Bluerock Homes Trust (BHM) Q1 2025 earnings summary

Executive summary

• Portfolio comprised 23 real estate investments totaling 5,048 residential units, with 3,414 consolidated units (170 under development) and 1,634 through preferred equity and loan investments as of March 31, 2025.

• Consolidated operating investments were 91.9% occupied; excluding held for sale and renovation units, occupancy was 94.1%.

• The company remains qualified as a REIT, distributing at least 90% of REIT taxable income to shareholders.

Financial highlights

• Total revenues for Q1 2025 were $16.4 million, up 47% year-over-year, driven by acquisitions and rental rate growth.

• Net loss attributable to common stockholders was $2.5 million, or $(0.67) per share, compared to a net loss of $1.0 million, or $(0.27) per share, in Q1 2024.

• Net operating income (NOI) increased 44% to $8.3 million from $5.8 million year-over-year.

• Funds from operations (FFO) attributable to common stockholders and unit holders was $(2.1) million; core FFO (CFFO) was $1.3 million.

• Cash and cash equivalents at quarter-end were $134.7 million.

Outlook and guidance

• Management expects continued improvement in results from anticipated future investments and acquisitions.

• Liquidity is supported by available cash, undrawn credit facility capacity, and proceeds from preferred stock offerings.

• The company plans to maintain monthly dividends on Series A Preferred Stock and continue its DST capital raise program.