10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ______

Commission File Number 000-54946

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	26-3136483
(State or other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
712 Fifth Avenue, 9th Floor, New York, NY	10019
(Address or Principal Executive Offices)	(Zip Code)

(212) 843-1601

(Registrant’s Telephone Number, Including Area Code)

None

(Former name, former address or former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	¨		Accelerated Filer	x
Non-Accelerated Filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨  No x

Number of shares outstanding of the registrant’s

classes of common stock, as of May 4, 2016:

Class A Common Stock: 19,564,752 shares

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FORM 10-Q

March 31, 2016

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015	[3]
	Consolidated Statements of Operations for the Three Months Ended March 31, 2016 and 2015	[4]
	Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2016	[5]
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2016 and 2015	[6]
	Notes to Consolidated Financial Statements	[7]
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	[28]
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	[40]
Item 4.	Controls and Procedures	[41]
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	[42]
Item 1A.	Risk Factors	[42]
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	[42]
Item 3.	Defaults Upon Senior Securities	[42]
Item 4.	Mine Safety Disclosures	[42]
Item 5.	Other Information	[42]
Item 6.	Exhibits	[42]
SIGNATURES		[47]

2 

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	(Unaudited)
	March 31, 2016			December 31, 2015
ASSETS
Net Real Estate Investments
Land	$	87,041		$	65,057
Buildings and improvements		589,748			474,608
Furniture, fixtures and equipment		20,323			17,155
Total Gross Real Estate Investments		697,112			556,820
Accumulated depreciation		(28,522	)		(23,437	)
Total Net Real Estate Investments		668,590			533,383
Cash and cash equivalents		24,019			68,960
Restricted cash		8,640			11,669
Due from affiliates		905			861
Accounts receivable, prepaid and other assets		3,602			6,742
Investments in unconsolidated real estate joint ventures		82,082			75,223
In-place lease intangible assets, net		2,852			2,389
Total Assets	$	790,690		$	699,227
LIABILITIES AND EQUITY
Mortgages payable	$	476,708		$	380,102
Accounts payable		770			587
Other accrued liabilities		8,653			7,013
Due to affiliates		1,363			1,485
Distributions payable		3,506			3,163
Total Liabilities		491,000			392,350
8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, 10,875,000 shares authorized and 2,875,000 issued and outstanding		69,290			69,165
Series B Redeemable Preferred Stock, liquidation preference $1,000 per share, 150,000 shares authorized, none issued and outstanding		—			—
Equity
Stockholders’ Equity
Preferred stock, $0.01 par value, 238,975,000 shares authorized; none issued and outstanding		—			—
Common stock - Class A, $0.01 par value, 747,586,185 shares authorized; 19,564,331 and 19,202,112 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively		196			192
Common stock - Class B-3, $0.01 par value, 804,605 shares authorized; none and 353,629 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively		—			4
Additional paid-in-capital		250,398			248,484
Distributions in excess of cumulative earnings		(51,586	)		(41,496	)
Total Stockholders’ Equity		199,008			207,184
Noncontrolling Interests
Operating partnership units		2,757			2,908
Partially owned properties		28,635			27,620
Total Noncontrolling Interests		31,392			30,528
Total Equity		230,400			237,712
TOTAL LIABILITIES AND EQUITY	$	790,690		$	699,227

See Notes to Consolidated Financial Statements

3 

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share amounts)

	Three Months Ended
	March 31,
	2016			2015
Revenues
Net rental income	$	15,928		$	8,644
Other property revenues		706			392
Total revenues		16,634			9,036
Expenses
Property operating		6,593			3,864
General and administrative		1,273			928
Management fees		1,214			1,450
Acquisition costs		1,209			449
Depreciation and amortization		7,510			2,765
Total expenses		17,799			9,456
Operating loss		(1,165	)		(420	)
Other income (expense)
Other income		—			22
Equity in income of unconsolidated real estate joint ventures		2,768			730
Equity in gain on sale of unconsolidated real estate joint venture interests		—			11,307
Interest expense, net		(4,228	)		(2,292	)
Total other (expense) income		(1,460	)		9,767
Net (loss) income		(2,625	)		9,347
Preferred stock dividends		(1,482	)		—
Preferred stock accretion		(125	)		—
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(62	)		75
Partially-owned properties		(35	)		5,959
Net (loss) income attributable to noncontrolling interests		(97	)		6,034
Net (loss) income attributable to common stockholders	$	(4,135	)	$	3,313
(Loss) income per common share - Basic	$	(0.20	)	$	0.26
(Loss) income per common share – Diluted	$	(0.20	)	$	0.26
Weighted average basic common shares outstanding		20,521,596			12,547,895
Weighted average diluted common shares outstanding		20,521,596			12,547,895

See Notes to Consolidated Financial Statements

4 

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FOR THE THREE MONTHS ENDED MARCH 31, 2016

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share and per share amounts)

	Class A Common Stock				Class B-3 Common Stock
	Number of Shares		Par Value		Number of Shares			Par Value			Additional Paid- in Capital		Cumulative Distributions			Net loss to Common Stockholders			Noncontrolling Interests			Total  Equity
Balance, January 1, 2016		19,202,112	$	192		353,629		$	4		$	248,484	$	(32,001	)	$	(9,495	)	$	30,528		$	237,712
Issuance of Class A common stock, net		1,090		-		-			-			12		-			-			-			12
Conversion of Class B-3 into Class A shares		353,629		4		(353,629	)		(4	)		-		-			-			-			-
Vesting of restricted stock compensation		-		-		-			-			117		-			-			-			117
Issuance of stock for director compensation		7,500		-		-			-			77		-			-			-			77
Issuance of Long-Term Incentive Plan ("LTIP") units		-		-		-			-			1,272		-			-			-			1,272
Issuance of LTIP units for compensation		-		-		-			-			436		-			-			-			436
Contributions, nets		-		-		-			-			-		-			-			1,554			1,554
Distributions declared		-		-		-			-			-		(5,955	)		-			(89	)		(6,044	)
Series A Preferred Stock distributions declared		-		-		-			-			-		(1,482	)		-			-			(1,482	)
Series A Preferred Stock accretion		-		-		-			-			-		(125	)		-			-			(125	)
Distributions to noncontrolling interests		-		-		-			-			-		-			-			(504	)		(504	)
Net loss		-		-		-			-			-		-			(2,528	)		(97	)		(2,625	)
Balance, March 31, 2016		19,564,331	$	196		-		$	-		$	250,398	$	(39,563	)	$	(12,023	)	$	31,392		$	230,400

See Notes to Consolidated Financial Statements

5 

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands, except share and per share amounts)

	Three Months Ended
	March 31,
	2016			2015
Cash flows from operating activities
Net (loss) income	$	(2,625	)	$	9,347
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		7,692			2,817
Amortization of fair value adjustments		(91	)		(65	)
Equity in income of unconsolidated real estate joint ventures		(2,768	)		(730	)
Equity in gain on sale of real estate assets of unconsolidated joint ventures		-			(11,307	)
Distributions from unconsolidated real estate joint ventures		2,709			1,093
Share-based compensation attributable to directors' stock compensation plan		194			50
Share-based compensation to Manager - LTIP Units		1,708			560
Changes in operating assets and liabilities:
Due (from) to affiliates, net		(103	)		1,120
Accounts receivable, prepaid assets and other assets		(191	)		(554	)
Accounts payable and other accrued liabilities		1,821			996
Net cash provided by operating activities		8,346			3,327
Cash flows from investing activities:
Acquisitions of consolidated real estate investments		(99,907	)		(66,640	)
Capital expenditures		(888	)		(446	)
Proceeds from sale of unconsolidated real estate joint venture interests		-			15,590
Investment in unconsolidated real estate joint venture interests		(6,862	)		(8,679	)
Decrease in restricted cash		3,029			8,123
Net cash used in investing activities		(104,628	)		(52,052	)
Cash flows from financing activities:
Distributions to common stockholders		(6,030	)		(3,557	)
Distributions to noncontrolling interests		(504	)		(357	)
Distributions to preferred stockholders		(1,153	)		-
Noncontrolling equity interest contributions to consolidated real estate investments		1,554			578
Borrowings on mortgages payable		59,552			42,641
Repayments on mortgages payable		(473	)		(355	)
Deferred financing fees		(1,617	)		(446	)
Net proceeds from issuance of common stock		12			53,650
Net cash provided by financing activities		51,341			92,154
Net (decrease) increase in cash and cash equivalents	$	(44,941	)	$	43,429
Cash and cash equivalents at beginning of period	$	68,960		$	23,059
Cash and cash equivalents at end of period	$	24,019		$	66,488
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	$	3,827		$	2,320
Distributions payable – declared and unpaid	$	3,506		$	889
Mortgages assumed upon property acquisitions	$	39,054		$	-

See Notes to Consolidated Financial Statements

6 

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization and Nature of Business

Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value through one or more of its Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies.

The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”), for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates.

The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Company’s Board of Directors (the “Board’s”) consideration of strategic alternatives to maximize value to its stockholders. The Company subsequently determined to register shares of newly authorized Class A common stock that were to be offered in a firmly underwritten public offering (the “IPO”), by filing a registration statement on Form S-11 (File No. 333-192610) with the SEC, on November 27, 2013. On March 28, 2014, the SEC declared the registration statement effective and the Company announced the pricing of the IPO of 3,448,276 shares of Class A common stock at a public offering price of $14.50 per share for total gross proceeds of $50.0 million. The net proceeds of the IPO, which closed on April 2, 2014, were approximately $44.0 million after deducting underwriting discounts and commissions and offering costs.

In connection with the IPO, shares of the Company’s Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to its charter filed on March 26, 2014 (the “Second Charter Amendment”), each share of its common stock outstanding immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.

Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas at Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO).

The Company subsequently determined to register additional shares of its Class A common stock to be offered in a firmly underwritten public offering, (the “October 2014 Follow-On Offering”), by filing a registration statement on Form S-11 (File No. 333-198770) with the SEC on September 16, 2014. On October 2, 2014, the SEC declared the Registration Statement effective and the Company announced the pricing of the October 2014 Follow-On Offering at a public offering price of $11.90 per share. The Company completed the October 2014 Follow-On Offering of 3,035,444 shares of Class A common stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters, on October 8, 2014. Net proceeds of the October 2014 Follow-On Offering were approximately $32.9 million after deducting underwriting discounts and commissions and offering costs.

On January 20, 2015, the Company completed an underwritten shelf takedown offering (the “January 2015 Follow-On Offering”) of 4,600,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-200359) filed with the SEC on November 19, 2014 and declared effective on December 19, 2014 (the “December 2014 Shelf Registration Statement”). The public offering price of $12.50 per share was announced on January 14, 2015. Net proceeds of the January 2015 Follow-On Offering were approximately $53.7 million after deducting underwriting discounts and commissions and offering costs.

On May 22, 2015, the Company completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $13.00 per share was announced on May 19, 2015. Net proceeds of the May 2015 Follow-On Offering were approximately $77.6 million after deducting underwriting discounts and commissions and offering costs.

7 

On October 21, 2015, the Company completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 16, 2015. Net proceeds of the October 2015 Preferred Stock Offering were approximately $69.2 million after deducting underwriting discounts and commissions and estimated offering costs.

On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Original Units”) consisting of 150,000 shares of Series B redeemable preferred stock (the “Original Series B Preferred Stock”) and warrants (the “Original Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Original Series B Preferred Stock). As of December 31, 2015, no Original Units had been sold.

On February 22, 2016, the Company’s board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, the Company terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, the Company filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Units”) consisting of 150,000 shares of the reclassified Series B redeemable preferred stock (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Series B Preferred Stock). As of March 31, 2016, the Company was continuing to organize its sales activities and no Units had been sold.

On March 29, 2016, the Company filed a prospectus supplement to the registration statement on Form S-3 (File No. 333-208956) filed with the SEC on January 12, 2016 and declared effective on January 29, 2016 (the “January 2016 Shelf Registration Statement”) with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT, or on any other existing trading market for Series A Preferred Stock or through a market maker (collectively, the “March 2016 ATM Offering”). As of March 31, 2016, the Company was continuing to organize its sales activities and no shares of Series A Preferred Stock had been sold in the March 2016 ATM Offering.

As of March 31, 2016, the Company's portfolio consisted of interests in twenty-four properties (seventeen operating properties and seven development properties). The Company’s twenty-four properties contain an aggregate of 7,709 units, comprised of 5,660 operating units and 2,049 units under development. As of March 31, 2016, these properties, exclusive of development properties, and Whetstone, Sorrel and EOS, the lease-up properties, were approximately 95% occupied.

Note 2 – Basis of Presentation and Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of March 31, 2016, limited partners other than the Company owned approximately 6.53% of the Operating Partnership (1.46% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.07% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”)). Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock”), and the Company’s external manager, BRG Manager, LLC, a Delaware limited liability company, is referred to as its Manager (“Manager”). Both Bluerock and the Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements.

Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.  The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation.

Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. 

8 

Interim Financial Information

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X.  Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included.  Operating results for interim periods should not be considered indicative of the operating results for a full year.

The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2015 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 24, 2016. 

Summary of Significant Accounting Policies

There have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements  

In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU-2016-09”). The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is in the process of evaluating the future impact of ASU 2016-02 on our consolidated financial position, results of operations and cash flows.

In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 became effective for public business entities in the first annual period beginning after December 15, 2015. Beginning in its fiscal year ending December 31, 2016, the Company adopted ASU 2015-03, and retrospectively applied the guidance to its Mortgages Payable for all periods presented Unamortized deferred financing costs, net, of $5.0 million and $3.5 million are included in Mortgages Payable as of March 31, 2016, and December 31, 2015, respectively (previously included as Deferred financing costs, net on the Company’s Consolidated Balance Sheets). The adoption of ASU 2015-03 did not have a material impact on the Company’s financial position or results of operations.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 did not have a material impact on the Company’s financial position or results of operations.

9 

In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 did not have a material impact on the Company's financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures.

Note 3 – Sale of Unconsolidated Real Estate Joint Ventures

Sale of Joint Venture Equity Interests

On January 14, 2015, the Company, along with the other two holders of tenant-in-common interests in Berry Hill, sold their respective interests to 2300 Berry Hill General Partnership, an unaffiliated third party. The aggregate purchase price was $61.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for payment of the existing mortgage indebtedness and payment of closing costs and fees, the sale of the Company’s interest in Berry Hill generated net proceeds of approximately $7.3 million to the Company and a consolidated gain on sale of $11.3 million, of which the Company’s pro rata share of gain is $5.3 million before disposition expenses of $0.1 million, which was included in the Company’s statement of operations for the three months ended March 31, 2015.

Sale of North Park Towers

On October 16, 2015, the Company closed on the sale of the North Park Towers property, located in Southfield, Michigan. The 100% owned property was sold for approximately $18.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for payment of the existing mortgage indebtedness encumbering the North Park Towers property in the amount of $11.5 million and payment of closing costs and fees, the sale of the property generated net proceeds for the Company of approximately $6.6 million and a gain on sale of $2.7 million, net of disposition expenses of $0.3 million.

Note 4 – Investments in Real Estate

As of March 31, 2016, the Company was invested in seventeen operating real estate properties and seven development properties generally through joint venture partnerships. The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting.

Operating Properties   

Multifamily Community Name/Location	Number of Units		Date Built/Renovated(1)		Ownership Interest			Average Rent(2)		% Occupied (3)
ARIUM at Palmer Ranch, Sarasota, FL		320		2016		95.0	%	$	1,085		97	%
ARIUM Grandewood, Orlando, FL		306		2005		95.0	%		1,200		96	%
ARIUM Gulfshore, Naples, FL		368		2016		95.0	%		1,071		99	%
ARIUM Palms, Orlando, FL		252		2008		95.0	%		1,181		90	%
Ashton Reserve, Charlotte, NC		473		2015		100.0	%		1,026		92	%
Enders Place at Baldwin Park, Orlando, FL		220		2003		89.5	%		1,609		98	%
EOS, Orlando, FL (4)		296		2015		—			1,211		61	%
Fox Hill, Austin, TX		288		2010		94.6	%		1,148		98	%
Lansbrook Village, Palm Harbor, FL		609		2004		90.0	%		1,200		92	%
MDA Apartment, Chicago, IL		190		2006		35.3	%		2,263		97	%
Park & Kingston, Charlotte, NC		168		2015		96.4	%		1,153		96	%
Sorrel, Frisco, TX (5)		352		2015		95.0	%		1,288		85	%
Sovereign, Fort Worth, TX		322		2015		95.0	%		1,240		93	%
Springhouse at Newport News, Newport News, VA		432		1985		75.0	%		839		94	%
The Preserve at Henderson Beach, Destin, FL		340		2009		100.0	%		1,252		91	%
Village Green of Ann Arbor, Ann Arbor, MI		520		2013		48.6	%		1,173		95	%
Whetstone, Durham, NC (4)		204		2015		—			1,325		80	%
Total/Average		5,660						$	1,189		95	%

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⁽¹⁾ Represents date of last significant renovation or year built if there were no renovations.  

⁽²⁾ Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $430,000.

⁽³⁾ Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up.

⁽⁴⁾ Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $1,268 and $1,107, respectively, net of upfront lease-up concessions.

⁽⁵⁾ Sorrel is in lease-up and actual average rents were $1,206, net of upfront lease-up concessions.

Depreciation expense was $5.1 million and $2.3 million for the three months ended March 31, 2016 and 2015, respectively.

Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $2.4 million and $0.5 million for the three months ended March 31, 2016 and 2015, respectively.

Development Properties

Multifamily Community Name/Location	Planned Number of Units		Anticipated Initial Occupancy	Anticipated Final Units to be Delivered	Pro Forma Average Rent (1)
Alexan CityCentre, Houston, TX		340	2Q 2017	4Q 2017	$	2,144
Alexan Southside Place, Houston, TX		269	4Q 2017	2Q 2018	$	2,019
Cheshire Bridge, Atlanta, GA		285	1Q 2017	3Q 2017	$	1,559
Domain, Garland, TX		301	4Q 2017	3Q 2018	$	1,425
Flagler Village, Ft. Lauderdale, FL		326	2Q 2019	2Q 2020	$	2,483
Lake Boone Trail, Raleigh, NC		245	1Q 2018	3Q 2018	$	1,402
West Morehead, Charlotte, NC		283	1Q 2018	4Q 2018	$	1,601
Total/Average		2,049			$	1,832

⁽¹⁾ Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.

Note 5 – Acquisition of Real Estate

The following describes the Company’s significant acquisition activity during the three months ended March 31, 2016:

Acquisition of Summer Wind and Citation Club Apartments

On January 5, 2016, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $15.9 million and approximately $13.6 million in a multi-tiered joint venture along with an affiliate of Carroll Organization, to acquire (i) a 368-unit apartment community located in Naples, Florida to be known as ARIUM Gulfshore, formerly known as the Summer Wind Apartments (“ARIUM Gulfshore”) and (ii) a 320-unit apartment community located in Sarasota, Florida to be known as ARIUM at Palmer Ranch, formerly known as Citation Club Apartments (“ARIUM at Palmer Ranch”), respectively. The Company’s indirect ownership interest in the joint venture that owns ARIUM Gulfshore and ARIUM at Palmer Ranch is 95.0%. ARIUM Gulfshore’s purchase price of approximately $47.0 million was funded, in part, with a $32.6 million senior mortgage loan secured by ARIUM Gulfshore property and improvements. ARIUM at Palmer Ranch’s purchase price of approximately $39.3 million was funded, in part, with a $26.9 million senior mortgage loan secured by the ARIUM at Palmer Ranch property and improvements.

Acquisition of The Preserve at Henderson Beach

On March 15, 2016, the Company, through subsidiaries of its Operating Partnership, completed an investment of approximately $17.2 million to acquire in fee simple a 340-unit apartment community located in Destin, Florida, known as Alexan Henderson Beach to be rebranded as The Preserve at Henderson Beach (“Henderson Beach”).  The purchase price for Henderson Beach was approximately $53.7 million and included the assumption of the current first priority loan secured by Henderson Beach, which had a principal balance as of the closing date of approximately $37.5 million.

11 

Preliminary Purchase Price Allocations

The acquisitions of ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the purchase price allocations as soon as practical, but no later than one year from each property’s respective acquisition date.

The following table summarizes the assets acquired and liabilities assumed at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available (amounts in thousands): 

	Preliminary Purchase Price Allocation
Land	$	21,900
Building		110,637
Building improvements		769
Land improvements		2,875
Furniture and fixtures		2,479
In-place leases		2,868
Total assets acquired	$	141,528
Mortgages assumed	$	37,476
Fair value adjustments		1,578
Total liabilities acquired	$	39,054

In connection with the acquisition of The Preserve at Henderson Beach, the Company assumed mortgage debt with a fair value of approximately $39.1 million.

The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sorrel, Sovereign, ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach (collectively, the "Recent Acquisitions"), had occurred on January 1, 2015 (amounts in thousands, except per share amounts).

	Three Months Ended March 31,									Three Months Ended March 31,
	2016									2015
	As Reported			Pro-Forma Adjustments			Pro-Forma			As Reported		Pro-Forma Adjustments			Pro-Forma
Revenues	$	16,634		$	1,044		$	17,678		$	9,036	$	7,926		$	16,962
Net (loss) income	$	(2,625	)	$	(184	)	$	(2,809	)	$	9,347	$	(3,164	)	$	6,183
Net (loss) income attributable to common stockholders	$	(4,135	)	$	(182	)	$	(4,317	)	$	3,313	$	(3,027	)	$	286
(Loss) earnings per share, basic and diluted (1)	$	(0.20	)				$	(0.21	)	$	0.26				$	0.02

⁽¹⁾ Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income attributable to BRG.

Aggregate property level revenues and net loss for the Recent Acquisitions, since the properties’ respective acquisition dates, that are reflected in the Company’s consolidated statement of operations for the three months ended March 31, 2016 amounted to $8.3 million and $3.2 million, respectively.

12 

Note 6 – Investments in Unconsolidated Real Estate Joint Ventures

Following is a summary of the Company’s ownership interests in the investments reported under the equity method of accounting. The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 is summarized in the table below (amounts in thousands):

Property	March 31,  2016		December 31,  2015
Alexan CityCentre	$	6,505	$	6,505
Alexan Southside Place		17,322		17,322
Cheshire Bridge		16,360		16,360
Domain		3,733		3,806
EOS		3,629		3,629
Flagler Village		8,189		5,451
Lake Boone Trail		9,919		9,919
West Morehead		3,493		—
Whetstone		12,932		12,231
Total	$	82,082	$	75,223

As of March 31, 2016, the Company had outstanding preferred equity investments in nine multi-tiered joint ventures, each of which were created to develop a multifamily property. In each case, a wholly-owned subsidiary of the Operating Partnership made a preferred investment in a joint venture, except Flagler Village, which is a common interest. The common interests in these joint ventures, as well as preferred interests in some cases, are owned by affiliates of the Manager. In each case, the Company’s investment in the joint venture generates a preferred return of 15% on its outstanding capital contributions and the Company is not allocated any of the income or loss in the joint ventures. The joint venture then becomes the controlling member in an entity whose purpose is to develop a multifamily property. Each joint venture is required to redeem the Company’s preferred membership interests plus any accrued but unpaid preferred return on the earlier of the date which is six months following the maturity of the related development’s construction loan, or any earlier acceleration or due date. Additionally, the Company has the right, in its sole discretion, to convert its preferred membership interest in each joint venture into a common membership interest for a period of six months from the date upon which 70% of the units in the related development have been leased.

The following provides additional information regarding the Company’s preferred equity investments as of March 31, 2016:

The equity in income of the Company’s unconsolidated real estate joint ventures for the three months ended March 31, 2016 and 2015 is summarized below (amounts in thousands):

	Three Months Ended March 31,
Property	2016			2015
Alexan CityCentre	$	243		$	241
Alexan Southside Place		648			261
Cheshire Bridge		612			—
Domain		138			—
EOS		136			134
Flagler Village		(2	)		—
Lake Boone Trail		371			—
Villas at Oak Crest		—			105
West Morehead		164			—
Whetstone		458			—
Other		—			(11	)
Equity in income of unconsolidated real estate joint ventures	$	2,768		$	730

13 

Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015, is as follows:

	March 31,  2016		December 31,  2015
Balance Sheets:
Real estate, net of depreciation	$	158,373	$	132,265
Other assets		19,874		24,737
Total assets	$	178,247	$	157,002
Mortgages payable	$	70,990	$	55,066
Other liabilities		5,772		5,018
Total liabilities	$	76,762	$	60,084
Members’ equity		101,485		96,918
Total liabilities and members’ equity	$	178,247	$	157,002

	Three Months Ended March 31,
	2016			2015
Operating Statement:
Rental revenues	$	1,146		$	683
Operating expenses		(729	)		(280	)
Income before debt service, acquisition costs, and depreciation and amortization		417			403
Interest expense, net		(323	)		(181	)
Depreciation and amortization		(759	)		(212	)
Operating (loss) income		(665	)		10
Gain on sale		—			29,197
Net (loss) income	$	(665	)	$	29,207

Acquisition of Alexan Southside Place (formerly referred to as Alexan Blaire House) Interests

On January 12, 2015, through BRG Southside, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Bluerock Special Opportunity + Income Fund II, LLC, (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), which are affiliates of the Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 269-unit Class A apartment community located in Houston, Texas, to be known as Alexan Southside Place. Alexan Southside Place will be developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC, as tenant under an 85-year ground lease. The Company has made a capital commitment of $17.3 million to acquire 100% of the preferred equity interests in BRG Southside, LLC, all of which has been funded as of March 31, 2016.

Alexan Southside Place Construction Financing

On April 7, 2015, the Company, through BR Bellaire BLVD, LLC, an indirect subsidiary, entered into a $31.8 million construction loan with Bank of America, NA which is secured by the leasehold interest in the Alexan Southside Place property. The loan matures on April 7, 2019, and contains a one-year extension option, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on the base rate plus 1.25% or LIBOR plus 2.25%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty year amortization. The loan can be prepaid without penalty.

Acquisition of Whetstone Interests

On May 20, 2015, through BRG Whetstone Durham, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of TriBridge Residential, LLC, to acquire a 204-unit Class A apartment community located in Durham, North Carolina, to be known as Whetstone Apartments. The Company has made a capital commitment of $12.2 million to acquire 100% of the preferred equity interests in BRG Whetstone Durham, LLC, all of which has been funded as of March 31, 2016. The acquisition of Whetstone Apartments was partially funded by a bridge loan of approximately $25.2 million secured by the Whetstone Apartment property. The loan matures May 18, 2016 and bears interest on a floating basis based on LIBOR plus 2.0%. The loan can be prepaid without penalty. The Company provided certain standard scope non-recourse carveout guaranties in conjunction with the loan. The Whetstone bridge loan is in the process of being extended on a short-term basis in order to facilitate the placing of permanent financing upon stabilization.

14 

Acquisition of Cheshire Bridge Interests

On May 29, 2015, through BRG Cheshire, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of Catalyst Development Partners II, to develop a 285-unit Class A apartment community located in Atlanta, Georgia, to be known as Cheshire Bridge Apartments. The Company has made a capital commitment of $16.4 million to acquire 100% of the preferred equity interests in BRG Cheshire, LLC, all of which has been funded as of March 31, 2016.

Cheshire Bridge Construction Financing

On December 16, 2015, the Company, through CB Owner, LLC, an indirect subsidiary, entered into a $38.1 million construction loan with The PrivateBank and Trust Company which is secured by the fee simple interest in the Cheshire property. The loan matures on December 16, 2018, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.50%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty year amortization. The loan can be prepaid without penalty.

Acquisition of Domain Phase 1 Interest

On November 20, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Domain Phase 1, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 301-unit, class A, apartment community located in Garland, Texas. The property will be developed upon a tract of approximately 10 acres of land. The Company has made a capital commitment of $18.6 million to acquire 100% of the preferred equity interests in BR Member Domain Phase I, LLC, of which $3.7 million has been funded at March 31, 2016.

Acquisition of Flagler Village Interest

On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Flagler Village, LLC, the Company made an investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 326-unit, class A, apartment community located in Ft. Lauderdale, Florida. The Company has made a capital commitment of $41.5 million to acquire interests in BR Flagler Village, LLC, of which $8.2 million has been funded at March 31, 2016.

Acquisition of Lake Boone Trail

On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Lake Boone, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of Tribridge Residential, LLC, to develop an approximately 245-unit, class A, apartment community located in Raleigh, North Carolina. The Company has made a capital commitment of $16.8 million to acquire 100% of the preferred equity interests in BR Lake Boone, LLC, of which $9.9 million has been funded at March 31, 2016.

Acquisition of West Morehead interest

On January 6, 2016, through a wholly-owned subsidiary of the Operating Partnership, BRG Morehead NC, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 283-unit Class A apartment community located in Charlotte, North Carolina to be known as West Morehead.  The Company has made a capital commitment of approximately $19 million to acquire 100% of the preferred equity interests in BR Morehead JV Member, LLC, of which $3.5 million has been funded at March 31, 2016.

15 

Note 7 – Mortgages Payable

The following table summarizes certain information as of March 31, 2016 and December 31, 2015, with respect to the Company’s indebtedness (amounts in thousands):

	Outstanding Principal						As of March 31, 2016
Property	March 31, 2016			December 31, 2015			Interest Rate			Fixed/ Floating			Maturity Date
ARIUM at Palmer Ranch	$	26,925		$	—			2.61	%		Floating	(1)	February 1, 2023
ARIUM Grandewood		29,444			29,444			2.11	%		Floating	(2)	December 1, 2024
ARIUM Gulfshore		32,626			—			2.61	%		Floating	(3)	February 1, 2023
ARIUM Palms		24,999			24,999			2.66	%		Floating	(4)	September 1, 2022
Ashton Reserve I		31,900			31,900			4.67	%		Fixed		December 1, 2025
Ashton Reserve II		15,270			15,270			3.06	%		Floating	(5)	January 1, 2026
Enders Place at Baldwin Park(6)		25,050			25,155			4.30	%		Fixed		November 1, 2022
Fox Hill		26,705			26,705			3.57	%		Fixed		April 1, 2022
Lansbrook Village		43,628			43,628			4.42	%		Blended	(7)	March 31, 2018
MDA Apartments		37,515			37,600			5.35	%		Fixed		January 1, 2023
Park & Kingston		15,250			15,250			3.21	%		Fixed		April 1, 2020
Sorrel		38,684			38,684			2.73	%		Floating	(8)	May 1, 2023
Sovereign		28,880			28,880			3.46	%		Fixed		November 10, 2022
Springhouse at Newport News		22,087			22,176			5.66	%		Fixed		January 1, 2020
The Preserve at Henderson Beach		37,476			—			4.65	%		Fixed		January 5, 2023
Village Green of Ann Arbor		42,132			42,326			3.92	%		Fixed		October 1, 2022
Total		478,571			382,017
Fair value adjustments		3,106			1,620
Subtotal		481,677			383,637
Deferred financing costs, net		(4,969	)		(3,535	)
Total	$	476,708		$	380,102

⁽¹⁾ ARIUM at Palmer Ranch loan bears interest at a floating rate of 2.17% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.61%.

