Bluerock Homes Trust (BHM) Q4 2024 earnings summary

Executive summary

• Portfolio expanded to 23 real estate investments totaling 5,087 residential units, with 3,453 consolidated units (170 under development) and 1,634 units through preferred equity and loan investments as of December 31, 2024.

• Consolidated operating investments were 91.6% occupied (94.0% excluding held for sale/renovation units).

• Four major residential communities acquired in 2024 for $270.8 million, including Amira at Westly, Villas at Huffmeister, Avenue at Timberlin Park, and Allure at Southpark.

• Launched DST Program to raise capital via private placements of Delaware statutory trusts holding residential properties.

Financial highlights

• Rental and other property revenues increased 18% year-over-year to $48.6 million, driven by acquisitions and organic rent growth.

• Average rent per occupied unit rose 4.4% to $1,638; average occupancy decreased slightly by 10 bps to 91.7%.

• Net loss attributable to common stockholders was $4.2 million, compared to $4.5 million in the prior year.

• FFO attributable to common stockholders and unit holders was $(3.0) million, down from $1.3 million in 2023; CFFO was $9.7 million, down from $20.9 million.

• Total stockholders' equity decreased to $139.4 million from $147.4 million, mainly due to dividends and acquisition of noncontrolling interests.

• Cash and cash equivalents at year-end were $115.2 million.

Outlook and guidance

• Industry outlook remains positive, with strong rental demand, limited new supply, and favorable demographic trends expected to support future growth.

• Focus remains on acquiring and developing institutional residential properties in high-growth Sunbelt and Western U.S. markets.

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