted Stock Grants (2)	79,201
Weighted Average Common Stock Outstanding, Diluted	26,795,507
OP Units	6,309,672
LTIP Units	4,356,379
Weighted Average Common Stock and Total Units Outstanding, Diluted	37,461,558
Outstanding Common Stock and Units at September 30, 2021	37,660,662
Outstanding 6.000% Series B Redeemable Preferred Stock at September 30, 2021	359,925
Outstanding 7.625% Series C Cumulative Redeemable Preferred Stock at September 30, 2021	2,295,845
Outstanding 7.125% Series D Cumulative Preferred Stock at September 30, 2021	2,774,338
Outstanding 6.150% Series T Redeemable Preferred Stock at September 30, 2021	22,920,168

⁽¹⁾  Potential dilution from warrants outstanding from issuance of Series B Preferred Stock offering.

⁽²⁾  Potential dilution from restricted common stock granted to employees.

The following table reflects the impact of various LTIP Unit issuances (including unvested LTIP Units), share repurchases, and other share/unit changes subsequent to June 30, 2021:

Share Type	Shares and units outstanding June 30, 2021		Class A common share repurchase			Class A common from Series B and Series T holder redemptions		LTIP Issuances		Other		Shares and units outstanding September 30, 2021		Ownership %
Class A Common Stock		28,861,937		(2,977,477	)		112,722		-		123,598		26,120,780		69.36	%
Class C Common Stock		76,603		-			-		-		-		76,603		0.20	%
Total share equivalents		28,938,540		(2,977,477	)		112,722		-		123,598		26,197,383		69.56	%
OP Units		6,309,672		-			-		-		-		6,309,672		16.75	%
LTIP Units (including unvested)		5,100,255		-			-		53,352		-		5,153,607		13.69	%
Total noncontrolling interest		11,409,927		-			-		53,352		-		11,463,279		30.44	%
Total shares, OP and LTIP Units		40,348,467		(2,977,477	)		112,722		53,352		123,598		37,660,662		100.00	%

19

Bluerock Residential Growth REIT, Inc.

EBITDAre and Interest Information

Third Quarter 2021

(Unaudited and dollars in thousands)

	Three Months Ended
	September 30, 2021
Q3 EBITDAre Calculation
Net income attributable to common stockholders	$	12,544
Net income attributable to noncontrolling interests		10,278
Preferred stock dividends		15,772
Preferred stock accretion		4,840
Interest expense, net		12,755
Real estate depreciation and amortization		19,157
Provision for credit losses		17
Gain on sale of real estate investments		(48,943	)
Loss on extinguishment of debt and debt modification costs		3,053
EBITDAre (1)	$	29,473
Acquisition and pursuit costs		413
Amortization of deferred interest income on mezzanine loan		984
Non-real estate depreciation and amortization		122
Weather-related losses, net		140
Non-cash equity compensation		3,395
Other income, net		(216	)
Adjusted EBITDAre	$	34,311
Modified Q3 EBITDAre Calculation (2)
Adjusted EBITDAre	$	34,311
Adjustment		1,055
Modified Q3 EBITDAre	$	35,366
Modified Q3 EBITDAre annualized	$	141,464
Modified Q3 Interest Calculation (2)(3)
Interest expense	$	12,334
Adjustment		(34	)
Modified Q3 interest expense	$	12,300
Modified Q3 interest expense annualized	$	49,200

(1)	See page 37 for a reconciliation of net income attributable to common stockholders to EBITDAre and the Company's definition of EBITDAre and reasons for using it.
(2)	Adjustment to EBITDAre and interest expense represents the estimated impact over the full period of the following activity assuming the transactions had occurred on July 1, 2021: (i) acquisitions of Granbury, Indy, Lubbock, Springfield, Springtown, and Texarkana, (ii) sales of Mira Vista, Park & Kingston, and The District at Scottsdale, (iii) investments in Chandler, Corpus, Deerwood Apartments, Jolin, Renew 3030, Spring Parc, The Cottages at Myrtle Beach, The Cottages of Port St. Lucie, and The Crossings at Dawsonville, and (vi) additional investments at Alexan CityCentre, Domain at The One Forty, Motif, Peak Housing, and Thornton Flats.  Actual results may differ significantly from the presented, adjusted amounts including annualized amounts.
(3)	Interest expense excludes non-cash interest expense.

20

Bluerock Residential Growth REIT, Inc.

Financial Statistics

Third Quarter 2021

(Unaudited and dollars in thousands)

	Three Months Ended
	September 30, 2021
Interest Coverage Ratio
Modified Q3 EBITDAre *	$	35,366
Modified Q3 interest expense (4) *		12,300
Interest coverage ratio		2.88	x
Quarterly Fixed Charge Coverage Ratio
Modified Q3 interest expense (4) *	$	12,300
Preferred stock dividends		15,772
Total fixed charges	$	28,072
Modified Q3 EBITDAre *		35,366
Modified Q3 EBITDAre fixed charge coverage ratio		1.26	x
Net Debt / Modified EBITDAre Ratio
Total debt (1)	$	1,342,158
Less: cash (3)		(198,832	)
Net debt (total debt less cash)	$	1,143,326
Modified Q3 EBITDAre (annualized)*		141,464
Net debt / modified EBITDAre ratio		8.08	x
Leverage as a Percentage of Assets
Total debt (1)	$	1,342,158
Total undepreciated assets (2)		2,671,797
Total debt / total undepreciated assets		50.2	%
Net debt / net undepreciated assets (less cash)		46.2	%
Leverage as a Percentage of Enterprise Value
Total market cap (5)	$	1,541,256
Total debt (1)		1,342,158
Total enterprise value	$	2,883,414
Total debt / total enterprise value		46.5	%
Net debt / total enterprise value		39.7	%

(1)	Total debt excludes amortization of fair market value adjustments of $8.5 million and deferred financing costs of $9.5 million.
(2)	Total undepreciated assets is calculated as total assets plus accumulated depreciation on real estate assets.
(3)	Cash includes cash, cash equivalents, and restricted cash.
(4)	Interest expense excludes non-cash interest expense.
(5)	Total market cap is calculated by using common shares, preferred shares, and equivalents (OP Units/LTIP Units) multiplied by the September 30, 2021 closing share prices.
*	Adjustment to EBITDAre and interest expense represents the estimated impact over the full period of the following activity assuming the transactions had occurred on July 1, 2021: (i) acquisitions of Granbury, Indy, Lubbock, Springfield, Springtown, and Texarkana, (ii) sales of Mira Vista, Park & Kingston, and The District at Scottsdale, (iii) investments in Chandler, Corpus, Deerwood Apartments, Jolin, Renew 3030, Spring Parc, The Cottages at Myrtle Beach, The Cottages of Port St. Lucie, and The Crossings at Dawsonville, and (vi) additional investments at Alexan CityCentre, Domain at The One Forty, Motif, Peak Housing, and Thornton Flats.  Actual results may differ significantly from the presented, adjusted amounts including annualized amounts.  See prior page for calculations.