⁽²⁾ ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At March 31, 2016, the interest rate was 2.11%.

⁽³⁾ ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR. At March 31, 2016, the interest rate was 2.61%.

⁽⁴⁾ ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At March 31, 2016, the interest rate was 2.66%.

⁽⁵⁾ Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At March 31, 2016, the interest rate was 3.06%.

⁽⁶⁾ The principal includes a $17.1 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

⁽⁷⁾ The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three month LIBOR plus 3.00%, as of March 31, 2016, the additional advance had an interest rate of 3.63%.

⁽⁸⁾ Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.73%.

Deferred financing costs

Costs incurred in obtaining long-term financing, included in Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

ARIUM Gulfshore Mortgage Payable

On January 5, 2016, the Company, through an indirect subsidiary (the “ARIUM Gulfshore Borrower”), entered into an approximately $32.6 million loan with Jones Long LaSalle Multifamily, LLC, on behalf of Freddie Mac, which is secured by ARIUM Gulfshore. The loan matures February 1, 2023 and bears interest on a floating basis based on LIBOR plus 2.17%, with interest only payments until maturity. After January 5, 2017 the loan may be prepaid with a 1% prepayment fee through October 31, 2022, and thereafter at par. The loan is nonrecourse to the Company and the ARIUM Gulfshore Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the ARIUM Gulfshore Borrower, or any of its officers, members, managers or employees.

16 

ARIUM at Palmer Ranch Mortgage Payable

On January 5, 2016, the Company, through an indirect subsidiary (the “ARIUM at Palmer Ranch Borrower”), entered into an approximately $26.9 million loan with Jones Long LaSalle Multifamily, LLC, on behalf of Freddie Mac, which is secured by ARIUM at Palmer Ranch. The loan matures February 1, 2023 and bears interest on a floating basis based on LIBOR plus 2.17%, with interest only payments until maturity. After January 5, 2017 the loan may be prepaid with a 1% prepayment fee through October 31, 2022, and thereafter at par. The loan is nonrecourse to the Company and the ARIUM at Palmer Ranch Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the ARIUM at Palmer Ranch Borrower, or any of its officers, members, managers or employees.

The Preserve at Henderson Beach Mortgage Payable

On March 15, 2016, the Company, through an indirect subsidiary (the “Henderson Beach Borrower”), assumed an approximately $37.5 million loan with Western-Southern Life Assurance Company, which is secured by Henderson Beach. The loan matures January 5, 2023 and bears interest at a fixed rate of 4.65%, with fixed monthly payments based on 30-year amortization. The loan may be prepaid with the greater of 1% prepayment fee or yield maintenance. The loan is nonrecourse to the Company and the Henderson Beach Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the Henderson Beach Borrower, or any of its officers, members, managers or employees.

As of March 31, 2016, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2016 (April 1-December 31)	$	2,631
2017		4,141
2018		46,473
2019		5,046
2020		41,895
Thereafter		378,385
	$	478,571
Add: Unamortized fair value debt adjustment		3,106
Subtract: Deferred financing costs, net		(4,969	)
Total	$	476,708

The net book value of real estate assets providing collateral for these above borrowings were $665.8 million and $530.6 million at March 31, 2016 and December 31, 2015, respectively.

Note 8 – Fair Value of Financial Instruments

As of March 31, 2015 and December 31, 2015, the Company believes the carrying value of cash and cash equivalents, accounts receivable, due to and from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities.  As of March 31, 2016 and December 31, 2015, the approximate fair value of mortgages payable were $492.8 million and $387.1 million, respectively, compared to the carrying value, before adjustments for deferred financing costs, net, of $481.7 million and $383.6 million, respectively.  The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs, as defined in ASC Topic 820, “Fair Value Measurement”) for similar types of borrowing arrangements.

Note 9 – Related Party Transactions

In connection with the Company’s acquisition of an interest in the Villas at Oak Crest, the Company assumed a receivable of $0.3 million from Fund II related to accrued interest on Fund II’s investment in the Villas at Oak Crest prior to the contribution of their interest to the Company, and as of December 31, 2014, the Company had a corresponding payable to Fund II for this amount. The payable to Fund II of $0.3 million was paid off in September 2015 in conjunction with the sale of the Villas at Oak Crest.

In May 2015, the Company invested an additional $6.5 million, plus customary prorations, in equity in Park & Kingston, increasing the Company’s indirect ownership interest in the property from 46.95% to approximately 96.0%. The additional interests were purchased from Fund III, an affiliate of our Manager, based on the original purchase price on a pro rata basis, plus customary prorations.

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In May 2015, the Company invested an additional $1.1 million, plus customary prorations, in equity in Fox Hill, increasing the Company’s indirect ownership interest in the property from 85.27% to approximately 94.62%. The additional interests were purchased from Fund III, an affiliate of our Manager, based on the original purchase price on a pro rata basis, plus customary prorations.

In December 2015, the Company invested an additional $3.7 million, plus customary prorations, in equity in Lansbrook, increasing the Company’s indirect ownership interest in the property from 76.8% to approximately 90.00%. The additional interests were purchased from Fund II and Fund III, affiliates of our Manager, based on an appraisal value, plus customary prorations.

In December 2015, in conjunction with the sale of Villas at Oak Crest, two former joint venture partners, who were related to the Company’s Chief Executive Officer, converted their ownership in Villas at Oak Crest into 22,809 Operating Partnership Units.

Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of the Villas at Oak Crest, which was accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which had been reported as consolidated for the periods presented). As holders of shares of the Company’s Class A common stock issued in the contribution transactions in connection with the IPO, Fund II and Fund III and their respective managers have certain registration rights covering the resale of their shares of Class A common stock. In addition, BR-NPT Springing Entity, LLC (“NPT”) and Bluerock Property Management, LLC, the property manager of North Park Towers (“BPM”), as holders of OP Units issued in the contribution transactions, and the Manager and the former advisor, as holders of LTIP Units, have certain registration rights covering the resale of shares of the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted. Fund II, Fund III and their respective managers have agreed not to require the Company to file a registration statement with respect to the resale of their shares of Class A common stock until January 4, 2016. In addition, NPT and BPM, and the Manager and the Former Advisor, agreed not to require the Company to file a registration statement with respect to the resale of their shares of the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted, until January 4, 2016.

The Company entered into a management agreement (the “Management Agreement”), with the Manager, on April 2, 2014. The terms and conditions of the Management Agreement, which became effective as of April 2, 2014, are described below.

Management Agreement

The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Company’s board of directors. The Manager acts under the supervision and direction of the Board. Specifically, the Manager is responsible for (1) the selection, purchase and sale of the Company’s investment portfolio, (2) the Company’s financing activities, and (3) providing the Company with advisory and management services. The Manager provides the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel. None of the officers or employees of the Manager are dedicated exclusively to the Company.

The Company pays the Manager a base management fee in an amount equal to the sum of: (A) 0.25% of the Company’s stockholders’ existing and contributed equity prior to the IPO and in connection with our contribution transactions, per annum, calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears, and (B) 1.5% of the equity per annum of the Company’s stockholders who purchase shares of the Company’s stock, calculated quarterly based on their equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee is payable independent of the performance of the Company’s investments. The Company amended the Management Agreement to provide that the base management fee can be payable in cash or LTIP Units, at the election of the Board. The number of LTIP Units issued for the base management fee or incentive fee will be based on the fees earned divided by the 5-day trailing average Class A common stock price prior to issuance. The base management fee expense for the Manager was $0.5 million and $3.3 million for the three months ended March 31, 2015 and year ended December 31, 2015, respectively. Base management fees of $0.7 million were expensed during the three months ended June 30, 2015, which were paid through the issuance of 59,077 LTIP Units on August 13, 2015. Base management fees of $0.9 million were expensed during the three months ended September 30, 2015, which were paid through the issuance of 77,497 LTIP Units on November 18, 2015. Base management fees of $1.1 million were expensed during the three months ended December 31, 2015, which were paid through the issuance of 115,304 LTIP Units on February 29, 2016. Base management fees of $1.2 million were expensed during the three months ended March 31, 2016, which will be paid through the issuance of approximately 111,620 LTIP Units assuming the $10.88 common stock price at March 31, 2016.

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The Company also pays the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee is equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s adjusted funds from operations (“AFFO”), for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the IPO and in future offerings and transactions, multiplied by the weighted average number of all shares of the Company’s Class A common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of Class A common stock, LTIP Units, and other shares of common stock underlying awards granted under the Incentive Plans and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to the IPO or in the contribution transactions, and (B) 8%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the IPO, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the IPO, AFFO will be determined by annualizing the applicable period following completion of the IPO. One half of each quarterly installment of the incentive fee will be payable in LTIP Units, calculated pursuant to the formula above. The remainder of the incentive fee will be payable in cash or in LTIP Units, at the election of the Board, in each case calculated pursuant to the formula above. Incentive fees of $0.15 million were expensed during the three months ended December 31, 2014, which resulted in the issuance of 10,896 LTIP Units on February 18, 2015. Incentive fees to the Manager of $0.9 million were expensed during the three months ended March 31, 2015, which resulted in the issuance of 67,837 LTIP Units on May 14, 2015. No incentive fees to the Manager were earned or expensed during the nine months ended December 31, 2015. No incentive fees were earned or expensed during the three months ended March 31, 2016.

Management fee expense of $0.1 million and $0.4 million was recorded as part of general and administrative expenses for the three months ended March 31, 2016 and 2015, respectively, and $0.9 million was recorded for the year ended December 31, 2015 related to the 179,562 LTIP Units granted in connection with the IPO. The expense recognized during 2016 and 2015 was based on a price of $10.88 and $11.85 per LTIP Unit, which represents the closing share price for the Company’s Class A common stock on March 31, 2016 and December 31, 2015, respectively. These LTIP Units vest over a three year period that began in April 2014, and 59,854 LTIP Units vested on April 30, 2015.

On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Company’s external manager, BRG Manager, LLC. The equity grant consisted of 283,390 LTIP Units. The LTIP Units will vest ratably over a three year period that began in July 2015, subject to certain terms and conditions. The LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. The LTIP Units provide for the payment of distribution equivalents at the same time distributions are paid to holders of the Company’s Class A common stock. LTIP expense of $0.4 million for the three months ended March 31, 2016 and $1.0 million was recorded as part of general and administrative expenses for the year ended December 31, 2015, respectively, related to these LTIP Units. The expense recognized during 2016 and 2015 was based on a price of $10.88 and $11.85 per LTIP Unit, respectively, which represents the closing share price for the Company’s Class A common stock on March 31, 2016 and December 31, 2015, respectively.

The Company is also required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The Manager waived all reimbursements through the six months ended June 30, 2015. Reimbursements of $0.3 million were expensed during the six months ended December 31, 2015 and are recorded as part of general and administrative expenses. Reimbursements of $0.1 million were expensed during the three months ended March 31, 2016 and are recorded as part of general and administrative expenses.

The initial term of the Management Agreement expires on April 2, 2017 (the third anniversary of the closing of the IPO), and will be automatically renewed for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms of the Management Agreement. Following the initial term of the Management Agreement, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance that is materially detrimental to the Company, or (2) the Company’s determination that the fees payable to the Manager are not fair, subject to the Manager’s right to prevent such termination due to unfair fees by accepting a reduction of the fees agreed to by at least two-thirds of the Company’s independent directors. The Company must provide 180 days’ prior notice of any such termination. Unless terminated for cause, as further described in the Management Agreement, the Manager will be paid a termination fee equal to three times the sum of the base management fee and incentive fee earned, in each case, by the Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, for cause with 30 days’ prior written notice from the Board.

During the initial three-year term of the Management Agreement, the Company may not terminate the Management Agreement except as described above or in the following circumstance: At the earlier of (i) April 2, 2017 (three years following the completion of the IPO), and (ii) the date on which the value of the Company’s stockholders’ equity exceeds $250.0 million, the Board may, but is not obligated to, internalize the Company’s management. The Manager may terminate the Management Agreement if it becomes required to register as an investment company under the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. In addition, if the Company defaults in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to the Company, the Manager may terminate the Management Agreement upon 60 days’ written notice. If the Management Agreement is terminated by the Manager upon a breach by the Company, the Company is required to pay the Manager the termination fee described above.

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The Manager may retain, at its sole cost and expense, the services of such persons and firms as the Manager deems necessary in connection with our management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses are in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis.

Prior and Terminated Advisory Agreement

Prior to the entry by the Company into the Management Agreement upon the completion of the IPO and the concurrent termination of the Advisory Agreement, the Former Advisor performed essentially the same duties and responsibilities as the Company’s new Manager. The Advisory Agreement had a one-year term expiring October 14, 2014, and was renewable for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor.

The Former Advisor was entitled to the payment of certain fees in compensation for advisory and general management services rendered thereunder for periods prior to the Company’s initial public offering on April 2, 2014, and reimbursements for certain costs and expenses incurred in connection with the provision thereof, in an aggregate amount of $1.18 million. Effective on September 4, 2015, the Former Advisor and Manager entered into an Assignment Agreement pursuant to which the Former Advisor assigned its right to payment of the obligation due to the Former Advisor to the Manager. The Manager agreed to receive the payment entirely in LTIP Units of the Operating Partnership. The obligation was paid by the number of LTIP Units equal to (i) the dollar amount of the obligation payable in such LTIP Units (calculated as $1.18 million), divided by (ii) the average of the closing prices of the Company’s Class A Common Stock, $0.01 par value per share, on the NYSE MKT on the five business days prior to the issuance date. The payment was made through the issuance of 108,119 LTIP Units by the Operating Partnership to the Manager on the September 14, 2015. The LTIP Units were fully vested upon issuance, and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be settled in shares of the Company’s Class A common stock. The Manager will be entitled to receive “distribution equivalents” with respect to the LTIP Units at the same time distributions are paid to the holders of the Company’s Class A common stock.

All of the Company’s executive officers, and some of its directors, are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Manager and other Bluerock-affiliated entities.  As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders.

 Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; and 3) the fees received by the Manager and its affiliates.

Pursuant to the terms of the Management Agreement, summarized below are the related party amounts payable to our Manager, as of March 31, 2016 and December 31, 2015 (in thousands):

	March 31, 2016		December 31, 2015
Amounts Payable to the Manager under the Management Agreement
Base management fee	$	1,214	$	1,133
Operating expense reimbursements and direct expense reimbursements		148		218
Total amounts payable to Manager	$	1,362	$	1,351

As of March 31, 2016 and December 31, 2015, the Company had no amounts and $0.1 million, respectively, in payables due to related parties other than the Manager.

As of March 31, 2016 and December 31, 2015, the Company had $0.9 million and $0.9 million, respectively, in receivables due from related parties other than the Manager.

Bluerock Property Management, LLC

The Company incurred $0.05 million in property management fees to Bluerock Property Management, LLC, an affiliate of Bluerock, on behalf of the North Park Towers property during the three months ended March 31, 2015. No property management fees were payable in 2016 due to the sale of North Park Towers in October 2015.

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Note 10 – Stockholders’ Equity

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, by the weighted average number of common shares outstanding for the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period.  Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock.

The Company considers the requirements of the two-class method when preparing earnings per share. Earnings per share is not affected by the two-class method because the Company’s Class A, B-1, B-2 and B-3 common stock and LTIP Units participate in dividends on a one-for-one basis.

The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2016			2015
Net (loss) income from operations attributable to common stockholders	$	(4,135	)	$	3,313
Dividends on restricted stock expected to vest		(3	)		(2	)
Basic net (loss) income from operations attributable to common stockholders	$	(4,138	)	$	3,311
Weighted average common shares outstanding(1)		20,521,596			12,547,895
Potential dilutive shares(2)		—			—
Weighted average common shares outstanding and potential dilutive shares(1)		20,521,596			12,547,895
(Loss) income per common share, basic	$	(0.20	)	$	0.26
(Loss) income per common share, diluted	$	(0.20	)	$	0.26

 The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed below.

The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

⁽¹⁾ For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding.

⁽²⁾ Excludes 13,378 shares of common stock, for the three months ended March 31, 2016 and 3,956 shares of common stock, for the three months ended March 31, 2015, related to non-vested restricted stock, as the effect would be anti-dilutive.

Class B Common Stock

The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Board’s consideration of strategic alternatives to maximize value to the Company’s stockholders. Through September 9, 2013, the Company had raised an aggregate of $22.6 million in gross proceeds through its continuous registered offering, including its distribution reinvestment plan.

On January 23, 2014, the Company's stockholders approved the second articles of amendment and restatement to the Company’s charter (the “Second Charter Amendment”), which provided, among other things, for the designation of a new share class of Class A common stock, and for the change of each existing outstanding share of the Company’s common stock into:

• 1/3 of a share of Class B-1 common stock; plus

• 1/3 of a share of Class B-2 common stock; plus

• 1/3 of a share of Class B-3 common stock.

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This transaction was effective upon filing the Second Charter Amendment with the State Department of Assessments and Taxation of the State of Maryland on March 26, 2014. Immediately following the filing of the Second Charter Amendment, the Company effectuated a 2.264881 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.

The Company refers to Class B-1 common stock, Class B-2 common stock and Class B-3 common stock collectively as “Class B” common stock. The Company listed its Class A common stock on the NYSE MKT on March 28, 2014. The Class B common stock is identical to the Class A common stock, except that (i) the Company does not intend to list the Class B common stock on a national securities exchange, and (ii) shares of the Class B common stock convert automatically into shares of Class A common stock at specified times, as follows:

• March 23, 2015, in the case of the Class B-1 common stock;

• September 19, 2015, in the case of the Class B-2 common stock; and

• March 17, 2016, in the case of the Class B-3 common stock.

On March 23, 2015, 353,630 shares of Class B-1 common stock converted into Class A common stock in accordance with the above, and no Class B-1 common stock remains outstanding. On September 19, 2015, 353,630 shares of Class B-2 common stock converted into Class A common stock in accordance with the above, and no Class B-2 common stock remains outstanding. On March 17, 2016, 353,629 shares of Class B-3 common stock converted into Class A common stock in accordance with the above, and no Class B-3 common stock remains outstanding.

Follow-On Equity Offerings

On January 20, 2015, the Company completed the January 2015 Follow-On Offering of 4,600,000 shares of its Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $12.50 per share was announced on January 14, 2015. Net proceeds of the January 2015 Follow-On Offering were approximately $53.7 million after deducting underwriting discounts and commissions and estimated offering expenses.

On May 22, 2015, the Company completed the May 2015 Follow-On Offering of 6,348,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $13.00 per share was announced on May 19, 2015. Net proceeds of the May 2015 Follow-On Offering were approximately $77.6 million after deducting underwriting discounts and commissions and offering costs.

October 2015 offering of 8.250% Series A Cumulative Redeemable Preferred Stock

On October 21, 2015, the Company completed an underwritten offering of 2,875,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share (the “Series A Preferred Stock”), inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “October 2015 Preferred Stock Offering”). The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 16, 2015. Net proceeds of the October 2015 Preferred Stock Offering were approximately $69.2 million after deducting underwriting discounts and commissions and estimated offering costs.

The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the board of directors. Commencing October 21, 2022, the annual dividend rate will increase by 2.0% annually, if not redeemed by the holder or not previously redeemed by the Company. Holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After October 21, 2020, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends.

At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statement of Stockholders’ Equity.

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Termination of Original Series B Preferred Stock Offering, Reclassification of Original Series B Preferred Stock, and Filing of New Prospectus Supplement for Offering of Reclassified Series B Preferred Stock

On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Original Units”) consisting of 150,000 shares of Series B redeemable preferred stock (the “Original Series B Preferred Stock”) and warrants (the “Original Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Original Series B Preferred Stock). As of December 31, 2015, no Original Units had been sold.

On February 22, 2016, the Company’s board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, the Company terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, the Company filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Units”) consisting of 150,000 shares of the reclassified Series B redeemable preferred stock (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Series B Preferred Stock) (the “Series B Preferred Offering”).

The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the board of directors. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decrease to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock, based on the volume weighted average price for the Class A common shares for the 20 trading days prior to the redemption.

At-the-Market Offering of Series A Cumulative Redeemable Preferred Stock

On March 29, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Sales Agreement, FBR and MLV will act as distribution agents with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT, or on any other existing trading market for Series A Preferred Stock or through a market maker (the “ATM Offering”).

Shelf Registration Statements

On January 12, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a shelf registration statement that expires in January 2019 (the “January 2016 Shelf Registration Statement”). The securities covered by the January 2016 Shelf Registration Statement cannot exceed $1,000,000,000 in the aggregate and include common stock, preferred stock, depositary shares representing preferred stock, debt securities, warrants to purchase stock or debt securities and units. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering.

On January 13, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a resale shelf registration statement that expires in January 2019 (the “Resale Registration Statement”). The Resale Registration Statement provides that selling stockholders named therein may offer for sale up to 2,262,621 shares of Class A common stock currently held or issuable in exchange for units of limited partnership in the Operating Partnership, tendered for redemption by the selling stockholders. The Company will not receive any proceeds from the sale of these securities.

Operating Partnership and Long-Term Incentive Plan Units

On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The limited partners of the Operating Partnership are Bluerock REIT Holdings, LLC, BR-NPT Springing Entity, LLC (“NPT”), Bluerock Property Management, LLC (“BPM”), our Manager, and Bluerock Multifamily Advisor, LLC (the “Former Advisor”), all of which are affiliates of Bluerock.

Prior to the completion of the IPO, the Company owned, directly and indirectly, 100% of the limited partnership units in the Operating Partnership. Effective as of the completion of the IPO, limited partners other than the Company owned approximately 9.87% of the Operating Partnership (282,759 OP Units, or 4.59%, were held by OP Unit holders, and 325,578 LTIP Units, or 5.28%, were held by LTIP Unit holders.) As of March 31, 2016, limited partners other than the Company owned approximately 6.53% of the Operating Partnership (305,568 OP Units, or 1.46%, is held by OP Unit holders, and 1,061,836 LTIP Units, or 5.07%, is held by LTIP Unit holders.)

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The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are units of limited partnership interest (“OP Units”), and the Operating Partnership’s long-term incentive plan units (“LTIP Units”). In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement Amendment provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, and will issue LTIP Units pursuant to the Company’s Amended and Restated 2014 Equity Incentive Plan for Individuals and Amended and Restated 2014 Equity Incentive Plan for Entities (collectively, the “Amended 2014 Incentive Plans”), to persons who provide services to the Company, including the Company’s officers, directors and employees.

Pursuant to the Partnership Agreement, as amended, any holders of OP Units, other than the Company or its subsidiaries, will receive redemption rights which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s Class A common stock, on a one-for-one basis. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its Class A common stock issuable upon redemption of the OP Units issued upon conversion of LTIP Units, which include those issued to the Manager and the Former Advisor. Subject to certain exceptions, the Operating Partnership will pay all expenses in connection with the exercise of registration rights under the Partnership Agreement. The Resale Shelf Registration Statement covers all such OP Units and LTIP Units issued prior to January 18, 2016.

Equity Incentive Plans

Prior to the Company’s IPO on April 2, 2014, the Company’s independent directors received an automatic grant of 5,000 shares of restricted stock on the initial effective date of the continuous registered offering and received an automatic grant of 2,500 shares of restricted stock when such directors were re-elected at each annual meeting of the Company’s stockholders thereafter through the 2013 annual meeting held on August 5, 2013. The restricted stock vested 20% at the time of the grant and 20% on each anniversary thereafter over four years from the date of the grant. All shares of restricted stock granted to the independent directors receive distributions, whether vested or unvested. The value of the restricted stock granted was determined at the date of grant. Commencing with the Company’s IPO, the Company’s independent directors no longer receive automatic grants upon appointment or reelection at each annual meeting of the Company’s stockholders.

On March 24, 2015, in accordance with the Company’s 2014 Equity Incentive Plan for Individuals (the “2014 Individuals Plan”), the Board authorized and each of the Company’s independent directors received two grants of 2,500 restricted shares of the Company’s Class A common stock. The first grant of 2,500 restricted shares related to services rendered in 2014 (each, a “2014 Restricted Stock Award”), while the second grant of 2,500 restricted shares relates to services rendered or to be rendered in 2015 (each, a “2015 Restricted Stock Award”). The vesting schedule for each 2014 Restricted Stock Award was as follows: (i) 834 shares as of March 24, 2015, (ii) 833 shares on March 24, 2016, and (iii) 833 shares on March 24, 2017. The vesting schedule for each 2015 Restricted Stock Award was as follows: (i) 834 shares as of March 24, 2016, (ii) 833 shares on March 24, 2017, and (iii) 833 shares on March 24, 2018.  The stock awards were made pursuant to certain stock award agreements by and between the Company and each independent director, each dated effective as of March 24, 2015 (collectively, the “2014-2015 Stock Award Agreements”).

On February 22, 2016, the board reviewed peer REIT compensation practices for independent directors, and found that equity awards for peer REITs generally vest either on the grant date, or after one year. In order to normalize compensation practices with peer REITs, on February 22, 2016, the board approved the amendment of each of the 2014-2015 Stock Award Agreements, effective as of March 24, 2016, such that the Stock Awards that did not vest on the grant date of March 24, 2015 vested on the one-year anniversary of such grant date. As a result, (i) 1,666 shares of the 2014 Stock Award to each independent director, and (ii) all 2,500 shares of the 2015 Stock Award to each independent director, became vested and nonforfeitable on March 24, 2016. The expense for the accelerated vesting was approximately $0.1 million which was recorded in the three months ended March 31, 2016.

On May 28, 2015, the Company’s stockholders approved the amendment and restatement of the 2014 Individuals Plan (the “Amended 2014 Individuals Plan”), and the Company’s 2014 Entities Plan (the “Amended 2014 Entities Plan” and together with the Amended 2014 Individuals Plan, the “Amended 2014 Incentive Plans”). The Amended 2014 Incentive Plans allow for the issuance of up to 475,000 shares of Class A common stock. The Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards.

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A summary of the status of the Company’s non-vested shares as of March 31, 2016 is as follows (amounts in thousands, except share amounts): 

Non-Vested shares	Shares (1)			Weighted average grant-date fair value (1)
Balance at January 1, 2016		14,476		$	209
Granted		7,500			78
Vested		(19,998	)		(242	)
Forfeited		—			—
Balance at March 31, 2016		1,978		$	45

⁽¹⁾ The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

At March 31, 2016, there was $0.03 million of total unrecognized compensation cost related to unvested restricted stocks granted under the independent director compensation plan. The original cost is expected to be recognized over a period of 1.3 years.

Equity Incentive Plans - LTIP Grants

On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Company’s external manager, BRG Manager, LLC. The equity grant consisted of 283,390 LTIP Units. The LTIP Units will vest ratably over a three year period that began in July 2015, subject to certain terms and conditions. The LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. The LTIP Units provide for the payment of distribution equivalents at the same time distributions are paid to holders of the Company’s Class A common stock. LTIP expense of $0.4 million was recorded as part of general and administrative expenses for the three months ended March 31, 2016 related to these LTIP Units. The expense recognized during 2016 was based on a price of $10.88 per LTIP Unit, which represents the closing share price for the Company’s Class A common stock on March 31, 2016.

Distributions

Declaration Date	Payable to stockholders of record as of		Amount	Date Paid
Class A common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
January 13, 2016	March 24 2016	$	0.096667	April 5, 2016
April 8, 2016	April 25, 2016	$	0.096666	May 5, 2016
April 8, 2016	May 25, 2016	$	0.096667	June 6, 2016
April 8, 2016	June 24, 2016	$	0.096667	July 5, 2016
Class B-3 common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
Series A Preferred Stock
December 14, 2015	December 24, 2015	$	0.401000	January 5, 2016
March 11, 2016	March 24, 2016	$	0.515625	April 5, 2016

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate.

Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock.

The Company has a dividend reinvestment plan that allows for participating stockholders to have their dividend distributions automatically invested in additional Class A common shares based on the average price of the shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment.

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Distributions declared and paid for the three months ended March 31, 2016 were as follows (amounts in thousands):

	Distributions
2016	Declared		Paid
First Quarter
Class A Common Stock	$	5,604	$	5,569
Class B-3 Common Stock		68		102
Series A Preferred Stock		1,482		1,153
OP Units		89		89
LTIP Units		283		270
Total first quarter 2016	$	7,526	$	7,183

Note 11 – Commitments and Contingencies

The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

On March 15, 2016, the Company, through its Operating Partnership and several affiliated unconsolidated co-borrowers that are accounted for on the equity method of accounting, entered into an approximately $14.9 million secured credit facility (“Credit Facility”) with KeyBank as lender. The proceeds of the Credit Facility may be used for payment (or reimbursement) of acquisition costs, fees and expenses of the mortgaged properties and to fund interest advances. Draws under the Credit Facility are secured by properties owned by unconsolidated real estate joint ventures in Garland, Texas, Charlotte, North Carolina and Fort Lauderdale, Florida. At the closing of the loan, an initial advance of approximately $10.4 million was made directly to the affiliated property entities and the liability was recorded by the unconsolidated entities and prior advances were repaid to the Operating Partnership. Principal amounts may be repaid at any time without penalty, and amounts repaid may not be re-borrowed. The borrowings under the Credit Facility are at a rate equal to LIBOR plus 3.75% or the base rate plus 2.75%, at the company’s option. Our Operating Partnership’s obligations with respect to the Credit Facility are guaranteed by us, pursuant to the terms of a limited recourse guaranty dated as of March 15, 2016. The outstanding credit facility balance at March 31, 2016, was $10.4 million.

Note 12 – Economic Dependency

The Company is dependent on its Manager, an affiliate of Bluerock, to provide external management services for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments; management of the daily operations of its real estate portfolio; and other general and administrative responsibilities. In the event that the Manager or its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources.

Note 13 – Subsequent Events

Declaration of Dividends

Declaration Date	Payable to stockholders of record as of		Amount	Payable Date
Class A common stock
April 8, 2016	April 25, 2016	$	0.096666	May 5, 2016
April 8, 2016	May 25, 2016	$	0.096667	June 6, 2016
April 8, 2016	June 24, 2016	$	0.096667	July 5, 2016
Series B Preferred Stock
April 15, 2016	April 25, 2016	$	5.00	May 5, 2016

Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock.

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate.

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Distributions Paid

The following distributions were paid to the Company's holders of Class A common stock, Series A Preferred Stock, as well as holders of OP and LTIP Units subsequent to March 31, 2016 (amounts in thousands):

Shares	Declaration Date	Record Date	Date Paid	Distributions per Share		Total Distribution
Class A Common Stock	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	1,891
Series A Preferred Stock	March 11, 2016	March 25, 2016	April 5, 2016	$	0.515625	$	1,482
OP Units	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	30
LTIP Units	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	103
Class A Common Stock	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	1,891
Series B Preferred Stock	April 15, 2016	April 25, 2016	May 5, 2016	$	5.000000	$	3
OP Units	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	30
LTIP Units	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	103
Total						$	5,533

At-the-Market Series A Cumulative Redeemable Preferred Stock Offering

Since March 31, 2016, the Company has sold 146,460 shares of Series A Preferred Stock in the ATM Offering through April 8, 2016. On April 8, 2016, the Company delivered notice to each of FBR and MLV, pursuant to the terms of the Sales Agreement, to suspend all sales under the ATM Offering. Such sales efforts may resume in June 2016, following the restricted period related to the April 2016 Preferred Stock Offering.

