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Bluerock Homes Trust Inc. Class A (BHM+0.98%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations and financial performance, highlighting a portfolio of 5,087 residential units across 23 investments, including 3,453 consolidated units and 1,634 units through preferred equity and loan investments.
Bluerock reported rental and other property revenues of $48.6 million for 2024, an increase from $41.0 million in 2023, attributed to acquisitions and rental rate improvements.
Property operating expenses rose to $24.1 million from $19.2 million the previous year, with the increase linked to acquisitions and higher turnover expenses.
The company recorded a net operating income of $24.4 million, up from $21.8 million in 2023, driven by revenue growth from new acquisitions.
Bluerock's total stockholders' equity decreased to $139.4 million from $147.4 million at the end of 2023, primarily due to acquisition costs and dividends.
The filing outlines potential risks, including economic conditions, interest rate fluctuations, and competition, which could impact future performance.
Bluerock maintains its REIT status, requiring it to distribute at least 90% of its taxable income to shareholders annually.
The company is actively involved in a Delaware statutory trust program to raise capital and create future acquisition opportunities.
Bluerock's liquidity is supported by cash balances, credit facilities, and proceeds from preferred stock offerings, ensuring the ability to meet short-term obligations.
The report also discusses the company's strategy to focus on growth markets and implement value creation strategies to enhance shareholder value.
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 annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.