21

Bluerock Residential Growth REIT, Inc.

Recent Acquisitions and Investments

(Unaudited)

Name - Operating	Location/Market	Date of Investment		Year Built/ Renovated (1)		Number of Units or Homes		Ownership Interest			Purchase Price (in millions)		Average Rent (2)
Multifamily
Windsor Falls	Raleigh, NC		6/17/2021		1994		276		100	%	$	48.8	$	1,170
Single-Family Residential (3)
Yauger Park Villas	Olympia, WA		4/14/2021		2010		80		95	%		24.5		2,043
Wayford at Concord (4)	Concord, NC		6/4/2021		2019		150		83	%		44.4		1,868
Indy	Indianapolis, IN		8/12/2021		1958		44		60	%		3.8		753
Springfield	Springfield, MO		8/18/2021		2004		290		60	%		49.0		1,126
Springtown	Springtown, TX		9/15/2021		1991		70		80	%		9.4		1,216
Texarkana	Texarkana, TX		9/21/2021		1967		29		80	%		3.1		940
Lubbock	Lubbock, TX		9/24/2021		1955		60		80	%		5.6		969
Granbury	Granbury, TX		9/30/2021		2020-2021		36		80	%		8.1		1,556
Total/Average Operating							1,035				$	196.7	$	1,398

Name – Preferred Equity	Location/Market	Date of Investment		Year Built/ Renovated (1)		Actual/Planned Number of Units or Homes		Commitment Amount (in millions)		Investment Amount (in millions)		Average Rent (2)
Multifamily
The Riley	Richardson, TX		3/1/2021		2018		262	$	7.0	$	7.0	$	1,485
The Reserve at Palmer Ranch (5)	Sarasota, FL		6/10/2021		2016		320		11.4		11.4		1,448
Deerwood Apartments	Houston, TX		6/16/2021		2023		330		16.5		2.4		1,590
Wayford at Innovation Park	Charlotte, NC		6/17/2021		2024		210		11.7		—		1,994
Deercross	Indianapolis, IN		6/25/2021		1979		372		4.0		4.0		771
Spring Parc	Dallas, TX		7/13/2021		1986		304		8.0		8.0		953
The Crossings of Dawsonville	Dawsonville, GA		7/14/2021		2019		216		10.5		10.5		1,447
Lower Broadway	San Antonio, TX		7/15/2021		2024		386		15.8		—		1,769
Orange City Apartments	Orange City, FL		7/26/2021		2023		298		15.1		—		1,457
Renew 3030	Mesa, AZ		8/31/2021		1984		126		7.1		7.1		1,098
Single-Family Residential
Peak Housing	Various (6)		2Q/3Q, 2021		1997		474		18.2		18.2		968
Willow Park	Willow Park, TX		6/17/2021		2022		46		3.8		—		2,362
The Cottages of Port St. Lucie	Port St. Lucie, FL		8/26/2021		2023		286		18.8		3.6		2,133
The Cottages at Myrtle Beach	Myrtle Beach, SC		9/9/2021		2023		294		17.9		4.7		1,743
Total/Average Preferred Equity							3,924	$	165.8	$	76.9	$	1,449

Name – Mortgage Loan	Market	Date of Investment		Year Built/ Renovated (1)		Number of Homes		Commitment Amount (in millions)		Investment Amount (in millions)		Average Rent (2)
Single-Family Residential
Corpus	Corpus Christi, TX		7/9/2021		1953		81	$	6.8	$	6.8	$	1,146
Jolin	Weatherford, TX		8/6/2021		2009		24		3.1		3.1		1,360
Total/Average Mortgage Loan							105	$	9.9	$	9.9	$	1,182
Total/Average Preferred Equity and Mortgage Loan							4,029	$	175.7	$	86.8	$	1,443

(1)	Multifamily dates represent the year construction was or is expected to be completed, or the date that a significant renovation has or will be completed.  Single-family residential dates represent average year built of the individual single-family homes.
(2)	Represents the average effective monthly rent per occupied unit for the three months ended September 30, 2021.  The average rents for the development projects represent the average pro forma effective monthly rent per occupied unit for all expected units upon stabilization.
(3)	Single-Family Residential includes single-family residential homes and attached townhomes/flats.
(4)	The Company purchased the Wayford at Concord property from our unaffiliated joint venture partner, and as part of the transaction, our preferred equity investment was redeemed.
(5)	The Company sold The Reserve at Palmer Ranch to our unaffiliated joint venture partner in the Strategic Portfolio, and as part of the sale, we simultaneously made an additional preferred equity investment in the Strategic Portfolio.
(6)	Peak Housing includes portfolios of homes located in Indiana, Missouri and Texas.

22

Bluerock Residential Growth REIT, Inc.

Recent Dispositions

(Unaudited and dollars in millions)

Property	Location	Date Sold	Number of Units		Ownership Interest in Property			Sale Price		BRG Net Proceeds
Operating
ARIUM Grandewood	Orlando, FL	1/28/2021		306		100	%	$	65.3	$	25.1
James on South First	Austin, TX	2/24/2021		250		90	%		50.0		18.1
Marquis at The Cascades	Tyler, TX	3/1/2021		582		90	%		90.9		32.6
Plantation Park	Lake Jackson, TX	4/26/2021		238		80	%		32.0		2.7
The Reserve at Palmer Ranch (1)	Sarasota, FL	6/10/2021		320		100	%		57.6		16.6
Park & Kingston	Charlotte, NC	7/7/2021		168		100	%		44.9		24.7
The District at Scottsdale	Scottsdale, AZ	7/7/2021		332		99	%		150.5		69.5
Total Operating				2,196					491.2		189.3
Mezzanine
Vickers Historic Roswell	Roswell, GA	6/29/2021		79		—			40.3		12.9
Total Mezzanine				79					40.3		12.9
Preferred Equity
The Conley	Leander, TX	3/18/2021		259		—			52.1		16.5
Alexan Southside Place	Houston, TX	3/25/2021		270		—			45.1		10.1
Wayford at Concord (2)	Concord, NC	6/4/2021		150		—			44.4		7.0
Mira Vista	Austin, TX	9/23/2021		200		—			32.6		5.6
Total Preferred Equity				879					174.2		39.2
Total				3,154				$	705.7	$	241.4

(1)	The Company sold The Reserve at Palmer Ranch to our unaffiliated joint venture partner in the Strategic Portfolio, and as part of the sale, we simultaneously made an additional preferred equity investment in the Strategic Portfolio.
(2)	The Company purchased the Wayford at Concord property from our unaffiliated joint venture partner, and as part of the transaction, our preferred equity investment was redeemed.

