Core Insights - Bluerock Homes Trust (BHM) has seen a significant stock price increase of 45% since October 2023, outperforming the S&P 500 Real Estate Index, which rose by 21.8% during the same period [1][2] - The stock's rise is attributed to improvements in the real estate sector and strong revenue growth of 20.3% for the full year 2023, despite a subsequent correction in early 2024 [2][4] - The company remains unprofitable, but there has been a slight improvement in loss trends, with a 3.7% year-on-year decrease in losses in Q1 2024 [4][7] Financial Performance - Total revenues for BHM reached USD 11.176 million for the period ending March 31, 2024, compared to USD 10.138 million in the previous year [3] - The preferred non-GAAP measure of net operating income grew by 3.1% year-on-year to USD 5.75 million, although this growth has slowed from 23.4% in 2023 [16] - The average occupancy rate increased by 30 basis points to 94.5%, showing a modest improvement compared to a 200 basis points rise in 2023 [15] Market Multiples - The trailing twelve months (TTM) price-to-funds from operations (P/FFO) ratio is currently at 84x, a significant increase from 25.3x previously [9] - The TTM price-to-rental revenue (P/RR) ratio stands at 1.78x, which is more favorable compared to peers like Invitation Homes (INVH) at 8.39x and UMH Properties (UMH) at 6.39x [10][17] - Forward estimates suggest a P/FFO ratio could rise to 198x, while the core FFO ratio improves to 18.9x, indicating potential valuation concerns [18] Outlook - The stock's sustained price levels are becoming harder to justify following the slower revenue growth of 10.2% year-on-year in Q1 2024, down from previous highs [7][19] - Future performance may hinge on the start of a rate cut cycle, which could positively impact real estate stocks, and upcoming financial results in early August [20]

Core Points - Bluerock Homes Trust, Inc. has declared monthly cash dividends on its Series A Redeemable Preferred Stock for Q3 2024 at a quarterly rate of $0.375 per share [1][3] - The company focuses on high-quality single-family properties in attractive markets, particularly in the Sunbelt and high-growth areas of the Western United States [2] - The principal objective of the company is to generate attractive risk-adjusted investment returns through a portfolio of single-family rental homes and build-to-rent communities [2] Dividend Details - The Series A Preferred Dividends will be paid as follows: $0.125 per share on August 5, September 5, and October 4, 2024, with record dates on July 25, August 23, and September 25, 2024, respectively [3] - Enhanced special dividends will also be declared for Q3 2024, aggregating with regular dividends to yield a rate based on the average one-month Secured Overnight Financing Rate (SOFR Rate) plus 2.0%, with a minimum of 6.5% and a maximum of 8.5% annual rate [7]

Core Points - Spirit Airlines will launch the only nonstop flight from Birmingham (BHM) to Fort Lauderdale (FLL) starting October 10, 2024, marking its first service in Alabama [1][6] - The introductory fare for the new route is set at $69 one way, available for travel from October 10 to November 19, 2024, with a 14-day advance purchase requirement [2][3][5] - The new service aims to provide affordable travel options to Florida and enhance connectivity to Latin America and the Caribbean [1][6] Spirit Airlines Birmingham (BHM) Service - Destination: Fort Lauderdale (FLL) - Flights Available: Daily - Launch Date: October 10, 2024 - Intro Fare: $69 one way [2] Guest Experience Enhancements - Spirit Airlines has introduced no change or cancel fees for all guests [7] - Increased checked bag weight allowance to 50 pounds [7] - Extended expiration for Future Travel Vouchers to 12 months for vouchers issued on or after June 3, 2024 [7] - Cabin enhancements include wider seats, added cushion, new headrests, and upgrades to the Big Front Seat [7] - Fast onboard Wi-Fi allows guests to stream content from various services [7] Company Commitment - Spirit Airlines emphasizes its commitment to providing customizable travel options through an unbundled fare system, allowing guests to pay only for selected services [8] - The airline operates one of the youngest and most fuel-efficient fleets in the U.S. [8] - Spirit Airlines aims to inspire positive change in communities through the Spirit Charitable Foundation [8]

