Bluerock Residential Growth REIT, Inc. (NYSE MKT:BRG) Q2 2020 Earnings Conference Call - Final Transcript
Aug 10, 2020 • 11:00 am ET
Good morning ladies and gentlemen and welcome to the Bluerock Residential Growth REIT's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded.
I would now like to introduce you to your host for today's call, Christopher Vohs, Chief Financial Officer of Bluerock Residential. Mr. Vohs, please go ahead.
Christopher J. Vohs
Thank you and welcome to Bluerock Residential Growth REIT's second quarter 2020 earnings conference call. This morning, prior to market open, we issued our earnings press release and supplement. The press release can be found on our website at bluerockresidential.com under the Investors tab. In addition, we anticipate filing our 10-Q later today. Following the conclusion of our remarks, we'll be pleased to answer any questions you may have.
Before we begin, please note that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. There are a variety of risks and uncertainties associated with forward-looking statements and actual results may differ from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued this morning as well as our SEC filings.
With respect to non-GAAP measures we use in this call, please refer to our earnings supplement for a reconciliation to GAAP and the reasons management uses these non-GAAP measures.
And with that, I'll turn the call over to Ramin Kamfar, Chairman and CEO of Bluerock Residential Growth REIT, for his remarks.
R. Ramin Kamfar
Thank you, Chris, and good morning, everyone. In addition to Chris -- with me remotely, today -- are several key members of our executive team, including Jordan Ruddy, our President and Chief Operating Officer; Ryan MacDonald, our Chief Acquisitions Officer; Jim Babb, our Chief Investment Officer; and Mike DiFranco, our EVP of Operations.
Before getting into our results, given the continuation of the COVID pandemic, I want to express our sincere wish that everyone is staying well and healthy and also to thank all of our employees for their hard work during these challenging times.
On the portfolio front, we believe our differentiated strategy of investing in Class A affordable properties in knowledge economy growth markets allowed us to realize strong rates and occupancy growth on a year-over-year basis during what was a challenging quarter.
The strategy was enhanced by a pre-COVID technology platform investment that facilitated a seamless transition to an entirely virtual leasing execution in the quarter. And when coupled with access to our unique capital source, we believe we're positioned well to capture accelerated growth as the economic recovery takes shape.
Moving on to results, I'm pleased to report that our operational performance showed positive sequential trends throughout the quarter. Lease pace was slow during the initial outbreak of the virus but gained strength in early May, which continued throughout the rest of the quarter.
Initially, we implemented an occupancy-focused strategy in exchange for some rental rate increases and then quickly pivoted to a