23

Bluerock Residential Growth REIT, Inc.

Preferred Equity Investments, Notes and Accrued Interest Receivable, and Ground Lease

For the Three and Nine Months Ended September 30, 2021

(Unaudited and dollars in thousands)

Name	Investment Balance as of June 30, 2021			Change			Investment Balance as of September 30, 2021			Return as of September 30, 2021			CFFO Earned for the Three Months Ended September 30, 2021		CFFO Earned for the Nine Months Ended September 30, 2021
Preferred Equity Investments
Operating – Stabilized
Alexan CityCentre	$	16,678		$	764		$	17,442			18.1	%	$	765	$	2,141
Deercross		4,000			-			4,000			10.5	%		107		113
Peak Housing		10,705			7,498			18,203			9.9	%		339		574
Renew 3030		-			7,060			7,060			10.5	%		62		62
Spring Parc		-			8,000			8,000			10.5	%		187		187
Strategic Portfolio		38,454			-			38,454			10.8	%		1,061		2,562
The Crossings at Dawsonville		-			10,450			10,450			10.5	%		238		238
The Riley		6,961			-			6,961			11.0	%		196		453
Thornton Flats		4,600			750			5,350			9.0	%		109		315
Total operating - stabilized		81,398			34,522			115,920						3,064		6,645
Development
Chandler		-			1,304			1,304			13.0	%		17		17
Deerwood Apartments		-			2,358			2,358			11.5	%		29		29
Lower Broadway (1)		-			-			-			12.5	%		-		-
Orange City Apartments (1)		-			-			-			13.0	%		-		-
The Cottages at Myrtle Beach		-			4,651			4,651			14.5	%		39		39
The Cottages of Port St. Lucie		-			3,581			3,581			14.5	%		48		48
Wayford at Innovation Park (1)		-			-			-			12.5	%		-		-
Willow Park (1)		-			-			-			13.0	%		-		-
Total development		-			11,894			11,894						133		133
Sold
Mira Vista		5,250			(5,250	)		-						125		391
The Conley		-			-			-						-		405
Wayford at Concord		-			-			-						-		364
Total sold		5,250			(5,250	)		-						125		1,160
Other		68			(10	)		58				(2)		-		-
Provision for credit losses (3)		(388	)		(63	)		(451	)					-		-
	$	86,328		$	41,093		$	127,421					$	3,322	$	7,938
Loans (4)
Operating - Stabilized
Corpus	$	-		$	6,819		$	6,819			7.0	%	$	110	$	110
Domain at The One Forty (2)		24,826			224			25,050			4.0	%		250		733
Jolin		-			3,135			3,135			7.0	%		33		33
Motif (2)		80,521			2,351			82,872			12.9	%		2,593		7,451
Total operating - stabilized		105,347			12,529			117,876						2,986		8,327
Lease-up
Reunion Apartments		10,769			307			11,076			12.0	%		307		900
Total lease-up		10,769			307			11,076						307		900
Development
Avondale Hills		12,153			360			12,513			12.0	%		360		764
The Hartley at Blue Hill, formerly The Park at Chapel Hill (5)		37,920			508			38,428			11.5	%		1,046		3,104
Total development		50,073			868			50,941						1,406		3,868
Sold
Vickers Historic Roswell		-			-			-						-		903
Total sold		-			-			-						-		903
Provision for credit losses (3)		(535	)		37			(498	)					-		-
	$	165,654		$	13,741		$	179,395					$	4,699	$	13,998
Ground Lease - Development (4) (6)
Zoey	$	24,265		$	298		$	24,563			5.0	%	$	298	$	831
Provision for credit losses (3)		(83	)		9			(74	)					-		-
	$	24,182		$	307		$	24,489					$	298	$	831

(1)	The investment has not been funded as of September 30, 2021.  Refer to page 22 for investment commitment amounts.
(2)	The Company also holds an equity method investment with 0.5% common ownership.

24

(3)	The Company recorded a general provision for credit losses of $17 during the three months ended September 30, 2021 on its total preferred equity, loans and ground lease investments.
(4)	Investment balances include accrued interest.
(5)	The investment includes a $5.0 million senior loan and a $31.0 million mezzanine loan.
(6)	Ground lease investments are included in accounts receivable, prepaids and other assets.

25

Bluerock Residential Growth REIT, Inc.

Portfolio Information

Third Quarter 2021

(Unaudited)

