Bluerock Homes Trust, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total rental and other property revenues rising to $48.6 million, an 18% increase from $41.0 million in 2023. This growth was primarily driven by the acquisition of several residential communities, including the 294-unit Villas at Huffmeister and the 408-unit Amira at Westly, as well as organic rent growth. The average rent per occupied unit also saw a 4.4% increase, reaching $1,638, while occupancy rates remained stable at approximately 91.7%.
In terms of operational developments, Bluerock Homes expanded its portfolio to include 5,087 residential units across 23 investments, with 3,453 units consolidated and 1,634 units through preferred equity and loan investments. The company reported an average occupancy rate of 91.6% for its consolidated operating investments. Notably, the company also initiated a Delaware Statutory Trust (DST) program to raise capital, which is expected to enhance its investment capabilities and diversify funding sources.
The company experienced a net loss attributable to common stockholders of $4.2 million for 2024, a slight improvement from a loss of $4.5 million in the previous year. This was accompanied by an increase in property operating expenses, which rose by 26% to $24.1 million, largely due to the expansion of its property portfolio. General and administrative expenses also increased to $10.6 million, reflecting higher operational costs associated with the management of its growing asset base.
Looking ahead, Bluerock Homes Trust expressed optimism about the residential rental market, citing strong demand fundamentals and a favorable environment for rental growth. The company plans to continue its focus on acquiring institutional-quality residential properties in growth markets, leveraging its value-add renovation strategy to enhance property performance. The outlook remains positive, with expectations of improved cash flows and potential for future investments in residential communities, despite the challenges posed by market conditions and rising interest rates.
Overall, Bluerock Homes Trust's strategic acquisitions and operational adjustments position the company for continued growth in the competitive residential rental market, while its commitment to maintaining REIT status and managing financial performance remains a priority.
About Bluerock Homes Trust, Inc.
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