April 2016 Offering of 8.250% Series A Cumulative Redeemable Preferred Stock

On April 25, 2016, the Company completed an underwritten offering of 2,300,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “April 2016 Preferred Stock Offering”). The shares were registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-208956) filed with the SEC on January 12, 2016 and declared effective on January 29, 2016. The public offering price of $25.00 per share was announced on April 20, 2016. Net proceeds of the April 2016 Preferred Stock Offering were approximately $55.3 million after deducting underwriting discounts and commissions and estimated offering costs.

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Bluerock Residential Growth REIT, Inc., and the notes thereto. As used herein, the terms “we,” “our” and “us” refer to Bluerock Residential Growth REIT, Inc., a Maryland corporation, and, as required by context, Bluerock Residential Holdings, L.P., a Delaware limited partnership, which we refer to as our “Operating Partnership,” and to their subsidiaries. We refer to Bluerock Real Estate, L.L.C., a Delaware limited liability company, as “Bluerock”, and we refer to our external manager, BRG Manager, LLC, a Delaware limited liability company, as our “Manager.” Both Bluerock and our Manager are affiliated with the Company.

Forward-Looking Statements

Statements included in this Quarterly Report on Form 10-Q that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are only predictions. We caution that forward-looking statements are not guarantees. Actual events or our investments and results of operations could differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology.

The forward-looking statements included herein are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to:

• the factors included in this Quarterly Report on Form 10-Q, including those set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;

• use of proceeds of the Company’s equity offerings;

• the competitive environment in which we operate;

• real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;

• risks associated with geographic concentration of our investments;

• decreased rental rates or increasing vacancy rates;

• our ability to lease units in newly acquired or newly constructed apartment properties;

• potential defaults on or non-renewal of leases by tenants;

• creditworthiness of tenants;

• our ability to obtain financing for and complete acquisitions under contract at the contemplated terms, or at all;

• development and acquisition risks, including rising and unanticipated costs and failure of such acquisitions and developments to perform in accordance with projections;

• the timing of acquisitions and dispositions;

• the performance of our network of Bluerock partners, referred to as our Partner Network, (and each, a Partner), which are leading regional apartment owners/operators with which we invest through controlling positions in joint ventures;

• potential natural disasters such as hurricanes, tornadoes and floods;

• national, international, regional and local economic conditions;

• Board determination as to timing and payment of dividends, and our ability to pay future distributions at the dividend rates we have paid historically;

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• the general level of interest rates;

• potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or tax laws, and potential increases in real property tax rates;

• financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;

• lack of or insufficient amounts of insurance;

• our ability to maintain our qualification as a REIT;

• litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and

• possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us.

Any of the assumptions underlying forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included in this report. All forward-looking statements are made as of the date of this report and the risk that actual results will differ materially from the expectations expressed in this report will increase with the passage of time. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this report, whether as a result of new information, future events, changed circumstances or any other reason. The forward-looking statements should be read in light of the risk factors set forth in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2016, and subsequent filings by us with the SEC.

Overview

We were incorporated as a Maryland corporation on July 25, 2008. Our objective is to maximize long-term stockholder value by acquiring well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. We seek to maximize returns through investments where we believe we can drive substantial growth in our funds from operations, adjusted funds from operations and net asset value through one or more of our Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies.

We are externally managed by our Manager, an affiliate of Bluerock. We conduct our operations through Bluerock Residential Holdings, L.P., our operating partnership (the “Operating Partnership”), of which we are the sole general partner. The consolidated financial statements include our accounts and those of the Operating Partnership and its subsidiaries.

As of March 31, 2016, our portfolio consisted of interests in twenty-four properties (seventeen operating properties and seven development properties). The twenty-four properties contain an aggregate of 7,709 units, comprised of 5,660 operating units and 2,049 units under development. As of March 31, 2016, these properties, exclusive of our development properties, and Whetstone and EOS, the lease-up properties, were approximately 95% occupied.

We have elected to be taxed as a REIT under Sections 856 through 860 of the Code and have qualified as a REIT commencing with our taxable year ended December 31, 2010. In order to continue to qualify as a REIT, we must distribute to our stockholders each calendar year at least 90% of our taxable income (excluding net capital gains). If we qualify as a REIT for federal income tax purposes, we generally will not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates and will not be permitted to qualify as a REIT for four years following the year in which our qualification is denied. Such an event could materially and adversely affect our net income and results of operations. We intend to continue to organize and operate in such a manner as to remain qualified as a REIT.

Our Recent Equity Offerings

We completed our initial firmly underwritten public offering (the “IPO”) on April 12, 2014.

In connection with the IPO, shares of our Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to our charter filed on March 26, 2014 (the “Second Charter Amendment”), each share of our common stock outstanding immediately prior to the listing was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, we effected a 2.264881-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.

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During 2015, we continued to raise equity capital to finance our investment activities.

On January 20, 2015, we completed an underwritten shelf takedown offering (the “January 2015 Follow-On Offering”) of 4,600,000 shares of Class A common stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. Net proceeds of the January 2015 Follow-On Offering were approximately $53.7 million after deducting underwriting discounts and commissions and offering costs.

On May 22, 2015, we completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $13.00 per share was announced on May 19, 2015. Net proceeds of the May 2015 Follow-On Offering were approximately $77.6 million after deducting underwriting discounts and commissions and offering costs.

On October 21, 2015, we completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 16, 2015. Net proceeds of the October 2015 Preferred Stock Offering were approximately $69.2 million after deducting underwriting discounts and commissions and estimated offering costs.

On February 24, 2016, we filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Units”) consisting of 150,000 shares of the reclassified Series B redeemable preferred stock (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Series B Preferred Stock).

On March 29, 2016, we, our Operating Partnership and our Manager entered into an At Market Issuance Sales Agreement (“Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Sales Agreement, FBR and MLV will act as distribution agents with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT, or on any other existing trading market for Series A Preferred Stock or through a market maker (the “ATM Offering”).

Subsequent to quarter end, we sold 146,460 shares of Series A Preferred Stock in the ATM Offering through April 8, 2016. On April 8, 2016, we delivered notice to each of FBR and MLV, pursuant to the terms of the Sales Agreement, to suspend all sales under the ATM Offering. Such sales efforts may resume in June 2016, following the restricted period related to the April 2016 Preferred Stock Offering.

Subsequent to quarter end, on April 25, 2016, we completed an underwritten offering of 2,300,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “April 2016 Preferred Stock Offering”). The shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The public offering price of $25.00 per share was announced on April 20, 2016. Net proceeds of the April 2016 Preferred Stock Offering were approximately $55.3 million after deducting underwriting discounts and commissions and estimated offering costs.

Our total stockholders’ equity decreased $8.2 million from $207.2 million as of December 31, 2015 to $199.0 million as of March 31, 2016. The decrease in our total stockholders’ equity is primarily attributable to our net loss of $2.6 million and dividends declared of $7.4 million, offset by equity compensation of $1.7 million during the three months ended March 31, 2016.

 Other Significant Developments

During the three months ended March 31, 2016, we made one convertible preferred investment and acquired three stabilized properties as discussed below.

Acquisition of Summer Wind and Citation Club Apartments

On January 5, 2016, we, through subsidiaries of our Operating Partnership, completed investments of approximately $15.9 million and approximately $13.6 million in a multi-tiered joint venture along with an affiliate of Carroll Organization, to acquire (i) a 368-unit apartment community located in Naples, Florida to be known as ARIUM Gulfshore, formerly known as the Summer Wind Apartments (“ARIUM Gulfshore”) and (ii) a 320-unit apartment community located in Sarasota, Florida to be known as ARIUM at Palmer Ranch, formerly known as Citation Club Apartments (“ARIUM at Palmer Ranch”), respectively. The Company’s indirect ownership interest in the joint venture that owns ARIUM Gulfshore and ARIUM at Palmer Ranch is 95.0%. ARIUM Gulfshore’s purchase price of approximately $47.0 million was funded, in part, with a $32.6 million senior mortgage loan secured by ARIUM Gulfshore property and improvements. ARIUM at Palmer Ranch’s purchase price of approximately $39.3 million was funded, in part, with a $26.9 million senior mortgage loan secured by the ARIUM at Palmer Ranch property and improvements.

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Acquisition of West Morehead interest

On January 6, 2016, we, through a wholly-owned subsidiary of the Operating Partnership, BRG Morehead NC, LLC, made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 283-unit Class A apartment community located in Charlotte, North Carolina to be known as West Morehead.  We have made a capital commitment of approximately $19 million to acquire 100% of the preferred equity interests in BR Morehead JV Member, LLC, of which $3.5 million has been funded at March 31, 2016.

Acquisition of The Preserve at Henderson Beach

 On March 15, 2016, we, through subsidiaries of our Operating Partnership, completed an investment of approximately $17.2 million to acquire in fee simple a 340-unit apartment community located in Destin, Florida, known as Alexan Henderson Beach to be rebranded as The Preserve at Henderson Beach (“Henderson Beach”).  The purchase price for Henderson Beach was approximately $53.7 million and included the assumption of the current first priority loan secured by Henderson Beach, which had a principal balance as of the closing date of approximately $37.5 million.

Results of Operations

The following is a summary of our stabilized operating real estate investments as of March 31, 2016:

Multifamily Community Name/Location	Number of Units		Date Built/Renovated		Ownership Interest			Average Rent		% Occupied
ARIUM at Palmer Ranch, Sarasota, FL		320		2016		95.0	%	$	1,085		97	%
ARIUM Grandewood, Orlando, FL		306		2005		95.0	%		1,200		96	%
ARIUM Gulfshore, Naples, FL		368		2016		95.0	%		1,071		99	%
ARIUM Palms, Orlando, FL		252		2008		95.0	%		1,181		90	%
Ashton Reserve, Charlotte, NC		473		2015		100.0	%		1,026		92	%
Enders Place at Baldwin Park, Orlando, FL		220		2003		89.5	%		1,609		98	%
Fox Hill, Austin , TX		288		2010		94.6	%		1,148		98	%
Lansbrook Village, Palm Harbor, FL (1)		609		2004		90.0	%		1,200		92	%
MDA Apartment, Chicago, IL		190		2006		35.3	%		2,263		97	%
Park & Kingston, Charlotte, NC		168		2015		96.4	%		1,153		96	%
Sovereign, Fort Worth, TX		322		2015		95.0	%		1,240		93	%
Springhouse at Newport News, Newport News, VA		432		1985		75.0	%		839		94	%
The Preserve at Henderson Beach, Destin, FL		340		2009		100.0	%		1,252		91	%
Village Green of Ann Arbor, Ann Arbor, MI		520		2013		48.6	%		1,173		95	%
Total/Average		4,808						$	1,189		95	%

⁽¹⁾  Includes an additional 36 units acquired since the original acquisition in May 2014, of which 7 units were acquired in the three months ended March 31, 2016.

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The following is a summary of our development properties as of March 31, 2016:

Multifamily Community Name, Location	Number of Units		Total Estimated Construction Cost (in millions)		Cost to Date (in millions)		Estimated Construction Cost Per Unit		Initial Occupancy			Final Units to be Delivered			Pro Forma Average Rent (1)
Alexan CityCentre, Houston, TX(2)		340	$	81.8	$	35.7	$	240,588		2	Q17		4	Q17	$	2,144
Alexan Southside Place, Houston, TX		269	$	48.6	$	4.7	$	180,669		4	Q17		2	Q18	$	2,019
Cheshire Bridge, Atlanta, GA		285	$	48.7	$	13.3	$	170,877		1	Q17		3	Q17	$	1,559
Domain 1, Garland, TX		301	$	47.2	$	4.5	$	156,811		4	Q17		3	Q18	$	1,425
Flagler Village, Fort Lauderdale, FL		326	$	107.8	$	15.0	$	330,675		2	Q19		2	Q20	$	2,483
Lake Boone Trail, Raleigh, NC		245	$	39.6	$	8.1	$	161,633		1	Q18		3	Q18	$	1,402
West Morehead, Charlotte, NC		283	$	57.3	$	6.9	$	202,473		1	Q18		4	Q18	$	1,601
		2,049													$	1,832

(1) Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.

(2) Due to consistently poor weather in the Houston, Texas area as well as flooding resulting from a water main break at an adjacent property, the Alexan CityCentre property has experienced development delays. The Company is currently working with its development partner and the construction lender to address those contingencies.

Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015

Revenue

Net rental income increased $7.3 million, or 85%, to $15.9 million for the three months ended March 31, 2016 as compared to $8.6 million for the same prior year period. This increase was primarily due to the acquisition of various interests in seven properties subsequent to March 31, 2015, Ashton Reserve, ARIUM Grandewood, Sorrel, Sovereign, Park & Kingston II, ARIUM Gulfshore, ARIUM at Palmer Ranch, and the impact of acquiring Park & Kingston and Fox Hill during the latter part of the three months ended March 31, 2015, offset by the sale of Berry Hill in January 2015.

Other property revenue increased $0.3 million, or 75%, to $0.7 million for the three months ended March 31, 2016 as compared to $0.4 million for the same prior year period. This increase was primarily due to the acquisition of interests in the properties noted above. 

Expenses

Property operating expenses increased $2.7 million, or 70%, to $6.6 million for the three months ended March 31, 2016 as compared to $3.9 million for the same prior year period. This increase was primarily due to the acquisition of interests in the properties noted above. Property NOI margins improved to 60.4% of total revenues for the three months ended March 31, 2016 from 57.2% in the prior year quarter. Property NOI margins are computed as total revenues less property operating expenses, divided by total revenues.

 General and administrative expenses amounted to $1.3 million for the three months ended March 31, 2016 as compared to $0.9 million for the same prior year period. Excluding non-cash equity compensation expense of $0.6 million and $0.5 million for the three months ended March 31, 2016 and 2015, respectively, general and administrative expenses were $0.6 million, or 3.9% of revenues for the three months ended March 31, 2016 as compared to $0.5 million, or 5.1% of revenues, for the same prior year period.

Management fees decreased to $1.2 million for the three months ended March 31, 2016 as compared to $1.5 million for the same prior year period. Base management fees of $1.2 million and $0.5 million were expensed in the three months ended March 31, 2016 and 2015, respectively. Incentive management fees of $0.9 million were expensed in the three months ended March 31, 2015 and were paid in 67,837 LTIP Units. There was no incentive management fee expensed in the three months ended March 31, 2016. Base management fees increased primarily due to an increase in equity as a result of the Follow-On Offerings. Base management fees of $1.2 million for the quarter ended March 31, 2016 will be paid in LTIP Units in lieu of cash.

Acquisition costs increased to $1.2 million for the three months ended March 31, 2016 as compared to $0.4 million for the same prior year period. The costs were primarily due to the acquisition of ARIUM Gulfshore, ARIUM at Palmer Ranch, and The Preserve at Henderson Beach during the three months ended March 31, 2016, while the costs during the prior year quarter were primarily due to the acquisition of Park & Kingston and Fox Hill.

Depreciation and amortization expenses was $7.5 million for the three months ended March 31, 2016 as compared to $2.8 million for the same prior year period. The increase is related to the acquisition of the properties mentioned above.

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Other Income and Expense

Other income and expenses amounted to an expense of $1.5 million for the three months ended March 31, 2016 as compared to other income of $9.8 million for the same prior year period. This was primarily due to an increase of $2.0 million in income from unconsolidated joint venture interests due to an additional four investments, offset by a decrease in equity in gain on sale of our unconsolidated 23Hundred@Berry Hill joint venture of $11.3 million, and an increase in interest expense, net, of $1.9 million, as the result of the increase in mortgages payable resulting from the acquisition of interests in the properties mentioned above.

Property Operations

We define “same store” properties as those that we owned and operated for the entirety of both periods being compared, except for properties that are in the construction or lease-up phases, or properties that are undergoing development or significant redevelopment. We move properties previously excluded from our same store portfolio for these reasons into the same store designation once they have stabilized or the development or redevelopment is complete and such status has been reflected fully in all quarters during the applicable periods of comparison. For newly constructed or lease-up properties or properties undergoing significant redevelopment, we consider a property stabilized upon attainment of 90% physical occupancy, subject to loss-to-lease, bad debt and rent concessions.  For comparison of our three months ended March 31, 2016 and 2015, the same store properties included properties owned at January 1, 2015. Our same store properties for the three months ended March 31, 2016 and 2015 were Springhouse at Newport News, Enders Place at Baldwin Park, Village Green of Ann Arbor, MDA Apartments, Lansbrook Village and ARIUM Grandewood. Our non-same store properties for the same period were 23Hundred@Berry Hill, Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sovereign, Sorrel, ARIUM Gulfshore, ARIUM at Palmer Ranch, and The Preserve at Henderson Beach.

23Hundred@Berry Hill was accounted for under the equity method during the three months March 31, 2015, but is reflected in our table of net operating income as if it was consolidated. For the three months ended March 31, 2015, the components of non-same store property revenues, property expenses and net operating income represented by this property were $0.1 million, zero and $0.1 million, respectively. 23Hundred@Berry Hill financial information can be found at Note 3, "Sale of Unconsolidated Real Estate Joint Ventures." Berry Hill was sold on January 14, 2015.

The following table presents the same store and non-same store results from operations for the three months ended March 31, 2016 and 2015:

	Three Months Ended March 31,				Change
	2016		2015		$			%
Property Revenues
Same Store	$	8,329	$	7,900	$	429			5.4	%
Non-Same Store		8,305		1,284		7,021			546.8	%
Total property revenues		16,634		9,184		7,450			81.1	%
Property Expenses
Same Store		3,093		3,143		(50	)		-1.6	%
Non-Same Store		3,500		735		2,765			376.2	%
Total property expenses		6,593		3,878		2,715			70.0	%
Same Store NOI		5,236		4,757		479			10.1	%
Non-Same Store NOI		4,805		549		4,256			775.2	%
Total NOI(1)	$	10,041	$	5,306	$	4,735			89.2	%

⁽¹⁾ See “Net Operating Income” below for a reconciliation of Same Store NOI, Non-Same Store NOI and Total NOI to net income (loss) and a discussion of how management uses this non-GAAP financial measure.

Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015

Same store NOI for the three months ended March 31, 2016 increased by 10.1% to $5.2 million from $4.8 million for the 2015 period. There was a 5.4% increase in same store property revenues as compared to the 2015 period, primarily attributable to a 4.6% increase in average rental rates, a 46 basis point increase in average occupancy and 14 additional units at our Lansbrook Village property. Same store expenses decreased 1.6% as a result of lower utility expense from a milder winter.

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Property revenues and property expenses for our non-same store properties increased significantly due to the properties acquired during 2016 and 2015. The results of operations for these properties have been included in our consolidated statements of operations from the date of acquisition.

Net Operating Income

We believe that net operating income (“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 because 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 an alternative measure of our financial performance. The following table reflects same store and non-same store contributions to consolidated NOI, together with a reconciliation of NOI to net (loss) income attributable to common stockholders, as computed in accordance with GAAP for the periods presented (amounts in thousands):

	Three Months Ended March 31
	2016			2015
Net operating income
Same store	$	5,236		$	4,757
Non-same store		4,805			549
Total net operating income		10,041			5,306
Less:
Interest expense		4,141			2,305
Total property income		5,900			3,001
Less:
Noncontrolling interest pro-rata share of property income		1,015			1,041
Other (income) loss related to JV/MM entities		—			19
Pro-rata share of properties’ income		4,885			1,941
Less pro-rata share of:
Depreciation and amortization		6,470			1,911
Amortization of non-cash interest expense		83			23
Management fees		1,197			1,417
Acquisition and disposition costs		1,147			475
Corporate operating expenses		1,269			838
Preferred dividends		1,461			—
Preferred stock accretion		123			—
Add pro-rata share of:
Other income		—			17
Equity in operating earnings of unconsolidated real estate joint ventures		2,730			696
Gain on sale of joint venture interest, net of fees		—			5,323
Net (loss) income attributable to common stockholders	$	(4,135	)	$	3,313

Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements. Our primary short-term liquidity requirements relate to (a) our operating expenses and other general business needs, (b) distributions to our stockholders, (c) committed investments and capital requirements to fund development and renovations at existing properties, and (d) ongoing commitments to repay maturing short-term debt.

The Company believes the properties underlying its real estate investments are performing well. The Company had a portfolio-wide debt service coverage ratio of 2.03x and occupancy of 95%, exclusive of its development properties, at March 31, 2016. In the recent past, we have met our short-term liquidity requirements through revenues on our multifamily investments and the proceeds of our equity offerings.

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In January 2015, we completed an underwritten shelf takedown offering (the “January 2015 Follow-On Offering”) of 4,600,000 shares of Class A common stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters, on January 20, 2015. Net proceeds of the January 2015 Follow-On Offering were approximately $53.7 million after deducting underwriting discounts and commissions and offering costs.

On May 22, 2015, we completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $13.00 per share was announced on May 19, 2015. Net proceeds of the May 2015 Follow-On Offering were approximately $77.6 million after deducting underwriting discounts and commissions and offering costs.

On October 21, 2015, we completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 16, 2015. Net proceeds of the October 2015 Preferred Stock Offering were approximately $69.2 million after deducting underwriting discounts and commissions and estimated offering costs.

On February 24, 2016, we filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Units”) consisting of 150,000 shares of the reclassified Series B redeemable preferred stock (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Series B Preferred Stock).

On March 29, 2016, we, our Operating Partnership and our Manager entered into an At Market Issuance Sales Agreement (“Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Sales Agreement, FBR and MLV will act as distribution agents with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT, or on any other existing trading market for Series A Preferred Stock or through a market maker.

Subsequent to quarter end, we sold 146,460 shares of Series A Preferred Stock in the ATM Offering through April 8, 2016. On April 8, 2016, we delivered notice to each of FBR and MLV, pursuant to the terms of the Sales Agreement, to suspend all sales under the ATM Offering. Such sales efforts may resume in June 2016, following the restricted period related to the April 2016 Preferred Stock Offering.

Subsequent to quarter end, on April 25, 2016, we completed an underwritten offering of 2,300,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “April 2016 Preferred Stock Offering”). The shares were registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-208956) filed with the SEC on January 12, 2016 and declared effective on January 29, 2016. The public offering price of $25.00 per share was announced on April 20, 2016. Net proceeds of the April 2016 Preferred Stock Offering were approximately $55.3 million after deducting underwriting discounts and commissions and estimated offering costs.

The net proceeds of our IPO and our follow-on common and preferred stock offerings (collectively the “Follow-On Offerings”), provided us with the ability to grow our asset base quickly and better service our general and administrative expenses. At the same time, the Management Agreement with our Manager provides an overall lower relative fee structure than our previous Advisory Agreement with our Former Advisor, which we believe has reduced our corporate general and administrative expenses as a percentage of our revenues.

In general, we believe our cash flows from operations, available cash balances, the use of equity offerings, including the ATM Offering, the April 2016 Preferred Stock Offering, the Series B Preferred Offering and other future financing arrangements will be sufficient to fund our liquidity requirements with respect to our existing portfolio for the next 12 months.

Our primary long-term liquidity requirements relate to (a) costs to acquire additional multifamily investments; (b) repayment of long-term debt; (c) capital expenditures; and (d) cash redemption requirements related to our Series A Preferred Stock.

We intend to finance our long-term liquidity requirements with net proceeds of additional issuances of common and preferred stock, including our Series B Preferred Stock, as well as future borrowings. Our success in meeting these requirements will therefore depend upon our ability to access capital. Our ability to access capital is dependent upon, among other things, general market conditions for REITs and the capital markets generally, market perceptions about us and our asset class, and current trading prices of our securities. 

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We may also selectively sell assets at appropriate times, which would be expected to generate cash sources for both our short-term and long-term liquidity needs.

We may also meet our long-term liquidity needs through borrowings from a number of sources, either at the corporate or project level. We will continue to monitor the debt markets, including Fannie Mae and Freddie Mac, and as market conditions permit, access borrowings that are advantageous to us.

We intend to continue to use prudent amounts of leverage in making our investments, which we define as having total indebtedness of approximately 65% of the fair market value of the properties in which we have invested as determined by our Manager. For purposes of calculating our leverage, we assume full consolidation of all of our real estate investments, whether or not they would be consolidated under GAAP, include assets we have classified as held for sale, and include any joint venture level indebtedness in our total indebtedness. However, we are not subject to any limitations on the amount of leverage we may use, and accordingly, the amount of leverage we use may be significantly less or greater than we currently anticipate. We expect our leverage to decline commensurately as we execute our business plan to grow our net asset value.

If we are unable to obtain financing on favorable terms or at all, we would likely need to curtail our investment activities, including acquisitions and improvements, to and developments of, real properties, which could limit our growth prospects. This, in turn, could reduce cash available for distribution to our stockholders and may hinder our ability to raise capital by issuing more securities or borrowing more money. We also may be forced to dispose of assets at inopportune times in order to maintain our REIT qualification and Investment Company Act exemption.

In prior quarters, including the six months ended June 30, 2015, our Manager waived current year reimbursable operating expenses to support our continued operations. Operating expense reimbursements of $0.1 million were expensed during the three months ended September 30, 2015, were reimbursed in cash and are recorded as part of general and administrative expenses. Operating expense reimbursements of $0.1 million were expensed during the three months ended December 31, 2015, which were paid through the issuance of 14,138 LTIP Units on February 29, 2016. Operating expense reimbursements of $0.1 million were expensed during the three months ended March 31, 2016, were reimbursed in cash and are recorded as part of general and administrative expenses.

For the remainder of 2016, the Company expects to maintain a distribution paid on a monthly basis to all of our Class A common stockholders at a quarterly rate of $0.29 per share. To the extent the Company continues to pay distributions at this rate, the Company expects to substantially use cash flows from operations to fund distribution payments. The Board will review the distribution rate quarterly, and there can be no assurance that the current distribution level will be maintained. While our policy is generally to pay distributions from cash flow from operations, our distributions through March 31, 2016 have been paid from proceeds from our continuous registered public offering, proceeds from the IPO and Follow-On Offerings and sales of assets, and may in the future be paid from additional sources, such as from borrowings.

Off-Balance Sheet Arrangements

As of March 31, 2016, we did not have any off-balance sheet arrangements that have had or are reasonably likely to have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital resources or capital expenditures. As of March 31, 2016, we own interests in nine joint ventures that are accounted for under the equity method as we exercise significant influence over, but do not control, the investee.

Cash Flows from Operating Activities

As of March 31, 2016, we owned indirect equity interests in twenty-four real estate properties (seventeen operating properties and seven development properties), fifteen of which are consolidated for reporting purposes.  During the three months ended March 31, 2016, net cash provided by operating activities was $8.3 million.  After the net loss of $2.6 million was reduced for $6.7 million of non-cash items, net cash provided by operating activities consisted of the following:

• Distributions from unconsolidated joint ventures of $2.7 million;

• Increase in accounts payable and accrued liabilities of $1.8 million;

• Partially offset by a decrease in our accounts receivable and other assets of $0.2 million; and

• Decrease in payables due to affiliates of $0.1 million.

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Cash Flows from Investing Activities

During the three months ended March 31, 2016, net cash used in investing activities was $104.6 million, primarily due to the following:

• $99.9 million used in acquiring consolidated real estate investments;

• $6.9 million used in acquiring investments in unconsolidated joint ventures;

• $0.9 million used on capital expenditures; and

• Partially offset by a decrease of $3.0 million in our restricted cash balance.

Cash Flows from Financing Activities

During the three months ended March 31, 2016, net cash provided by financing activities was $51.3 million, primarily due to the following:

` • net borrowings of $59.6 million on mortgages payable;

• $1.6 million increase in capital contributions from noncontrolling interests;

• partially offset by $0.5 million in distributions paid to our noncontrolling interests;

• $6.0 million paid in cash distributions paid to common stockholders;

• $1.2 million paid in cash distributions paid to preferred stockholders;

• $1.6 million increase in deferred financing costs; and

• $0.5 million of repayments of our mortgages payable.

Capital Expenditures

The following table summarizes our total capital expenditures for the three months ended March 31, 2016 and 2015 (amounts in thousands):

	For the three months ended March 31,
	2016		2015
New development	$	-	$	-
Redevelopment/renovations		427		248
Routine capital expenditures		461		198
Total capital expenditures	$	888	$	446

We define redevelopment and renovation costs as non-recurring capital expenditures for significant projects that upgrade units or common areas and projects that are revenue enhancing for the three months ended March 31, 2016. We define routine capital expenditures as capital expenditures that are incurred at every property and exclude development, investment, revenue enhancing and non-recurring capital expenditures.

Funds from Operations and Adjusted Funds from Operations, Attributable to Common Stockholders

Funds from operations attributable to common stockholders (“FFO”), 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 National Association of Real Estate Investment Trusts, or NAREIT's, definition, as net income, computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus depreciation and amortization of real estate assets, plus impairment write-downs of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis.

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In addition to FFO, we use adjusted funds from operations attributable to common stockholders (“AFFO”). AFFO is a computation made by analysts and investors to measure a real estate company's operating performance by removing the effect of items that do not reflect ongoing property operations. In computing AFFO, we further adjust FFO by adding back certain items that are not added to net income in NAREIT's definition of FFO, such as acquisition expenses, equity based compensation expenses, and any other non-recurring or non-cash expenses, which are costs that do not relate to the operating performance of our properties, and subtracting recurring capital expenditures (and when calculating the quarterly incentive fee payable to our Manager only, we further adjust FFO to include any realized gains or losses on our real estate investments).

During the three months ended March 31, 2016, we incurred $1.2 million of acquisition expense and no disposition expense, of which $1.1 million was our pro rata share of the expense. We incurred $0.4 million of acquisition expense and $0.7 million of disposition expense during the three months ended March 31, 2015, of which $0.5 million was our pro-rata share of expense.

Our calculation of AFFO differs from the methodology used for calculating AFFO by certain other REITs and, accordingly, our AFFO may not be comparable to AFFO reported by other REITs. Our management utilizes FFO and AFFO as measures of our operating performance after adjustment for certain non-cash items, such as depreciation and amortization expenses, and acquisition expenses 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, AFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we also believe that FFO and AFFO may provide us and our stockholders with an additional useful measure to compare our financial performance to certain other REITs. We also use AFFO for purposes of determining the quarterly incentive fee, if any, payable to our Manager.

Neither FFO nor AFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and AFFO 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 AFFO should be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

The table below presents our calculation of FFO and AFFO for the three months ended March 31, 2016 and 2015 (in thousands):

We have acquired interests in seven additional properties and six investments accounted for on the equity method of accounting subsequent to March 31, 2015 and sold three properties in 2015. The results presented in the table below are not directly comparable and should not be considered an indication of our future operating performance.