Name	Location		Number of Units		Year Built/ Renovated (1)		Average Rent (2)				Revenue per Occupied Unit (3)		Average Occupancy
Consolidated Operating Investments:
Multifamily
ARIUM Glenridge		Atlanta, GA		480		1990	$	1,408		$	1,516		93.3	%
ARIUM Westside		Atlanta, GA		336		2008		1,566			1,720		93.6	%
Ashford Belmar		Lakewood, CO		512		1988/1993		1,732			1,955		95.9	%
Avenue 25		Phoenix, AZ		254		2013		1,351			1,521		94.8	%
Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek		Orlando, FL		532		1999		1,471			1,600		95.5	%
Carrington at Perimeter Park		Morrisville, NC		266		2007		1,330			1,408		96.9	%
Chattahoochee Ridge		Atlanta, GA		358		1996		1,453			1,565		97.5	%
Chevy Chase		Austin, TX		320		1971		1,008			1,136		97.9	%
Cielo on Gilbert		Mesa, AZ		432		1985		1,178			1,367		96.5	%
Citrus Tower		Orlando, FL		336		2006		1,436			1,599		95.8	%
Denim		Scottsdale, AZ		645		1979		1,344			1,504		94.9	%
Elan		Austin, TX		270		2007		1,192			1,327		96.6	%
Element		Las Vegas, NV		200		1995		1,365			1,590		94.6	%
Falls at Forsyth		Cumming, GA		356		2019		1,491			1,644		97.8	%
Gulfshore Apartment Homes		Naples, FL		368		2016		1,347			1,467		98.2	%
Outlook at Greystone		Birmingham, AL		300		2007		1,196			1,392		94.7	%
Pine Lakes Preserve		Port St. Lucie, FL		320		2003		1,524			1,707		93.7	%
Providence Trail		Mount Juliet, TN		334		2007		1,355			1,552		95.5	%
Roswell City Walk		Roswell, GA		320		2015		1,705			1,914		96.6	%
Sands Parc		Daytona Beach, FL		264		2017		1,455			1,604		97.1	%
The Brodie		Austin, TX		324		2001		1,392			1,574		95.6	%
The Debra Metrowest, formerly ARIUM Metrowest		Orlando, FL		510		2001		1,477			1,640		95.1	%
The Links at Plum Creek		Castle Rock, CO		264		2000		1,531			1,685		96.2	%
The Mills		Greenville, SC		304		2013		1,099			1,239		98.1	%
The Preserve at Henderson Beach		Destin, FL		340		2009		1,665			1,823		95.3	%
The Sanctuary		Las Vegas, NV		320		1988		1,232			1,314		93.6	%
Veranda at Centerfield		Houston, TX		400		1999		1,062			1,230		94.6	%
Villages of Cypress Creek		Houston, TX		384		2001		1,222			1,293		94.4	%
Wesley Village		Charlotte, NC		301		2010		1,429			1,534		97.2	%
Windsor Falls		Raleigh, NC		276		1994		1,170			1,242		97.5	%
Total Units				10,626
Single-Family Residential (4)		Market		Number of Homes		Average Year Built
Granbury		Granbury, TX		36		2020-2021		1,556			1,559		97.2	%
Indy		Indianapolis, IN		44		1958		753			753		88.8	%
Lubbock		Lubbock, TX		60		1955		969			974		90.0	%
Navigator Villas		Pasco, WA		176		2013		1,215			1,330		97.8	%
Springfield		Springfield, MO		290		2004		1,126			1,110		97.6	%
Springtown		Springtown, TX		70		1991		1,216			1,216		98.6	%
Texarkana		Texarkana, TX		29		1967		940			940		93.1	%
Wayford at Concord		Concord, NC		150		2019		1,868			1,938		98.0	%
Yauger Park Villas		Olympia, WA		80		2010		2,043			2,240		95.6	%
Total Homes				935
Total/Average Consolidated Operating Investments				11,561			$	1,384	(5)	$	1,530	(5)	95.8	%(5)
Preferred Equity/Loan/Ground Lease Investments:
Multifamily
Alexan CityCentre		Houston, TX		340			$	1,628		$	1,731		96.6	%
Avondale Hills		Decatur, GA		240				1,538			N/A		N/A
Belmont Crossing		Smyrna, GA		192				924			1,039		97.7	%
Chandler		Chandler, AZ		208				1,457			N/A		N/A
Deercross		Indianapolis, IN		372				771			859		93.6	%
Deerwood Apartments		Houston, TX		330				1,590			N/A		N/A
Domain at The One Forty		Garland, TX		299				1,416			1,582		95.8	%
Georgetown Crossing		Savannah, GA		168				1,105			1,238		95.2	%
Hunter’s Pointe		Pensacola, FL		204				1,009			1,169		99.5	%
Lower Broadway		San Antonio, TX		386				1,769			N/A		N/A
Motif		Fort Lauderdale, FL		385				2,263			2,365		92.8	%
Orange City Apartments		Orange City, FL		298				1,457			N/A		N/A
Park on the Square		Pensacola, FL		240				1,233			1,469		96.9	%
Renew 3030		Mesa, AZ		126				1,098			1,190		97.0	%
Reunion Apartments		Orlando, FL		280				1,366			N/A		N/A
Sierra Terrace		Atlanta, GA		135				1,292			1,455		97.8	%
Sierra Village		Atlanta, GA		154				1,254			1,359		93.5	%
Spring Parc		Dallas, TX		304				953			1,176		94.3	%
The Commons		Jacksonville, FL		328				933			1,056		98.2	%
The Crossings of Dawsonville		Dawsonville, GA		216				1,447			1,626		96.4	%
The Hartley at Blue Hill, formerly The Park at Chapel Hill		Chapel Hill, NC		414				1,599			N/A		N/A
The Reserve at Palmer Ranch		Sarasota, FL		320				1,448			1,611		95.9	%
The Riley		Richardson, TX		262				1,485			1,570(6)		96.7	%
Thornton Flats		Austin, TX		104				1,628			1,849		94.6	%
Water’s Edge		Pensacola, FL		184				1,214			1,452		97.8	%
Wayford at Innovation Park		Charlotte, NC		210				1,994			N/A		N/A
Zoey		Austin, TX		307				1,762			N/A		N/A
Total Units				7,006
Single-Family Residential		Market		Number of Homes
Corpus		Corpus Christi, TX		81				1,146			1,146		94.0	%
Jolin		Weatherford, TX		24				1,360			1,360		95.8	%
Peak Housing		Various (7)		474				968			968		91.1	%
The Cottages at Myrtle Beach		Myrtle Beach, SC		294				1,743			N/A		N/A
The Cottages of Port St. Lucie		Port St. Lucie, FL		286				2,133			N/A		N/A
Willow Park		Willow Park, TX		46				2,362			N/A		N/A
Total Homes				1,205
Total/Average Preferred Equity/Loan/Ground Lease Investments				8,211			$	1,440	(8)	$	1,403	(8)	95.3	%(8)
Total/Average Portfolio				19,772			$	1,407	(9)	$	1,492	(9)	95.7	%(9)

26

(1)	Represents date of last significant renovation or year built if no renovations.
(2)	For operating investments, represents the average effective monthly rent per occupied unit for the three months ended September 30, 2021.  For development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.
(3)	Revenue per occupied unit is total revenue divided by average number of occupied units for the three months ended September 30, 2021.
(4)	Single-Family Residential includes single-family residential homes and attached townhomes/flats.
(5)	The average effective monthly rent, revenue per occupied unit, and average occupancy including sold properties was $1,384, $1,531, and 95.8%, respectively, for the three months ended September 30, 2021.
(6)	The average revenue per occupied unit including the property’s retail space was $1,707 for the three months ended September 30, 2021.
(7)	Peak Housing includes portfolios of homes located in Indiana, Missouri and Texas.
(8)	The average effective monthly rent, revenue per occupied unit, and average occupancy including sold properties was $1,434, $1,398, and 95.3%, respectively, for the three months ended September 30, 2021.
(9)	The average effective monthly rent, revenue per occupied unit, and average occupancy including sold properties was $1,405, $1,491, and 95.7%, respectively, for the three months ended September 30, 2021.

