Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 136

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 136
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 increase in impairment on real estate.

Net Operating Income

We
believe that net operating income (“NOI”) is a useful measure of our operating performance. We define NOI as total property
revenues less total property operating expenses, excluding depreciation and amortization and interest. Other REITs may use different
methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. NOI also is a computation made by analysts
and investors to measure a real estate company’s operating performance.

We
believe that this measure provides an operating perspective not immediately apparent from operating income or net income prepared in
conformity with accounting principles generally accepted in the United States of America (“GAAP”). NOI allows us to evaluate
the operating performance of our properties because it measures the core operations of property performance by excluding corporate level
expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses.

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However,
NOI should only be used as a supplemental measure of our financial performance. The following table reflects net loss attributable to
common stockholders together with a reconciliation to NOI, as computed in accordance with GAAP for the years ended December 31,
2024 and 2023 (amounts in thousands):

|                                                                               |     | 2024 |         |   |     | 2023 |         |   |
|:------------------------------------------------------------------------------|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
| Net loss attributable to common stockholders                                  |     | $    |  (4,234 | ) |     | $    |  (4,503 | ) |
| Add back: Net loss attributable to Operating Partnership Units                |     |      |  (9,232 | ) |     |      |  (8,996 | ) |
| Net loss attributable to common stockholders and unit holders                 |     |      | (13,466 | ) |     |      | (13,499 | ) |
| Net loss attributable to partially owned properties’ noncontrolling interests |     |      |  (2,891 | ) |     |      |  (2,398 | ) |
| Real estate depreciation and amortization                                     |     |      |  19,810 |   |     |      |  16,023 |   |
| Non-real estate depreciation and amortization                                 |     |      |