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Cision Canada
4 days ago
- Business
- Cision Canada
BSR REIT Acquires The Ownsby in Dallas-Fort Worth MSA for $87.5 Million
LITTLE ROCK, Ark. and TORONTO, Aug. 13, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: announced today that it has purchased The Ownsby Apartments ("Ownsby") in the fast-growing Celina, TX submarket of the Dallas-Fort Worth MSA for $87.5 million. "The addition of another high quality, newly developed lease-up property in a fast-growing Texas submarket is the perfect complement to our portfolio," stated Dan Oberste, BSR's Chief Executive Officer. "The Ownsby will be another example of a community that can benefit from the BSR platform's proven ability to maximize value through predictable rotations into best-in-class investments in Texas." Completed earlier this year, The Ownsby comprises 368 apartment units, including one, two, and three-bedroom suites. Units feature up to 10 ft. ceilings, quartz countertops, walk-in showers, gourmet kitchens and direct access garages. Property amenities include a resort style pool, movie theater, modern fitness center, golf simulator, private offices, bike storage and pet spa. The US Census Bureau named Celina, TX the fastest growing city in the US in 2023 and it grew by 19% in the twelve months ending July 2024. The Ownsby has easy access to the Dallas Parkway and to major employers including Toyota, PGA of America, Baylor Medical Center, American Airlines and AT&T. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Forward-Looking Statements This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's Q2 2025 Management's Discussion & Analysis dated August 6, 2025 which is available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Cision Canada
06-08-2025
- Business
- Cision Canada
BSR REIT ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS
LITTLE ROCK, Ark. and TORONTO, Aug. 6, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR", or the "REIT") (TSX: HOM.U) (TSX: today announced its financial results for the three and six months ended June 30, 2025 ("Q2 2025" and "YTD 2025," respectively). All comparisons are to the corresponding periods in the prior year. Results are presented in U.S. dollars. References to "Same Community" correspond to stabilized properties the REIT has owned for equivalent periods throughout YTD 2025 and the three and six months ended June 30, 2024 ("Q2 2024" and "YTD 2024," respectively). "Non-Same Community" properties include: Venue Craig Ranch Apartments, Forayna Vintage Park and Botanic Luxury Living (collectively, the "Property Acquisitions"); Aura 35Fifty, which was developed and completed in December 2024 (the "Non-Stabilized Property"); Bluff Creek Apartments, Cielo I, Cielo II, Retreat at Wolf Ranch, Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly (collectively, the "Property Dispositions"). The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three and six months ended June 30, 2025 are prepared in accordance with the accounting standards issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP"), and are available on the REIT's website at and at A reconciliation of Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") to net income and comprehensive income, as well as an expanded discussion of the components of FFO and AFFO, and a reconciliation of Net Asset Value ("NAV") to unitholders equity can be found under "Non-GAAP Measures" in this release. Calculations of FFO per Unit, AFFO per Unit and NAV per Unit include trust units of the REIT ("Units"), Class B Units of BSR Trust, LLC ("Class B Units") and issued deferred units of the REIT granted to trustees ("Deferred Units"). "Our second quarter results reflect the growing positive momentum supporting our business and reinforce our expected pivot to sustained growth in the quarters to come," said Dan Oberste, the REIT's President and Chief Executive Officer. "Just as we said we would, following the closing of our transformative dispositions earlier this year, our team was able to expeditiously and accretively redeploy a significant portion of the proceeds into two highly attractive assets in the north Houston market. Combined with our recent Dallas acquisition and lease up of our Austin development, we are excited about the opportunity this new crop of acquisitions brings to our residents and Unitholders. With additional capital ready to deploy and our Same-Community portfolio approaching an inflection point on blended trade-outs, we are highly confident in the REIT's increased growth