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Bluerock Homes Trust, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing rental and other property revenues of $11,976,000, up from $10,183,000 in the same quarter the previous year. This increase is attributed to the acquisition of new properties and rental rate improvements.
Property operating expenses for the quarter were $6,434,000, compared to $5,094,000 in the same quarter of the previous year. The increase is primarily due to new property acquisitions and increased turnover expenses.
Net operating income for the quarter was $5,542,000, compared to $5,089,000 in the previous year, reflecting an 8.9% increase.
The company reported a net income attributable to common stockholders of $921,000 for the quarter, compared to a net loss of $1,068,000 in the previous year.
Interest income from loan investments amounted to $730,000 for the quarter, as the company did not have any loan investments during the same period last year.
Bluerock Homes Trust completed the acquisition of Villas at Huffmeister and Avenue at Timberlin Park, adding 494 units to its portfolio.
The company sold Navigator Villas and several other units, generating net proceeds of approximately $12,700,000 and a gain on sale of approximately $10,000,000.
Cash provided by operating activities was $4,054,000, while cash used in investing and financing activities was $22,443,000 and $96,809,000, respectively.
Bluerock had a working capital of $800,829,000 as of September 30, 2024. The company continues to focus on acquiring and developing single-family residential units in growth markets.
The filing also details the issuance of 3,459,331 shares of Series A Redeemable Preferred Stock, with net proceeds of approximately $76,700,000.
Bluerock does not anticipate cash dividend payments to common stockholders in the near future, as it focuses on maintaining its REIT status and investing in growth opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bluerock Homes Trust Inc. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.