Bluerock Residential Growth REIT : BRG - June 2021 Presentation

NAREIT

June 2021

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Forward-Looking Statements

The information in this presentation has been prepared solely for informational purposes by Bluerock Residential Growth REIT, Inc. ("BRG") and does not constitute an offer to sell or the solicitation of an offer to purchase any securities. This presentation is not, and should not be assumed to be, complete. This presentation has been prepared to assist interested parties in making their own evaluation of BRG and does not purport to contain all of the information that may be relevant. In all cases, interested parties should conduct their own investigation and analysis of BRG and the data set forth in this presentation and other information provided by or on behalf of BRG. In addition, certain of the information contained herein may be derived from information provided by industry sources. BRG believes that such information is accurate and that the sources from which it has been obtained are reliable. BRG cannot guarantee the accuracy of such information, however, and has not independently verified such information. The information presented herein remains subject to change. Statements in this presentation are made as of the date of this presentation unless stated otherwise.

This presentation also contains statements that, to the extent they are not recitations of historical fact, constitute "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 BRG's 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 BRG's control. Although BRG believes that the expectations reflected in such forward- looking statements are based on reasonable assumptions, BRG's actual results and performance and the value of its securities could differ materially from those set forth in the forward-looking statements due to the impact of many factors. Currently, one of the most significant factors, however, is the potential adverse effect of the current pandemic of the novel coronavirus ("COVID- 19") on the financial condition, results of operations, cash flows and performance of the Company and its tenants of our properties, business partners within our network and service providers, as well as the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact (including governmental actions that may vary by jurisdiction, such as mandated business closing; "stay-at-home" orders; limits on group activity; and actions to protect residential tenants from eviction), and the direct and indirect economic effects of the pandemic and containment measures, among others. Other factors include, but are not limited to, the uncertainties of real estate development, acquisition and disposition activity, the ability of our joint venture partners to satisfy their obligations, the costs and availability of financing, the effects of local economic and market conditions, the effects of acquisitions and dispositions, the impact of newly adopted accounting principles on BRG's accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed in the "Risk Factors" in Item 1.A. Risk Factors section of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 23, 2021, and other discussions of risk factors contained in BRG's periodic filings. BRG claims the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. BRG undertakes no obligation to update or revise any such information for any reason after the date of this presentation, unless required by law.

Own Highly Amenitized Live/Work/Play Communities in Growth Markets Nationally

Strategy

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Focus on		Build a Highly Amenitized		Create Value
Knowledge Economy		Class A Affordable		with Renovation and
Growth Markets		Live/Work/Play Portfolio		Development Strategies

Strong Post-COVID Performance

		Occupancy:		~$150MM of Series B
10.2% May Portfolio			Preferreds Converted(2)
	+120bps in 1Q		into Common Shares YTD
Lease Rate Growth
	vs Prior Year(1)		>33% Increase in Float
				Shares O/S YTD(3)

Source: Company filings.

1. Same-Storeportfolio. Reflects average occupancy for the quarter.
2. As of June 8, 2021.
3. As of June 4, 2021.

Well-Aligned Management with 28 Years Average Experience and ~30% Equity Ownership(1)

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Ramin Kamfar	Jordan Ruddy	Ryan MacDonald	Mike DiFranco	James Babb
CHAIRMAN & CEO	PRESIDENT & COO	CHIEF INVESTMENT	EXECUTIVE VICE PRESIDENT	CHIEF STRATEGY
						OFFICER	OF PROPERTY OPERATIONS	OFFICER
32			34			15
18		18		12		24	3		33	13

Years in the Industry

Years at Bluerock

Source: Company filings.

1. Ownership percentages calculated as shares and units held divided by diluted shares and units outstanding as of 3/31/21. Includes direct and indirect ownership including through irrevocable family trusts.

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Building an Institutional Quality Live/Work/Play Portfolio

Park & Kingston	Roswell City Walk	Avenue 25
Charlotte, NC	Roswell, GA	Phoenix, AZ

Approximately 17,000 Apartments and Growing (1)

Providence Trail	Alexan CityCentre
Nashville, TN	Houston, TX

The properties pictured herein are jointly owned by BRG and are representative of the type of properties targeted for future investments by BRG. Portfolio holdings are subject to change at any time.

(1) Includes preferred investments and mezzanine loans.