Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 320

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 320
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 for the tenants’ convenience. In addition, we may provide a minimal amount of “noncustomary” services to the tenants of a property, other than through an independent contractor, as long as our income from the services (valued at not less than 150% of our direct cost of performing such services) does not exceed 1% of our income from the related property. Furthermore, we may own up to 100% of the stock of a TRS which may provide customary and noncustomary services to our tenants without tainting our rental income from the related properties. |

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If a portion of the rent that
we receive from a property does not qualify as “rents from real property” because the rent attributable to personal property
exceeds 15% of the total rent for a taxable year, the portion of the rent that is attributable to personal property will not be qualifying
income for purposes of either the 75% or 95% gross income test. Thus, if such rent attributable to personal property, plus any other income
that is nonqualifying income for purposes of the 95% gross income test, during a taxable year exceeds 5% of our gross income during the
year, we would lose our REIT qualification. If, however, the rent from a particular property does not qualify as “rents from real
property” because either (1) the rent is considered based on the income or profits of the related tenant, (2) the tenant
either is a related party tenant or fails to qualify for the exceptions to the related party tenant rule for qualifying TRSs, or
(3) we furnish noncustomary services to the tenants of the property, or manage or operate the property, other than through a qualifying
independent contractor or a TRS, none of the rent from that property would qualify as “rents from real property.”

We intend to lease, through
our Operating Partnership and its subsidiaries, substantially all our properties to tenants that are individuals. Our leases will typically
have a term of at least one year and require the tenant to pay fixed rent. We do not anticipate leasing significant amounts of personal
property pursuant to our leases. Moreover, we do not intend to perform any services other than customary ones for our tenants, unless
such services are provided through independent contractors or a TRS. Accordingly, we believe that our leases will generally produce rent
that qualifies as “rents from real property” for purposes of