27

Bluerock Residential Growth REIT, Inc.

Renovation Table

As of September 30, 2021

(Unaudited)

Units and Investment
	2021							To Date
	Completed		Completed		Total Expected			Total		Unrenovated Units
	in 3Q		Year-to-date		Completions in 2021			Completed		Remaining
Number of Renovations		368		688		800 – 1,000			3,643		5,096
Renovation Cost per Unit	$	7,885	$	7,576		$7,000 - $8,000
Returns
		Inception-to-date
		Cost		Monthly Rent		Return on
		per Unit		Premium		Investment
Weighted Average Returns to Date	$	6,249	$	121		23.2	%

28

Bluerock Residential Growth REIT, Inc.

Lease-up and Development Preferred/Loan/Ground Lease Investments

As of September 30, 2021

(Unaudited)

This table includes forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause results to vary from those projected. Please see the paragraph on forward-looking statements on page 2 of this document for a discussion of risks and uncertainties.

											Actual/Estimated Dates for
Lease-up Investment Name	Actual/ Planned Number of Units or Homes		Total Actual/ Estimated Construction Cost (in millions)		Cost to Date (in millions)		Actual/ Estimated Construction Cost Per Unit or Home		Total Available Financing (in millions) (1)		Construction Start		Initial Occupancy		Construction Completion		Stabilized Operations (2)
Multifamily
Reunion Apartments (4)		280	$	48.3	$	44.0	$	172,500	$	30.5		3Q20		3Q21		3Q22		1Q23
Total lease-up units		280
Development Investment Name
Multifamily
Zoey (3)		307		59.5		48.9		193,811		25.5		1Q20		1Q22		2Q22		1Q23
Avondale Hills (4)		240		50.9		29.1		212,083		31.4		4Q20		1Q23		1Q23		1Q24
The Hartley at Blue Hill, formerly The Park at Chapel Hill (4)		414		99.2		60.5		239,614		64.3		2Q20		1Q22		1Q23		3Q23
Deerwood Apartments (5)		330		65.8		13.9		199,394		39.5		2Q21		4Q22		2Q23		2Q24
Chandler (5)		208		48.2		8.4		231,731		31.0		3Q21		3Q23		4Q23		4Q24
Orange City Apartments (5)		298		60.5		7.5		203,020		36.3		3Q21		1Q23		4Q23		4Q24
Lower Broadway (5)		386		91.5		20.8		237,047		51.0		3Q21		4Q23		2Q24		2Q25
Wayford at Innovation Park (5)		210		62.0		4.8		295,238		39.6		4Q21		3Q23		3Q24		3Q25
Total development units		2,393
Single-Family Residential
Willow Park (5)		46		12.7		5.4		276,087		8.8		3Q21		2Q22		4Q22		4Q23
The Cottages at Myrtle Beach (5)		294		63.2		11.6		214,966		40.2		3Q21		1Q23		4Q23		4Q24
The Cottages of Port St. Lucie (5)		286		69.6		9.9		243,357		45.2		3Q21		1Q23		4Q23		4Q24
Total development homes		626
Total development units and homes		3,019
Total units and homes		3,299

(1)	Represents property level only and excludes mezzanine loan financing.
(2)	We define stabilized occupancy as attainment of 90% physical occupancy.
(3)	Represents a ground lease investment.
(4)	Represents a mezzanine loan investment.
(5)	Represents a preferred equity investment. Chandler and Lower Broadway have an option to purchase the property.

29

Bluerock Residential Growth REIT, Inc.

Condensed Consolidated Balance Sheets

Third Quarter 2021

(Unaudited and dollars in thousands except for share and per share data)

	September 30, 2021			December 31, 2020
ASSETS
Net Real Estate Investments
Land	$	263,361		$	279,481
Buildings and improvements		1,772,822			1,889,471
Furniture, fixtures and equipment		84,221			78,438
Total Gross Real Estate Investments		2,120,404			2,247,390
Accumulated depreciation		(205,124	)		(186,426	)
Total Net Operating Real Estate Investments		1,915,280			2,060,964
Operating real estate held for sale, net		—			36,213
Total Net Real Estate Investments		1,915,280			2,097,177
Cash and cash equivalents		163,349			83,868
Restricted cash		35,483			35,093
Notes and accrued interest receivable, net		179,395			157,734
Due from affiliates		682			339
Accounts receivable, prepaids and other assets, net		43,315			29,502
Preferred equity investments and investments in unconsolidated real estate joint ventures, net		127,421			83,485
In-place lease intangible assets, net		1,748			2,594
Non-real estate assets associated with operating real estate held for sale		—			145
Total Assets	$	2,466,673		$	2,489,937
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	$	1,341,241		$	1,490,932
Mortgages payable associated with operating real estate held for sale		—			38,773
Revolving credit facilities		—			33,000
Accounts payable		2,073			1,317
Other accrued liabilities		44,254			31,025
Due to affiliates		595			618
Distributions payable		14,177			13,421
Liabilities associated with operating real estate held for sale		—			383
Total Liabilities		1,402,340			1,609,469
8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 10,875,000 shares authorized; no shares and 2,201,547 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		—			54,332
6.000% Series B Redeemable Preferred Stock, liquidation preference $1,000 per share, 1,225,000 shares authorized; 359,925 and 513,489 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		328,781			469,907
7.625% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,295,845 shares issued and outstanding as of September 30, 2021 and December 31, 2020		56,728			56,462
6.150% Series T Redeemable Preferred Stock, liquidation preference $25.00 per share, 32,000,000 shares authorized; 22,920,168 and 9,717,917 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		520,704			219,967
Equity
Stockholders’ Equity
Preferred stock, $0.01 par value, 197,900,000 shares authorized; no shares issued and outstanding		—			—
7.125% Series D Cumulative Preferred Stock, liquidation preference $25.00 per share, 4,000,000 shares authorized; 2,774,338 shares issued and outstanding as of September 30, 2021 and December 31, 2020		66,867			66,867
Common stock - Class A, $0.01 par value, 747,509,582 shares authorized; 26,120,780 and 22,020,950 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		261			220
Common stock - Class C, $0.01 par value, 76,603 shares authorized; 76,603 shares issued and outstanding as of September 30, 2021 and December 31, 2020		1			1
Additional paid-in-capital		339,815			304,710
Distributions in excess of cumulative earnings		(295,672	)		(313,392	)
Total Stockholders’ Equity		111,272			58,406
Noncontrolling Interests
Operating Partnership units		15,730			(3,272	)
Partially owned properties		31,118			24,666
Total Noncontrolling Interests		46,848			21,394
Total Equity		158,120			79,800
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	$	2,466,673		$	2,489,937

30

Bluerock Residential Growth REIT, Inc.

