Bluerock Homes Trust (BHM) Q3 2024 earnings summary

Executive summary

• Rental and other property revenues rose 18% year-over-year to $12.0 million in Q3 2024, driven by acquisitions and organic rent growth.

• Net income attributable to common stockholders was $0.9 million for Q3 2024, reversing a loss of $1.1 million in Q3 2023.

• Portfolio occupancy was 90.5% at quarter-end, or 94.3% excluding held-for-sale and renovation units.

• Major acquisitions included Villas at Huffmeister (294 units) and Avenue at Timberlin Park (200 units); Navigator Villas was sold for a $10.0 million gain.

Financial highlights

• Rental and other property revenues: $12.0 million in Q3 2024, up from $10.2 million in Q3 2023.

• Net operating income (NOI): $5.5 million in Q3 2024, up 8.9% year-over-year.

• Net income attributable to common stockholders: $0.9 million in Q3 2024, compared to a loss of $1.1 million in Q3 2023.

• Funds from operations (FFO): $(2.1) million for Q3 2024; Core FFO (CFFO): $2.4 million.

• Average rent per occupied unit increased 3.4% year-over-year to $1,635.

Outlook and guidance

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

• Liquidity is supported by $155.1 million in cash and $13 million available on revolving credit facilities as of September 30, 2024.

• Ongoing development at Abode Wendell Falls (170 units) with $50.0 million in remaining project costs.