	Three Months Ended
	March 31,
	2016			2015
Net (loss) income attributable to common stockholders	$	(4,135	)	$	3,313
Common stockholders pro-rata share of:
Real estate depreciation and amortization(1)		6,470			1,911
Gain on sale of joint venture interests		—			(5,323	)
FFO Attributable to Common Stockholders	$	2,335		$	(99	)
Common stockholders pro-rata share of:
Amortization of non-cash interest expense		83			23
Acquisition and disposition costs		1,147			475
Normally recurring capital expenditures(2)		(208	)		(114	)
Preferred stock accretion		123			—
Non-cash equity compensation		1,818			1,365
AFFO Attributable to Common Stockholders	$	5,298		$	1,650
FFO Attributable to Common Stockholders per share	$	0.11		$	(0.01	)
AFFO Attributable to Common Stockholders per share	$	0.26		$	0.13
Weighted average common shares outstanding		20,534,974			12,547,895

⁽¹⁾       The real estate depreciation and amortization amount includes our share of consolidated real estate-related depreciation and amortization of intangibles, less amounts attributable to noncontrolling interests, and our similar estimated share of unconsolidated depreciation and amortization, which is included in earnings of our unconsolidated real estate joint venture investments. 

⁽²⁾     Normally recurring capital expenditures exclude development, investment, revenue enhancing and non-recurring capital expenditures.

Operating cash flow, FFO and AFFO may also be used to fund all or a portion of certain capitalizable items that are excluded from FFO and AFFO, such as tenant improvements, building improvements and deferred leasing costs.

Presentation of this information is intended to assist the reader in comparing the sustainability of the operating performance of different REITs, although it should be noted that not all REITs calculate FFO or AFFO the same way, so comparisons with other REITs may not be meaningful.  FFO or AFFO should not be considered as an alternative to net income (loss), as an indication of our liquidity, nor is either indicative of funds available to fund our cash needs, including our ability to make distributions.  Both FFO and AFFO should be reviewed in connection with other GAAP measurements.

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Contractual Obligations

The following table summarizes our contractual obligations as of March 31, 2016 (in thousands) which consisted of mortgage notes secured by our properties. At March 31, 2016, our estimated future required payments on these obligations were:

			Remainder of
	Total		2016		2017-2018		2019-2020		Thereafter
Mortgages Payable (Principal)	$	478,571	$	2,631	$	50,614	$	46,941	$	378,385
Estimated Interest Payments on Mortgage Notes Payable, Unsecured Term Loans and Senior Unsecured Notes		110,590		14,040		34,259		29,701		32,590
Total	$	589,161	$	16,671	$	84,873	$	76,642	$	410,975

Estimated interest payments are based on the stated rates for mortgage notes payable assuming the interest rate in effect for the most recent quarter remains in effect through the respective maturity dates.

Distributions

Declaration Date	Payable to stockholders of record as of		Amount	Date Paid or Payable
Class A common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
January 13, 2016	March 24 2016	$	0.096667	April 5, 2016
April 8, 2016	April 25, 2016	$	0.096666	May 5, 2016
April 8, 2016	May 25, 2016	$	0.096667	June 6, 2016
April 8, 2016	June 24, 2016	$	0.096667	July 5, 2016
Class B-3 common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
Series A Preferred Stock
December 14, 2015	December 24, 2015	$	0.401000	January 5, 2016
March 11, 2016	March 24, 2016	$	0.515625	April 5, 2016

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate.

Our Board will determine the amount of dividends to be paid to our stockholders. The Board’s determination will be based on a number of factors, including funds available from operations, our capital expenditure requirements and the annual distribution requirements necessary to maintain our REIT status under the Internal Revenue Code. As a result, our distribution rate and payment frequency may vary from time to time.  However, to qualify as a REIT for tax purposes, we must make distributions equal to at least 90% of our “REIT taxable income” each year. Especially during the early stages of our operations, we may declare distributions in excess of funds from operations.

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Distributions paid for the three months ended March 31, 2016 and 2015, respectively, were funded from cash provided by operating activities except with respect to $0 and $587,000, respectively, which was funded from sales of real estate, borrowings, and/or proceeds from our equity offerings.  

	Three Months Ended March 31,
	2016			2015
	(In thousands)
Cash provided by operating activities	$	8,346		$	3,327
Cash distributions to preferred shareholders	$	(1,153	)	$	-
Cash distributions to common shareholders		(6,030	)		(3,557	)
Cash distributions to noncontrolling interests		(504	)		(357	)
Total distributions		7,687			(3,914	)
Shortfall	$	-		$	(587	)
Proceeds from sale of joint venture interests	$	-		$	-
Proceeds from sale of unconsolidated real estate joint ventures	$	-		$	15,590
Proceeds from sale of real estate	$	-		$	-

Significant Accounting Policies and Critical Accounting Estimates

Our significant accounting policies and critical accounting estimates are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2015 and Note 2 “Basis of Presentation and Summary of Significant Accounting Policies” to the Consolidated Financial Statements.

Subsequent Events

Other than the items disclosed in Note 13, “Subsequent Events” to our interim Consolidated Financial Statements for the period ended March 31, 2016, no material events have occurred that required recognition or disclosure in these financial statements.  See Note 13 to our interim Consolidated Financial Statements for discussion.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

We are exposed to interest rate risk primarily through borrowing activities. There is inherent roll-over risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements. We are not subject to foreign exchange rates or commodity price risk, and all of our financial instruments were entered into for other than trading purposes.

Our interest rate risk is monitored using a variety of techniques. The table below presents the principal payments and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes.

($ in thousands)

	2016			2017			2018			2019			2020			Thereafter			Total
Mortgage Notes Payable	$	2,631		$	4,141		$	46,473		$	5,046		$	41,895		$	377,385		$	478,571
Average Interest Rate		4.61	%		4.59	%		4.43	%		4.29	%		4.51	%		3.56	%

The fair value (in thousands) is estimated at $492.8 million for mortgages payable as of March 31, 2016.

The table above incorporates those exposures that exist as of March 31, 2016; it does not consider those exposures or positions which could arise after that date. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates.

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As of March 31, 2016, a 100 basis point increase or decrease in interest rates on the portion of our debt bearing interest at variable rates would result in an increase in interest expense of approximately $424,000 or decrease by $184,000, respectively, for the quarter ended March 31, 2016. The difference between the interest expense amounts related to an increase or decrease in our floating rate is because LIBOR was 0.44% at March 31, 2016, therefore we have limited the estimate of how much the interest costs may decrease as we use a floor of 0% for LIBOR. 

Item 4.  Controls and Procedures

Disclosure Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our Chief Executive Officer and Chief Accounting Officer, evaluated, as of March 31, 2016, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e).  Based on that evaluation, our Chief Executive Officer and Chief Accounting Officer concluded that our disclosure controls and procedures were effective as of March 31, 2016, to provide reasonable assurance that information required to be disclosed by us in this report filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the Chief Executive Officer and Chief Accounting Officer, as appropriate to allow timely decisions regarding required disclosures.

We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected.

Changes in Internal Control over Financial Reporting

There has been no change in internal control over financial reporting that occurred during the three months ended March 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Other than the following, there have been no material changes to our potential risks and uncertainties presented in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the twelve months ended December 31, 2015 filed with the SEC on February 24, 2016.

Your interests could be diluted by the incurrence of additional debt, the issuance of additional shares of preferred stock, including additional shares of Series A Preferred Stock, and by other transactions.

As of March 31, 2016, our total long term indebtedness was approximately $478.6 million, and we may incur significant additional debt in the future. The Series A Preferred Stock is subordinate to all of our existing and future debt and liabilities and those of our subsidiaries. Our future debt may include restrictions on our ability to pay dividends to preferred stockholders in the event of a default under the debt facilities or under other circumstances. Our charter currently authorizes the issuance of up to 250,000,000 shares of preferred stock in one or more classes or series, and as of the date of this filing, we have issued 5,321,460 shares of Series A Preferred Stock (146,460 of which have been issued in the ATM Offering) and 938 shares of Series B Preferred Stock. The issuance of additional preferred stock on parity with or senior to the Series A Preferred Stock would dilute the interests of the holders of shares of Series A Preferred Stock, and any issuance of preferred stock senior to the Series A Preferred Stock or of additional indebtedness could affect our ability to pay dividends on, redeem or pay the liquidation preference on the Series A Preferred Stock. We may issue preferred stock on parity with the Series A Preferred Stock without the consent of the holders of the Series A Preferred Stock. Other than the Asset Coverage Ratio and the right of holders to cause us to redeem the Series A Preferred Stock upon a Change of Control/Delisting, none of the provisions relating to the Series A Preferred Stock relate to or limit our indebtedness or afford the holders of shares of Series A Preferred Stock protection in the event of a highly leveraged or other transaction, including a merger or the sale, lease or conveyance of all or substantially all our assets or business, that might adversely affect the holders of shares of Series A Preferred Stock.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.  Defaults upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

None.

Item 6.  Exhibits

Exhibit No.	Description
3.1	Articles Supplementary of the Company, dated February 26, 2016, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 1, 2016
3.2	Articles Supplementary of the Company, dated March 29, 2016, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 29, 2016
4.1	Stock Award Agreement by and between the Company and Brian D. Bailey, dated as of March 24, 2016
4.2	Stock Award Agreement by and between the Company and I. Bobby Majumder, dated as of March 24, 2016
4.3	Stock Award Agreement by and between the Company and Romano Tio, dated as of March 24, 2016
10.1	LLC Agreement of BRG SW FL Portfolio, LLC, by Bluerock Residential Holdings, L.P., dated effective as of November 23, 2015, incorporated by reference to Exhibit 10.336 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.2	LLC Agreement BR SW FL Portfolio JV Member, LLC, by BRG SW FL Portfolio, LLC, dated effective as of November 23, 2015, incorporated by reference to Exhibit 10.337 to the Company’s Annual Report on Form 10-K filed on February 24, 2016

42 

10.3	LLC Agreement of BR Carroll SW FL Portfolio JV, LLC, by and between BR SW FL Portfolio JV Member, LLC and Carroll Co-Invest IV SW FL Portfolio, LLC, dated as of January 5, 2016, incorporated by reference to Exhibit 10.338 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.4	LLC Agreement of BR Carroll Naples, LLC, by BR Carroll SW Portfolio JV, LLC, dated effective as of November 23, 2015, incorporated by reference to Exhibit 10.339 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.5	LLC Agreement of BR Carroll Palmer Ranch, LLC, by BR Carroll SW Portfolio JV, LLC, dated effective as of November 23, 2015, incorporated by reference to Exhibit 10.340 to the Company’s Annual Report on Form 10-K filed on February 24, 2016

10.6	60 Day Letter executed by BR Carroll Palmer Ranch, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.341 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.7	Assignment of Management Agreement and Subordination of Management Fees by BR Carroll Palmer Ranch, LLC and Carroll Management Group, LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated as of January 5, 2016, incorporated by reference to Exhibit 10.342 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.8	Guaranty by Bluerock Residential Growth REIT, Inc. and MPC Partnership Holdings LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.343 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.9	Multifamily Loan and Security Agreement by and between BR Carroll Palmer Ranch, LLC and Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.344 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.10	Multifamily Mortgage, Assignment of Rents and Security Agreement by BR Carroll Palmer Ranch, LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.345 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.11	Multifamily Note by BR Carroll Palmer Ranch, LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.346 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.12	60 Day Letter executed by BR Carroll Naples, LLC, dated January 5, 2016,  incorporated by reference to Exhibit 10.347 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.13	Assignment of Management Agreement and Subordination of Management Fees by BR Carroll Naples, LLC and Carroll Management Group, LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.348 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.14	Guaranty by Bluerock Residential Growth REIT, Inc. and MPC Partnership Holdings LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated  January 5, 2016, incorporated by reference to Exhibit 10.349 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.15	Multifamily Loan and Security Agreement by and between BR Carroll Naples, LLC and Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.350 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.16	Multifamily Mortgage, Assignment of Rents and Security Agreement by BR Carroll Naples, LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.351 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.17	Multifamily Note by BR Carroll Naples, LLC in favor of Jones Lang LaSalle Multifamily, LLC, dated January 5, 2016, incorporated by reference to Exhibit 10.352 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.18	Limited Liability Company Agreement of BRG Morehead NC, LLC by Bluerock Residential Holdings, L.P., dated as of November 24, 2015 , incorporated by reference to Exhibit 10.353 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.19	Limited Liability Company Agreement of BR Morehead JV Member, LLC by and between BRG Morehead NC, LLC and Special Opportunity + Income Fund II, LLC, dated as of November 24, 2015, incorporated by reference to Exhibit 10.354 to the Company’s Annual Report on Form 10-K filed on February 24, 2016

43 

10.20	Amended and Restated Limited Liability Company Agreement of BR ArchCo Morehead JV, LLC by and between BR Morehead JV Member, LLC and WMH Sponsor LLC, dated as of January 6, 2016, incorporated by reference to Exhibit 10.355 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.21	Limited Liability Company Agreement of BR ArchCo Morehead, LLC by BR ArchCo Morehead JV, LLC, dated as of November 24, 2015, incorporated by reference to Exhibit 10.356 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.22	First Amendment to Limited Liability Company Agreement of BR ArchCo Morehead, LLC by BR ArchCo Morehead JV, LLC, dated as of January 6, 2016, incorporated by reference to Exhibit 10.357 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.23	Assignment of Membership Interest by and between BRG Morehead NC, LLC and BR Morehead JV Member, LLC, dated as of January 6, 2016, incorporated by reference to Exhibit 10.358 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.24	Project Administration Agreement by and between BRG Morehead Development Manager, LLC and ArchCo WMH PM LLC, dated as of November 24, 2015, incorporated by reference to Exhibit 10.359 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.25	Agreement of Purchase and Sale by and between ArchCo Residential LLC and Southern Apartment Group-49, LLC, dated April 21, 2015, incorporated by reference to Exhibit 10.360 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.26	Amendment to Agreement of Purchase and Sale by and between ArchCo Residential LLC and Southern Apartment Group-49, LLC, dated June 8, 2015, incorporated by reference to Exhibit 10.361 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.27	Second Amendment to Agreement of Purchase and Sale by and between ArchCo Residential LLC and Southern Apartment Group-49, LLC, dated June 26, 2015, incorporated by reference to Exhibit 10.362 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.28	Third Amendment to Agreement of Purchase and Sale by and between ArchCo Residential LLC and Southern Apartment Group-49, LLC, dated June 30, 2015, incorporated by reference to Exhibit 10.363 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.29	Fourth Amendment to Agreement of Purchase and Sale by and between ArchCo Residential LLC and Southern Apartment Group-49, LLC, dated November 24, 2015, incorporated by reference to Exhibit 10.364 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.30	Assignment and Assumption of Agreement of Purchase and Sale by and between ArchCo Residential, LLC and BR ArchCo Morehead, LLC, dated November 24, 2015, incorporated by reference to Exhibit 10.365 to the Company’s Annual Report on Form 10-K filed on February 24, 2016
10.31	Real Estate Purchase Agreement between Bluerock Real Estate, L.L.C and AHB Apartments LLC, dated January 22, 2016, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February26, 2016
10.32	Assignment of Rights by and between Bluerock Real Estate, L.L.C. and Bluerock Residential Growth REIT, Inc., through its direct and indirect subsidiaries, BR Henderson Beach, LLC and BRG Henderson Beach, LLC, dated as of February 22, 2016, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on February26, 2016
10.33	Dealer Manager Agreement by and among Bluerock Residential Growth REIT, Inc., Bluerock Residential Holdings, L.P. and Bluerock Capital Markets, LLC, dated February 24, 2016, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 1, 2016
10.34	Warrant Agreement by and between Bluerock Residential Growth REIT, Inc. and American Stock Transfer & Trust Company, LLC, dated February 24, 2016, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 1, 2016

44 

10.35	Subscription Escrow Agreement by and between Bluerock Residential Growth REIT, Inc., Bluerock Capital Markets, LLC and UMB Bank, N.A., dated February 24, 2016, incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on March 1, 2016
10.36	Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated March 1, 2016, incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on March 1, 2016
10.37	Loan Assumption and Mortgage Modification Agreement, by and between Western-Southern Life Assurance Company and BR Henderson Beach, LLC, dated March 15, 2016, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.38	Environmental Indemnity Agreement, by and between BR Henderson Beach, LLC, Bluerock Residential Growth REIT, Inc., and Western-Southern Life Assurance Company, dated March 15, 2016, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.39	Limited Recourse Guaranty, by and between Bluerock Residential Growth REIT, Inc. and Western-Southern Life Assurance Company, dated March 15, 2016, incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.40	Management Agreement by and between BR Henderson Beach, LLC and GREP Southeast, LLC, dated March 15, 2016, incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.41	Amended and Restated Open End Mortgage, Security Agreement, Assignment of Rents and Leases, and Fixture Filing, by and between AHB Apartments, LLC and Western-Southern Life Assurance Company, dated January 3, 2013, incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.42	Amended and Restated Promissory Note, by and between AHB Apartments, LLC and Western-Southern Life Assurance Company, dated January 3, 2013, incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.43	UCC Financing Statement by AHB Apartments, LLC in favor of Western-Southern Life Assurance Company, filed with Delaware on January 3, 2013,  incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.44	UCC Financing Statement restating collateral in favor of Western-Southern Life Assurance Company, filed with Delaware on March 15, 2016, incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.45	UCC Financing Statement changing debtor from AHB Apartments, LLC to BR Henderson Beach, LLC in favor of Western-Southern Life Assurance Company, filed with Delaware on March 15, 2016,  incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.46	Florida UCC Financing Statement by BR Henderson Beach, LLC in favor of Western-Southern Life Assurance Company, incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K filed on March 21, 2016
10.47	Declaration of Restrictive Covenants, by AHB Apartments, LLC, dated March 15, 2016, incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K filed on March 21, 2016
23.1	Consent of BDO USA, LLP,  dated January 8, 2016,  incorporated by reference to Exhibit 23.1 to the Company’s Current Report on Form 8-K filed on  January 8, 2016
23.2	Consent of BDO USA, LLP,  dated January 11, 2016,  incorporated by reference to Exhibit 23.1 to the Company’s Current Report on Form 8-K filed on  January 11, 2016
23.3	Consent of BDO USA, LLP,  dated March 15, 2016,  incorporated by reference to Exhibit 23.1 to the Company’s Current Report on Form 8-K filed on  March 15, 2016

31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002

45 

99.1	Press Release, dated February 23, 2016, incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on February 23, 2016
99.2	Press Release, dated February 24, 2016, incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on February 24, 2016
99.3	Supplemental Financial Information, incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on February 24, 2016
99.4	Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated March 29, 2016,  incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on March 19, 2016
99.5	Pricing Press Release, dated April 20, 2016, incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on April 26, 2016
99.6	Closing Press Release, dated April 20, 2016, incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on April 26, 2016
101.1	The following information from the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheets; (ii) Statements of Operations; (iii) Statement of Stockholders’ Equity; (iv) Statements of Cash Flows

46 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BLUEROCK RESIDENTIAL GROWTH REIT, INC.
DATE:	May 10, 2016		/s/ R. Ramin Kamfar
			R. Ramin Kamfar
			Chief Executive Officer and President
			(Principal Executive Officer)

DATE:	May 10, 2016	/s/ Christopher J. Vohs
		Christopher J. Vohs
		Chief Accounting Officer and Treasurer
		(Principal Financial Officer, Principal Accounting Officer)

47 

EX-4.1

Exhibit 4.1

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

2016 STOCK AWARD AGREEMENT

THIS 2016 STOCK AWARD AGREEMENT (the “Agreement”), dated as of March 24, 2016, governs the award (collectively, the “Stock Award”) of restricted shares of the Company’s Class A common stock (the “Class A Common Stock”) granted by Bluerock Residential Growth REIT, Inc., a Maryland corporation (the “Company”), to Brian Bailey (the “Participant”), in accordance with and subject to the provisions of the Company’s 2014 Equity Incentive Plan for Individuals, as amended (the “Plan”). A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

1.           Grants of Stock Award. In accordance with the Plan, and effective as of March 24, 2016 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a Stock Award for the fiscal year ending December 31, 2016 (the “2016 Stock Award”) of 2,500 restricted shares of Class A Common Stock (the “2016 Restricted Stock”).

2.           Vesting. The Participant’s interest in the number of whole shares of Class A Common Stock that most nearly equals (but does not exceed) 2,500 shares of the 2016 Restricted Stock shall become vested and nonforfeitable on the Date of Grant, and further to the extent provided in Section 2(a) and Section 2(b) hereof.

(a)          Change in Control. The Participant’s interest in all of the shares of Class A Common Stock covered by the 2016 Stock Award (if not sooner vested) shall become vested and nonforfeitable on the date of a Change in Control if the Participant continues to serve as a Director on such date.

(b)          Death or Disability. The Participant’s interest in all of the shares of Class A Common Stock covered by the 2016 Stock Award (if not sooner vested) shall become vested and nonforfeitable on the date that the Participant’s service as a Director ends if (i) such service ends on account of the Participant’s death or because of the Participant’s Disability and (ii) the Participant continues to serve as a Director on the date such service ends on account of the Participant’s death or Disability.

Except as provided in this Section 2, any shares of Class A Common Stock covered by the 2016 Stock Award that are not vested and nonforfeitable on or before the date that the Participant’s service as a Director ends shall be forfeited on the date that such service terminates.

3.           Transferability. Shares of Class A Common Stock covered by the 2016 Stock Award that have not become vested and nonforfeitable as provided in Section 2 hereof cannot be transferred. Shares of Class A Common Stock covered by the 2016 Stock Award may be transferred, subject to the requirements of applicable securities laws, after they become vested and nonforfeitable as provided in Section 2 hereof.

4.           Stockholder Rights. Until the date that the shares of Class A Common Stock covered by the 2016 Stock Award become vested and nonforfeitable, the Participant shall have all rights of a stockholder with respect to such shares of Class A Common Stock, including the right to receive dividends and vote such shares of Class A Common Stock; provided, however, that during such period, (i) the Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares of Class A Common Stock covered by the 2016 Stock Award, (ii) the Company shall retain custody of any certificates representing the shares of Class A Common Stock covered by the 2016 Stock Award, and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to the shares of Class A Common Stock covered by the 2016 Stock Award. The limitations set forth in the preceding sentence shall not apply to shares of Class A Common Stock covered by the 2016 Stock Award after such shares become vested and nonforfeitable as provided in Section 2 hereof. The Participant hereby appoints the Company’s Secretary as the Participant’s attorney in fact, with full power of substitution, with the power to transfer to the Company and cancel any shares of Class A Common Stock covered by the 2016 Stock Award that are forfeited under Section 2 hereof.

5.           Fractional Shares. The Participant may become vested and have a nonforfeitable right under the 2016 Stock Award only to whole shares of Class A Common Stock. If the terms of the 2016 Stock Award would entitle the Participant to become vested or have a nonforfeitable right in a fractional share of Class A Common Stock, such fractional share shall be disregarded or forfeited.

6.           No Right to Continued Service. This Agreement and the grant of the 2016 Stock Award does not give the Participant any rights with respect to continued service as a Director. This Agreement and the grant of the 2016 Stock Award shall not interfere with the right of the Company or a Subsidiary to terminate the Participant’s service as a Director.

7.           Governing Law. This Agreement shall be governed by the laws of the State of New York, except to the extent that New York law would require the application of the laws of another state.

8.           Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

9.           Prospectus. The Participant hereby acknowledges that the Participant has received and fully reviewed a copy of that certain prospectus of the Company dated March 6, 2015, including all supplements and amendments thereto (as supplemented or amended from time to time, the “Prospectus”), pertaining to the Class A Common Stock granted hereby.

10.         Participant Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all the terms and provisions of the Plan.

11.         Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the date first set forth above.

COMPANY:	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	a Maryland corporation
	By:	/s/ Michael Konig
	Name:	Michael Konig
	Its:	Authorized Signatory
PARTICIPANT:	/s/ Brian Bailey
	Brian Bailey

EX-4.2

Exhibit 4.2

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

2016 STOCK AWARD AGREEMENT

THIS 2016 STOCK AWARD AGREEMENT (the “Agreement”), dated as of March 24, 2016, governs the award (collectively, the “Stock Award”) of restricted shares of the Company’s Class A common stock (the “Class A Common Stock”) granted by Bluerock Residential Growth REIT, Inc., a Maryland corporation (the “Company”), to I. Bobby Majumder (the “Participant”), in accordance with and subject to the provisions of the Company’s 2014 Equity Incentive Plan for Individuals, as amended (the “Plan”). A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

1.          Grants of Stock Award. In accordance with the Plan, and effective as of March 24, 2016 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a Stock Award for the fiscal year ending December 31, 2016 (the “2016 Stock Award”) of 2,500 restricted shares of Class A Common Stock (the “2016 Restricted Stock”).

2.          Vesting. The Participant’s interest in the number of whole shares of Class A Common Stock that most nearly equals (but does not exceed) 2,500 shares of the 2016 Restricted Stock shall become vested and nonforfeitable on the Date of Grant, and further to the extent provided in Section 2(a) and Section 2(b) hereof.

(a)          Change in Control. The Participant’s interest in all of the shares of Class A Common Stock covered by the 2016 Stock Award (if not sooner vested) shall become vested and nonforfeitable on the date of a Change in Control if the Participant continues to serve as a Director on such date.

(b)          Death or Disability. The Participant’s interest in all of the shares of Class A Common Stock covered by the 2016 Stock Award (if not sooner vested) shall become vested and nonforfeitable on the date that the Participant’s service as a Director ends if (i) such service ends on account of the Participant’s death or because of the Participant’s Disability and (ii) the Participant continues to serve as a Director on the date such service ends on account of the Participant’s death or Disability.

Except as provided in this Section 2, any shares of Class A Common Stock covered by the 2016 Stock Award that are not vested and nonforfeitable on or before the date that the Participant’s service as a Director ends shall be forfeited on the date that such service terminates.

3.          Transferability. Shares of Class A Common Stock covered by the 2016 Stock Award that have not become vested and nonforfeitable as provided in Section 2 hereof cannot be transferred. Shares of Class A Common Stock covered by the 2016 Stock Award may be transferred, subject to the requirements of applicable securities laws, after they become vested and nonforfeitable as provided in Section 2 hereof.

4.          Stockholder Rights. Until the date that the shares of Class A Common Stock covered by the 2016 Stock Award become vested and nonforfeitable, the Participant shall have all rights of a stockholder with respect to such shares of Class A Common Stock, including the right to receive dividends and vote such shares of Class A Common Stock; provided, however, that during such period, (i) the Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares of Class A Common Stock covered by the 2016 Stock Award, (ii) the Company shall retain custody of any certificates representing the shares of Class A Common Stock covered by the 2016 Stock Award, and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to the shares of Class A Common Stock covered by the 2016 Stock Award. The limitations set forth in the preceding sentence shall not apply to shares of Class A Common Stock covered by the 2016 Stock Award after such shares become vested and nonforfeitable as provided in Section 2 hereof. The Participant hereby appoints the Company’s Secretary as the Participant’s attorney in fact, with full power of substitution, with the power to transfer to the Company and cancel any shares of Class A Common Stock covered by the 2016 Stock Award that are forfeited under Section 2 hereof.

5.          Fractional Shares. The Participant may become vested and have a nonforfeitable right under the 2016 Stock Award only to whole shares of Class A Common Stock. If the terms of the 2016 Stock Award would entitle the Participant to become vested or have a nonforfeitable right in a fractional share of Class A Common Stock, such fractional share shall be disregarded or forfeited.

6.          No Right to Continued Service. This Agreement and the grant of the 2016 Stock Award does not give the Participant any rights with respect to continued service as a Director. This Agreement and the grant of the 2016 Stock Award shall not interfere with the right of the Company or a Subsidiary to terminate the Participant’s service as a Director.

7.          Governing Law. This Agreement shall be governed by the laws of the State of New York, except to the extent that New York law would require the application of the laws of another state.

8.          Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

9.          Prospectus. The Participant hereby acknowledges that the Participant has received and fully reviewed a copy of that certain prospectus of the Company dated March 6, 2015, including all supplements and amendments thereto (as supplemented or amended from time to time, the “Prospectus”), pertaining to the Class A Common Stock granted hereby.

10.        Participant Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all the terms and provisions of the Plan.

11.        Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the date first set forth above.

COMPANY:	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	a Maryland corporation
	By:	/s/ Michael Konig
	Name:	Michael Konig
	Its:	Authorized Signatory
PARTICIPANT:	/s/ I. Bobby Majumder
	I. Bobby Majumder

EX-4.3

Exhibit 4.3

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

2016 STOCK AWARD AGREEMENT

THIS 2016 STOCK AWARD AGREEMENT (the “Agreement”), dated as of March 24, 2016, governs the award (collectively, the “Stock Award”) of restricted shares of the Company’s Class A common stock (the “Class A Common Stock”) granted by Bluerock Residential Growth REIT, Inc., a Maryland corporation (the “Company”), to Romano Tio (the “Participant”), in accordance with and subject to the provisions of the Company’s 2014 Equity Incentive Plan for Individuals, as amended (the “Plan”). A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

1.           Grants of Stock Award. In accordance with the Plan, and effective as of March 24, 2016 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a Stock Award for the fiscal year ending December 31, 2016 (the “2016 Stock Award”) of 2,500 restricted shares of Class A Common Stock (the “2016 Restricted Stock”).

2.           Vesting. The Participant’s interest in the number of whole shares of Class A Common Stock that most nearly equals (but does not exceed) 2,500 shares of the 2016 Restricted Stock shall become vested and nonforfeitable on the Date of Grant, and further to the extent provided in Section 2(a) and Section 2(b) hereof.

(a)          Change in Control. The Participant’s interest in all of the shares of Class A Common Stock covered by the 2016 Stock Award (if not sooner vested) shall become vested and nonforfeitable on the date of a Change in Control if the Participant continues to serve as a Director on such date.

(b)          Death or Disability. The Participant’s interest in all of the shares of Class A Common Stock covered by the 2016 Stock Award (if not sooner vested) shall become vested and nonforfeitable on the date that the Participant’s service as a Director ends if (i) such service ends on account of the Participant’s death or because of the Participant’s Disability and (ii) the Participant continues to serve as a Director on the date such service ends on account of the Participant’s death or Disability.

Except as provided in this Section 2, any shares of Class A Common Stock covered by the 2016 Stock Award that are not vested and nonforfeitable on or before the date that the Participant’s service as a Director ends shall be forfeited on the date that such service terminates.

3.           Transferability. Shares of Class A Common Stock covered by the 2016 Stock Award that have not become vested and nonforfeitable as provided in Section 2 hereof cannot be transferred. Shares of Class A Common Stock covered by the 2016 Stock Award may be transferred, subject to the requirements of applicable securities laws, after they become vested and nonforfeitable as provided in Section 2 hereof.