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2021 and 2020

(Dollars in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Revenues
Rental and other property revenues	$	49,783		$	48,666		$	150,586		$	146,713
Interest income from loan and ground lease investments		4,013			5,923			12,848			17,149
Total revenues		53,796			54,589			163,434			163,862
Expenses
Property operating		19,138			19,571			57,978			57,441
Property management fees		1,259			1,231			3,787			3,719
General and administrative		6,856			5,901			20,097			17,575
Acquisition and pursuit costs		413			2,242			428			3,933
Weather-related losses, net		140			—			540			—
Depreciation and amortization		19,204			19,216			59,454			60,206
Total expenses		47,010			48,161			142,284			142,874
Operating income		6,786			6,428			21,150			20,988
Other income (expense)
Other income		208			60			418			119
Preferred returns on unconsolidated real estate joint ventures		3,322			2,963			7,938			8,213
Provision for credit losses		(17	)		—			(584	)		—
Gain on sale of real estate investments		48,943			—			137,285			58,096
Loss on extinguishment of debt and debt modification costs		(3,053	)		—			(6,740	)		(13,985	)
Interest expense, net		(12,755	)		(13,520	)		(40,050	)		(42,294	)
Total other income (expense)		36,648			(10,497	)		98,267			10,149
Net income (loss)		43,434			(4,069	)		119,417			31,137
Preferred stock dividends		(15,772	)		(15,003	)		(44,756	)		(42,787	)
Preferred stock accretion		(4,840	)		(4,451	)		(19,152	)		(11,978	)
Net income (loss) attributable to noncontrolling interests
Operating Partnership units		4,994			(6,270	)		13,176			(6,679	)
Partially owned properties		5,284			(195	)		11,637			1,512
Net income (loss) attributable to noncontrolling interests		10,278			(6,465	)		24,813			(5,167	)
Net income (loss) attributable to common stockholders	$	12,544		$	(17,058	)	$	30,696		$	(18,461	)
Net income (loss) per common share - Basic	$	0.46		$	(0.71	)	$	1.14		$	(0.80	)
Net income (loss) per common share – Diluted	$	0.45		$	(0.71	)	$	1.13		$	(0.80	)
Weighted average basic common shares outstanding		26,567,269			24,566,196			25,941,571			24,321,282
Weighted average diluted common shares outstanding		26,795,507			24,566,196			26,032,592			24,321,282

31

Bluerock Residential Growth REIT, Inc.

Reconciliation of Funds from Operations (FFO) and Core FFO (CFFO) Attributable to Common Stockholders and Unit Holders

For the Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited and dollars in thousands except for share and per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Net income (loss) attributable to common stockholders	$	12,544		$	(17,058	)	$	30,696		$	(18,461	)
Add back: Net income (loss) attributable to Operating Partnership Units		4,994			(6,270	)		13,176			(6,679	)
Net income (loss) attributable to common stockholders and unit holders		17,538			(23,328	)		43,872			(25,140	)
Common stockholders and Operating Partnership Units pro-rata share of:
Real estate depreciation and amortization		18,187			18,309			56,627			57,353
Provision for credit losses		17			—			584			—
Gain on sale of real estate investments		(43,359	)		—			(124,416	)		(55,360	)
FFO Attributable to Common Stockholders and Unit Holders		(7,617	)		(5,019	)		(23,333	)		(23,147	)
Common stockholders and Operating Partnership Units pro-rata share of:
Acquisition and pursuit costs		413			2,242			428			3,933
Non-cash interest expense		363			731			1,517			2,323
Unrealized loss on derivatives		41			98			31			67
Loss on extinguishment of debt and debt modification costs		2,975			—			6,148			13,590
Amortization of deferred interest income on mezzanine loan		984			—			1,981			—
Weather-related losses, net		140			—			500			—
Non-real estate depreciation and amortization		122			122			365			364
Other income, net		(216	)		(52	)		(168	)		(49	)
Non-cash equity compensation		3,395			2,850			10,184			8,589
Preferred stock accretion		4,840			4,451			19,152			11,978
CFFO Attributable to Common Stockholders and Unit Holders	$	5,440		$	5,423		$	16,805		$	17,648
Per Share and Unit Information:
FFO Attributable to Common Stockholders and Unit Holders - diluted	$	(0.20	)	$	(0.15	)	$	(0.64	)	$	(0.70	)
CFFO Attributable to Common Stockholders and Unit Holders - diluted	$	0.15		$	0.16		$	0.46		$	0.53
Weighted average common shares and units outstanding - diluted		37,461,558			33,688,877			36,360,295			33,187,360

32

Bluerock Residential Growth REIT, Inc.

Mortgages Payable Summary Information

As of September 30, 2021

(Unaudited and dollars in thousands)

Property	Outstanding Principal			Interest Rate			Fixed/ Floating	Maturity Date
ARIUM Glenridge	$	49,500			1.41	%	LIBOR + 1.33% subject to Cap (1)	September 1, 2025
ARIUM Westside		52,076			3.68	%	Fixed	August 1, 2023
Ashford Belmar		100,675			4.53	%	Fixed	December 1, 2025
Avenue 25 (2)		36,566			4.18	%	Fixed	July 1, 2027
Burano Hunter’s Creek (3)		69,851			3.65	%	Fixed	November 1, 2024
Carrington at Perimeter Park (4)		31,259			4.16	%	Fixed	July 1, 2027
Chattahoochee Ridge		45,338			3.25	%	Fixed	December 5, 2024
Chevy Chase		24,400			2.40	%	LIBOR + 2.32% subject to Cap (1)	September 1, 2027
Cielo on Gilbert		58,000			2.66	%	SOFR + 2.61% subject to Cap (1)	January 1, 2031
Citrus Tower		40,083			4.07	%	Fixed	October 1, 2024
Denim (5)		101,205			3.41	%	Fixed	August 1, 2029
Elan (6)		25,525			4.19	%	Fixed	July 1, 2027
Element		29,260			3.63	%	Fixed	July 1, 2026
Falls at Forsyth		38,619			2.92	%	(7)	July 1, 2025
Fannie Facility Advance		13,936			2.68	%	LIBOR + 2.60% subject to Cap (1)	June 1, 2027
Fannie Facility Second Advance		12,880			2.75	%	SOFR + 2.70% subject to Cap (1)	March 1, 2028
Gulfshore Apartment Homes		46,345			3.26	%	Fixed	September 1, 2029
Navigator Villas (8)		20,440			4.56	%	Fixed	June 1, 2028
Outlook at Greystone		22,019			4.30	%	Fixed	June 1, 2025
Pine Lakes Preserve		42,728			3.06	%	LIBOR + 2.98% subject to Cap (1)	July 1, 2030
Providence Trail		47,809			3.54	%	Fixed	July 1, 2026
Roswell City Walk		49,302			3.63	%	Fixed	December 1, 2026
The Brodie		33,048			3.71	%	Fixed	December 1, 2023
The Debra Metrowest (3)		64,237			4.43	%	Fixed	May 1, 2025
The Links at Plum Creek		39,085			4.31	%	Fixed	October 1, 2025
The Mills		24,869			4.21	%	Fixed	January 1, 2025
The Preserve at Henderson Beach		48,490			3.26	%	Fixed	September 1, 2029
The Sanctuary		33,707			3.31	%	Fixed	August 1, 2029
Veranda at Centerfield		26,045			1.34	%	LIBOR + 1.25% subject to Cap (1)	July 26, 2023
Villages of Cypress Creek		33,520			2.63	%	LIBOR + 2.55% subject to Cap (1)	July 1, 2027
Wesley Village		38,909			4.25	%	Fixed	April 1, 2024
Windsor Falls		27,442			4.19	%	Fixed	November 1, 2027
Yauger Park Villas (9)		14,990			4.86	%	Fixed	April 1, 2026
Total		1,342,158
Fair value adjustments		8,540
Deferred financing costs, net		(9,457	)
Total	$	1,341,241
Weighted Average Interest Rate		3.56	%

