Bluerock Homes Trust, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s net real estate investments increased to $497.1 million from $464.9 million at the end of 2023. Cash and cash equivalents also saw a substantial rise, reaching $155.1 million compared to $80.2 million previously. However, total liabilities increased to $245.4 million from $192.7 million, primarily due to the issuance of 6.0% Series A Redeemable Preferred Stock, which surged to $86.0 million from $8.3 million.

For the three months ended September 30, 2024, total revenues rose to $12.7 million, up from $10.2 million in the same period last year, driven by a 17.6% increase in rental and other property revenues. The company reported a net income of $3.5 million, a significant turnaround from a net loss of $3.6 million in Q3 2023. Net income attributable to common stockholders was $921,000, compared to a loss of $1.1 million in the prior year. The net income per common share for the quarter was $0.24, reversing from a loss of $0.28 per share in the same quarter last year.

For the nine months ended September 30, 2024, Bluerock reported a net loss of $4.8 million, an improvement from a loss of $10.1 million in the same period of 2023. The company’s total revenues for this nine-month period increased to $34.7 million from $30.6 million, reflecting a 13% growth. The average rental rate per occupied unit also increased by 3.7% to $1,617.

Strategically, Bluerock made notable acquisitions, including the Villas at Huffmeister and Avenue at Timberlin Park, which contributed to the revenue growth. The company also sold Navigator Villas for $36.4 million, generating a gain of approximately $10 million. As of September 30, 2024, the company held 20 real estate investments, comprising 4,000 residential units, with an occupancy rate of approximately 90.5%.

Operating expenses rose significantly, with property operating expenses increasing by 25% to $6.4 million for Q3 2024, attributed to the recent acquisitions and increased turnover costs. General and administrative expenses also rose to $2.5 million from $1.7 million in the prior year.

Overall, Bluerock Homes Trust, Inc. demonstrated improved financial performance and strategic growth through acquisitions, despite facing increased operating costs and liabilities.