trajectory." Q2 2025 Highlights Same Community weighted average occupancy was 95.6% as of June 30, 2025, compared to 95.4% as of June 30, 2024; During Q2 2025, excluding short term leases, Same Community rental rates for new leases and renewals changed -3.7% and 1.7%, respectively, resulting in a -0.7% blended change over the prior leases. The blended decrease represents a 200 basis point sequential improvement relative to blended rates in the first three months of 2025; As of June 30, 2025, the occupancy of the Non-Stabilized Property was 59.7%, which is an improvement from 35.3% as of March 31, 2025; As of June 30, 2025, the REIT's total liquidity was $82.5 million; On April 3, 2025, the REIT entered into a new receive-variable based USD-SOFR CME/pay fixed interest rate swap with a notional value of $150.0 million at a fixed rate of 2.88% effective July 1, 2025, and maturing July 1, 2030, subject to the counterparty's optional early termination date of July 1, 2027; On April 30, 2025, the REIT sold six properties (Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly) comprising 1,844 apartment units located in Dallas, TX for $431.5 million (the "Contribution Transaction"). Under the Contribution Transaction, $193.0 million in cash was received and the balance was settled through the cancellation of 15,000,000 Class B Units; and On May 14, 2025, the REIT acquired Forayna Vintage Park, a 350-unit apartment community in Houston, TX and Botanic Luxury Living, a 288-unit apartment community in Spring, TX (Houston MSA) for $141.0 million. The REIT funded the transaction using the Credit Facility, a mortgage note and available cash. Subsequent Highlight During July 2025, excluding short term leases, Same Community rental rates for new leases and renewals changed -1.5% and 2.8%, respectively, resulting in a 1.1% blended increase over the prior leases. The blended increase represents the first return to a positive blended spread since the third quarter of 2024. Outlook and Guidance for 2025 Based on the Property Dispositions and Property Acquisitions to date, the financial results depicted throughout this document are inherently dissimilar from the comparative period results in the prior year. This is due to (1) the stabilized nature of the Property Dispositions (which were 95.8% occupied in aggregate at the time of their respective sales), (2) the timing related to the rotation of assets and full redeployment of proceeds from the Property Dispositions and (3) the overall portfolio concentration and occupancy of the current Non-Same Community properties as of June 30, 2025, which was 88.1% for the Property Acquisitions and 59.7% for our Non-Stabilized Property in Austin, which is still in the initial lease-up period. As Property Acquisitions and the Non-Stabilized Property continue to perform through stabilization, comparisons of current performance to prior periods will become more meaningful. However, even once stabilized, there will continue to be some inherent differences when comparing to the prior year results, with the exception of metrics presented on a "per Unit" basis, given that a portion of the Contribution Transaction was recapitalized through the cancellation of 15,000,000 Class B Units. Accordingly, the REIT has suspended the release of guidance. The REIT will revisit providing guidance in a future period. Q2 2025 Financial Summary In thousands of U.S. dollars, except per unit amounts Q2 2025 Q2 2024 Change Change % Revenue, Total Portfolio $ 33,697 $ 42,232 $ (8,535) (20.2 %) Revenue, Same Community 1 Properties $ 26,638 $ 26,693 $ (55) (0.2 %) Revenue, Non-Same Community 1 Properties $ 7,059 $ 15,539 $ (8,480) nm* Net loss and comprehensive loss $ (22,479) $ (39,205) $ 16,726 nm* NOI 1, Total Portfolio $ 17,850 $ 24,106 $ (6,256) (26.0 %) NOI 1, Same Community 1 Properties $ 14,326 $ 15,065 $ (739) (4.9 %) NOI 1, Non-Same Community 1 Properties $ 3,524 $ 9,041 $ (5,517) nm* Funds from Operations ("FFO") 1 $ 9,153 $ 14,106 $ (4,953) (35.1 %) FFO per Unit 1 $ 0.21 $ 0.26 $ (0.05) (19.2 %) Maintenance capital expenditures $ (669) $ (1,401) $ 732 (52.2 %) Straight line rental revenue differences $ (107) $ 8 $ (115) nm* AFFO 1 $ 8,377 $ 12,713 $ (4,336) (34.1 %) AFFO per Unit 1 $ 0.19 $ 0.24 $ (0.05) (20.8 %) Weighted Average Unit Count $ 43,951,971 $ 53,838,699 $ (9,886,728) (18.4 %) Q2 2025 Q4 2024 Change Change % Unitholders' equity $ 585,873 $ 657,596 $ (71,723) (10.9 %) NAV 1 $ 653,265 $ 901,308 $ (248,043) (27.5 %) NAV per Unit 1 $ 16.74 $ 16.75 $ (0.01) (0.0 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Total