Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 134

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 134
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18%, to $48.6 million for the year ended December 31, 2024
as compared to $41.0 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 294 units
at Villas at Huffmeister during the first quarter 2024, 200 units at Avenue at Timberlin Park during the third quarter 2024, 408 units
at Amira at Westly and 350 units at Allure at Southpark during the fourth quarter 2024, and (ii) rental rate improvement from our
active management and organic market rent growth. The increase was partially offset by the sale of 176 units at Navigator Villas and
151 single-family units in our portfolio since January 1, 2023. Our average rent per occupied unit increased $69, or 4.4%, to $1,638
as compared to $1,569 during the prior year period. Average occupancy decreased 10 basis points from 91.8% to 91.7% on a year over year
basis.

Interest income from loan investmentsamounted to $1.6 million for the year ended December 31, 2024 as compared to $0.1 million
for the same prior year period due to three new loan investments, one of which was fully paid off during the year ended December 31,
2024.

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Expenses

Property operating expensesincreased $4.9 million, or 26%, to $24.1 million for the year ended December 31, 2024 as compared
to $19.2 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 294 units at Villas at
Huffmeister during the first quarter 2024, 200 units at Avenue at Timberlin Park during the third quarter 2024, 408 units at Amira at
Westly and 350 units at Allure at Southpark during the fourth quarter 2024, and (ii) an increase in turnover expense subsequent
to initial renovation completed on units in previous years. The increase was partially offset by the sale of 176 units at Navigator Villas
and 151 single-family units since January 1, 2023.

Property management and asset management fees expensewere $4.7 million for the year ended December 31, 2024 as compared
to $4.