4.           Stockholder Rights. Until the date that the shares of Class A Common Stock covered by the 2016 Stock Award become vested and nonforfeitable, the Participant shall have all rights of a stockholder with respect to such shares of Class A Common Stock, including the right to receive dividends and vote such shares of Class A Common Stock; provided, however, that during such period, (i) the Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares of Class A Common Stock covered by the 2016 Stock Award, (ii) the Company shall retain custody of any certificates representing the shares of Class A Common Stock covered by the 2016 Stock Award, and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to the shares of Class A Common Stock covered by the 2016 Stock Award. The limitations set forth in the preceding sentence shall not apply to shares of Class A Common Stock covered by the 2016 Stock Award after such shares become vested and nonforfeitable as provided in Section 2 hereof. The Participant hereby appoints the Company’s Secretary as the Participant’s attorney in fact, with full power of substitution, with the power to transfer to the Company and cancel any shares of Class A Common Stock covered by the 2016 Stock Award that are forfeited under Section 2 hereof.

5.           Fractional Shares. The Participant may become vested and have a nonforfeitable right under the 2016 Stock Award only to whole shares of Class A Common Stock. If the terms of the 2016 Stock Award would entitle the Participant to become vested or have a nonforfeitable right in a fractional share of Class A Common Stock, such fractional share shall be disregarded or forfeited.

6.           No Right to Continued Service. This Agreement and the grant of the 2016 Stock Award does not give the Participant any rights with respect to continued service as a Director. This Agreement and the grant of the 2016 Stock Award shall not interfere with the right of the Company or a Subsidiary to terminate the Participant’s service as a Director.

7.           Governing Law. This Agreement shall be governed by the laws of the State of New York, except to the extent that New York law would require the application of the laws of another state.

8.           Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

9.           Prospectus. The Participant hereby acknowledges that the Participant has received and fully reviewed a copy of that certain prospectus of the Company dated March 6, 2015, including all supplements and amendments thereto (as supplemented or amended from time to time, the “Prospectus”), pertaining to the Class A Common Stock granted hereby.

10.          Participant Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant agrees to be bound by all the terms and provisions of the Plan.

11.          Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s successors in interest and the Company and any successors of the Company.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the date first set forth above.

COMPANY:	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	a Maryland corporation
	By:	/s/ Michael Konig
	Name:	Michael Konig
	Its:	Authorized Signatory
PARTICIPANT:	/s/ Romano Tio
	Romano Tio

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, R. Ramin Kamfar, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Bluerock Residential Growth REIT, Inc.:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosures controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the  registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2016	/s/ R. Ramin Kamfar
	R. Ramin Kamfar
	Chief Executive Officer and President (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Christopher J. Vohs, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Bluerock Residential Growth REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosures controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2016	/s/ Christopher J. Vohs
	Christopher J. Vohs
	Chief Accounting Officer and Treasurer (Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, as created by Section § 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Bluerock Residential Growth REIT, Inc. (the “Company”) hereby certify, to such officers’ knowledge, that:

(i) The accompanying Quarterly Report on Form 10-Q for the period ended March 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 10, 2016	/s/ R. Ramin Kamfar
	R. Ramin Kamfar
	Chief Executive Officer and President (Principal Executive Officer)

May 10, 2016	/s/ Christopher J. Vohs
	Christopher J. Vohs
	Chief Accounting Officer and Treasurer (Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Central Index Key	0001442626
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	BRG
Entity Common Stock, Shares Outstanding		19,564,752

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Net Real Estate Investments
Land	$ 87,041	$ 65,057
Buildings and improvements	589,748	474,608
Furniture, fixtures and equipment	20,323	17,155
Total Gross Real Estate Investments	697,112	556,820
Accumulated depreciation	(28,522)	(23,437)
Total Net Real Estate Investments	668,590	533,383
Cash and cash equivalents	24,019	68,960
Restricted cash	8,640	11,669
Due from affiliates	905	861
Accounts receivable, prepaid and other assets	3,602	6,742
Investments in unconsolidated real estate joint ventures	82,082	75,223
In-place lease intangible assets, net	2,852	2,389
Total Assets	790,690	699,227
LIABILITIES AND EQUITY
Mortgages payable	476,708	380,102
Accounts payable	770	587
Other accrued liabilities	8,653	7,013
Due to affiliates	1,363	1,485
Distributions payable	3,506	3,163
Total Liabilities	491,000	392,350
Temporary equity carrying amount attributable to parent	69,290	69,165
Stockholders' Equity
Additional paid-in-capital	250,398	248,484
Distributions in excess of cumulative earnings	(51,586)	(41,496)
Total Stockholders' Equity	199,008	207,184
Noncontrolling Interests
Operating partnership units	2,757	2,908
Partially owned properties	28,635	27,620
Total Noncontrolling Interests	31,392	30,528
Total Equity	230,400	237,712
TOTAL LIABILITIES AND EQUITY	790,690	699,227
Preferred Stock [Member]
Stockholders' Equity
Preferred stock, $0.01 par value, 238,975,000 shares authorized; none issued and outstanding	0	0
Common Class A [Member]
Stockholders' Equity
CommonStockValue	196	192
Common Class B-3 [Member]
Stockholders' Equity
CommonStockValue	0	4
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES AND EQUITY
Temporary equity carrying amount attributable to parent	$ 0	$ 0

XML

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	238,975,000	238,975,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Redeemable Preferred Stock [Member] | Series A [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Temporary Equity, Liquidation Preference Per Share	$ 25.00	$ 25.00
Temporary Equity, Shares Authorized	10,875,000	10,875,000
Temporary Equity, Shares Issued	2,875,000	2,875,000
Temporary Equity, Shares Outstanding	2,875,000	2,875,000
Redeemable Preferred Stock [Member] | Series B [Member]
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	150,000	150,000
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	747,586,185	747,586,185
Common stock, shares issued	19,564,331	19,202,112
Common stock, shares outstanding	19,564,331	19,202,112
Common Class B-3 [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	804,605	804,605
Common stock, shares issued	0	353,629
Common stock, shares outstanding	0	353,629

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues
Net rental income		$ 15,928	$ 8,644
Other property revenues		706	392
Total revenues		16,634	9,036
Expenses
Property operating		6,593	3,864
General and administrative		1,273	928
Management fees		1,214	1,450
Acquisition costs		1,209	449
Depreciation and amortization		7,510	2,765
Total expenses		17,799	9,456
Operating loss		(1,165)	(420)
Other income (expense)
Other income		0	22
Equity in income of unconsolidated real estate joint ventures		2,768	730
Equity in gain on sale of unconsolidated real estate joint venture interests		0	11,307
Interest expense, net		(4,228)	(2,292)
Total other (expense) income		(1,460)	9,767
Net (loss) income		(2,625)	9,347
Preferred stock dividends		(1,482)	0
Preferred stock accretion		(125)	0
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(62)	75
Partially-owned properties		(35)	5,959
Net (loss) income attributable to noncontrolling interests		(97)	6,034
Net (loss) income attributable to common stockholders		$ (4,135)	$ 3,313
Income (loss) per common share - Diluted
(Loss) income per common share - Basic (in dollars per share)		$ (0.20)	$ 0.26
(Loss) income per common share - Diluted (in dollars per share)		$ (0.20)	$ 0.26
Weighted average basic common shares outstanding (in shares)	[1]	20,521,596	12,547,895
Weighted average diluted common shares outstanding (in shares)		20,521,596	12,547,895

[1] For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding.

XML

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class A [Member] Series A Preferred Stock [Member]	Common Class B-3 [Member]	Common Class B-3 [Member] Series A Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Series A Preferred Stock [Member]	Cumulative Distributions [Member]	Cumulative Distributions [Member] Series A Preferred Stock [Member]	Net Income (Loss) to Common Stockholders [Member]	Net Income (Loss) to Common Stockholders [Member] Series A Preferred Stock [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member] Series A Preferred Stock [Member]
Balance at Dec. 31, 2015	$ 237,712	$ 192		$ 4		$ 248,484		$ (32,001)		$ (9,495)		$ 30,528
Balance (in shares) at Dec. 31, 2015		19,202,112		353,629
Issuance of Class A common stock, net	12	$ 0		$ 0		12		0		0		0
Issuance of Class A common stock, net (in shares)		1,090		0
Conversion of Class B-3 into Class A shares	0	$ 4		$ (4)		0		0		0		0
Conversion of Class B-3 into Class A shares (in shares)		353,629		(353,629)
Vesting of restricted stock compensation	117	$ 0		$ 0		117		0		0		0
Issuance of stock for director compensation	77	$ 0		$ 0		77		0		0		0
Issuance of stock for director compensation (in shares)		7,500		0
Issuance of Long-Term Incentive Plan ("LTIP") units	1,272	$ 0		$ 0		1,272		0		0		0
Issuance of LTIP units for compensation	436	$ 0		$ 0		436		0		0		0
Issuance of LTIP units for compensation (in shares)		0		0
Contributions, nets	1,554	$ 0		$ 0		0		0		0		1,554
Distributions declared	(6,044)	0	$ 0	0	$ 0	0	$ 0	(5,955)	$ (1,482)	0	$ 0	(89)	$ 0
Stock accretion	(125)		$ 0		$ 0		$ 0		$ (125)		$ 0		$ 0
Distributions to noncontrolling interests	(504)	0		0		0		0		0		(504)
Net loss	(2,625)	0		0		0		0		(2,528)		(97)
Balance at Mar. 31, 2016	$ 230,400	$ 196		$ 0		$ 250,398		$ (39,563)		$ (12,023)		$ 31,392
Balance (in shares) at Mar. 31, 2016		19,564,331		0

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net (loss) income	$ (2,625)	$ 9,347
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,692	2,817
Amortization of fair value adjustments	(91)	(65)
Equity in income of unconsolidated real estate joint ventures	(2,768)	(730)
Equity in gain on sale of real estate assets of unconsolidated joint ventures	0	(11,307)
Distributions from unconsolidated real estate joint ventures	2,709	1,093
Share-based compensation attributable to directors' stock compensation plan	194	50
Share-based compensation to Manager - LTIP Units	1,708	560
Changes in operating assets and liabilities:
Due (from) to affiliates, net	(103)	1,120
Accounts receivable, prepaid assets and other assets	(191)	(554)
Accounts payable and other accrued liabilities	1,821	996
Net cash provided by operating activities	8,346	3,327
Cash flows from investing activities:
Acquisitions of consolidated real estate investments	(99,907)	(66,640)
Capital expenditures	(888)	(446)
Proceeds from sale of unconsolidated real estate joint venture interests	0	15,590
Investment in unconsolidated real estate joint venture interests	(6,862)	(8,679)
Decrease in restricted cash	3,029	8,123
Net cash used in investing activities	(104,628)	(52,052)
Cash flows from financing activities:
Distributions to common stockholders	(6,030)	(3,557)
Distributions to noncontrolling interests	(504)	(357)
Distributions to preferred stockholders	(1,153)	0
Noncontrolling equity interest contributions to consolidated real estate investments	1,554	578
Borrowings on mortgages payable	59,552	42,641
Repayments on mortgages payable	(473)	(355)
Deferred financing fees	(1,617)	(446)
Net proceeds from issuance of common stock	12	53,650
Net cash provided by financing activities	51,341	92,154
Net (decrease) increase in cash and cash equivalents	(44,941)	43,429
Cash and cash equivalents at beginning of period	68,960	23,059
Cash and cash equivalents at end of period	24,019	66,488
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	3,827	2,320
Distributions payable - declared and unpaid	3,506	889
Mortgages assumed upon property acquisitions	$ 39,054	$ 0

XML

Organization and Nature of Business

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations [Text Block]

Note 1 – Organization and Nature of Business

Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value through one or more of its Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies.

The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”), for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates.

The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Company’s Board of Directors (the “Board’s”) consideration of strategic alternatives to maximize value to its stockholders. The Company subsequently determined to register shares of newly authorized Class A common stock that were to be offered in a firmly underwritten public offering (the “IPO”), by filing a registration statement on Form S-11 (File No. 333-192610) with the SEC, on November 27, 2013. On March 28, 2014, the SEC declared the registration statement effective and the Company announced the pricing of the IPO of 3,448,276 shares of Class A common stock at a public offering price of $14.50 per share for total gross proceeds of $50.0 million. The net proceeds of the IPO, which closed on April 2, 2014, were approximately $44.0 million after deducting underwriting discounts and commissions and offering costs.

In connection with the IPO, shares of the Company’s Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to its charter filed on March 26, 2014 (the “Second Charter Amendment”), each share of its common stock outstanding immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.

Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas at Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO).

The Company subsequently determined to register additional shares of its Class A common stock to be offered in a firmly underwritten public offering, (the “October 2014 Follow-On Offering”), by filing a registration statement on Form S-11 (File No. 333-198770) with the SEC on September 16, 2014. On October 2, 2014, the SEC declared the Registration Statement effective and the Company announced the pricing of the October 2014 Follow-On Offering at a public offering price of $11.90 per share. The Company completed the October 2014 Follow-On Offering of 3,035,444 shares of Class A common stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters, on October 8, 2014. Net proceeds of the October 2014 Follow-On Offering were approximately $32.9 million after deducting underwriting discounts and commissions and offering costs.

On January 20, 2015, the Company completed an underwritten shelf takedown offering (the “January 2015 Follow-On Offering”) of 4,600,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-200359) filed with the SEC on November 19, 2014 and declared effective on December 19, 2014 (the “December 2014 Shelf Registration Statement”). The public offering price of $12.50 per share was announced on January 14, 2015. Net proceeds of the January 2015 Follow-On Offering were approximately $53.7 million after deducting underwriting discounts and commissions and offering costs.

On May 22, 2015, the Company completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $13.00 per share was announced on May 19, 2015. Net proceeds of the May 2015 Follow-On Offering were approximately $77.6 million after deducting underwriting discounts and commissions and offering costs.

On October 21, 2015, the Company completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 16, 2015. Net proceeds of the October 2015 Preferred Stock Offering were approximately $69.2 million after deducting underwriting discounts and commissions and estimated offering costs.

On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Original Units”) consisting of 150,000 shares of Series B redeemable preferred stock (the “Original Series B Preferred Stock”) and warrants (the “Original Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Original Series B Preferred Stock). As of December 31, 2015, no Original Units had been sold.

On February 22, 2016, the Company’s board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, the Company terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, the Company filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Units”) consisting of 150,000 shares of the reclassified Series B redeemable preferred stock (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Series B Preferred Stock). As of March 31, 2016, the Company was continuing to organize its sales activities and no Units had been sold.

On March 29, 2016, the Company filed a prospectus supplement to the registration statement on Form S-3 (File No. 333-208956) filed with the SEC on January 12, 2016 and declared effective on January 29, 2016 (the “January 2016 Shelf Registration Statement”) with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT, or on any other existing trading market for Series A Preferred Stock or through a market maker (collectively, the “March 2016 ATM Offering”). As of March 31, 2016, the Company was continuing to organize its sales activities and no shares of Series A Preferred Stock had been sold in the March 2016 ATM Offering.

As of March 31, 2016, the Company's portfolio consisted of interests in twenty-four properties (seventeen operating properties and seven development properties). The Company’s twenty-four properties contain an aggregate of 7,709 units, comprised of 5,660 operating units and 2,049 units under development. As of March 31, 2016, these properties, exclusive of development properties, and Whetstone, Sorrel and EOS, the lease-up properties, were approximately 95% occupied.

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Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

Note 2 – Basis of Presentation and Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of March 31, 2016, limited partners other than the Company owned approximately 6.53% of the Operating Partnership (1.46% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.07% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”)). Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock”), and the Company’s external manager, BRG Manager, LLC, a Delaware limited liability company, is referred to as its Manager (“Manager”). Both Bluerock and the Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements.

Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.  The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation.

Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. 

Interim Financial Information

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X.  Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included.  Operating results for interim periods should not be considered indicative of the operating results for a full year.

The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2015 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 24, 2016.  

Summary of Significant Accounting Policies

There have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU-2016-09”). The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is in the process of evaluating the future impact of ASU 2016-02 on our consolidated financial position, results of operations and cash flows.

In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 became effective for public business entities in the first annual period beginning after December 15, 2015. Beginning in its fiscal year ending December 31, 2016, the Company adopted ASU 2015-03, and retrospectively applied the guidance to its Mortgages Payable for all periods presented Unamortized deferred financing costs, net, of $5.0 million and $3.5 million are included in Mortgages Payable as of March 31, 2016, and December 31, 2015, respectively (previously included as Deferred financing costs, net on the Company’s Consolidated Balance Sheets). The adoption of ASU 2015-03 did not have a material impact on the Company’s financial position or results of operations.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 did not have a material impact on the Company’s financial position or results of operations.

In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 did not have a material impact on the Company's financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures.

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Sale of Unconsolidated Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2016

Real Estate Assets Held for Development and Sale [Abstract]

Real Estate Assets Held For Sale And Sale Of Joint Venture Interest Disclosure [Text Block]

Note 3 – Sale of Unconsolidated Real Estate Joint Ventures

Sale of Joint Venture Equity Interests

On January 14, 2015, the Company, along with the other two holders of tenant-in-common interests in Berry Hill, sold their respective interests to 2300 Berry Hill General Partnership, an unaffiliated third party. The aggregate purchase price was $61.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for payment of the existing mortgage indebtedness and payment of closing costs and fees, the sale of the Company’s interest in Berry Hill generated net proceeds of approximately $7.3 million to the Company and a consolidated gain on sale of $11.3 million, of which the Company’s pro rata share of gain is $5.3 million before disposition expenses of $0.1 million, which was included in the Company’s statement of operations for the three months ended March 31, 2015.

 Sale of North Park Towers

On October 16, 2015, the Company closed on the sale of the North Park Towers property, located in Southfield, Michigan. The 100% owned property was sold for approximately $18.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for payment of the existing mortgage indebtedness encumbering the North Park Towers property in the amount of $11.5 million and payment of closing costs and fees, the sale of the property generated net proceeds for the Company of approximately $6.6 million and a gain on sale of $2.7 million, net of disposition expenses of $0.3 million.

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Investments in Real Estate

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

Note 4 – Investments in Real Estate

As of March 31, 2016, the Company was invested in seventeen operating real estate properties and seven development properties generally through joint venture partnerships. The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting.

Operating Properties

										%
	Number of		Date		Ownership			Average		Occupied
Multifamily Community Name/Location	Units		Built/Renovated(1)		Interest			Rent(2)		(3)
ARIUM at Palmer Ranch, Sarasota, FL		320		2016		95.0	%	$	1,085		97	%
ARIUM Grandewood, Orlando, FL		306		2005		95.0	%		1,200		96	%
ARIUM Gulfshore, Naples, FL		368		2016		95.0	%		1,071		99	%
ARIUM Palms, Orlando, FL		252		2008		95.0	%		1,181		90	%
Ashton Reserve, Charlotte, NC		473		2015		100.0	%		1,026		92	%
Enders Place at Baldwin Park, Orlando, FL		220		2003		89.5	%		1,609		98	%
EOS, Orlando, FL (4)		296		2015		—			1,211		61	%
Fox Hill, Austin, TX		288		2010		94.6	%		1,148		98	%
Lansbrook Village, Palm Harbor, FL		609		2004		90.0	%		1,200		92	%
MDA Apartment, Chicago, IL		190		2006		35.3	%		2,263		97	%
Park & Kingston, Charlotte, NC		168		2015		96.4	%		1,153		96	%
Sorrel, Frisco, TX (5)		352		2015		95.0	%		1,288		85	%
Sovereign, Fort Worth, TX		322		2015		95.0	%		1,240		93	%
Springhouse at Newport News, Newport News, VA		432		1985		75.0	%		839		94	%
The Preserve at Henderson Beach, Destin, FL		340		2009		100.0	%		1,252		91	%
Village Green of Ann Arbor, Ann Arbor, MI		520		2013		48.6	%		1,173		95	%
Whetstone, Durham, NC (4)		204		2015		—			1,325		80	%
Total/Average		5,660						$	1,189		95	%

⁽¹⁾ Represents date of last significant renovation or year built if there were no renovations.  

⁽²⁾ Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $430,000.

⁽³⁾ Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up.

⁽⁴⁾ Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $1,268 and $1,107, respectively, net of upfront lease-up concessions.

⁽⁵⁾ Sorrel is in lease-up and actual average rents were $1,206, net of upfront lease-up concessions.

      Depreciation expense was $5.1 million and $2.3 million for the three months ended March 31, 2016 and 2015, respectively.

       Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $2.4 million and $0.5 million for the three months ended March 31, 2016 and 2015, respectively.

Development Properties

	Planned		Anticipated		Anticipated		Pro Forma
	Number of		Initial		Final Units to		Average Rent
Multifamily Community Name/Location	Units		Occupancy		be Delivered		(1)
Alexan CityCentre, Houston, TX		340		2Q 2017		4Q 2017	$	2,144
Alexan Southside Place, Houston, TX		269		4Q 2017		2Q 2018	$	2,019
Cheshire Bridge, Atlanta, GA		285		1Q 2017		3Q 2017	$	1,559
Domain, Garland, TX		301		4Q 2017		3Q 2018	$	1,425
Flagler Village, Ft. Lauderdale, FL		326		2Q 2019		2Q 2020	$	2,483
Lake Boone Trail, Raleigh, NC		245		1Q 2018		3Q 2018	$	1,402
West Morehead, Charlotte, NC		283		1Q 2018		4Q 2018	$	1,601
Total/Average		2,049					$	1,832

 ⁽¹⁾ Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.

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Acquisition of Real Estate

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 5 – Acquisition of Real Estate

The following describes the Company’s significant acquisition activity during the three months ended March 31, 2016:

Acquisition of Summer Wind and Citation Club Apartments

On January 5, 2016, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $15.9 million and approximately $13.6 million in a multi-tiered joint venture along with an affiliate of Carroll Organization, to acquire (i) a 368-unit apartment community located in Naples, Florida to be known as ARIUM Gulfshore, formerly known as the Summer Wind Apartments (“ARIUM Gulfshore”) and (ii) a 320-unit apartment community located in Sarasota, Florida to be known as ARIUM at Palmer Ranch, formerly known as Citation Club Apartments (“ARIUM at Palmer Ranch”), respectively. The Company’s indirect ownership interest in the joint venture that owns ARIUM Gulfshore and ARIUM at Palmer Ranch is 95.0%. ARIUM Gulfshore’s purchase price of approximately $47.0 million was funded, in part, with a $32.6 million senior mortgage loan secured by ARIUM Gulfshore property and improvements. ARIUM at Palmer Ranch’s purchase price of approximately $39.3 million was funded, in part, with a $26.9 million senior mortgage loan secured by the ARIUM at Palmer Ranch property and improvements.

Acquisition of The Preserve at Henderson Beach

On March 15, 2016, the Company, through subsidiaries of its Operating Partnership, completed an investment of approximately $17.2 million to acquire in fee simple a 340-unit apartment community located in Destin, Florida, known as Alexan Henderson Beach to be rebranded as The Preserve at Henderson Beach (“Henderson Beach”).  The purchase price for Henderson Beach was approximately $53.7 million and included the assumption of the current first priority loan secured by Henderson Beach, which had a principal balance as of the closing date of approximately $37.5 million.

Preliminary Purchase Price Allocations

The acquisitions of ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the purchase price allocations as soon as practical, but no later than one year from each property’s respective acquisition date.

The following table summarizes the assets acquired and liabilities assumed at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available (amounts in thousands): 

	Preliminary Purchase Price Allocation
Land	$	21,900
Building		110,637
Building improvements		769
Land improvements		2,875
Furniture and fixtures		2,479
In-place leases		2,868
Total assets acquired	$	141,528
Mortgages assumed	$	37,476
Fair value adjustments		1,578
Total liabilities acquired	$	39,054

In connection with the acquisition of The Preserve at Henderson Beach, the Company assumed mortgage debt with a fair value of approximately $39.1 million.

The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sorrel, Sovereign, ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach (collectively, the "Recent Acquisitions"), had occurred on January 1, 2015 (amounts in thousands, except per share amounts).

	Three Months Ended March 31,						Three Months Ended March 31,
	2016						2015
			Pro-Forma						Pro-Forma
	As Reported		Adjustments		Pro-Forma		As Reported		Adjustments		Pro-Forma
Revenues	$	16,634	$	1,044	$	17,678	$	9,036	$	7,926	$	16,962
Net (loss) income	$	(2,625)	$	(184)	$	(2,809)	$	9,347	$	(3,164)	$	6,183
Net (loss) income attributable to common stockholders	$	(4,135)	$	(182)	$	(4,317)	$	3,313	$	(3,027)	$	286
(Loss) earnings per share, basic and diluted (1)	$	(0.20)			$	(0.21)	$	0.26			$	0.02

⁽¹⁾ Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income attributable to BRG.

Aggregate property level revenues and net loss for the Recent Acquisitions, since the properties’ respective acquisition dates, that are reflected in the Company’s consolidated statement of operations for the three months ended March 31, 2016 amounted to $8.3 million and $3.2 million, respectively.

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Investments in Unconsolidated Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note 6 – Investments in Unconsolidated Real Estate Joint Ventures

Following is a summary of the Company’s ownership interests in the investments reported under the equity method of accounting. The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 is summarized in the table below (amounts in thousands):

	March 31,		December 31,
Property	2016		2015
Alexan CityCentre	$	6,505	$	6,505
Alexan Southside Place		17,322		17,322
Cheshire Bridge		16,360		16,360
Domain		3,733		3,806
EOS		3,629		3,629
Flagler Village		8,189		5,451
Lake Boone Trail		9,919		9,919
West Morehead		3,493		—
Whetstone		12,932		12,231
Total	$	82,082	$	75,223

As of March 31, 2016, the Company had outstanding preferred equity investments in nine multi-tiered joint ventures, each of which were created to develop a multifamily property. In each case, a wholly-owned subsidiary of the Operating Partnership made a preferred investment in a joint venture, except Flagler Village, which is a common interest. The common interests in these joint ventures, as well as preferred interests in some cases, are owned by affiliates of the Manager. In each case, the Company’s investment in the joint venture generates a preferred return of 15% on its outstanding capital contributions and the Company is not allocated any of the income or loss in the joint ventures. The joint venture then becomes the controlling member in an entity whose purpose is to develop a multifamily property. Each joint venture is required to redeem the Company’s preferred membership interests plus any accrued but unpaid preferred return on the earlier of the date which is six months following the maturity of the related development’s construction loan, or any earlier acceleration or due date. Additionally, the Company has the right, in its sole discretion, to convert its preferred membership interest in each joint venture into a common membership interest for a period of six months from the date upon which 70% of the units in the related development have been leased.

The following provides additional information regarding the Company’s preferred equity investments as of March 31, 2016:

The equity in income of the Company’s unconsolidated real estate joint ventures for the three months ended March 31, 2016 and 2015 is summarized below (amounts in thousands):

	Three Months Ended March 31,
Property	2016		2015
Alexan CityCentre	$	243	$	241
Alexan Southside Place		648		261
Cheshire Bridge		612		—
Domain		138		—
EOS		136		134
Flagler Village		(2)		—
Lake Boone Trail		371		—
Villas at Oak Crest		—		105
West Morehead		164		—
Whetstone		458		—
Other		—		(11)
Equity in income of unconsolidated real estate joint ventures	$	2,768	$	730

Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015, is as follows:

	March 31,		December 31,
	2016		2015
Balance Sheets:
Real estate, net of depreciation	$	158,373	$	132,265
Other assets		19,874		24,737
Total assets	$	178,247	$	157,002
Mortgages payable	$	70,990	$	55,066
Other liabilities		5,772		5,018
Total liabilities	$	76,762	$	60,084
Members’ equity		101,485		96,918
Total liabilities and members’ equity	$	178,247	$	157,002

	Three Months Ended March 31,
	2016		2015
Operating Statement:
Rental revenues	$	1,146	$	683
Operating expenses		(729)		(280)
Income before debt service, acquisition costs, and depreciation and amortization		417		403
Interest expense, net		(323)		(181)
Depreciation and amortization		(759)		(212)
Operating (loss) income		(665)		10
Gain on sale		—		29,197
Net (loss) income	$	(665)	$	29,207

Acquisition of Alexan Southside Place (formerly referred to as Alexan Blaire House) Interests

On January 12, 2015, through BRG Southside, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Bluerock Special Opportunity + Income Fund II, LLC, (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), which are affiliates of the Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 269-unit Class A apartment community located in Houston, Texas, to be known as Alexan Southside Place. Alexan Southside Place will be developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC, as tenant under an 85-year ground lease. The Company has made a capital commitment of $17.3 million to acquire 100% of the preferred equity interests in BRG Southside, LLC, all of which has been funded as of March 31, 2016.

Alexan Southside Place Construction Financing

On April 7, 2015, the Company, through BR Bellaire BLVD, LLC, an indirect subsidiary, entered into a $31.8 million construction loan with Bank of America, NA which is secured by the leasehold interest in the Alexan Southside Place property. The loan matures on April 7, 2019, and contains a one-year extension option, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on the base rate plus 1.25% or LIBOR plus 2.25%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty year amortization. The loan can be prepaid without penalty.

Acquisition of Whetstone Interests

On May 20, 2015, through BRG Whetstone Durham, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of TriBridge Residential, LLC, to acquire a 204-unit Class A apartment community located in Durham, North Carolina, to be known as Whetstone Apartments. The Company has made a capital commitment of $12.2 million to acquire 100% of the preferred equity interests in BRG Whetstone Durham, LLC, all of which has been funded as of March 31, 2016. The acquisition of Whetstone Apartments was partially funded by a bridge loan of approximately $25.2 million secured by the Whetstone Apartment property. The loan matures May 18, 2016 and bears interest on a floating basis based on LIBOR plus 2.0%. The loan can be prepaid without penalty. The Company provided certain standard scope non-recourse carveout guaranties in conjunction with the loan. The Whetstone bridge loan is in the process of being extended on a short-term basis in order to facilitate the placing of permanent financing upon stabilization.

Acquisition of Cheshire Bridge Interests

On May 29, 2015, through BRG Cheshire, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of Catalyst Development Partners II, to develop a 285-unit Class A apartment community located in Atlanta, Georgia, to be known as Cheshire Bridge Apartments. The Company has made a capital commitment of $16.4 million to acquire 100% of the preferred equity interests in BRG Cheshire, LLC, all of which has been funded as of March 31, 2016.

Cheshire Bridge Construction Financing

On December 16, 2015, the Company, through CB Owner, LLC, an indirect subsidiary, entered into a $38.1 million construction loan with The PrivateBank and Trust Company which is secured by the fee simple interest in the Cheshire property. The loan matures on December 16, 2018, and contains  two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.50%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty year amortization. The loan can be prepaid without penalty.

Acquisition of Domain Phase 1 Interest

On November 20, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Domain Phase 1, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 301-unit, class A, apartment community located in Garland, Texas. The property will be developed upon a tract of approximately 10 acres of land. The Company has made a capital commitment of $18.6 million to acquire 100% of the preferred equity interests in BR Member Domain Phase I, LLC, of which $3.7 million has been funded at March 31, 2016.