portfolio revenue of $33.7 million for Q2 2025 decreased 20.2% compared to $42.2 million for Q2 2024. This decrease was primarily the result of the Property Dispositions which reduced revenue by $12.3 million and a $0.1 million reduction from Same Community properties (discussed below), partially offset by $3.8 million of revenue generated from the Property Acquisitions and the Non-Stabilized Property. Total revenue resulting from the Property Acquisitions and the Non-Stabilized Property is expected to continue to improve in future periods as the lease-up and operational enhancements continue to progress through stabilization. Same Community revenue of $26.6 million for Q2 2025 decreased $0.1 million, or 0.2%, compared to $26.7 million for Q2 2024, primarily due to lower average monthly in-place leases of $1,440 as of June 30, 2025 as compared to $1,461 as of June 30, 2024. Lower average monthly rent was partially offset by higher occupancy and an increase in other property income, driven by enhanced resident participation in credit building services, an increase in utility reimbursements and an increase in properties receiving valet trash service over the prior year. The change in net loss and comprehensive loss between Q2 2025 and Q2 2024 is primarily due to non-cash adjustments to the fair value of investment properties, partially offset by the non-cash adjustments to derivatives and other financial liabilities and the costs of dispositions. As such, the net loss and comprehensive loss is not considered comparable period over period. Total portfolio NOI for Q2 2025 of $17.9 million decreased 26.0% from $24.1 million in Q2 2024. The decrease was the result of the Property Dispositions which reduced NOI by $7.3 million and a $0.7 million reduction from Same Community properties (described below), partially offset by the contribution of $1.8 million from Property Acquisitions. Same Community NOI for Q2 2025 of $14.3 million decreased 4.9% from $15.1 million in Q2 2024 and was attributable to a $0.4 million increase in operating expenses, which include higher utility expenses, repair, maintenance and turnover expenses, partially offset by a reduction in property insurance costs, and a $0.3 million increase in real estate taxes as a result of higher tax assessments and fewer property tax refunds received in Q2 2025 as compared to Q2 2024, as well as the $0.1 million decrease in revenue described above. FFO in Q2 2025 was $9.2 million, or $0.21 per Unit, compared to $14.1 million, or $0.26 per Unit, for Q2 2024. The decrease was primarily related to the decrease in NOI described above, partially offset by a decrease in net finance costs of $1.5 million (which resulted from the net paydown of debt following the Property Dispositions and Property Acquisitions). In addition, the reduction in FFO was also partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units which were cancelled on April 30, 2025, in conjunction with the Contribution Transaction. AFFO was $8.4 million, or $0.19 per Unit for Q2 2025 compared to $12.7 million, or $0.24 per Unit, for Q2 2024. The decrease in AFFO was primarily the result of the decrease in FFO, partially offset by a reduction in maintenance capital expenditures resulting from the Property Acquisitions and Property Dispositions. In addition, the reduction in AFFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units discussed above. NAV was $653.3 million, or $16.74 per unit, as of June 30, 2025 compared to $901.3 million, or $16.75 per unit, as of December 31, 2024. The decrease in NAV from December 31, 2024 to June 30, 2025 was primarily due to the Contribution Transaction, which included the cancellation of 15,000,000 Class B Units which were exchanged by participating Class B Unitholders for new units of the purchaser, resulting in a $238.5 million decrease in Class B Units upon their cancellation. As this resulted in a reduction in the total unit count outstanding, NAV was flat on a per Unit basis. YTD 2025 Financial Summary YTD 2025 YTD 2024 Change Change % Revenue, Total Portfolio $ 77,173 $ 84,215 $ (7,042) (8.4 %) Revenue, Same Community 1 Properties $ 53,340 $ 53,207 $ 133 0.2 % Revenue, Non-Same Community 1 Properties $ 23,833 $ 31,008 $ (7,175) nm* Net loss and comprehensive loss $ (63,327) $ (40,776) $ (22,551) nm* NOI 1, Total Portfolio $ 41,880 $ 47,945 $ (6,065) (12.6 %) NOI 1, Same Community 1 Properties $ 29,141 $ 29,616 $ (475) (1.6 %) NOI 1, Non-Same Community 1 Properties $ 12,739 $ 18,329 $ (5,590) nm* FFO 1 $ 21,586 $ 27,723 $ (6,137) (22.1 %) FFO