Real Estate Investments - As of September 30, 2024, the company held 20 real estate investments, comprising 4,000 residential units, with consolidated operating investments approximately 90.5% occupied[142] - The company acquired the Villas at Huffmeister for $41.2 million, funded by a $24.3 million senior loan and $18.1 million in cash[147] - A joint venture was established to develop 82 build-to-rent units in Bluffton, South Carolina, with a commitment of $5.3 million, earning a 17.0% annual return[148] - The company acquired Avenue at Timberlin Park for $33.8 million, funded by a $23.7 million senior loan and $12.9 million in cash[149] - The sale of Navigator Villas generated net proceeds of approximately $12.7 million and a gain on sale of approximately $10.0 million[150] - The company recorded an impairment of $0.9 million and $2.1 million for held-for-sale units for the three and nine months ended September 30, 2024, respectively[155] - The company has a remaining commitment of $5.5 million for the Wayford at Pringle loan investment[152] - The company’s strategy includes acquiring pre-existing single-family residential units and developing build-to-rent communities to drive growth in funds from operations[141] - The total estimated project cost for the Abode Wendell Falls development is $56.9 million, with $6.9 million incurred as of September 30, 2024[160] - The company acquired 294 units at Villas at Huffmeister and 200 units at Avenue at Timberlin Park during 2024, contributing to revenue growth[163] Financial Performance - Rental and other property revenues increased by $1.8 million, or 18%, to $12.0 million for the three months ended September 30, 2024, compared to $10.2 million for the same prior year period[163] - Average rent per occupied unit increased by $54, or 3.4%, to $1,635 compared to $1,581 during the prior year period[164] - Average occupancy decreased by 20 basis points from 91.1% to 90.9% on a year-over-year basis[164] - Property operating expenses increased by 26.3% to $6.4 million for the three months ended September 30, 2024, compared to $5.1 million for the same prior year period[161] - Net operating income for the three months ended September 30, 2024, was $5.5 million, an increase of 8.9% from $5.1 million in the same prior year period[161] - Other income increased to $8.4 million for Q3 2024, compared to $0.2 million in Q3 2023, driven by a $10.3 million increase in gains on real estate sales[171] - Rental and other property revenues increased by $4.1 million, or 13%, to $34.7 million for the nine months ended September 30, 2024, due to acquisitions and rental rate improvements[172] - Average rent per occupied unit increased by $57, or 3.7%, to $1,617 for the nine months ended September 30, 2024[173] - Property operating expenses for the nine months ended September 30, 2024, increased by $3.2 million, or 23%, to $17.4 million, primarily due to acquisitions[174] - Net income attributable to common stockholders for the three months ended September 30, 2024, was $921,000, compared to a loss of $1,068,000 for the same period in 2023[185] - Net operating income (NOI) for the nine months ended September 30, 2024, was $17,279,000, an increase from $16,358,000 for the same period in 2023[185] Capital Structure and Financing - The company issued 3,459,331 shares of 6.0% Series A Redeemable Preferred Stock, raising approximately $76.7 million in net proceeds[156] - Total stockholders' equity decreased by $4.5 million from $147.4 million as of December 31, 2023, to $142.9 million as of September 30, 2024, primarily due to $2.2 million related to the acquisition of noncontrolling interests and preferred dividends declared[158] - Cash available as of September 30, 2024, was $155.1 million, with an additional capacity of $65 million on revolving credit facilities[189] - Contractual obligations include $126.8 million in mortgages payable and $105 million in revolving credit facilities as of September 30, 2024[190] - The company plans to finance long-term liquidity needs through additional issuances of common and preferred stock, as well as project-based borrowings[195] - The board authorized a stock repurchase plan for up to $5 million of Class A common stock, which may be conducted over one year[193] - Net cash provided by financing activities during the same period was $96.8 million, driven by $76.7 million from the issuance of Series A Preferred Stock and $35.0 million from revolving credit facilities[205] Expenses and Cash Flow - General and administrative expenses rose to $2.5 million for Q3 2024, up from $1.7 million in Q3 2023, with $1.5 million related to direct costs and $1.0 million for operating expense reimbursement[168] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $4.1 million, despite a net loss of $4.8 million[203] - Net cash used in investing activities for the nine months ended September 30, 2024, was $22.4 million, primarily due to $51.5 million for acquiring real estate investments and $24.6 million for investments in notes receivable[204] - Total capital expenditures for the nine months ended September 30, 2024, amounted to $5.977 million, a decrease from $6.499 million in the same period of 2023[206] Funds from Operations - Funds from Operations (FFO) attributable to common stockholders for the nine months ended September 30, 2024, was $(2.092) million compared to $1.361 million in 2023[213] - Core Funds from Operations (CFFO) attributable to common stockholders for the nine months ended September 30, 2024, was $8.695 million, down from $15.269 million in 2023[213] - FFO per share for the nine months ended September 30, 2024, was $(0.17), compared to $0.12 in the same period of 2023[213] - CFFO per share for the nine months ended September 30, 2024, was $0.71, compared to $1.33 in 2023[213] Interest Rate and Risk Management - As of September 30, 2024, the company had interest rate caps and swaps covering $128.5 million of its debt to manage interest rate risk[223] - A 100-basis point increase in interest rates would increase interest expense by approximately $50,000 for the quarter ended September 30, 2024[224] - The weighted average interest rate on mortgage notes payable is 5.22% as of September 30, 2024, with total mortgage notes payable amounting to $126.8 million[225] - The fair value of mortgages payable is estimated at $124.1 million as of September 30, 2024[225] - The company is exposed to interest rate risk primarily through borrowing activities, with inherent roll-over risk for borrowings[220] Corporate Governance and Compliance - The company has instituted additional procedures to ensure timely filings following a delinquent Form 8-K related to a real estate acquisition[229] - There have been no changes in internal controls over financial reporting that materially affected the company during the quarter ended September 30, 2024[230] - As of September 30, 2024, total indebtedness was approximately $231.8 million, including $105.0 million under revolving credit facilities[234] - The company has issued and outstanding 3,889,446 shares of Series A Preferred Stock as of September 30, 2024[234] - The Board modified and extended the Original Exemption, with the new Revocation Date set for December 31, 2025[238] - The Aggregate Share Ownership Limit and the Common Share Ownership Limit were decreased from 9.8% to 8.75% for stockholders not classified as Excepted Holders[237] Dividends and Distributions - The Series A Preferred Stock regular monthly dividend is $0.125 per outstanding share, with an enhanced special dividend commencing in May 2024, subject to a minimum of 6.5% and a maximum of 8.5% annual rate[157] - The company declared a special dividend of $1.00 for both Class A and Class C common stock, payable on January 5, 2024[215] - The company has a policy to maintain distributions equal to at least 90% of its REIT taxable income to maintain its REIT status[217] - The company’s distribution rate and payment frequency may vary based on funds available from operations and capital expenditure requirements[217]

Core Viewpoint - Bluerock Homes Trust, Inc. has declared monthly cash dividends on its Series A Redeemable Preferred Stock for the fourth quarter of 2024, with a quarterly rate of $0.375 per share [1][2]. Dividend Details - The Series A Preferred Dividends will be paid as follows: $0.125 per share on November 5, 2024; $0.125 per share on December 5, 2024; and $0.125 per share on January 3, 2025, to stockholders of record on October 25, November 25, and December 24, 2024, respectively [2]. - Newly-issued shares will receive a prorated dividend based on the number of days they were outstanding during the applicable dividend period [2]. Enhanced Special Dividends - The Company has also declared enhanced special dividends for the fourth quarter of 2024, which will be aggregated with the regular monthly dividends, resulting in a rate of the average one month term Secured Overnight Financing Rate (SOFR Rate) plus 2.0%, with a minimum of 6.5% and a maximum of 8.5% annual rate [3]. - These enhanced special dividends will be calculated based on the SOFR Rate for each day from the 26th of the prior month to the 25th of the applicable month, payable on the 5th of each month [3]. Company Overview - Bluerock Homes Trust, Inc. is an externally managed REIT focused on high-quality single-family properties in attractive markets, particularly in the Sunbelt and high-growth areas of the Western United States [4]. - The Company's objective is to generate attractive risk-adjusted investment returns by assembling a portfolio of single-family rental homes and developing build-to-rent communities [4]. - The target market includes middle-market renters seeking the single-family lifestyle without the costs associated with home ownership [4].

Real Estate Investments - As of June 30, 2024, the company held 21 real estate investments, comprising 4,362 residential units, with consolidated operating investments approximately 92.2% occupied[115] - The company acquired the Villas at Huffmeister, a 294-unit community in Houston, Texas, for $41.2 million, funded by a $24.3 million loan and $17.4 million in cash[121] - A joint venture was established to develop 82 build-for-rent units in Bluffton, South Carolina, with a commitment of $5.3 million, earning a 17.0% annual return[122] - The company sold 37 units for approximately $6.5 million, generating net proceeds of about $6.2 million and a gain of approximately $0.7 million[123] - Total operating units as of June 30, 2024, amounted to 2,732, including 391 units classified as held for sale[129] Financial Performance - Total rental and other property revenues for Q2 2024 reached $11,936,000, a 16.2% increase from $10,270,000 in Q2 2023[130] - Net operating income for the six months ended June 30, 2024, was $11,737,000, reflecting a 4.2% increase from $11,269,000 in the same period of 2023[130] - Average rental rate increased to $1,615 in Q2 2024, a 3.7% rise from $1,557 in Q2 2023[130] - Rental and other property revenues increased by $2.3 million, or 11%, to $22.7 million for the six months ended June 30, 2024, compared to $20.4 million for the same prior year period[143] - Net loss attributable to common stockholders for the three months ended June 30, 2024, was $(1,632) thousand, compared to $(335) thousand for the same period in 2023, representing a significant increase in losses[154] Occupancy Rates - The company’s consolidated operating investments, excluding units held for sale, were approximately 95.4% occupied[115] - The occupancy rate for Peak Housing investments was 94.4% as of June 30, 2024[133] - The occupancy rate for The Cottages at Myrtle Beach was 63.6% as of June 30, 2024[133] - The Woods at Forest Hill had an occupancy rate of 80.5% as of June 30, 2024[133] - Wayford at Innovation Park commenced lease-up in August 2023, with an occupancy rate of 31.4% as of June 30, 2024[133] Expenses and Losses - Property operating expenses increased by $1.9 million, or 20%, to $11.0 million for the six months ended June 30, 2024, compared to $9.1 million for the same prior year period[145] - General and administrative expenses amounted to $2.4 million for the three months ended June 30, 2024, compared to $1.8 million for the same prior year period[139] - Depreciation and amortization expenses were $8.8 million for the six months ended June 30, 2024, compared to $8.0 million for the same prior year period[149] - Funds from Operations (FFO) attributable to common stockholders and unit holders for the six months ended June 30, 2024, was $(8,357) thousand, compared to $(5,513) thousand for the same period in 2023[182] - Core Funds from Operations (CFFO) attributable to common stockholders and unit holders for the three months ended June 30, 2024, was $3,064 thousand, down from $5,436 thousand in 2023, representing a decrease of 43.6%[182] Cash Flow and Financing - The company had $116.0 million in cash available as of June 30, 2024, with an additional capacity of $65 million on revolving credit facilities[158] - Net cash provided by operating activities for the six months ended June 30, 2024, was $2.4 million, despite a net loss of $8.3 million[171] - Net cash used in investing activities during the six months ended June 30, 2024, was $25.2 million, reflecting ongoing investments in real estate[172] - Net cash provided by financing activities during the six months ended June 30, 2024, was $60.0 million, with $17.5 million used for acquiring consolidated real estate investments[175] - The company plans to finance long-term liquidity needs through additional issuances of common and preferred stock, as well as borrowings[163] Dividends and Stock - The company declared a special dividend of $1.00 for both Class A and Class C common stock, payable on January 5, 2024[184] - The board authorized a stock repurchase plan for up to $5 million of Class A common stock, which may be executed based on market conditions[161] - The company issued 1,761,120 shares of 6.0% Series A Redeemable Preferred Stock, raising approximately $38.8 million in net proceeds[127] Interest Rates and Risks - The company continues to monitor inflation and rising interest rates, which could negatively impact residents' ability to pay rents and overall operational results[118] - The company has a total mortgage notes payable of $123.039 million, with a weighted average interest rate of 5.06%[191] - The company has revolving credit facilities totaling $105 million, with a weighted average interest rate of 8.19%[191] - Interest rate caps and swaps are in place to mitigate exposure to interest rate risk for $128.5 million of the company's debt[192] - A 100-basis point increase or decrease in interest rates would affect interest expense by approximately $50,000 for the quarter ended June 30, 2024[192]

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 ...