Acquisition of Flagler Village Interest

On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Flagler Village, LLC, the Company made an investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 326-unit, class A, apartment community located in Ft. Lauderdale, Florida. The Company has made a capital commitment of $41.5 million to acquire interests in BR Flagler Village, LLC, of which $8.2 million has been funded at March 31, 2016.

Acquisition of Lake Boone Trail

On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Lake Boone, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of Tribridge Residential, LLC, to develop an approximately 245-unit, class A, apartment community located in Raleigh, North Carolina. The Company has made a capital commitment of $16.8 million to acquire 100% of the preferred equity interests in BR Lake Boone, LLC, of which $9.9 million has been funded at March 31, 2016.

Acquisition of West Morehead interest

On January 6, 2016, through a wholly-owned subsidiary of the Operating Partnership, BRG Morehead NC, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 283-unit Class A apartment community located in Charlotte, North Carolina to be known as West Morehead.  The Company has made a capital commitment of approximately $19 million to acquire 100% of the preferred equity interests in BR Morehead JV Member, LLC, of which $3.5 million has been funded at March 31, 2016.

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Mortgages Payable

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Mortgage Notes Payable Disclosure [Text Block]

Note 7 – Mortgages Payable

         The following table summarizes certain information as of March 31, 2016 and December 31, 2015, with respect to the Company’s indebtedness (amounts in thousands):

	Outstanding Principal				As of March 31, 2016
			December 31,
Property	March 31, 2016		2015		Interest Rate			Fixed/ Floating		Maturity Date
ARIUM at Palmer Ranch	$	26,925	$	—		2.61	%	Floating	(1)	February 1, 2023
ARIUM Grandewood		29,444		29,444		2.11	%	Floating	(2)	December 1, 2024
ARIUM Gulfshore		32,626		—		2.61	%	Floating	(3)	February 1, 2023
ARIUM Palms		24,999		24,999		2.66	%	Floating	(4)	September 1, 2022
Ashton Reserve I		31,900		31,900		4.67	%	Fixed		December 1, 2025
Ashton Reserve II		15,270		15,270		3.06	%	Floating	(5)	January 1, 2026
Enders Place at Baldwin Park(6)		25,050		25,155		4.30	%	Fixed		November 1, 2022
Fox Hill		26,705		26,705		3.57	%	Fixed		April 1, 2022
Lansbrook Village		43,628		43,628		4.42	%	Blended	(7)	March 31, 2018
MDA Apartments		37,515		37,600		5.35	%	Fixed		January 1, 2023
Park & Kingston		15,250		15,250		3.21	%	Fixed		April 1, 2020
Sorrel		38,684		38,684		2.73	%	Floating	(8)	May 1, 2023
Sovereign		28,880		28,880		3.46	%	Fixed		November 10, 2022
Springhouse at Newport News		22,087		22,176		5.66	%	Fixed		January 1, 2020
The Preserve at Henderson Beach		37,476		—		4.65	%	Fixed		January 5, 2023
Village Green of Ann Arbor		42,132		42,326		3.92	%	Fixed		October 1, 2022
Total		478,571		382,017
Fair value adjustments		3,106		1,620
Subtotal		481,677		383,637
Deferred financing costs, net		(4,969)		(3,535)
Total	$	476,708	$	380,102

⁽¹⁾ARIUM at Palmer Ranch loan bears interest at a floating rate of 2.17% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.61%.

⁽²⁾ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At March 31, 2016, the interest rate was 2.11%.

⁽³⁾ ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR. At March 31, 2016, the interest rate was 2.61%.

⁽⁴⁾ ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At March 31, 2016, the interest rate was 2.66%.

⁽⁵⁾ Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At March 31, 2016, the interest rate was 3.06%.

⁽⁶⁾ The principal includes a $17.1 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

⁽⁷⁾ The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three month LIBOR plus 3.00%, as of March 31, 2016, the additional advance had an interest rate of 3.63%.

⁽⁸⁾ Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.73%.

Deferred financing costs

Costs incurred in obtaining long-term financing, included in Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

ARIUM Gulfshore Mortgage Payable

On January 5, 2016, the Company, through an indirect subsidiary (the “ARIUM Gulfshore Borrower”), entered into an approximately $32.6 million loan with Jones Long LaSalle Multifamily, LLC, on behalf of Freddie Mac, which is secured by ARIUM Gulfshore. The loan matures February 1, 2023 and bears interest on a floating basis based on LIBOR plus 2.17%, with interest only payments until maturity. After January 5, 2017 the loan may be prepaid with a 1% prepayment fee through October 31, 2022, and thereafter at par. The loan is nonrecourse to the Company and the ARIUM Gulfshore Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the ARIUM Gulfshore Borrower, or any of its officers, members, managers or employees.

ARIUM at Palmer Ranch Mortgage Payable

On January 5, 2016, the Company, through an indirect subsidiary (the “ARIUM at Palmer Ranch Borrower”), entered into an approximately $26.9 million loan with Jones Long LaSalle Multifamily, LLC, on behalf of Freddie Mac, which is secured by ARIUM at Palmer Ranch. The loan matures February 1, 2023 and bears interest on a floating basis based on LIBOR plus 2.17%, with interest only payments until maturity. After January 5, 2017 the loan may be prepaid with a 1% prepayment fee through October 31, 2022, and thereafter at par. The loan is nonrecourse to the Company and the ARIUM at Palmer Ranch Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the ARIUM at Palmer Ranch Borrower, or any of its officers, members, managers or employees.

The Preserve at Henderson Beach Mortgage Payable

On March 15, 2016, the Company, through an indirect subsidiary (the “Henderson Beach Borrower”), assumed an approximately $37.5 million loan with Western-Southern Life Assurance Company, which is secured by Henderson Beach. The loan matures January 5, 2023 and bears interest at a fixed rate of 4.65%, with fixed monthly payments based on 30-year amortization. The loan may be prepaid with the greater of 1% prepayment fee or yield maintenance. The loan is nonrecourse to the Company and the Henderson Beach Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the Henderson Beach Borrower, or any of its officers, members, managers or employees.

As of March 31, 2016, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2016 (April 1-December 31)	$	2,631
2017		4,141
2018		46,473
2019		5,046
2020		41,895
Thereafter		378,385
	$	478,571
Add: Unamortized fair value debt adjustment		3,106
Subtract: Deferred financing costs, net		(4,969)
Total	$	476,708

The net book value of real estate assets providing collateral for these above borrowings were $665.8 million and $530.6 million at March 31, 2016 and December 31, 2015, respectively.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 8 – Fair Value of Financial Instruments

As of March 31, 2015 and December 31, 2015, the Company believes the carrying value of cash and cash equivalents, accounts receivable, due to and from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities.  As of March 31, 2016 and December 31, 2015, the approximate fair value of mortgages payable were $492.8 million and $387.1 million, respectively, compared to the carrying value, before adjustments for deferred financing costs, net, of $481.7 million and $383.6 million, respectively.  The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs, as defined in ASC Topic 820, “Fair Value Measurement”) for similar types of borrowing arrangements.

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Related Party Transactions

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 9 – Related Party Transactions 

In connection with the Company’s acquisition of an interest in the Villas at Oak Crest, the Company assumed a receivable of $0.3 million from Fund II related to accrued interest on Fund II’s investment in the Villas at Oak Crest prior to the contribution of their interest to the Company, and as of December 31, 2014, the Company had a corresponding payable to Fund II for this amount. The payable to Fund II of $0.3 million was paid off in September 2015 in conjunction with the sale of the Villas at Oak Crest.

In May 2015, the Company invested an additional $6.5 million, plus customary prorations, in equity in Park & Kingston, increasing the Company’s indirect ownership interest in the property from 46.95% to approximately 96.0%. The additional interests were purchased from Fund III, an affiliate of our Manager, based on the original purchase price on a pro rata basis, plus customary prorations.

In May 2015, the Company invested an additional $1.1 million, plus customary prorations, in equity in Fox Hill, increasing the Company’s indirect ownership interest in the property from 85.27% to approximately 94.62%. The additional interests were purchased from Fund III, an affiliate of our Manager, based on the original purchase price on a pro rata basis, plus customary prorations.

In December 2015, the Company invested an additional $3.7 million, plus customary prorations, in equity in Lansbrook, increasing the Company’s indirect ownership interest in the property from 76.8% to approximately 90.00%. The additional interests were purchased from Fund II and Fund III, affiliates of our Manager, based on an appraisal value, plus customary prorations.

In December 2015, in conjunction with the sale of Villas at Oak Crest, two former joint venture partners, who were related to the Company’s Chief Executive Officer, converted their ownership in Villas at Oak Crest into 22,809 Operating Partnership Units.

Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of the Villas at Oak Crest, which was accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which had been reported as consolidated for the periods presented). As holders of shares of the Company’s Class A common stock issued in the contribution transactions in connection with the IPO, Fund II and Fund III and their respective managers have certain registration rights covering the resale of their shares of Class A common stock. In addition, BR-NPT Springing Entity, LLC (“NPT”) and Bluerock Property Management, LLC, the property manager of North Park Towers (“BPM”), as holders of OP Units issued in the contribution transactions, and the Manager and the former advisor, as holders of LTIP Units, have certain registration rights covering the resale of shares of the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted. Fund II, Fund III and their respective managers have agreed not to require the Company to file a registration statement with respect to the resale of their shares of Class A common stock until January 4, 2016. In addition, NPT and BPM, and the Manager and the Former Advisor, agreed not to require the Company to file a registration statement with respect to the resale of their shares of the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted, until January 4, 2016.

The Company entered into a management agreement (the “Management Agreement”), with the Manager, on April 2, 2014. The terms and conditions of the Management Agreement, which became effective as of April 2, 2014, are described below. 

 Management Agreement

The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Company’s board of directors. The Manager acts under the supervision and direction of the Board. Specifically, the Manager is responsible for (1) the selection, purchase and sale of the Company’s investment portfolio, (2) the Company’s financing activities, and (3) providing the Company with advisory and management services. The Manager provides the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel. None of the officers or employees of the Manager are dedicated exclusively to the Company.

The Company pays the Manager a base management fee in an amount equal to the sum of: (A) 0.25% of the Company’s stockholders’ existing and contributed equity prior to the IPO and in connection with our contribution transactions, per annum, calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears, and (B) 1.5% of the equity per annum of the Company’s stockholders who purchase shares of the Company’s stock, calculated quarterly based on their equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee is payable independent of the performance of the Company’s investments. The Company amended the Management Agreement to provide that the base management fee can be payable in cash or LTIP Units, at the election of the Board. The number of LTIP Units issued for the base management fee or incentive fee will be based on the fees earned divided by the 5-day trailing average Class A common stock price prior to issuance. The base management fee expense for the Manager was $0.5 million and $3.3 million for the three months ended March 31, 2015 and year ended December 31, 2015, respectively. Base management fees of $0.7 million were expensed during the three months ended June 30, 2015, which were paid through the issuance of 59,077 LTIP Units on August 13, 2015. Base management fees of $0.9 million were expensed during the three months ended September 30, 2015, which were paid through the issuance of 77,497 LTIP Units on November 18, 2015. Base management fees of $1.1 million were expensed during the three months ended December 31, 2015, which were paid through the issuance of 115,304 LTIP Units on February 29, 2016. Base management fees of $1.2 million were expensed during the three months ended March 31, 2016, which will be paid through the issuance of approximately 111,620 LTIP Units assuming the $10.88 common stock price at March 31, 2016.

The Company also pays the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee is equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s adjusted funds from operations (“AFFO”), for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the IPO and in future offerings and transactions, multiplied by the weighted average number of all shares of the Company’s Class A common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of Class A common stock, LTIP Units, and other shares of common stock underlying awards granted under the Incentive Plans and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to the IPO or in the contribution transactions, and (B) 8%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the IPO, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the IPO, AFFO will be determined by annualizing the applicable period following completion of the IPO. One half of each quarterly installment of the incentive fee will be payable in LTIP Units, calculated pursuant to the formula above. The remainder of the incentive fee will be payable in cash or in LTIP Units, at the election of the Board, in each case calculated pursuant to the formula above. Incentive fees of $0.15 million were expensed during the three months ended December 31, 2014, which resulted in the issuance of 10,896 LTIP Units on February 18, 2015. Incentive fees to the Manager of $0.9 million were expensed during the three months ended March 31, 2015, which resulted in the issuance of 67,837 LTIP Units on May 14, 2015. No incentive fees to the Manager were earned or expensed during the nine months ended December 31, 2015. No incentive fees were earned or expensed during the three months ended March 31, 2016.

Management fee expense of $0.1 million and $0.4 million was recorded as part of general and administrative expenses for the three months ended March 31, 2016 and 2015, respectively, and $0.9 million was recorded for the year ended December 31, 2015 related to the 179,562 LTIP Units granted in connection with the IPO. The expense recognized during 2016 and 2015 was based on a price of $10.88 and $11.85 per LTIP Unit, which represents the closing share price for the Company’s Class A common stock on March 31, 2016 and December 31, 2015, respectively. These LTIP Units vest over a three year period that began in April 2014, and 59,854 LTIP Units vested on April 30, 2015.

On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Company’s external manager, BRG Manager, LLC. The equity grant consisted of 283,390 LTIP Units. The LTIP Units will vest ratably over a three year period that began in July 2015, subject to certain terms and conditions. The LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. The LTIP Units provide for the payment of distribution equivalents at the same time distributions are paid to holders of the Company’s Class A common stock. LTIP expense of $0.4 million for the three months ended March 31, 2016 and $1.0 million was recorded as part of general and administrative expenses for the year ended December 31, 2015, respectively, related to these LTIP Units. The expense recognized during 2016 and 2015 was based on a price of $10.88 and $11.85 per LTIP Unit, respectively, which represents the closing share price for the Company’s Class A common stock on March 31, 2016 and December 31, 2015, respectively.

The Company is also required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The Manager waived all reimbursements through the six months ended June 30, 2015. Reimbursements of $0.3 million were expensed during the six months ended December 31, 2015 and are recorded as part of general and administrative expenses. Reimbursements of $0.1 million were expensed during the three months ended March 31, 2016 and are recorded as part of general and administrative expenses.

The initial term of the Management Agreement expires on April 2, 2017 (the third anniversary of the closing of the IPO), and will be automatically renewed for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms of the Management Agreement. Following the initial term of the Management Agreement, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance that is materially detrimental to the Company, or (2) the Company’s determination that the fees payable to the Manager are not fair, subject to the Manager’s right to prevent such termination due to unfair fees by accepting a reduction of the fees agreed to by at least two-thirds of the Company’s independent directors. The Company must provide 180 days’ prior notice of any such termination. Unless terminated for cause, as further described in the Management Agreement, the Manager will be paid a termination fee equal to three times the sum of the base management fee and incentive fee earned, in each case, by the Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, for cause with 30 days’ prior written notice from the Board.

During the initial three-year term of the Management Agreement, the Company may not terminate the Management Agreement except as described above or in the following circumstance: At the earlier of (i) April 2, 2017 (three years following the completion of the IPO), and (ii) the date on which the value of the Company’s stockholders’ equity exceeds $250.0 million, the Board may, but is not obligated to, internalize the Company’s management. The Manager may terminate the Management Agreement if it becomes required to register as an investment company under the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. In addition, if the Company defaults in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to the Company, the Manager may terminate the Management Agreement upon 60 days’ written notice. If the Management Agreement is terminated by the Manager upon a breach by the Company, the Company is required to pay the Manager the termination fee described above.

The Manager may retain, at its sole cost and expense, the services of such persons and firms as the Manager deems necessary in connection with our management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses are in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis.

Prior and Terminated Advisory Agreement

Prior to the entry by the Company into the Management Agreement upon the completion of the IPO and the concurrent termination of the Advisory Agreement, the Former Advisor performed essentially the same duties and responsibilities as the Company’s new Manager. The Advisory Agreement had a one-year term expiring October 14, 2014, and was renewable for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor.

The Former Advisor was entitled to the payment of certain fees in compensation for advisory and general management services rendered thereunder for periods prior to the Company’s initial public offering on April 2, 2014, and reimbursements for certain costs and expenses incurred in connection with the provision thereof, in an aggregate amount of $1.18 million. Effective on September 4, 2015, the Former Advisor and Manager entered into an Assignment Agreement pursuant to which the Former Advisor assigned its right to payment of the obligation due to the Former Advisor to the Manager. The Manager agreed to receive the payment entirely in LTIP Units of the Operating Partnership. The obligation was paid by the number of LTIP Units equal to (i) the dollar amount of the obligation payable in such LTIP Units (calculated as $1.18 million), divided by (ii) the average of the closing prices of the Company’s Class A Common Stock, $0.01 par value per share, on the NYSE MKT on the five business days prior to the issuance date. The payment was made through the issuance of 108,119 LTIP Units by the Operating Partnership to the Manager on the September 14, 2015. The LTIP Units were fully vested upon issuance, and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be settled in shares of the Company’s Class A common stock. The Manager will be entitled to receive “distribution equivalents” with respect to the LTIP Units at the same time distributions are paid to the holders of the Company’s Class A common stock.

All of the Company’s executive officers, and some of its directors, are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Manager and other Bluerock-affiliated entities.  As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders.

 Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; and 3) the fees received by the Manager and its affiliates.

Pursuant to the terms of the Management Agreement, summarized below are the related party amounts payable to our Manager, as of March 31, 2016 and December 31, 2015 (in thousands):

	March 31,		December 31,
	2016		2015
Amounts Payable to the Manager under the Management Agreement
Base management fee	$	1,214	$	1,133
Operating expense reimbursements and direct expense reimbursements		148		218
Total amounts payable to Manager	$	1,362	$	1,351

As of March 31, 2016 and December 31, 2015, the Company had no amounts and $0.1 million, respectively, in payables due to related parties other than the Manager.

As of March 31, 2016 and December 31, 2015, the Company had $0.9 million and $0.9 million, respectively, in receivables due from related parties other than the Manager.

 Bluerock Property Management, LLC

The Company incurred $0.05 million in property management fees to Bluerock Property Management, LLC, an affiliate of Bluerock, on behalf of the North Park Towers property during the three months ended March 31, 2015. No property management fees were payable in 2016 due to the sale of North Park Towers in October 2015.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Stockholders Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 10 – Stockholders’ Equity

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, by the weighted average number of common shares outstanding for the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period.  Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock.

The Company considers the requirements of the two-class method when preparing earnings per share. Earnings per share is not affected by the two-class method because the Company’s Class A, B-1, B-2 and B-3 common stock and LTIP Units participate in dividends on a one-for-one basis.

The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2016		2015
Net (loss) income from operations attributable to common stockholders	$	(4,135)	$	3,313
Dividends on restricted stock expected to vest		(3)		(2)
Basic net (loss) income from operations attributable to common stockholders	$	(4,138)	$	3,311
Weighted average common shares outstanding(1)		20,521,596		12,547,895
Potential dilutive shares(2)		—		—
Weighted average common shares outstanding and potential dilutive shares(1)		20,521,596		12,547,895
(Loss) income per common share, basic	$	(0.20)	$	0.26
(Loss) income per common share, diluted	$	(0.20)	$	0.26

The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed below.

The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

⁽¹⁾ For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding.

⁽²⁾ Excludes 13,378 shares of common stock, for the three months ended March 31, 2016 and 3,956 shares of common stock, for the three months ended March 31, 2015, related to non-vested restricted stock, as the effect would be anti-dilutive.

Class B Common Stock

The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Board’s consideration of strategic alternatives to maximize value to the Company’s stockholders. Through September 9, 2013, the Company had raised an aggregate of $22.6 million in gross proceeds through its continuous registered offering, including its distribution reinvestment plan.

On January 23, 2014, the Company's stockholders approved the second articles of amendment and restatement to the Company’s charter (the “Second Charter Amendment”), which provided, among other things, for the designation of a new share class of Class A common stock, and for the change of each existing outstanding share of the Company’s common stock into:

• 1/3 of a share of Class B-1 common stock; plus

• 1/3 of a share of Class B-2 common stock; plus

• 1/3 of a share of Class B-3 common stock.

This transaction was effective upon filing the Second Charter Amendment with the State Department of Assessments and Taxation of the State of Maryland on March 26, 2014. Immediately following the filing of the Second Charter Amendment, the Company effectuated a 2.264881 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.

The Company refers to Class B-1 common stock, Class B-2 common stock and Class B-3 common stock collectively as “Class B” common stock. The Company listed its Class A common stock on the NYSE MKT on March 28, 2014. The Class B common stock is identical to the Class A common stock, except that (i) the Company does not intend to list the Class B common stock on a national securities exchange, and (ii) shares of the Class B common stock convert automatically into shares of Class A common stock at specified times, as follows:

• March 23, 2015, in the case of the Class B-1 common stock;

• September 19, 2015, in the case of the Class B-2 common stock; and

• March 17, 2016, in the case of the Class B-3 common stock.

On March 23, 2015, 353,630 shares of Class B-1 common stock converted into Class A common stock in accordance with the above, and no Class B-1 common stock remains outstanding. On September 19, 2015, 353,630 shares of Class B-2 common stock converted into Class A common stock in accordance with the above, and no Class B-2 common stock remains outstanding. On March 17, 2016, 353,629 shares of Class B-3 common stock converted into Class A common stock in accordance with the above, and no Class B-3 common stock remains outstanding.

Follow-On Equity Offerings

On January 20, 2015, the Company completed the January 2015 Follow-On Offering of 4,600,000 shares of its Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $12.50 per share was announced on January 14, 2015. Net proceeds of the January 2015 Follow-On Offering were approximately $53.7 million after deducting underwriting discounts and commissions and estimated offering expenses.

On May 22, 2015, the Company completed the May 2015 Follow-On Offering of 6,348,000 shares of Class A common stock, par value $0.01 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the December 2014 Shelf  Registration Statement. The public offering price of $13.00 per share was announced on May 19, 2015. Net proceeds of the May 2015 Follow-On Offering were approximately $77.6 million after deducting underwriting discounts and commissions and offering costs.

October 2015 offering of 8.250% Series A Cumulative Redeemable Preferred Stock 

On October 21, 2015, the Company completed an underwritten offering of 2,875,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share (the “Series A Preferred Stock”), inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “October 2015 Preferred Stock Offering”). The shares were registered with the SEC pursuant to the December 2014 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 16, 2015. Net proceeds of the October 2015 Preferred Stock Offering were approximately $69.2 million after deducting underwriting discounts and commissions and estimated offering costs.

The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the board of directors. Commencing October 21, 2022, the annual dividend rate will increase by 2.0% annually, if not redeemed by the holder or not previously redeemed by the Company. Holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After October 21, 2020, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends.

At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statement of Stockholders’ Equity. 

Termination of Original Series B Preferred Stock Offering, Reclassification of Original Series B Preferred Stock, and Filing of New Prospectus Supplement for Offering of Reclassified Series B Preferred Stock

On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Original Units”) consisting of 150,000 shares of Series B redeemable preferred stock (the “Original Series B Preferred Stock”) and warrants (the “Original Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Original Series B Preferred Stock). As of December 31, 2015, no Original Units had been sold.

On February 22, 2016, the Company’s board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, the Company terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, the Company filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 Units (the “Units”) consisting of 150,000 shares of the reclassified Series B redeemable preferred stock (the “Series B Preferred Stock”) and warrants (the “Warrants”) to purchase 3,000,000 shares of Class A common stock (liquidation preference $1,000 per share of Series B Preferred Stock) (the “Series B Preferred Offering”).

The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the board of directors. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decrease to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock, based on the volume weighted average price for the Class A common shares for the 20 trading days prior to the redemption.

At-the-Market Offering of  Series A Cumulative Redeemable Preferred Stock 

On March 29, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Sales Agreement, FBR and MLV will act as distribution agents with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT, or on any other existing trading market for Series A Preferred Stock or through a market maker (the “ATM Offering”).

Shelf Registration Statements

On January 12, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a shelf registration statement that expires in January 2019 (the “January 2016 Shelf Registration Statement”). The securities covered by the January 2016 Shelf Registration Statement cannot exceed $1,000,000,000 in the aggregate and include common stock, preferred stock, depositary shares representing preferred stock, debt securities, warrants to purchase stock or debt securities and units. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering.

On January 13, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a resale shelf registration statement that expires in January 2019 (the “Resale Registration Statement”). The Resale Registration Statement provides that selling stockholders named therein may offer for sale up to 2,262,621 shares of Class A common stock currently held or issuable in exchange for units of limited partnership in the Operating Partnership, tendered for redemption by the selling stockholders. The Company will not receive any proceeds from the sale of these securities.

Operating Partnership and Long-Term Incentive Plan Units

On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The limited partners of the Operating Partnership are Bluerock REIT Holdings, LLC, BR-NPT Springing Entity, LLC (“NPT”), Bluerock Property Management, LLC (“BPM”), our Manager, and Bluerock Multifamily Advisor, LLC (the “Former Advisor”), all of which are affiliates of Bluerock.

Prior to the completion of the IPO, the Company owned, directly and indirectly, 100% of the limited partnership units in the Operating Partnership. Effective as of the completion of the IPO, limited partners other than the Company owned approximately 9.87% of the Operating Partnership (282,759 OP Units, or 4.59%, were held by OP Unit holders, and 325,578 LTIP Units, or 5.28%, were held by LTIP Unit holders.) As of March 31, 2016, limited partners other than the Company owned approximately 6.53% of the Operating Partnership (305,568 OP Units, or 1.46%, is held by OP Unit holders, and 1,061,836 LTIP Units, or 5.07%, is held by LTIP Unit holders.)

The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are units of limited partnership interest (“OP Units”), and the Operating Partnership’s long-term incentive plan units (“LTIP Units”). In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement Amendment provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, and will issue LTIP Units pursuant to the Company’s Amended and Restated 2014 Equity Incentive Plan for Individuals and Amended and Restated 2014 Equity Incentive Plan for Entities (collectively, the “Amended 2014 Incentive Plans”), to persons who provide services to the Company, including the Company’s officers, directors and employees.

Pursuant to the Partnership Agreement, as amended, any holders of OP Units, other than the Company or its subsidiaries, will receive redemption rights which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s Class A common stock, on a one-for-one basis. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its Class A common stock issuable upon redemption of the OP Units issued upon conversion of LTIP Units, which include those issued to the Manager and the Former Advisor. Subject to certain exceptions, the Operating Partnership will pay all expenses in connection with the exercise of registration rights under the Partnership Agreement. The Resale Shelf Registration Statement covers all such OP Units and LTIP Units issued prior to January 18, 2016.

Equity Incentive Plans

Prior to the Company’s IPO on April 2, 2014, the Company’s independent directors received an automatic grant of 5,000 shares of restricted stock on the initial effective date of the continuous registered offering and received an automatic grant of 2,500 shares of restricted stock when such directors were re-elected at each annual meeting of the Company’s stockholders thereafter through the 2013 annual meeting held on August 5, 2013. The restricted stock vested 20% at the time of the grant and 20% on each anniversary thereafter over four years from the date of the grant. All shares of restricted stock granted to the independent directors receive distributions, whether vested or unvested. The value of the restricted stock granted was determined at the date of grant. Commencing with the Company’s IPO, the Company’s independent directors no longer receive automatic grants upon appointment or reelection at each annual meeting of the Company’s stockholders.

On March 24, 2015, in accordance with the Company’s 2014 Equity Incentive Plan for Individuals (the “2014 Individuals Plan”), the Board authorized and each of the Company’s independent directors received two grants of 2,500 restricted shares of the Company’s Class A common stock. The first grant of 2,500 restricted shares related to services rendered in 2014 (each, a “2014 Restricted Stock Award”), while the second grant of 2,500 restricted shares relates to services rendered or to be rendered in 2015 (each, a “2015 Restricted Stock Award”). The vesting schedule for each 2014 Restricted Stock Award was as follows: (i) 834 shares as of March 24, 2015, (ii) 833 shares on March 24, 2016, and (iii) 833 shares on March 24, 2017. The vesting schedule for each 2015 Restricted Stock Award was as follows: (i) 834 shares as of March 24, 2016, (ii) 833 shares on March 24, 2017, and (iii) 833 shares on March 24, 2018.  The stock awards were made pursuant to certain stock award agreements by and between the Company and each independent director, each dated effective as of March 24, 2015 (collectively, the “2014-2015 Stock Award Agreements”).

On February 22, 2016, the board reviewed peer REIT compensation practices for independent directors, and found that equity awards for peer REITs generally vest either on the grant date, or after one year. In order to normalize compensation practices with peer REITs, on February 22, 2016, the board approved the amendment of each of the 2014-2015 Stock Award Agreements, effective as of March 24, 2016, such that the Stock Awards that did not vest on the grant date of March 24, 2015 vested on the one-year anniversary of such grant date. As a result, (i) 1,666 shares of the 2014 Stock Award to each independent director, and (ii) all 2,500 shares of the 2015 Stock Award to each independent director, became vested and nonforfeitable on March 24, 2016. The expense for the accelerated vesting was approximately $0.1 million which was recorded in the three months ended March 31, 2016.

On May 28, 2015, the Company’s stockholders approved the amendment and restatement of the 2014 Individuals Plan (the “Amended 2014 Individuals Plan”), and the Company’s 2014 Entities Plan (the “Amended 2014 Entities Plan” and together with the Amended 2014 Individuals Plan, the “Amended 2014 Incentive Plans”). The Amended 2014 Incentive Plans allow for the issuance of up to 475,000 shares of Class A common stock. The Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. 

A summary of the status of the Company’s non-vested shares as of March 31, 2016 is as follows (amounts in thousands, except share amounts): 

			Weighted average grant-date
Non-Vested shares	Shares (1)		fair value (1)
Balance at January 1, 2016		14,476	$	209
Granted		7,500		78
Vested		(19,998)		(242)
Forfeited		—		—
Balance at March 31, 2016		1,978	$	45

⁽¹⁾ The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

At March 31, 2016, there was $0.03 million of total unrecognized compensation cost related to unvested restricted stocks granted under the independent director compensation plan. The original cost is expected to be recognized over a period of 1.3 years.

Equity Incentive Plans - LTIP Grants

On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Company’s external manager, BRG Manager, LLC. The equity grant consisted of 283,390 LTIP Units. The LTIP Units will vest ratably over a three year period that began in July 2015, subject to certain terms and conditions. The LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. The LTIP Units provide for the payment of distribution equivalents at the same time distributions are paid to holders of the Company’s Class A common stock. LTIP expense of $0.4 million was recorded as part of general and administrative expenses for the three months ended March 31, 2016 related to these LTIP Units. The expense recognized during 2016 was based on a price of $10.88 per LTIP Unit, which represents the closing share price for the Company’s Class A common stock on March 31, 2016.