per Unit 1 $ 0.44 $ 0.51 $ (0.07) (13.7 %) Maintenance capital expenditures $ (1,218) $ (2,114) $ 896 (23.0 %) Straight line rental revenue differences $ (204) $ (8) $ (196) nm* AFFO 1 $ 20,164 $ 25,601 $ (5,437) (21.2 %) AFFO per Unit 1 $ 0.41 $ 0.48 $ (0.07) (14.6 %) Weighted Average Unit Count 48,901,137 53,847,588 (9.2 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Total portfolio revenue of $77.2 million for YTD 2025 decreased 8.4% compared to $84.2 million for YTD 2024. This decrease was the result of Property Dispositions which reduced revenue by $12.5 million, partially offset by contributions of $5.4 million from the Property Acquisitions and the Non-Stabilized Property, and $0.1 million from Same Community properties (discussed further below). Total revenue resulting from the Property Acquisitions and the Non-Stabilized Property is expected to continue to improve in future periods as the lease-up and operational enhancements continue to progress through stabilization. Same Community revenue of $53.3 million for YTD 2025 increased $0.1 million, or 0.2%, compared to $53.2 million for YTD 2024, primarily due to a $0.1 million increase in other property income, driven by enhanced resident participation in credit building services, an increase in utility reimbursements and an increase in properties receiving valet trash service over the prior year. The change in net loss and comprehensive loss between YTD 2025 and YTD 2024 is primarily due to non-cash adjustments to derivatives and other financial liabilities and the costs of dispositions, partially offset by non-cash adjustments to the fair value of investment properties. As such, the net loss and comprehensive loss is not considered comparable period over period. Total portfolio NOI for YTD 2025 of $41.9 million decreased 12.6% from $47.9 million in YTD 2024. The decrease was the result of a reduction of $7.7 million from Property Dispositions, $0.4 million from the Non-Stabilized Property and $0.5 million from Same Community properties (described below), partially offset by contributions of $2.5 million from Property Acquisitions. The 1.6% decrease in Same Community NOI for YTD 2025 of $29.1 million compared to $29.6 million in YTD 2024 was attributable to a $0.3 million increase in operating expenses, which includes higher payroll costs, higher utility expenses, repair, maintenance and unit turnover expenses, partially offset by a reduction in property insurance costs, as well as a $0.4 million increase in taxes, offset by the $0.1 million increase in other property income described above. FFO in YTD 2025 was $21.6 million, or $0.44 per Unit, compared to $27.7 million, or $0.51 per Unit, for YTD 2024. The decrease was primarily related to the decrease in NOI described above. The reduction in FFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units which were cancelled on April 30, 2025, in conjunction with the Contribution Transaction. AFFO was $20.2 million, or $0.41 per Unit for YTD 2025 compared to $25.6 million, or $0.48 per Unit, for YTD 2024. The decrease in AFFO was primarily the result of the decrease in FFO, partially offset by a reduction of maintenance capital expenditures resulting from the Property Acquisitions and Property Dispositions. In addition, the reduction in AFFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units discussed above. June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Operational Information Number of real estate investment properties 25 29 32 31 Total apartment units 6,802 8,008 8,904 8,666 Average monthly rent on in-place leases $ 1,491 $ 1,503 $ 1,489 $ 1,507 Average monthly rent on in-place leases, Same Community 1 Properties $ 1,440 $ 1,443 $ 1,447 $ 1,467 Weighted average occupancy rate 94.6 % 95.9 % 95.6 % 94.7 % Weighted average ending occupancy rate, Same Community 1 Properties 95.6 % 95.9 % 95.6 % 94.6 % Retention rate 57.4 % 56.9 % 56.0 % 55.4 % Debt to Gross Book Value 1 48.9 % 45.3 % 46.5 % 46.4 % Q2 2025 Q1 2025 Q4 2024 Q3 2024 Operating Results Revenue, Total Portfolio $ 33,697 $ 43,476 $ 42,165 $ 42,290 Revenue, Same Community 1 Properties $ 26,638 $ 26,702 $ 26,624 $ 26,787 Revenue, Non-Same Community 1 Properties $ 7,059 $ 16,774 $ 15,541 $ 15,503 NOI 1, Total Portfolio $ 17,850 $ 24,030 $ 21,736 $ 22,256 NOI 1, Same Community 1 Properties $ 14,326 $ 14,815 $ 13,552 $ 13,990 NOI 1, Non-Same Community 1 Properties $ 3,524 $ 9,215 $ 8,184 $ 8,266 NOI Margin 1, Total Portfolio 53.0 % 55.3 % 51.5 % 52.6 % NOI Margin 1, Same Community 1 Properties 53.8 % 55.5 % 50.9 % 52.2 % NOI Margin 1, