Company: BHM
Filing Date: 2025-01-16
Form Type: 8-K/A
Source: 0001104659-25-004088
Chunk: 11

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-01-16
Form: 8-K/A
Chunk 11
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, LLC, a
wholly owned subsidiary of the Company’s external manager (“BHM Acquisitions”), pursuant to which BHM Acquisitions assigned
to BR Amira, DST, a Delaware statutory trust and a wholly owned subsidiary of the Operating Partnership, a purchase agreement to acquire
Amira at Westly (the “Property”).

Note 2 – Basis of Presentation

The accompanying statements of revenues and certain operating expenseshave been prepared for the purpose of complying with Rule 3-14
of Regulation S-X of the United States Securities and Exchange Commission promulgated under the Securities Act of 1933, as amended. Accordingly,
the statements are not representative of the actual operations for the periods presented as revenues, and certain operating expenses,
which may not be directly attributable to the revenues and expenses expected to be incurred in the future operations of the Property,
have been excluded.

Use of Estimates

The preparation of the financial
statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management
to make estimates and assumptions that affect the reporting and disclosure of revenues and certain expenses during the reporting period
to present the statement of revenues and certain operating expenses. Actual results could differ from those estimates.

Note 3 – Revenues

The Property is located in Tampa, Florida and contains 408 residential units that are rented to tenants under various lease agreements thatare generally one year in length. All leases are accounted for as operating leases. The Property recognizes rental revenue on a
straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases. Rental revenue is
recognized on an accrual basis and when the collectability of the amounts due from tenants is deemed probable. Rental revenue is included
within rental and other property revenues on the Property’s statements of revenues and certain operating expenses.

Tenant reimbursements for
common area maintenance and other recoverable expenses, such as pet, administrative, application and other fees, are recognized when the
services are provided and the performance obligations are satisfied. Tenant reimbursements are included within rental and other property
revenues on the Property’s statements of revenues and certain operating expenses.

Note 4 – Certain Operating Expenses

Certain operating expenses include only those costs expected to be comparable to theproposed future operations of the Property. Property
operating expenses include administrative, repairs and maintenance, marketing, payroll, utilities, taxes, and insurance. Expenses such
as depreciation, amortization, and interest are excluded.

Note 5 – Commitments and Conting