Distributions

	Payable to stockholders
Declaration Date	of record as of	Amount		Date Paid
Class A common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
January 13, 2016	March 24 2016	$	0.096667	April 5, 2016
April 8, 2016	April 25, 2016	$	0.096666	May 5, 2016
April 8, 2016	May 25, 2016	$	0.096667	June 6, 2016
April 8, 2016	June 24, 2016	$	0.096667	July 5, 2016
Class B-3 common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
Series A Preferred Stock
December 14, 2015	December 24, 2015	$	0.401000	January 5, 2016
March 11, 2016	March 24, 2016	$	0.515625	April 5, 2016

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate.

Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock.

The Company has a dividend reinvestment plan that allows for participating stockholders to have their dividend distributions automatically invested in additional Class A common shares based on the average price of the shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. 

Distributions declared and paid for the three months ended March 31, 2016 were as follows (amounts in thousands):

	Distributions
2016	Declared		Paid
First Quarter
Class A Common Stock	$	5,604	$	5,569
Class B-3 Common Stock		68		102
Series A Preferred Stock		1,482		1,153
OP Units		89		89
LTIP Units		283		270
Total first quarter 2016	$	7,526	$	7,183

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 11 – Commitments and Contingencies

The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

On March 15, 2016, the Company, through its Operating Partnership and several affiliated unconsolidated co-borrowers that are accounted for on the equity method of accounting, entered into an approximately $14.9 million secured credit facility (“Credit Facility”) with KeyBank as lender. The proceeds of the Credit Facility may be used for payment (or reimbursement) of acquisition costs, fees and expenses of the mortgaged properties and to fund interest advances. Draws under the Credit Facility are secured by properties owned by unconsolidated real estate joint ventures in Garland, Texas, Charlotte, North Carolina and Fort Lauderdale, Florida. At the closing of the loan, an initial advance of approximately $10.4 million was made directly to the affiliated property entities and the liability was recorded by the unconsolidated entities and prior advances were repaid to the Operating Partnership. Principal amounts may be repaid at any time without penalty, and amounts repaid may not be re-borrowed. The borrowings under the Credit Facility are at a rate equal to LIBOR plus 3.75% or the base rate plus 2.75%, at the company’s option. Our Operating Partnership’s obligations with respect to the Credit Facility are guaranteed by us, pursuant to the terms of a limited recourse guaranty dated as of March 15, 2016. The outstanding credit facility balance at March 31, 2016, was $10.4 million.

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Economic Dependency

3 Months Ended

Mar. 31, 2016

Economic Dependency Disclosure [Abstract]

Economic Dependency Disclosure [Text Block]

Note 12 – Economic Dependency

The Company is dependent on its Manager, an affiliate of Bluerock, to provide external management services for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments; management of the daily operations of its real estate portfolio; and other general and administrative responsibilities. In the event that the Manager or its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources.

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Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 13 – Subsequent Events

Declaration of Dividends

	Payable to stockholders
Declaration Date	of record as of		Amount		Payable Date
Class A common stock
April 8, 2016		April 25, 2016	$	0.096666		May 5, 2016
April 8, 2016		May 25, 2016	$	0.096667		June 6, 2016
April 8, 2016		June 24, 2016	$	0.096667		July 5, 2016
Series B Preferred Stock
April 15, 2016		April 25, 2016	$	5.00		May 5, 2016

Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock.

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate.

Distributions Paid

The following distributions were paid to the Company's holders of Class A common stock, Series A Preferred Stock, as well as holders of OP and LTIP Units subsequent to March 31, 2016 (amounts in thousands):

	Declaration			Distributions		Total
Shares	Date	Record Date	Date Paid	per Share		Distribution
Class A Common Stock	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	1,891
Series A Preferred Stock	March 11, 2016	March 25, 2016	April 5, 2016	$	0.515625	$	1,482
OP Units	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	30
LTIP Units	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	103
Class A Common Stock	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	1,891
Series B Preferred Stock	April 15, 2016	April 25, 2016	May 5, 2016	$	5.000000	$	3
OP Units	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	30
LTIP Units	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	103
Total						$	5,533

At-the-Market Series A Cumulative Redeemable Preferred Stock Offering

Since March 31, 2016, the Company has sold 146,460 shares of Series A Preferred Stock in the ATM Offering through April 8, 2016. On April 8, 2016, the Company delivered notice to each of FBR and MLV, pursuant to the terms of the Sales Agreement, to suspend all sales under the ATM Offering. Such sales efforts may resume in June 2016, following the restricted period related to the April 2016 Preferred Stock Offering.

April 2016 Offering of 8.250% Series A Cumulative Redeemable Preferred Stock 

On April 25, 2016, the Company completed an underwritten offering of 2,300,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “April 2016 Preferred Stock Offering”). The shares were registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-208956) filed with the SEC on January 12, 2016 and declared effective on January 29, 2016. The public offering price of $25.00 per share was announced on April 20, 2016. Net proceeds of the April 2016 Preferred Stock Offering were approximately $55.3 million after deducting underwriting discounts and commissions and estimated offering costs.

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation and Basis of Presentation

The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of March 31, 2016, limited partners other than the Company owned approximately 6.53% of the Operating Partnership (1.46% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.07% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”)). Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock”), and the Company’s external manager, BRG Manager, LLC, a Delaware limited liability company, is referred to as its Manager (“Manager”). Both Bluerock and the Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements.

Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.  The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation.

Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation.

Interim Financial Information [Policy Text Block]

Interim Financial Information

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X.  Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included.  Operating results for interim periods should not be considered indicative of the operating results for a full year.

The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.  For further information, refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2015 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 24, 2016.

Basis of Accounting, Policy [Policy Text Block]

Summary of Significant Accounting Policies

There have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU-2016-09”). The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is in the process of evaluating the future impact of ASU 2016-02 on our consolidated financial position, results of operations and cash flows.

In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 became effective for public business entities in the first annual period beginning after December 15, 2015. Beginning in its fiscal year ending December 31, 2016, the Company adopted ASU 2015-03, and retrospectively applied the guidance to its Mortgages Payable for all periods presented Unamortized deferred financing costs, net, of $5.0 million and $3.5 million are included in Mortgages Payable as of March 31, 2016, and December 31, 2015, respectively (previously included as Deferred financing costs, net on the Company’s Consolidated Balance Sheets). The adoption of ASU 2015-03 did not have a material impact on the Company’s financial position or results of operations.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 did not have a material impact on the Company’s financial position or results of operations.

In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 did not have a material impact on the Company's financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures.

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Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]

Operating Properties

										%
	Number of		Date		Ownership			Average		Occupied
Multifamily Community Name/Location	Units		Built/Renovated(1)		Interest			Rent(2)		(3)
ARIUM at Palmer Ranch, Sarasota, FL		320		2016		95.0	%	$	1,085		97	%
ARIUM Grandewood, Orlando, FL		306		2005		95.0	%		1,200		96	%
ARIUM Gulfshore, Naples, FL		368		2016		95.0	%		1,071		99	%
ARIUM Palms, Orlando, FL		252		2008		95.0	%		1,181		90	%
Ashton Reserve, Charlotte, NC		473		2015		100.0	%		1,026		92	%
Enders Place at Baldwin Park, Orlando, FL		220		2003		89.5	%		1,609		98	%
EOS, Orlando, FL (4)		296		2015		—			1,211		61	%
Fox Hill, Austin, TX		288		2010		94.6	%		1,148		98	%
Lansbrook Village, Palm Harbor, FL		609		2004		90.0	%		1,200		92	%
MDA Apartment, Chicago, IL		190		2006		35.3	%		2,263		97	%
Park & Kingston, Charlotte, NC		168		2015		96.4	%		1,153		96	%
Sorrel, Frisco, TX (5)		352		2015		95.0	%		1,288		85	%
Sovereign, Fort Worth, TX		322		2015		95.0	%		1,240		93	%
Springhouse at Newport News, Newport News, VA		432		1985		75.0	%		839		94	%
The Preserve at Henderson Beach, Destin, FL		340		2009		100.0	%		1,252		91	%
Village Green of Ann Arbor, Ann Arbor, MI		520		2013		48.6	%		1,173		95	%
Whetstone, Durham, NC (4)		204		2015		—			1,325		80	%
Total/Average		5,660						$	1,189		95	%

⁽¹⁾ Represents date of last significant renovation or year built if there were no renovations.  

⁽²⁾ Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $430,000.

⁽³⁾ Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up.

⁽⁴⁾ Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $1,268 and $1,107, respectively, net of upfront lease-up concessions.

⁽⁵⁾ Sorrel is in lease-up and actual average rents were $1,206, net of upfront lease-up concessions.

Schedule Of Development Properties In Real Estate [Table Text Block]

Development Properties

	Planned		Anticipated		Anticipated		Pro Forma
	Number of		Initial		Final Units to		Average Rent
Multifamily Community Name/Location	Units		Occupancy		be Delivered		(1)
Alexan CityCentre, Houston, TX		340		2Q 2017		4Q 2017	$	2,144
Alexan Southside Place, Houston, TX		269		4Q 2017		2Q 2018	$	2,019
Cheshire Bridge, Atlanta, GA		285		1Q 2017		3Q 2017	$	1,559
Domain, Garland, TX		301		4Q 2017		3Q 2018	$	1,425
Flagler Village, Ft. Lauderdale, FL		326		2Q 2019		2Q 2020	$	2,483
Lake Boone Trail, Raleigh, NC		245		1Q 2018		3Q 2018	$	1,402
West Morehead, Charlotte, NC		283		1Q 2018		4Q 2018	$	1,601
Total/Average		2,049					$	1,832

 ⁽¹⁾ Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.

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Acquisition of Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Schedule of Purchase Prices Allocations [Table Text Block]

The following table summarizes the assets acquired and liabilities assumed at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available (amounts in thousands): 

	Preliminary Purchase Price Allocation
Land	$	21,900
Building		110,637
Building improvements		769
Land improvements		2,875
Furniture and fixtures		2,479
In-place leases		2,868
Total assets acquired	$	141,528
Mortgages assumed	$	37,476
Fair value adjustments		1,578
Total liabilities acquired	$	39,054

Business Acquisition, Pro Forma Information [Table Text Block]

The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sorrel, Sovereign, ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach (collectively, the "Recent Acquisitions"), had occurred on January 1, 2015 (amounts in thousands, except per share amounts).

	Three Months Ended March 31,						Three Months Ended March 31,
	2016						2015
			Pro-Forma						Pro-Forma
	As Reported		Adjustments		Pro-Forma		As Reported		Adjustments		Pro-Forma
Revenues	$	16,634	$	1,044	$	17,678	$	9,036	$	7,926	$	16,962
Net (loss) income	$	(2,625)	$	(184)	$	(2,809)	$	9,347	$	(3,164)	$	6,183
Net (loss) income attributable to common stockholders	$	(4,135)	$	(182)	$	(4,317)	$	3,313	$	(3,027)	$	286
(Loss) earnings per share, basic and diluted (1)	$	(0.20)			$	(0.21)	$	0.26			$	0.02

⁽¹⁾ Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income attributable to BRG.

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Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 is summarized in the table below (amounts in thousands):

	March 31,		December 31,
Property	2016		2015
Alexan CityCentre	$	6,505	$	6,505
Alexan Southside Place		17,322		17,322
Cheshire Bridge		16,360		16,360
Domain		3,733		3,806
EOS		3,629		3,629
Flagler Village		8,189		5,451
Lake Boone Trail		9,919		9,919
West Morehead		3,493		—
Whetstone		12,932		12,231
Total	$	82,082	$	75,223

Equity Income Loss of Joint Ventures [Table Text Block]

The equity in income of the Company’s unconsolidated real estate joint ventures for the three months ended March 31, 2016 and 2015 is summarized below (amounts in thousands):

	Three Months Ended March 31,
Property	2016		2015
Alexan CityCentre	$	243	$	241
Alexan Southside Place		648		261
Cheshire Bridge		612		—
Domain		138		—
EOS		136		134
Flagler Village		(2)		—
Lake Boone Trail		371		—
Villas at Oak Crest		—		105
West Morehead		164		—
Whetstone		458		—
Other		—		(11)
Equity in income of unconsolidated real estate joint ventures	$	2,768	$	730

Schedule Of Condensed Financial Statements [Table Text Block]

Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015, is as follows:

	March 31,		December 31,
	2016		2015
Balance Sheets:
Real estate, net of depreciation	$	158,373	$	132,265
Other assets		19,874		24,737
Total assets	$	178,247	$	157,002
Mortgages payable	$	70,990	$	55,066
Other liabilities		5,772		5,018
Total liabilities	$	76,762	$	60,084
Members’ equity		101,485		96,918
Total liabilities and members’ equity	$	178,247	$	157,002

	Three Months Ended March 31,
	2016		2015
Operating Statement:
Rental revenues	$	1,146	$	683
Operating expenses		(729)		(280)
Income before debt service, acquisition costs, and depreciation and amortization		417		403
Interest expense, net		(323)		(181)
Depreciation and amortization		(759)		(212)
Operating (loss) income		(665)		10
Gain on sale		—		29,197
Net (loss) income	$	(665)	$	29,207

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Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

         The following table summarizes certain information as of March 31, 2016 and December 31, 2015, with respect to the Company’s indebtedness (amounts in thousands):

	Outstanding Principal				As of March 31, 2016
			December 31,
Property	March 31, 2016		2015		Interest Rate			Fixed/ Floating		Maturity Date
ARIUM at Palmer Ranch	$	26,925	$	—		2.61	%	Floating	(1)	February 1, 2023
ARIUM Grandewood		29,444		29,444		2.11	%	Floating	(2)	December 1, 2024
ARIUM Gulfshore		32,626		—		2.61	%	Floating	(3)	February 1, 2023
ARIUM Palms		24,999		24,999		2.66	%	Floating	(4)	September 1, 2022
Ashton Reserve I		31,900		31,900		4.67	%	Fixed		December 1, 2025
Ashton Reserve II		15,270		15,270		3.06	%	Floating	(5)	January 1, 2026
Enders Place at Baldwin Park(6)		25,050		25,155		4.30	%	Fixed		November 1, 2022
Fox Hill		26,705		26,705		3.57	%	Fixed		April 1, 2022
Lansbrook Village		43,628		43,628		4.42	%	Blended	(7)	March 31, 2018
MDA Apartments		37,515		37,600		5.35	%	Fixed		January 1, 2023
Park & Kingston		15,250		15,250		3.21	%	Fixed		April 1, 2020
Sorrel		38,684		38,684		2.73	%	Floating	(8)	May 1, 2023
Sovereign		28,880		28,880		3.46	%	Fixed		November 10, 2022
Springhouse at Newport News		22,087		22,176		5.66	%	Fixed		January 1, 2020
The Preserve at Henderson Beach		37,476		—		4.65	%	Fixed		January 5, 2023
Village Green of Ann Arbor		42,132		42,326		3.92	%	Fixed		October 1, 2022
Total		478,571		382,017
Fair value adjustments		3,106		1,620
Subtotal		481,677		383,637
Deferred financing costs, net		(4,969)		(3,535)
Total	$	476,708	$	380,102

⁽¹⁾ARIUM at Palmer Ranch loan bears interest at a floating rate of 2.17% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.61%.

⁽²⁾ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At March 31, 2016, the interest rate was 2.11%.

⁽³⁾ ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR. At March 31, 2016, the interest rate was 2.61%.

⁽⁴⁾ ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At March 31, 2016, the interest rate was 2.66%.

⁽⁵⁾ Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At March 31, 2016, the interest rate was 3.06%.

⁽⁶⁾ The principal includes a $17.1 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

⁽⁷⁾ The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three month LIBOR plus 3.00%, as of March 31, 2016, the additional advance had an interest rate of 3.63%.

⁽⁸⁾ Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.73%.

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of March 31, 2016, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2016 (April 1-December 31)	$	2,631
2017		4,141
2018		46,473
2019		5,046
2020		41,895
Thereafter		378,385
	$	478,571
Add: Unamortized fair value debt adjustment		3,106
Subtract: Deferred financing costs, net		(4,969)
Total	$	476,708

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Schedule Of Related Party Transactions [Table Text Block]

Pursuant to the terms of the Management Agreement, summarized below are the related party amounts payable to our Manager, as of March 31, 2016 and December 31, 2015 (in thousands):

	March 31,		December 31,
	2016		2015
Amounts Payable to the Manager under the Management Agreement
Base management fee	$	1,214	$	1,133
Operating expense reimbursements and direct expense reimbursements		148		218
Total amounts payable to Manager	$	1,362	$	1,351

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders Equity Note [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2016		2015
Net (loss) income from operations attributable to common stockholders	$	(4,135)	$	3,313
Dividends on restricted stock expected to vest		(3)		(2)
Basic net (loss) income from operations attributable to common stockholders	$	(4,138)	$	3,311
Weighted average common shares outstanding(1)		20,521,596		12,547,895
Potential dilutive shares(2)		—		—
Weighted average common shares outstanding and potential dilutive shares(1)		20,521,596		12,547,895
(Loss) income per common share, basic	$	(0.20)	$	0.26
(Loss) income per common share, diluted	$	(0.20)	$	0.26

⁽¹⁾ For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding.

⁽²⁾ Excludes 13,378 shares of common stock, for the three months ended March 31, 2016 and 3,956 shares of common stock, for the three months ended March 31, 2015, related to non-vested restricted stock, as the effect would be anti-dilutive.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the status of the Company’s non-vested shares as of March 31, 2016 is as follows (amounts in thousands, except share amounts): 

			Weighted average grant-date
Non-Vested shares	Shares (1)		fair value (1)
Balance at January 1, 2016		14,476	$	209
Granted		7,500		78
Vested		(19,998)		(242)
Forfeited		—		—
Balance at March 31, 2016		1,978	$	45

⁽¹⁾ The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

Schedule of Dividends Payable [Table Text Block]

Distributions

	Payable to stockholders
Declaration Date	of record as of	Amount		Date Paid
Class A common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
January 13, 2016	March 24 2016	$	0.096667	April 5, 2016
April 8, 2016	April 25, 2016	$	0.096666	May 5, 2016
April 8, 2016	May 25, 2016	$	0.096667	June 6, 2016
April 8, 2016	June 24, 2016	$	0.096667	July 5, 2016
Class B-3 common stock
October 7, 2015	December 25, 2015	$	0.096667	January 5, 2016
January 13, 2016	January 25, 2016	$	0.096666	February 5, 2016
January 13, 2016	February 25, 2016	$	0.096667	March 5, 2016
Series A Preferred Stock
December 14, 2015	December 24, 2015	$	0.401000	January 5, 2016
March 11, 2016	March 24, 2016	$	0.515625	April 5, 2016

Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]

Distributions declared and paid for the three months ended March 31, 2016 were as follows (amounts in thousands):

	Distributions
2016	Declared		Paid
First Quarter
Class A Common Stock	$	5,604	$	5,569
Class B-3 Common Stock		68		102
Series A Preferred Stock		1,482		1,153
OP Units		89		89
LTIP Units		283		270
Total first quarter 2016	$	7,526	$	7,183

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Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Dividends Declared [Table Text Block]

Declaration of Dividends

	Payable to stockholders
Declaration Date	of record as of		Amount		Payable Date
Class A common stock
April 8, 2016		April 25, 2016	$	0.096666		May 5, 2016
April 8, 2016		May 25, 2016	$	0.096667		June 6, 2016
April 8, 2016		June 24, 2016	$	0.096667		July 5, 2016
Series B Preferred Stock
April 15, 2016		April 25, 2016	$	5.00		May 5, 2016

Schedule of Subsequent Events [Table Text Block]

The following distributions were paid to the Company's holders of Class A common stock, Series A Preferred Stock, as well as holders of OP and LTIP Units subsequent to March 31, 2016 (amounts in thousands):

	Declaration			Distributions		Total
Shares	Date	Record Date	Date Paid	per Share		Distribution
Class A Common Stock	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	1,891
Series A Preferred Stock	March 11, 2016	March 25, 2016	April 5, 2016	$	0.515625	$	1,482
OP Units	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	30
LTIP Units	January 13, 2016	March 25, 2016	April 5, 2016	$	0.096667	$	103
Class A Common Stock	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	1,891
Series B Preferred Stock	April 15, 2016	April 25, 2016	May 5, 2016	$	5.000000	$	3
OP Units	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	30
LTIP Units	April 8, 2016	April 25, 2016	May 5, 2016	$	0.096666	$	103
Total						$	5,533

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Organization and Nature of Business (Details Textual) $ / shares in Units, $ in Thousands				1 Months Ended							3 Months Ended
	Oct. 08, 2014 USD ($) $ / shares	Apr. 02, 2014 USD ($)	Sep. 09, 2013 USD ($)	Feb. 24, 2016 $ / shares shares	Feb. 22, 2016 $ / shares shares	Dec. 17, 2015 $ / shares shares	Oct. 21, 2015 USD ($) $ / shares shares	May. 22, 2015 USD ($) $ / shares shares	Jan. 20, 2015 USD ($) $ / shares shares	Mar. 28, 2014 USD ($) $ / shares shares	Mar. 31, 2016 USD ($) $ / shares shares	Mar. 31, 2015 USD ($)	Mar. 29, 2016 USD ($)	Dec. 31, 2015 $ / shares	Sep. 14, 2015 $ / shares
Organization and Nature of Business [Line Items]
Proceeds From Issuance Of Common Stock | $	$ 32,900		$ 22,600								$ 12	$ 53,650
Contribution Transactions Completed Description											a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas at Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO).
Stockholders Equity, Reverse Stock Split											immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.
Percent of Real Estate Properties Occupied											95.00%
Number of Units in Real Estate Property											7,709
Annual Distribution Percentage Rate											90.00%
Common Class A [Member]
Organization and Nature of Business [Line Items]
Proceeds From Issuance Of Common Stock | $								$ 77,600	$ 53,700
Stock Issued During Period, Shares, New Issues | shares								6,348,000	4,600,000		3,035,444
Proceeds from Issuance Initial Public Offering | $		$ 44,000
Stockholders Equity, Reverse Stock Split											Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.
Sale of Stock, Price Per Share | $ / shares	$ 11.90							$ 13.00	$ 12.50
Common Stock, Par or Stated Value Per Share | $ / shares								$ 0.01	$ 0.01		$ 0.01			$ 0.01	$ 0.01
Series A Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Proceeds from Issuance of Preferred Stock and Preference Stock | $							$ 69,200
Stock Issued During Period, Shares, New Issues | shares							2,875,000
Shares Issued, Price Per Share | $ / shares							$ 0.01
Sale of Stock, Price Per Share | $ / shares							$ 25.00
Annual Distribution Percentage Rate							8.25%
Preferred Stock, Liquidation Preference Per Share | $ / shares						$ 1,000	$ 25.00
Preferred Stock, Capital Shares Reserved for Future Issuance | shares						150,000
Warrants to Purchase of Common Stock | shares						3,000,000
Series B Preferred Stock [Member]
Organization and Nature of Business [Line Items]
Preferred Stock, Liquidation Preference Per Share | $ / shares						$ 1,000
Series A Preferred Stock [Member]
Organization and Nature of Business [Line Items]
Preferred Stock, Value, Issued | $													$ 100,000
Original Series B Preferred Stock [Member]
Organization and Nature of Business [Line Items]
Preferred Stock, Liquidation Preference Per Share | $ / shares				$ 1,000	$ 1,000
Preferred Stock, Capital Shares Reserved for Future Issuance | shares				150,000	150,000	150,000
Warrants to Purchase of Common Stock | shares				3,000,000	3,000,000	3,000,000
IPO [Member] | Common Class A [Member]
Organization and Nature of Business [Line Items]
Stock Issued During Period, Shares, New Issues | shares										3,448,276
Shares Issued, Price Per Share | $ / shares										$ 14.50
Proceeds From Issuance Initial Public Offering Gross | $										$ 50,000
December 2014 Shelf Registration Statement Offering [Member]
Organization and Nature of Business [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance | shares					150,000	150,000
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property											5,660
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property											2,049

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Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounting Standards Update 2015-03 [Member]
Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 5.0	$ 3.5
OP LTIP unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	6.53%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	1.46%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	5.07%

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Sale of Unconsolidated Real Estate Joint Ventures (Details Textual) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Jan. 14, 2015	Oct. 16, 2015	Mar. 31, 2016
Estates at Perimeter/Augusta [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees		$ 0.3
Proceeds from Sale of Real Estate Gross		18.2
Payments for Mortgage on Real Estate Sold		$ 11.5
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		100.00%
Net Proceeds From Divestiture Of Interest In Joint Venture		$ 6.6
Gain On Sale Of Equity Interests		$ 2.7
Berry Hill General Partnership [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees			$ 0.1
Sale Of Joint Venture Equity Interest For Unaffiliate	$ 61.2
Net Proceeds From Divestiture Of Interest In Joint Venture	7.3
Gain On Sale Of Equity Interests	$ 11.3
Gain On Sale Of Equity Investments Pro Rata Basis			$ 5.3

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Investments in Real Estate (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	2,049
Pro Forma Average Rent	$ 1,832	[1]
% Occupied	97.00%	[2]
Alexan CityCentre, Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Initial Occupancy	2Q 2017
Final Units to be Delivered	4Q 2017
Pro Forma Average Rent	$ 2,144
Alexan Southside Place, Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	269
Initial Occupancy	4Q 2017
Final Units to be Delivered	2Q 2018
Pro Forma Average Rent	$ 2,019
Cheshire Bridge, Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	285
Initial Occupancy	1Q 2017
Final Units to be Delivered	3Q 2017
Pro Forma Average Rent	$ 1,559
Flagler Village Ft Lauderdale FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	326
Initial Occupancy	2Q 2019
Final Units to be Delivered	2Q 2020
Pro Forma Average Rent	$ 2,483
Lake Boone Trail Raleigh NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	245
Initial Occupancy	1Q 2018
Final Units to be Delivered	3Q 2018
Pro Forma Average Rent	$ 1,402
West Morehead, Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	283
Initial Occupancy	1Q 2018
Final Units to be Delivered	4Q 2018
Pro Forma Average Rent	$ 1,601
Domain GarlandTx [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	301
Initial Occupancy	4Q 2017
Final Units to be Delivered	3Q 2018
Pro Forma Average Rent	$ 1,425
MDA Apartments, Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	190
Pro Forma Average Rent	$ 2,263	[1]
Date Build/Renovated	2006	[3]
Ownership Interest	35.30%
% Occupied	97.00%	[2]
Enders at Baldwin Park, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	220
Pro Forma Average Rent	$ 1,609	[1]
Date Build/Renovated	2003	[3]
Ownership Interest	89.50%
% Occupied	98.00%	[2]
Whetstone Durham N C [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	204	[4]
Pro Forma Average Rent	$ 1,325	[1],[4]
Date Build/Renovated	2015	[3],[4]
Ownership Interest	0.00%	[4]
% Occupied	80.00%	[2],[4]
Park Kingston, Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	168
Pro Forma Average Rent	$ 1,153	[1]
Date Build/Renovated	2015	[3]
Ownership Interest	96.40%
% Occupied	96.00%	[2]
Lansbrook Village, Palm Harbor, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	609
Pro Forma Average Rent	$ 1,200	[1]
Date Build/Renovated	2004	[3]
Ownership Interest	90.00%
% Occupied	92.00%	[2]
ARIUM Grandewood, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	306
Pro Forma Average Rent	$ 1,200	[1]
Date Build/Renovated	2005	[3]
Ownership Interest	95.00%
% Occupied	96.00%	[2]
Village Green of Ann Arbor, Ann Arbor, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	520
Pro Forma Average Rent	$ 1,173	[1]
Date Build/Renovated	2013	[3]
Ownership Interest	48.60%
% Occupied	95.00%	[2]
Fox Hill, Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	288
Pro Forma Average Rent	$ 1,148	[1]
Date Build/Renovated	2010	[3]
Ownership Interest	94.60%
% Occupied	98.00%	[2]
Springhouse at Newport News, Newport News, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	432
Pro Forma Average Rent	$ 839	[1]
Date Build/Renovated	1985	[3]
Ownership Interest	75.00%
% Occupied	94.00%	[2]
Average [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	5,660
Pro Forma Average Rent	$ 1,189	[1]
% Occupied	95.00%	[2]
EOS Orlando F L [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	296	[4]
Pro Forma Average Rent	$ 1,211	[1],[4]
Date Build/Renovated	2015	[3],[4]
Ownership Interest	0.00%	[4]
% Occupied	61.00%	[2],[4]
ARIUM Palms Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	252
Pro Forma Average Rent	$ 1,181	[1]
Date Build/Renovated	2008	[3]
Ownership Interest	95.00%
% Occupied	90.00%	[2]
Ashton I Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	473
Pro Forma Average Rent	$ 1,026	[1]
Date Build/Renovated	2015	[3]
Ownership Interest	100.00%
% Occupied	92.00%	[2]
Sorrel Frisco TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	352	[5]
Pro Forma Average Rent	$ 1,288	[1],[5]
Date Build/Renovated	2015	[3],[5]
Ownership Interest	95.00%	[5]
% Occupied	85.00%	[2],[5]
Sovereign Fort Worth TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	322
Pro Forma Average Rent	$ 1,240	[1]
Date Build/Renovated	2015	[3]
Ownership Interest	95.00%
% Occupied	93.00%	[2]
ARIUM Gulfshore, Naples, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	368
Pro Forma Average Rent	$ 1,071	[1]
Date Build/Renovated	2016	[3]
Ownership Interest	95.00%
% Occupied	99.00%	[2]
ARIUM at Palmer Ranch [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Pro Forma Average Rent	$ 1,085	[1]
Date Build/Renovated	2016
Ownership Interest	95.00%
The Preserve at Henderson Beach, Destin, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Pro Forma Average Rent	$ 1,252	[1]
Date Build/Renovated	2009	[3]
Ownership Interest	100.00%
% Occupied	91.00%	[2]

[1] Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $430,000.

[2] Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up.

[3] Represents date of last significant renovation or year built if there were no renovations.

[4] Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $1,268 and $1,107, respectively, net of upfront lease-up concessions.

[5] Sorrel is in lease-up and actual average rents were $1,206, net of upfront lease-up concessions.

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Investments in Real Estate (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Property [Line Items]
Concessions Costs	$ 430,000
Average Effective Rent Excluding Property Rental Space	1,206
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense	5,100,000	$ 2,300,000
Amortization of Deferred Leasing Fees	2,400,000	$ 500,000
Payments for Rent	1,107
Whetstone [Member]
Real Estate Property [Line Items]
Operating Leases, Rent Expense, Net, Total	$ 1,268

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Acquisition of Real Estate (Details) $ in Thousands	Mar. 31, 2016 USD ($)
Preliminary Purchase Price Allocation
Land	$ 21,900
Building	110,637
Building improvements	769
Land improvements	2,875
Furniture and fixtures	2,479
In-place leases	2,868
Total assets acquired	141,528
Mortgages assumed	37,476
Fair value adjustments	1,578
Total liabilities acquired	$ 39,054

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Acquisition of Real Estate (Details 1) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Revenues		$ 16,634	$ 9,036
Net (loss) income		(2,625)	9,347
Net (loss) income attributable to common stockholders		(4,135)	3,313
Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Revenues		16,634	9,036
Net (loss) income		(2,625)	9,347
Net (loss) income attributable to common stockholders		$ (4,135)	$ 3,313
(Loss) earnings per share, basic and diluted (in dollars per share)	[1]	$ (0.20)	$ 0.26
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Revenues		$ 1,044	$ 7,926
Net (loss) income		(184)	(3,164)
Net (loss) income attributable to common stockholders		(182)	(3,027)
Pro Forma [Member]
Business Acquisition [Line Items]
Revenues		17,678	16,962
Net (loss) income		(2,809)	6,183
Net (loss) income attributable to common stockholders		$ (4,317)	$ 286
(Loss) earnings per share, basic and diluted (in dollars per share)	[1]	$ (0.21)	$ 0.02

[1] Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income attributable to BRG.