(1)	In September 2021, one-month LIBOR in effect was 0.08% and the 30-day average SOFR in effect was 0.05%.
(2)	The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86%.
(3)	Burano Hunter’s Creek and The Debra Metrowest, formerly ARIUM Hunter’s Creek and ARIUM Metrowest, respectively.
(4)	The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.8 million supplemental loan at a fixed rate of 4.66%.
(5)	The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22%.
(6)	The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.4 million supplemental loan at a fixed rate of 4.66%.
(7)	The principal balance includes a $19.3 million advance at a fixed rate of 4.35% and a $19.3 million advance at a variable rate of 1.48% as of September 30, 2021.
(8)	The principal balance includes a $14.7 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23%.
(9)	The principal balance includes a $10.4 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96%.

33

Bluerock Residential Growth REIT, Inc.

Mortgages Payable Summary Information Continued

As of September 30, 2021

(Unaudited and dollars in thousands)

Mortgages Payable Maturity Schedules

Year	Fixed Rate			Floating Rate			Total			% of Total
2021	$	2,509		$	498		$	3,007			0.22	%
2022		10,965			2,587			13,552			1.01	%
2023		96,983			29,119			126,102			9.42	%
2024		197,900			3,603			201,503			15.01	%
2025		265,443			65,568			331,011			24.66	%
Thereafter		488,077			178,906			666,983			49.68	%
	$	1,061,877		$	280,281		$	1,342,158			100.00	%
Fair Value Adjustments		8,540			-			8,540
Subtotal	$	1,070,417		$	280,281		$	1,350,698
Deferred Financing Costs, net		(6,845	)		(2,612	)		(9,457	)
Total	$	1,063,572		$	277,669		$	1,341,241

	Amounts		% of Total			Weighted Average Interest Rates			Weighted Average Maturities (years)
Secured Fixed Rate Debt	$	1,070,417		79.2	%		3.89	%		4.8
Secured Floating Rate Debt		280,281		20.8	%		2.28	%		6.2
Total/Average	$	1,350,698		100.0	%		3.56	%		5.1

34

Bluerock Residential Growth REIT, Inc.

2021 Projected Guidance

(Unaudited and dollars in thousands except for per share data)

	2021 Outlook (3)
	Low			High
Core Funds from Operations Attributable to Common Stockholders and Unit Holders per share	$	0.65		$	0.70
Same Store Growth
Rental income growth		5.0	%		7.0	%
Property operating expense growth		4.0	%		6.0	%
NOI growth		6.0	%		8.0	%
Property management fee as a percentage of revenue		2.4	%		2.2	%
General and administrative expenses (1)		12,500			12,000
Income from preferred equity and mezzanine investments		29,100			29,100
Normal recurring capital expenditures (2)		2,900			2,700
Value-add Upgrades
Forecasted unit count		800			1,000
Return on investment		15	%		20	%
Investments
Total gross asset value		600,000			800,000
Dispositions
Total gross asset value		700,000			700,000
Noncontrolling Interest, Preferred Stock and Share Count Assumptions
Noncontrolling interest percentage of CFFO - partially owned properties		4.0	%		3.9	%
Series T preferred stock raise		400,000			475,000
Preferred stock dividends		62,000			64,000
Estimated weighted average diluted common shares and units outstanding		39,100			39,100

(1)	General and administrative expenses exclude non-cash expenses, such as depreciation and non-cash equity compensation.
(2)	Normally recurring capital expenditures exclude development, investment, revenue enhancing and non-recurring capital expenditures.
(3)	The Company has not reconciled projected Core Funds from Operations Attributable to Common Stockholders and Unit Holders per share (“CFFO”) guidance to the corresponding GAAP financial measure because it does not provide guidance for various reconciling items.  The Company is unable to provide guidance for these reconciling items since certain items that impact net income are outside of its control and cannot be reasonably predicted.  Accordingly, reconciliations to the corresponding GAAP financial measures are not available.

35

Bluerock Residential Growth REIT, Inc.

Definitions of Non-GAAP Financial Measures

The foregoing supplemental financial data includes certain non-GAAP financial measures that we believe are helpful in understanding our business, as further described below. Our definition and calculation of these non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable.

Funds from Operations and Core Funds from Operations, Attributable to Common Stockholders and Unit Holders

We believe that funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), and core funds from operations (“CFFO”) are important non-GAAP supplemental measures of operating performance for a REIT.

FFO attributable to common stockholders and unit holders is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. We define FFO, consistent with the NAREIT definition, as net income (loss), computed in accordance with GAAP, excluding gains or losses on sales of depreciable real estate property, plus depreciation and amortization of real estate assets, plus impairment write-downs of certain real estate assets and investments in entities where the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for notes receivable, unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis.

