Bluerock Homes Trust, Inc. reported a net loss of $10.3 million for the first quarter of 2026, compared to a loss of $7.3 million in the same period last year. The company's total revenues increased by 20% to $19.7 million, driven primarily by a rise in rental and other property revenues, which reached $19.7 million, up from $15.9 million in the prior year. This growth was attributed to the acquisition of 897 units across three residential communities, although it was partially offset by the sale of 258 single-family units since January 1, 2025. The average rent per occupied unit increased slightly to $1,705, while occupancy rates remained stable at approximately 91.9%.
In terms of operational metrics, Bluerock's total net operating income (NOI) rose to $10.6 million, a 28.6% increase from $8.3 million in the previous year. The residential communities segment saw a significant increase in NOI, up 62.5% to $7.5 million, while the scattered single-family homes segment experienced a decline in NOI of 14.2% to $3.1 million. The company also recorded impairments of $0.6 million related to held-for-sale units, compared to $0.1 million in the prior year.
Strategically, Bluerock continued to expand its portfolio, acquiring an additional 10 units at Parkside at Summers Corner for $2.6 million, bringing the total units acquired to 22 out of a planned 100. The company also completed the sale of 131 units previously classified as held for sale, generating net proceeds of approximately $17.2 million and a gain of $0.6 million. As of March 31, 2026, Bluerock held 24 real estate investments, including 18 consolidated investments and five preferred equity investments, totaling 5,451 residential units.
The company’s financial position showed a decrease in total stockholders' equity from $128.7 million at the end of 2025 to $124.8 million by the end of the first quarter of 2026, primarily due to the net loss attributable to common stockholders. Bluerock's cash and cash equivalents stood at $170.1 million, with no outstanding balance on its $50 million revolving credit facility. Looking ahead, the company remains focused on its growth strategy, which includes further acquisitions and development projects, while navigating the challenges posed by economic volatility and rising interest rates.
About Bluerock Homes Trust, Inc.
Bluerock Homes Trust, Inc. is a Maryland-based real estate investment trust (REIT) specializing in acquiring, renovating, and managing institutional-quality residential rental properties, including scattered single-family homes and residential communities. Focused on growth markets primarily in the U.S. Sunbelt and Western regions, it targets high-disposable-income renters through value-add strategies, professional property management, and technology integration to drive rental income and long-term capital appreciation. The company operates via an external manager and emphasizes diversified, scalable residential portfolios.
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