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Acquisition of Real Estate (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 15, 2016	Jan. 05, 2016
Business Acquisition [Line Items]
Aggregate Property Level Revenues And Recent Acquisitions	$ 8,300
Aggregate Property Level Net Income And Recent Acquisitions	3,200
Noncash or Part Noncash Acquisition, Debt Assumed	$ 39,054	$ 0
Sorrel [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount				$ 47,000
Long-term Investments, Total				$ 15,900
Equity Method Investment, Ownership Percentage				95.00%
Sorrel [Member] | Senior Secured Mortgage Loan [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount				$ 32,600
Sovereign [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount				39,300
Sovereign [Member] | Senior Secured Mortgage Loan [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount				26,900
Citation Club Apartments [Member]
Business Acquisition [Line Items]
Long-term Investments, Total				$ 13,600
Preserve At Henderson Beach [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount			$ 17,200
Preserve At Henderson Beach [Member] | Founded [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount			53,700
Preserve At Henderson Beach [Member] | Senior Secured Mortgage Loan [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount			$ 37,500

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Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 82,082	$ 75,223
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6,505	6,505
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	17,322	17,322
Cheshire Bridge [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	16,360	16,360
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,733	3,806
EOS [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,629	3,629
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	8,189	5,451
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	9,919	9,919
West Morehead [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,493	0
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 12,932	$ 12,231

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Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	$ 2,768	$ 730
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	243	241
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	648	261
Cheshire Bridge [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	612	0
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	138	0
EOS [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	136	134
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	(2)	0
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	371	0
Villas at Oak Crest [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	0	105
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	458	0
Other [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	0	(11)
West Morehead [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated real estate joint ventures	$ 164	$ 0

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Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Balance Sheets:
Real estate, net of depreciation	$ 158,373		$ 132,265
Other assets	19,874		24,737
Total assets	178,247		157,002
Mortgages payable	70,990		55,066
Other liabilities	5,772		5,018
Total liabilities	76,762		60,084
Members' equity	101,485		96,918
Total liabilities and members' equity	178,247		$ 157,002
Operating Statement:
Rental revenues	1,146	$ 683
Operating expenses	(729)	(280)
Income before debt service, acquisition costs, and depreciation and amortization	417	403
Interest expense, net	(323)	(181)
Depreciation and amortization	(759)	(212)
Operating (loss) income	(665)	10
Gain on sale	0	29,197
Net (loss) income	$ (665)	$ 29,207

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Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) $ in Millions				1 Months Ended				3 Months Ended
	Jan. 06, 2016 USD ($)	Apr. 07, 2015	Jan. 12, 2015	Dec. 18, 2015 USD ($)	Dec. 16, 2015 USD ($)	Nov. 20, 2015 USD ($)	May. 20, 2015 USD ($)	Mar. 31, 2016 USD ($)	May. 29, 2015
Equity Method Investment And Joint Venture [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
Preferred ship Interest Return At Annual Rate								15.00%
Percentage Of Preferred ship Interest								70.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	$ 19.0							$ 3.5
Debt Instrument, Description of Variable Rate Basis		based on the base rate plus 1.25% or LIBOR plus 2.25%
Proceeds from Construction Loans Payable					$ 38.1
Debt Instrument, Interest Rate Terms					one-month LIBOR plus 2.50%
Debt Instrument, Maturity Date		Apr. 07, 2019
BRG Whetstone Durham LLC [Member]
Equity Method Investment And Joint Venture [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value							$ 12.2
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage								100.00%
Debt Instrument, Description of Variable Rate Basis							LIBOR plus 2.0%.
Bridge Loan								$ 25.2
BRG Whetstone Durham LLC [Member] | Common Class A [Member]
Equity Method Investment And Joint Venture [Line Items]
Number of Real Estate Properties, Fee Simple								204
BRG Cheshire LLC [Member]
Equity Method Investment And Joint Venture [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value								$ 16.4
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage								100.00%
BRG Cheshire LLC [Member] | Common Class A [Member]
Equity Method Investment And Joint Venture [Line Items]
Number of Real Estate Properties, Fee Simple									285
BRG Southside LLC [Member]
Equity Method Investment And Joint Venture [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value								$ 17.3
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage								100.00%
Ground Lease Term			85 years
BRG Southside LLC [Member] | Common Class A [Member]
Equity Method Investment And Joint Venture [Line Items]
Number of Real Estate Properties, Fee Simple			269
Acquisition of Phase 1 Interest [Member]
Equity Method Investment And Joint Venture [Line Items]
Capital Commitment						$ 18.6
Percentage of Acquire Preferred Equity Interests						100.00%
Funded Amount						$ 3.7
Acquisition of Phase 1 Interest [Member] | Common Class A [Member]
Equity Method Investment And Joint Venture [Line Items]
Number of Real Estate Properties, Fee Simple						301
Acquisition of Flagler Village Interest [Member]
Equity Method Investment And Joint Venture [Line Items]
Capital Commitment				$ 41.5
Funded Amount				$ 8.2
Acquisition of Flagler Village Interest [Member] | Common Class A [Member]
Equity Method Investment And Joint Venture [Line Items]
Number of Real Estate Properties, Fee Simple				326
Acquisition of Lake Boone Trail [Member]
Equity Method Investment And Joint Venture [Line Items]
Number of Real Estate Properties, Fee Simple				245
Capital Commitment				$ 16.8
Percentage of Acquire Preferred Equity Interests				100.00%
Funded Amount				$ 9.9

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Mortgages Payable (Details) - USD ($) $ in Thousands					1 Months Ended	3 Months Ended
		Mar. 15, 2016	Jan. 05, 2016	Apr. 07, 2015	Dec. 16, 2015	Mar. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Fixed/Floating					one-month LIBOR plus 2.50%
Maturity Date				Apr. 07, 2019
Deferred financing costs, net						$ (4,969)
Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						478,571	$ 382,017
Fair value adjustments						3,106	1,620
Subtotal						481,677	383,637
Total						476,708	380,102
Deferred financing costs, net						(4,969)	(3,535)
Spring House [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 22,087	22,176
Interest Rate						5.66%
Fixed/Floating						Fixed
Maturity Date						Jan. 01, 2020
Enders Place at Baldwin Park [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]					$ 25,050	25,155
Interest Rate	[1]					4.30%
Fixed/Floating	[1]					Fixed
Maturity Date	[1]					Nov. 01, 2022
MDA Apartments [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 37,515	37,600
Interest Rate						5.35%
Fixed/Floating						Fixed
Maturity Date						Jan. 01, 2023
Village Green Ann Arbor [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 42,132	42,326
Interest Rate						3.92%
Fixed/Floating						Fixed
Maturity Date						Oct. 01, 2022
Lansbrook Village [Member]
Line of Credit Facility [Line Items]
Interest Rate						3.63%
Lansbrook Village [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 43,628	43,628
Interest Rate						4.42%
Fixed/Floating	[2]					Blended
Maturity Date						Mar. 31, 2018
ARIUM Grandewood [Member]
Line of Credit Facility [Line Items]
Interest Rate						2.11%
ARIUM Grandewood [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 29,444	29,444
Interest Rate						2.11%
Fixed/Floating	[3]					Floating
Maturity Date						Dec. 01, 2024
Fox Hills [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 26,705	26,705
Interest Rate						3.57%
Fixed/Floating						Fixed
Maturity Date						Apr. 01, 2022
Park Kingston [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 15,250	15,250
Interest Rate						3.21%
Fixed/Floating						Fixed
Maturity Date						Apr. 01, 2020
ARIUM Palms [Member]
Line of Credit Facility [Line Items]
Interest Rate						2.66%
ARIUM Palms [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 24,999	24,999
Interest Rate						2.66%
Fixed/Floating	[4]					Floating
Maturity Date						Sep. 01, 2022
Ashton I [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 31,900	31,900
Interest Rate						4.67%
Fixed/Floating						Fixed
Maturity Date						Dec. 01, 2025
Ashton II [Member]
Line of Credit Facility [Line Items]
Interest Rate						3.06%
Ashton II [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 15,270	15,270
Interest Rate						3.06%
Fixed/Floating	[5]					Floating
Maturity Date						Jan. 01, 2026
Sorrel [Member]
Line of Credit Facility [Line Items]
Interest Rate						2.73%
Sorrel [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 38,684	38,684
Interest Rate						2.73%
Fixed/Floating	[6]					Floating
Maturity Date						May 01, 2023
Sovereign [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 28,880	28,880
Interest Rate						3.46%
Fixed/Floating						Fixed
Maturity Date						Nov. 10, 2022
ARIUM at Palmer Ranch [Member]
Line of Credit Facility [Line Items]
Interest Rate						2.61%
Maturity Date			Feb. 01, 2023
ARIUM at Palmer Ranch [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 26,925	0
Interest Rate						2.61%
Fixed/Floating	[7]					Floating
Maturity Date						Feb. 01, 2023
The Preserve at Henderson Beach, Destin, FL [Member]
Line of Credit Facility [Line Items]
Maturity Date		Jan. 05, 2023				Jan. 05, 2023
The Preserve at Henderson Beach, Destin, FL [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 37,476	0
Interest Rate						4.65%
Fixed/Floating						Fixed
ARIUM Gulfshore [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 32,626	$ 0
Interest Rate						2.61%
Fixed/Floating	[8]					Floating
Maturity Date						Feb. 01, 2023

[1] The principal includes a $17.1 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

[2] The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three month LIBOR plus 3.00%, as of March 31, 2016, the additional advance had an interest rate of 3.63%.

[3] ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At March 31, 2016, the interest rate was 2.11%.

[4] ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At March 31, 2016, the interest rate was 2.66%.

[5] Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At March 31, 2016, the interest rate was 3.06%.

[6] Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.73%.

[7] ARIUM at Palmer Ranch loan bears interest at a floating rate of 2.17% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.61%.

[8] ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR. At March 31, 2016, the interest rate was 2.61%.

XML

Mortgages Payable (Details 1) $ in Thousands	Mar. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2016 (April 1-December 31)	$ 2,631
2017	4,141
2018	46,473
2019	5,046
2020	41,895
Thereafter	378,385
Long-term Debt	478,571
Add: Unamortized fair value debt adjustment	3,106
Subtract: Deferred financing costs, net	(4,969)
Total	$ 476,708

XML

Mortgages Payable (Details Textual) - USD ($) $ in Thousands				3 Months Ended
	Mar. 15, 2016	Jan. 05, 2016	Apr. 07, 2015	Mar. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Debt Instrument, Maturity Date			Apr. 07, 2019
Debt Instrument, Description of Variable Rate Basis			based on the base rate plus 1.25% or LIBOR plus 2.25%
Real Estate Investments, Net, Total				$ 668,590	$ 533,383
Enders [Member] | Loans Payable [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				$ 17,100
Debt Instrument, Interest Rate, Stated Percentage				3.97%
Enders [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				$ 8,000
Debt Instrument, Interest Rate, Stated Percentage				5.01%
Lansbrook [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				3.63%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				4.45%
Debt Instrument, Description of Variable Rate Basis				three month LIBOR plus 3.00%
Lansbrook [Member] | Initial Advance [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 42,000
Lansbrook [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 1,600
ARIUM Grandewood [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.11%
Debt Instrument, Description of Variable Rate Basis				bears interest at a floating rate of 1.67% plus one month LIBOR
ARIUM Palms [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.66%
Debt Instrument, Description of Variable Rate Basis				bears interest at a floating rate of 2.22% plus one month LIBOR.
Sorrel [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.73%
Debt Instrument, Description of Variable Rate Basis				bears interest at a floating rate of 2.29% plus one-month LIBOR
Ashton II [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				3.06%
Debt Instrument, Description of Variable Rate Basis				bears interest at a floating rate of 2.62% plus one-month LIBOR.
ARIUM Gulfshore, Naples, FL [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.61%
Secured Long-term Debt, Noncurrent		$ 32,600
Debt Instrument, Maturity Date		Feb. 01, 2023
Percentage Of Prepayment Premium		1.00%
Debt Instrument, Description of Variable Rate Basis				bears interest at a floating rate of 2.17% plus one month LIBOR
Debt Instrument, Basis Spread on Variable Rate		2.17%
ARIUM at Palmer Ranch [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.61%
Secured Long-term Debt, Noncurrent		$ 26,900
Debt Instrument, Maturity Date		Feb. 01, 2023
Percentage Reduction In Prepayment Premium		1.00%
Debt Instrument, Description of Variable Rate Basis				bears interest at a floating rate of 2.17% plus one-month LIBOR
Debt Instrument, Basis Spread on Variable Rate		2.17%
The Preserve at Henderson Beach, Destin, FL [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent	$ 37,500
Debt Instrument, Maturity Date	Jan. 05, 2023			Jan. 05, 2023
Percentage Reduction In Prepayment Premium	1.00%
Debt Instrument, Basis Spread on Variable Rate	4.65%

XML

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 481.7	$ 383.6
Interest Rate Derivative Liabilities, at Fair Value	$ 492.8	$ 387.1

XML

Related Party Transactions (Details) - Manager [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 1,362	$ 1,351
Asset management and oversight fees [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	1,214	1,133
Operating Expense Reimbursements and Direct Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 148	$ 218

XML

Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended							3 Months Ended					6 Months Ended	12 Months Ended
	Jan. 06, 2016	Aug. 13, 2015	Jul. 02, 2015	May. 14, 2015	Feb. 29, 2016	Dec. 31, 2015	Nov. 18, 2015	Sep. 30, 2015	May. 31, 2015	Apr. 30, 2015	Feb. 18, 2015	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Sep. 14, 2015	May. 22, 2015	Jan. 20, 2015
Related Party Transaction [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	$ 19,000											$ 3,500
Base Management Fee Expense																$ 500		$ 3,300
Due From Affiliates Excluding Former Advisor						$ 900						$ 900	$ 900				$ 900	900
Compensation Percent Of Stockholders Equity												0.25%
Management Agreement, Agreement Termination Minimum Stockholders Equity												$ 250,000
Due to Affiliates Excluding Manager and Former Advisor						$ 100						0	100				100	100
Incentive Fee Expense															$ 700				$ 150
Management Fee Expense												$ 100				$ 400		900
Long Term Incentive Plan Units Issued				67,837							10,896
Share Price												$ 10.88
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
Additional Collateral, Aggregate Fair Value												$ 152,300
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Reimbursement Of Organizational And Offering Costs												100					$ 300
Due to Related Parties												1,180
Allocated Share-based Compensation Expense												400						$ 1,000
Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Base Management Fee Expense												$ 1,200	$ 1,100	$ 900
Common Stock Closing Share Price												$ 10.88						$ 11.85
Long Term Incentive Plan Units Granted																		179,562
Share Price						$ 11.85						$ 10.88	$ 11.85				$ 11.85	$ 11.85
Long Term Incentive Plan Units Vested										59,854
Stock Issued During Period, Shares, Share-based Compensation, Gross		59,077			115,304		77,497					111,620
Partners' Capital Account, Units, Sale of Units, Total																108,119
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			283,390
Manager [Member]
Related Party Transaction [Line Items]
Incentive Fee Expense																$ 900
Due to Related Parties						$ 1,351						$ 1,362	$ 1,351				$ 1,351	$ 1,351
Villas at Oak Crest [Member]
Related Party Transaction [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value												$ 300
Park Kingston Phase I Units [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount									$ 6,500
Fox Hill [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount									$ 1,100
North Park Towers [Member]
Related Party Transaction [Line Items]
Management Fee Expense																$ 50
Lansbrook [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount						$ 3,700							$ 3,700				$ 3,700	$ 3,700
Fund II [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt								$ 300
Common Class A [Member]
Related Party Transaction [Line Items]
Compensation Percent Of Stockholders Equity												1.50%
Common Stock, Par or Stated Value Per Share						$ 0.01						$ 0.01	$ 0.01				$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Minimum [Member] | Park Kingston Phase I Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest									46.95%
Minimum [Member] | Fox Hill [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest									85.27%
Minimum [Member] | Lansbrook [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest						76.80%
Maximum [Member] | Park Kingston Phase I Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest									96.00%
Maximum [Member] | Fox Hill [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest									94.62%
Maximum [Member] | Lansbrook [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest						90.00%

XML

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income from operations attributable to common stockholders		$ (4,135)	$ 3,313
Dividends on restricted stock expected to vest		(3)	(2)
Basic net (loss) income from operations attributable to common stockholders		$ (4,138)	$ 3,311
Weighted average common shares outstanding (in shares)	[1]	20,521,596	12,547,895
Potential dilutive shares (in shares)	[2]	0	0
Weighted average common shares outstanding and potential dilutive shares (in shares)	[1]	20,521,596	12,547,895
(Loss) income per common share, basic		$ (0.20)	$ 0.26
Income (loss) per common share, diluted
(Loss) income per common share, diluted		$ (0.20)	$ 0.26

[1] For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding.

[2] Excludes 13,378 shares of common stock, for the three months ended March 31, 2016 and 3,956 shares of common stock, for the three months ended March 31, 2015, related to non-vested restricted stock, as the effect would be anti-dilutive.

XML

Stockholders' Equity (Details 1)	3 Months Ended
	Mar. 31, 2016 $ / shares shares	[1]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non Vested shares, Balance (in shares) | shares	14,476
Non Vested shares, Granted (in shares) | shares	7,500
Non Vested shares, Vested (in shares) | shares	(19,998)
Non Vested shares, Forfeited (in shares) | shares	0
Non Vested shares, Balance (in shares) | shares	1,978
Weighted average grant-date fair value, Balance (in dollars) | $ / shares	$ 209
Weighted average grant-date fair value, Granted (in dollars) | $ / shares	78
Weighted average grant-date fair value, Vested (in dollars) | $ / shares	(242)
Weighted average grant-date fair value, Forfeited (in dollars) | $ / shares	0
Weighted average grant-date fair value, Balance (in dollars) | $ / shares	$ 45

[1] The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

XML

Stockholders' Equity (Details 2)	3 Months Ended
	Mar. 31, 2016 $ / shares
Common Class A [Member]
Declaration Date	Oct. 07, 2015
Payable to stockholders of record as of	Dec. 25, 2015
Amount	$ 0.096667
Date Paid	Jan. 05, 2016
Common Class A One [Member]
Declaration Date	Jan. 13, 2016
Payable to stockholders of record as of	Jan. 25, 2016
Amount	$ 0.096666
Date Paid	Feb. 05, 2016
Common Class A Two [Member]
Declaration Date	Jan. 13, 2016
Payable to stockholders of record as of	Feb. 25, 2016
Amount	$ 0.096667
Date Paid	Mar. 05, 2016
Common Class A Three [Member]
Declaration Date	Jan. 13, 2016
Payable to stockholders of record as of	Mar. 24, 2016
Amount	$ 0.096667
Date Paid	Apr. 05, 2016
Common Class A Four [Member]
Declaration Date	Apr. 08, 2016
Payable to stockholders of record as of	Apr. 25, 2016
Amount	$ 0.096666
Date Paid	May 05, 2016
Common Class A Five [Member]
Declaration Date	Apr. 08, 2016
Payable to stockholders of record as of	May 25, 2016
Amount	$ 0.096667
Date Paid	Jun. 06, 2016
Common Class A Six [Member]
Declaration Date	Apr. 08, 2016
Payable to stockholders of record as of	Jun. 24, 2016
Amount	$ 0.096667
Date Paid	Jul. 05, 2016
Common Class B Three [Member]
Declaration Date	Oct. 07, 2015
Payable to stockholders of record as of	Dec. 25, 2015
Amount	$ 0.096667
Date Paid	Jan. 05, 2016
Common Class B Three One [Member]
Declaration Date	Jan. 13, 2016
Payable to stockholders of record as of	Jan. 25, 2016
Amount	$ 0.096666
Date Paid	Feb. 05, 2016
Common Class B Three Two [Member]
Declaration Date	Jan. 13, 2016
Payable to stockholders of record as of	Feb. 25, 2016
Amount	$ 0.096667
Date Paid	Mar. 05, 2016
Series A Preferred Stock [Member]
Declaration Date	Dec. 14, 2015
Payable to stockholders of record as of	Dec. 24, 2015
Amount	$ 0.401000
Date Paid	Jan. 05, 2016
Series A Preferred Stock One [Member]
Declaration Date	Mar. 11, 2016
Payable to stockholders of record as of	Mar. 24, 2016
Amount	$ 0.515625
Date Paid	Apr. 05, 2016

XML

Stockholders' Equity (Details 3) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 7,526
Distributions Paid	7,183
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,604
Distributions Paid	5,569
Common Class B-3 [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	68
Distributions Paid	102
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	89
Distributions Paid	89
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	283
Distributions Paid	270
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,482
Distributions Paid	$ 1,153

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Stockholders' Equity (Details Textual) - USD ($)							1 Months Ended										3 Months Ended		12 Months Ended
		Jan. 06, 2016	Jul. 02, 2015	Oct. 08, 2014	Sep. 09, 2013	Aug. 05, 2013	Mar. 17, 2016	Feb. 24, 2016	Feb. 22, 2016	Dec. 17, 2015	Oct. 21, 2015	Sep. 19, 2015	May. 22, 2015	Mar. 24, 2015	Mar. 23, 2015	Jan. 20, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 29, 2016	Jan. 13, 2016	Jan. 11, 2016	Sep. 14, 2015	May. 28, 2015
Class of Stock [Line Items]
Share- Based Compensation Restricted Stock Issued To Directors (in shares)						2,500														5,000
Restricted Stock Vested Percentage One																				20.00%
Restricted Stock Vested Percentage Two																				20.00%
Unrecognized Stock Based Compensation																	$ 0.03
Proceeds From Issuance Of Common Stock				$ 32,900,000	$ 22,600,000												$ 12,000	$ 53,650,000
Stockholders' Equity, Reverse Stock Split																	immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	[1]																7,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition																	1 year 3 months 18 days
Share Price																	$ 10.88
Stock Issued During Period, Value, New Issues																	$ 12,000
Preferred Stock, Redemption Fee,Percentage									13.00%
Preferred Stock, Redemption Fee,Percentage,After One Year									10.00%
Preferred Stock, Redemption Fee,Percentage,After Three Year									5.00%
Preferred Stock, Redemption Fee,Percentage,After Four Year									3.00%
Maximum Amount Of Securities To Be Issued																							$ 1,000,000,000
December 2014 Shelf Registration Statement Offering [Member]
Class of Stock [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance									150,000	150,000
Public Offering [Member]
Class of Stock [Line Items]
Shares Issued, Price Per Share											$ 25.00
Stock Issued During Period, Value, New Issues											$ 69,200,000
General and Administrative Expense [Member]
Class of Stock [Line Items]
Allocated Share-based Compensation Expense																	$ 400,000		$ 1,000,000
Bluerock Residential Growth REIT, Inc [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																				100.00%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																	6.53%			9.87%
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																	1.46%			4.59%
Partners' Capital Account, Units, Beginning Balance																			305,568	282,759
LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																	5.07%			5.28%
Partners' Capital Account, Units, Beginning Balance																			1,061,836	325,578
Common Class B One [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted															353,630
Common Class B Two [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted												353,630
Common Class B Three [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted							353,629
Common Class A [Member]
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock													$ 77,600,000			$ 53,700,000
Stockholders' Equity, Reverse Stock Split																	Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.
Stock Issued During Period, Shares, New Issues													6,348,000			4,600,000	3,035,444
Common Stock, Par or Stated Value Per Share													$ 0.01			$ 0.01	$ 0.01		$ 0.01					$ 0.01
Sale of Stock, Price Per Share				$ 11.90									$ 13.00			$ 12.50
Common Stock, Shares Authorized																	747,586,185		747,586,185			2,262,621
Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues											2,875,000
Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues											2,875,000
Sale of Stock, Price Per Share											$ 25.00
Preferred Stock, Dividend Rate, Percentage											8.25%
Shares Issued, Price Per Share											$ 0.01
Preferred Stock, Liquidation Preference Per Share										$ 1,000	$ 25.00
Preferred Stock, Capital Shares Reserved for Future Issuance										150,000
Preferred Stock, Increase in Annual Dividend Rate											2.00%
Preferred Stock, Redemption Price Per Share											$ 25.00
Warrants to Purchase of Common Stock										3,000,000
Original Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share								$ 1,000	$ 1,000
Preferred Stock, Capital Shares Reserved for Future Issuance								150,000	150,000	150,000
Warrants to Purchase of Common Stock								3,000,000	3,000,000	3,000,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Value, Issued																					$ 100,000,000
2014 Restricted Stock Award [Member] | Common Class A [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period														2,500
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award														The vesting schedule for each 2014 Restricted Stock Award was as follows: (i) 834 shares as of March 24, 2015, (ii) 833 shares on March 24, 2016, and (iii) 833 shares on March 24, 2017.
2015 Restricted Stock Award [Member] | Common Class A [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period														2,500
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award														The vesting schedule for each 2015 Restricted Stock Award is as follows: (i) 834 shares as of March 24, 2016, (ii) 833 shares on March 24, 2017, and (iii) 833 shares on March 24, 2018.
2014 Individuals Plan [Member] | Common Class A [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period														2,500
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized																									475,000
Common Stock [Member]
Class of Stock [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount																	13,378	3,956
Incentive Plan [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			283,390

[1] The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

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Commitments and Contingencies (Details Textual) - Line of Credit [Member] - USD ($) $ in Millions		3 Months Ended
	Mar. 15, 2016	Mar. 31, 2016
Proceeds from Lines of Credit	$ 10.4
Line of Credit Facility, Interest Rate During Period	3.75%
Line of Credit Facility, Interest Rate Description	base rate plus 2.75%
Line of Credit Facility, Interest Rate at Period End	2.75%
Line of Credit Facility, Average Outstanding Amount		$ 10.4
Line of Credit Facility, Maximum Borrowing Capacity	$ 14.9

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Subsequent Events (Details) - $ / shares	1 Months Ended	3 Months Ended
	May. 10, 2016	Mar. 31, 2016
Class A common stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date		Oct. 07, 2015
Declaration of Dividends, Payable to stockholders of record as of		Dec. 25, 2015
Declaration of Dividends, Amount		$ 0.096667
Declaration of Dividends, Date Paid		Jan. 05, 2016
Class A common stock [Member] | May 5, 2016 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 08, 2016
Declaration of Dividends, Payable to stockholders of record as of	Apr. 25, 2016
Declaration of Dividends, Amount	$ 0.096666
Declaration of Dividends, Date Paid	May 05, 2016
Class A common stock [Member] | June 6, 2016 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 08, 2016
Declaration of Dividends, Payable to stockholders of record as of	May 25, 2016
Declaration of Dividends, Amount	$ 0.096667
Declaration of Dividends, Date Paid	Jun. 06, 2016
Class A common stock [Member] | July 5, 2016 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 08, 2016
Declaration of Dividends, Payable to stockholders of record as of	Jun. 24, 2016
Declaration of Dividends, Amount	$ 0.096667
Declaration of Dividends, Date Paid	Jul. 05, 2016
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 15, 2016
Declaration of Dividends, Payable to stockholders of record as of	Apr. 25, 2016
Declaration of Dividends, Amount	$ 5.00
Declaration of Dividends, Date Paid	May 05, 2016

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Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May. 10, 2016	Mar. 31, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 5,533
Class A Common Stock One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Jan. 13, 2016
Dividends, Record Date		Jan. 25, 2016
Dividends, Date paid		Feb. 05, 2016
Dividends, Distributions per Share (in dollars per share)		$ 0.096666
Class A Common Stock One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 13, 2016
Dividends, Record Date	Mar. 25, 2016
Dividends, Date paid	Apr. 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.096667
Dividends, Total Distribution	$ 1,891
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Dec. 14, 2015
Dividends, Record Date		Dec. 24, 2015
Dividends, Date paid		Jan. 05, 2016
Dividends, Distributions per Share (in dollars per share)		$ 0.401000
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 11, 2016
Dividends, Record Date	Mar. 25, 2016
Dividends, Date paid	Apr. 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.515625
Dividends, Total Distribution	$ 1,482
Operating Partnership Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 13, 2016
Dividends, Record Date	Mar. 25, 2016
Dividends, Date paid	Apr. 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.096667
Dividends, Total Distribution	$ 30
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 13, 2016
Dividends, Record Date	Mar. 25, 2016
Dividends, Date paid	Apr. 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.096667
Dividends, Total Distribution	$ 103
Class A Common Stock Two [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Jan. 13, 2016
Dividends, Record Date		Feb. 25, 2016
Dividends, Date paid		Mar. 05, 2016
Dividends, Distributions per Share (in dollars per share)		$ 0.096667
Class A Common Stock Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Apr. 08, 2016
Dividends, Record Date	Apr. 25, 2016
Dividends, Date paid	May 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.096666
Dividends, Total Distribution	$ 1,891
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Apr. 15, 2016
Dividends, Record Date	Apr. 25, 2016
Dividends, Date paid	May 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 5.00
Dividends, Total Distribution	$ 3
Operating Partnership Units Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Apr. 08, 2016
Dividends, Record Date	Apr. 25, 2016
Dividends, Date paid	May 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.096666
Dividends, Total Distribution	$ 30
Long-term Incentive Plan Units Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Apr. 08, 2016
Dividends, Record Date	Apr. 25, 2016
Dividends, Date paid	May 05, 2016
Dividends, Distributions per Share (in dollars per share)	$ 0.096666
Dividends, Total Distribution	$ 103

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Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Apr. 30, 2016	Apr. 25, 2016	Oct. 21, 2015	Mar. 31, 2016	Apr. 08, 2016	Dec. 31, 2015	Dec. 17, 2015
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues				$ 12
Preferred Stock, Shares Issued				0		0
Public Offering [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues			$ 69,200
Shares Issued, Price Per Share			$ 25.00
Redeemable Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues			2,875,000
Preferred Stock, Liquidation Preference Per Share			$ 25.00				$ 1,000
Shares Issued, Price Per Share			$ 0.01
Preferred Stock, Dividend Rate, Percentage			8.25%
Subsequent Event [Member] | Public Offering [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues	$ 55,300
Shares Issued, Price Per Share	$ 25.00
Subsequent Event [Member] | Redeemable Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		2,300,000
Preferred Stock, Liquidation Preference Per Share		$ 25.00
Shares Issued, Price Per Share		$ 0.01
Preferred Stock, Dividend Rate, Percentage		8.25%
Subsequent Event [Member] | Preferred Class A [Member] | ATM Offering [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued					146,460