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].
Bluerock Homes Trust(BHM) - 2024 Q1 - Quarterly Report