Bluerock Homes Trust, Inc. 10-K

Item 2. Properties As of December 31, 2022, we held seventeen real estate investments, consisting of ten consolidated operating investments and seven investments held through preferred equity investments. The following tables provide summary information regarding our consolidated operating investments and preferred equity investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership ​ Average ​ % ​ Name Market Units Built Interest Rent (1) Occupied (2) ​ Ballast AZ / CO / WA 84 1998 95 % $ 2,139 89.3 % Golden Pacific IN / KS / MO 171 1976 97 % 1,688 94.7 % ILE TX / SE US 482 1991 95 % 1,786 98.1 % Navigator Villas Pasco, WA 176 2013 90 % 1,493 96.6 % Peak ​ JV 1 (3) IN / MO 334 1997 60 % 1,174 97.0 % JV 2 (4) Various / TX 608 1980 80 % 1,285 89.7 % JV 3, formerly DFW 189 Dallas-Fort Worth, TX 189 1962 56 % 1,029 96.7 % JV 4, formerly Savannah 319 Savannah, GA 66 2022 80 % 1,689 98.5 % Wayford at Concord Concord, NC 150 2019 83 % 2,128 95.3 % Yauger Park Villas Olympia, WA 80 2010 95 % 2,364 96.3 % Total Units / Average ​ ​ 2,340 ​ ​ ​ $ 1,528 94.8 % (1) Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2022. (2) Percent occupied is calculated as (i) the number of units occupied as of December 31, 2022 divided by (ii) total number of units, expressed as a percentage. Percent occupied excludes an aggregate of 26 down/renovation units. (3) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (4) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas. 58 Table of Contents Preferred Equity Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Actual/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual/ ​ ​ Estimated ​ ​ ​ ​ Actual/ ​ Actual/ ​ Actual/ ​ ​ ​ ​ ​ ​ ​ Planned ​ ​ Construction ​ ​ ​ ​ Estimated ​ Estimated ​ Estimated ​ ​ Estimated ​ ​ ​ ​ Number ​ Cost ​ Cost to Date ​ Construction ​ Initial ​ Construction ​ ​ Average Name Location / Market of Units ​ (in millions) (in millions) Cost Per Unit Occupancy Completion Rent (1) Lease-up Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Woods at Forest Hill ​ Forest Hill, TX ​ 76 ​ $ 14.8 ​ $ 14.5 ​ $ 194,737 ​ 4Q 2022 ​ 3Q 2023 ​ $ 1,625 Willow Park ​ Willow Park, TX ​ 46 ​ ​ 14.5 ​ ​ 13.6 ​ ​ 315,217 ​ 2Q 2022 ​ 3Q 2023 ​ ​ 2,362 Total Lease-up Units ​ ​ ​ 122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment ​ ​ ​ ​ The Cottages at Myrtle Beach Myrtle Beach, SC 294 ​ 63.2 ​ 45.3 ​ 214,966 2Q 2023 4Q 2023 ​ 1,743 The Cottages at Warner Robins Warner Robins, GA 251 ​ 53.1 ​ 39.7 ​ 211,554 3Q 2023 4Q 2023 ​ 1,346 The Cottages of Port St. Lucie Port St. Lucie, FL 286 ​ 69.6 ​ 41.6 ​ 243,357 2Q 2023 1Q 2024 ​ 2,133 Wayford at Innovation Park Charlotte, NC 210 ​ 62.0 ​ 19.1 ​ 295,238 3Q 2023 3Q 2024 ​ 1,994 Total Development Units ​ 1,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment ​ Number of Units ​ ​ ​ ​ Average Rent (1) Peak Housing (2) IN / MO / TX 474 ​ ​ ​ ​ ​ ​ $ 962 Total Operating Units ​ 474 ​ ​ ​ ​ Total Units / Average ​ ​ 1,637 ​ ​ ​ ​ $ 1,565 (1) For lease-up and development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization. For operating investments, represents the average effective monthly rent per occupied unit for the three months ended December 31, 2022. (2) Peak Housing is a stabilized operating portfolio and consists of our preferred equity investments in a private single-family home REIT (refer to Note 8 of our combined consolidated financial statements for further information). Unit count excludes units presented in the consolidated operating investments table above. Item 3. Legal Proceedings We are not party to, and none of our properties are subject to, any material pending legal proceeding. Item 4. Mining Safety Disclosures Not applicable. ​ 59 Table of Contents PART II