Belpointe PREP (OZ) Q1 2025 earnings summary

Executive summary

• Focused on acquiring, developing, and managing commercial and mixed-use real estate in qualified opportunity zones, with at least 90% of assets in such properties.

• Two main operating segments: commercial and mixed-use, with significant recent activity in Sarasota, St. Petersburg, Nashville, and Connecticut.

• Externally managed, with ongoing public offerings to raise capital for investments and development.

Financial highlights

• Total assets increased to $537.4 million as of March 31, 2025, up from $517.6 million at year-end 2024.

• Net loss attributable to members was $8.6 million for Q1 2025, compared to $4.0 million in Q1 2024.

• Rental revenue for Q1 2025 was $1.7 million, up from $0.3 million in Q1 2024, driven by new property placements.

• Cash and cash equivalents and restricted cash totaled $27.5 million at quarter-end.

Outlook and guidance

• Market conditions for multifamily and mixed-use properties remain stable but face uncertainty from interest rates, inflation, and economic volatility.

• Construction at major projects (Aster & Links, Viv) is ongoing, with anticipated completion and lease-up in 2025.

• Management expects current liquidity, anticipated offering proceeds, and financing activities to meet capital needs for the next 12 months.