Revenue and Occupancy - Rental and other property revenues increased by $0.7 million, or 7%, to $10.8 million for the three months ended March 31, 2024, compared to $10.1 million for the same period in 2023[15]. - Average rent per occupied unit rose by $58, or 3.8%, to $1,600 compared to $1,542 in the prior year[16]. - Average occupancy increased by 30 basis points from 94.2% to 94.5% year-over-year[16]. - Consolidated occupancy rate remained strong at 94.8% as of March 31, 2024, although future periods may see reduced tenant retention and foot traffic[28]. - As of March 31, 2024, the Company's consolidated operating investments were approximately 94.8% occupied, with a total of 4,366 residential units across twenty real estate investments[65]. - The occupancy percentage for Peak Housing increased to 92.9%, up from 88.3% on December 31, 2023[152]. - The occupancy rate for The Woods at Forest Hill improved to 71.4% as of March 31, 2024, compared to 63.2% on December 31, 2023[152]. - The occupancy rate for Wayford at Innovation Park increased to 18.1% as of March 31, 2024, up from 11.0% on December 31, 2023[152]. Financial Performance - Total revenues for the three months ended March 31, 2024, were $11,176 million, an increase from $10,138 million in the same period of 2023, representing a growth of 10.3%[84]. - Total expenses increased to $15,088 million in Q1 2024 from $14,977 million in Q1 2023, reflecting a rise of 0.7%[84]. - The net loss for the three months ended March 31, 2024, was $3,170 million, an improvement from a net loss of $5,278 million in Q1 2023, indicating a reduction of 40%[84]. - The company reported a net loss attributable to common stockholders for March 2024 was $1,020,000, compared to a loss of $1,540,000 in March 2023, representing a 33.8% improvement[27]. - Net operating income (NOI) for March 2024 was $5,753,000, an increase of 3.1% from $5,581,000 in March 2023[27]. - The company reported a net loss per common share of $0.27 for Q1 2024, compared to a net loss per common share of $0.40 in Q1 2023[84]. Expenses and Costs - Property operating expenses increased by $0.4 million, or 10%, to $5.0 million for the three months ended March 31, 2024, compared to $4.6 million for the same period in 2023[18]. - General and administrative expenses amounted to $2.9 million for the three months ended March 31, 2024, compared to $2.0 million for the same prior year period[20]. - Management fees to related parties increased to $2,071,000 in March 2024 from $1,922,000 in March 2023, reflecting a 7.8% rise[27]. - Real estate depreciation and amortization for March 2024 was $3,970,000, slightly up from $3,918,000 in March 2023[27]. - The Company recorded a depreciation expense of $4.0 million for the three months ended March 31, 2024, consistent with the same period in 2023[120]. Assets and Liabilities - Total stockholders' equity decreased by $2.9 million from $147.4 million as of December 31, 2023, to $144.5 million as of March 31, 2024[11]. - Total Net Real Estate Investments increased to $499,953 million as of March 31, 2024, up from $464,900 million at December 31, 2023, representing an increase of 7.1%[59]. - Total Assets reached $727,444 million, a growth of 8.3% from $671,620 million at the end of 2023[59]. - Total Liabilities increased to $238,178 million, up 23.6% from $192,748 million at the end of 2023[59]. - Mortgages payable rose to $120,201 million, an increase of 24.4% from $96,670 million at December 31, 2023[59]. - Stockholders' Equity decreased to $144,477 million from $147,351 million, a decline of 1.9%[59]. - Noncontrolling Interests increased to $327,950 million, up from $323,248 million, reflecting a growth of 1.1%[59]. Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $744 million for the three months ended March 31, 2024, compared to $1,695 million for the same period in 2023[63]. - Net cash used in investing activities was $19,286 million for the three months ended March 31, 2024, compared to $5,989 million for the same period in 2023[63]. - The Company had a net cash provided by financing activities of $30,924 million for the three months ended March 31, 2024, compared to a net cash used of $11,275 million for the same period in 2023[63]. - Cash, cash equivalents, and restricted cash increased to $99,129 million at the end of the period, up from $63,102 million at the end of the previous year[63]. - The Company recognized $2,337 million in cash paid for interest during the three months ended March 31, 2024, compared to $1,717 million for the same period in 2023[63]. Investments and Acquisitions - The Company acquired a 294-unit single-family residential community in Houston, Texas, known as Villas at Huffmeister, for a purchase price of $41.2 million, funded by a $24.3 million senior loan assumption and $17.4 million in cash[80]. - The company anticipates improvements in results related to its existing portfolio due to future investments in single-family residential properties and build-to-rent developments[32]. - The Company is developing the Abode Wendell Falls project, with an estimated total project cost of $56.0 million, of which $6.6 million had been incurred as of March 31, 2024[110]. - The Company has a focus on acquiring pre-existing single-family residential units and developing build-to-rent communities to drive growth in funds from operations and net asset value[91]. Market Conditions and Risks - The company is monitoring inflation and rising interest rates, which could negatively impact residents' ability to pay rents and overall results of operations[41]. - The company continues to monitor the impact of economic volatility, including inflation and interest rate changes, on its financial condition and operations[99]. REIT Compliance - The company intends to maintain its REIT status by distributing at least 90% of its taxable income to stockholders, which is crucial for avoiding corporate-level income taxes[38]. - The Company plans to conduct share repurchases in accordance with market conditions and regulatory requirements[199].