CFFO makes certain adjustments to FFO, removing the effect of items that do not reflect ongoing property operations such as acquisition expenses, non-cash interest expense, unrealized gains or losses on derivatives, losses on extinguishment of debt and debt modification costs (includes prepayment penalties incurred and the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt), one-time weather-related costs, non-cash equity compensation and preferred stock accretion. Commencing in 2020, we do not deduct the accrued portion of the preferred income on our preferred equity investments from FFO to determine CFFO as the income is deemed fully collectible. The accrued portion of the preferred income totaled $1.9 million and $0.4 million, and $4.6 million and $1.2 million for the three and nine months ended September 30, 2021 and 2020, respectively. We believe that CFFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core recurring property operations. As a result, we believe that CFFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential.

Our calculation of CFFO differs from the methodology used for calculating CFFO by certain other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance after adjustment for certain non-cash items, such as depreciation and amortization expenses, and acquisition and pursuit costs that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance between periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure to compare our financial performance to certain other REITs.

Neither FFO nor CFFO is equivalent to net income (loss), including net income (loss) attributable to common stockholders, or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor CFFO should be considered as an alternative to net income (loss), including net income (loss) attributable to common stockholders, as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

We have acquired twelve operating investments, made fifteen investments through preferred equity or loans, sold eight operating investments and received payoffs of our loan or preferred equity in eight investments subsequent to September 30, 2020. The results presented are not directly comparable and should not be considered an indication of our future operating performance (unaudited and dollars in thousands, except share and per share data).

Same Store Properties

Same store properties are conventional multifamily residential apartments which were owned and operational for the entire periods presented.

36

Bluerock Residential Growth REIT, Inc.

Definitions of Non-GAAP Financial Measures

(Unaudited and dollars in thousands)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")

NAREIT defines earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") (September 2017 White Paper) as net income, computed in accordance with GAAP, before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, and impairment write-downs of depreciated operating properties.

We consider EBITDAre to be an appropriate supplemental measure of our performance because it eliminates depreciation, income taxes, interest and non-recurring items, which permits investors to view income from operations unobscured by non-cash items such as depreciation, amortization, the cost of debt or non-recurring items.

Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and it is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not consider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges.

EBITDAre and Adjusted EBITDAre are not recognized measurements under GAAP. Because not all companies use identical calculations, our presentation of EBITDAre and Adjusted EBITDAre may not be comparable to similarly titled measures of other companies.

The reconciliations of net income (loss) attributable to common stockholders to EBITDAre and Adjusted EBITDAre are presented in the table below:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Net income (loss) attributable to common stockholders	$	12,544		$	(17,058	)	$	30,696		$	(18,461	)
Net income (loss) attributable to noncontrolling interests		10,278			(6,465	)		24,813			(5,167	)
Preferred stock dividends		15,772			15,003			44,756			42,787
Preferred stock accretion		4,840			4,451			19,152			11,978
Interest expense, net		12,755			13,520			40,050			42,294
Real estate depreciation and amortization		19,157			19,169			59,315			60,068
Provision for credit losses		17			—			584			—
Gain on sale of real estate investments		(48,943	)		—			(137,285	)		(58,096	)
Loss on extinguishment of debt and debt modification costs		3,053			—			6,740			13,985
EBITDAre	$	29,473		$	28,620		$	88,821		$	89,388
Acquisition and pursuit costs		413			2,242			428			3,933
Amortization of deferred interest income on mezzanine loan		984			—			1,981			—
Non-real estate depreciation and amortization		122			122			365			364
Weather-related losses, net		140			—			540			—
Non-cash equity compensation		3,395			2,850			10,184			8,589
Other income, net		(216	)		(52	)		(168	)		(49	)
Adjusted EBITDAre	$	34,311		$	33,782		$	102,151		$	102,225

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Bluerock Residential Growth REIT, Inc.

Definitions of Non-GAAP Financial Measures

(Unaudited and dollars in thousands)

Property Net Operating Income ("Property NOI")

We believe that net operating income, or NOI, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding depreciation and amortization and interest. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same store and non-same store basis; NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as a supplemental measure of our financial performance.

We have acquired twelve operating investments, made fifteen investments through preferred equity or loans, sold eight operating investments and received payoffs of our loan or preferred equity in eight investments subsequent to September 30, 2020. Therefore, the results presented in the table below are not directly comparable and should not be considered an indication of our future operating performance.

The following table reflects net income (loss) attributable to common stockholders together with a reconciliation to NOI and to same store and non-same store contributions to consolidated NOI, as computed in accordance with GAAP for the periods presented:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2021		2020			2021		2020
Net income (loss) attributable to common stockholders	$	12,544	$	(17,058	)	$	30,696	$	(18,461	)
Add back: Net income (loss) attributable to Operating Partnership Units		4,994		(6,270	)		13,176		(6,679	)
Net income (loss) attributable to common stockholders and unit holders		17,538		(23,328	)		43,872		(25,140	)
Add common stockholders and Operating Partnership Units pro-rata share of:
Real estate depreciation and amortization		18,187		18,309			56,627		57,353
Non-real estate depreciation and amortization		122		122			365		364
Non-cash interest expense		363		731			1,517		2,323
Unrealized loss on derivatives		41		98			31		67
Loss on extinguishment of debt and debt modification costs		2,975		—			6,148		13,590
Provision for credit losses		17		—			584		—
Property management fees		1,191		1,173			3,608		3,540
Acquisition and pursuit costs		413		2,242			428		3,933
Corporate operating expenses		6,781		5,817			19,871		17,279
Weather-related losses, net		140		—			500		—
Preferred dividends		15,772		15,003			44,756		42,787
Preferred stock accretion		4,840		4,451			19,152		11,978
Less common stockholders and Operating Partnership Units pro-rata share of:
Other income, net		216		52			324		49
Preferred returns on unconsolidated real estate joint ventures		3,322		2,935			7,938		8,343
Interest income from loan and ground lease investments		4,149		5,923			12,984		17,149
Gain on sale of real estate investments		43,359		—			124,416		55,360
Pro-rata share of properties’ income		17,334		15,708			51,797		47,173
Add:
Noncontrolling interest pro-rata share of partially owned property income		977		725			2,356		2,278
Total property income		18,311		16,433			54,153		49,451
Add:
Interest expense		12,334		12,662			38,455		39,821
Net operating income		30,645		29,095			92,608		89,272
Less:
Non-same store net operating income		6,056		6,577			22,692		22,882
Same store net operating income (1)	$	24,589	$	22,518		$	69,916	$	66,390

⁽¹⁾ Same store portfolio for the three months ended September 30, 2021 consists of 25 properties, which represent 8,882 units.  Same store portfolio for the nine months ended September 30, 2021 consists of 24 properties, which represent 8,628 units.

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