Bluerock Homes Trust Reports 47.9% Revenue Growth to $16.4 Million in Q1 2025

Bluerock Homes Trust, Inc. reported a significant increase in revenue for the first quarter of 2025, with total revenues reaching $16.4 million, up 47.9% from $11.2 million in the same period last year. This growth was primarily driven by a rise in rental and other property revenues, which increased to $15.9 million from $10.8 million, attributed to the acquisition of new properties and improved rental rates. However, the company also experienced a net loss of $7.3 million for the quarter, compared to a loss of $3.2 million in the prior year, reflecting increased expenses and interest costs.

The company's total expenses rose to $22.1 million, a 47% increase from $15.1 million in the previous year. This rise was largely due to higher property operating expenses, which increased by 53% to $7.7 million, and a significant jump in depreciation and amortization expenses, which reached $7.5 million, up from $4.0 million. The increase in expenses was also influenced by the company's ongoing investments in property acquisitions and renovations, as well as management fees related to its growing portfolio.

In terms of operational metrics, Bluerock Homes Trust held 23 real estate investments as of March 31, 2025, comprising 5,048 residential units. The company reported an occupancy rate of approximately 91.9% across its consolidated operating investments, with a slightly higher rate of 94.1% when excluding units classified as held for sale. The company also classified 138 units as held for sale, reflecting its strategy to optimize its portfolio and manage asset performance.

Strategically, Bluerock Homes Trust has been active in expanding its portfolio, including the acquisition of a 272-unit residential community in Aberdeen, North Carolina, for $56.6 million in April 2025. The company also reported the sale of several units, generating net proceeds of approximately $5.1 million. Additionally, the company issued 651,768 shares of its 6.0% Series A Redeemable Preferred Stock, raising approximately $14.1 million in net proceeds, which will support its ongoing investment activities.

Looking ahead, Bluerock Homes Trust aims to continue its growth trajectory by leveraging its existing cash reserves of $134.7 million and available credit facilities. The company remains focused on enhancing its portfolio through strategic acquisitions and development projects, while also navigating the challenges posed by economic volatility and rising interest rates. The management expressed confidence in its ability to maintain liquidity and meet its operational and investment commitments in the coming months.