NEW YORK, May 3, 2024 /PRNewswire/ -- Bluerock Homes Trust, Inc. (NYSE American: BHM) (the "Company") today announced that its Board of Directors (the "Board") has authorized the payment of a new special dividend (the "Series A Preferred Special Dividends") with respect to the Company's Series A Redeemable Preferred Stock (the "Series A Preferred Stock") replacing its previously announced special dividend. The Company intends to pay the Series A Preferred Special Dividends which will be seamlessly aggregate ...

NEW YORK, April 12, 2024 /PRNewswire/ -- Bluerock Homes Trust, Inc. (NYSE American: BHM) (the "Company") today announced that its Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series A Redeemable Preferred Stock (the "Series A Preferred Stock") for the second quarter of 2024, equal to a quarterly rate of $0.375 per share (the "Series A Preferred Dividends"). The Series A Preferred Dividends will be payable in cash as follows: accrued but unpaid divide ...

NEW YORK, March 13, 2024 /PRNewswire/ -- Bluerock Homes Trust, Inc. (NYSE American: BHM) (the "Company") today announced that its Board of Directors has established June 13, 2024 as the date of its 2024 annual meeting of stockholders. The Board of Directors has established April 12, 2024 as the record date for the determination of stockholders entitled to vote at the meeting. About Bluerock Homes Trust, Inc.Bluerock Homes Trust, Inc. (NYSE American: BHM), headquartered in New York, New York, is an externall ...

2 Table of Contents PART I Item 1. Business 7 Item 1A. Risk Factors 13 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2. Investments 58 Item 3. Legal Proceedings 59 Item 4. Mining Safety Disclosures 59 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6. [Reserved] 61 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A. Quantitative and Qualitative Dis ...

NEW YORK, Feb. 22, 2024 /PRNewswire/ -- Bluerock Homes Trust, Inc. (NYSE American: BHM) (the "Company") today announced that its Board of Directors has authorized a new plan for the repurchase of up to $5.0 million of its outstanding shares of Class A common stock (the "Class A Common Stock"). The repurchase plan will be conducted in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and subject to Rule 10b-5 of the Exchange Act. The repur ...

jimfengBluerock Homes Trust (NYSE:BHM) is a single-family residential REIT that was spun off from Bluerock Residential Growth REIT, Inc. after Bluerock Residential Growth REIT was acquired by Blackstone for $3.6 billion in October 2022. Bluerock Homes owns a portfolio of high-quality single-family homes primarily in the Sunbelt states and Western United States. Per the most recent quarterly report, Bluerock owned roughly 4,000 properties through its operating and preferred equity investments. Bluerock H ...