Fri, May 9, 6:37 PM (43 days ago)
**Bluerock Homes Trust, Inc. (BHM, NYSE American) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $16.4M (up 47.9% YoY) - **Net Loss:** $7.3M (up 131.4% YoY) - **Cash Flow from Operations:** $1.0M (positive) - **Earnings Changes:** Net loss per share increased to $0.67 (up 148.1% YoY) **Profit Margins:** - **Gross Margin:** Not explicitly stated, but implied by revenue and COGS. - **Operating Margin:** Negative, indicating operational challenges. **Cash Flow:** - **Operating Cash Flow:** $1.0M (positive) - **Investing Cash Flow:** $18.9M (positive, driven by repayments on notes receivable) - **Financing Cash Flow:** -$0.5M (negative, due to repayments on revolving credit facilities) **Quarterly Performance Discussion:** - **Revenue Growth:** Driven by acquisitions and rental rate improvements. - **Expense Management:** Property operating expenses increased by 52.9% YoY. - **Investment Activity:** Sales of 39 units for $6.9M, with a gain of $0.8M. - **Liquidity:** Strong liquidity position with $134.7M in cash. **Trends & Uncertainties:** - **Occupancy:** 91.9% overall, with 94.1% excluding held-for-sale units. - **Economic Volatility:** Inflation and interest rate impacts on operations. - **Future Operations:** Focus on acquisitions, developments, and maintaining REIT status. **Future Outlook:** - **Growth Strategy:** Continued investments in residential properties and build-to-rent communities. - **Liquidity Needs:** Expected to be met through cash balances, operations, and financing. - **Risk Factors:** Economic conditions, interest rates, and regulatory changes. **Key Metrics:** - **NOI:** $8.3M (up 43.5% YoY) - **FFO:** -$2.1M (negative, indicating operational challenges) - **CFFO:** $1.3M (positive, adjusted for non-recurring items) **Segment Performance:** - **Scattered Single-Family Homes:** Revenue up 4.7%, NOI down 10.3%. - **Residential Communities:** Revenue up 215.3%, NOI up 173.4%. **Capital Expenditures:** - **Total:** $4.5M (up 149.6% YoY) - **Breakdown:** New development ($1.9M), redevelopment/renovations ($1.3M), routine capital expenditures ($1.0M). **Dividends:** - **Declared:** $0.125 per share for Class A and C common stock. - **Series A Preferred Stock:** Enhanced special dividend, aggregated with standard monthly dividend. **Stock Repurchase Plan:** - **Authorized:** Up to $5M for Class A common stock. - **Status:** No repurchases made as of Q1 2025. **Debt Management:** - **Total Debt:** $343.9M (including $85.0M in revolving credit facilities) - **Interest Rate Risk:** Managed through interest rate caps and swaps. **REIT Status:** - **Maintenance:** Required to distribute at least 90% of REIT taxable income to stockholders. **Conclusion:** Bluerock Homes Trust, Inc. showed mixed results in Q1 2025, with revenue growth but increased net loss. The company is focusing on acquisitions and developments while managing economic uncertainties. Liquidity remains strong, and the company is committed to maintaining its REIT status.