Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 150

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 150
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 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.

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Table of Contents

Interest income from loan investments amounted 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.

Expenses

Property operating expenses increased $ 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 expense were $ 4.7 million for the year ended December 31, 2024 as compared to $4.4 million in
the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees are
based on a stated percentage of capital contributions or assets under management, where applicable.

General and administrative expenses amounted to $10.6 million for the year ended December 31, 2024 as compared to $8.0 million for the same
prior year period. Of the $10.6 million total expense for the year ended December 31, 2024, $6.2 million related to direct costs incurred
by us, while the remaining $4.4 million related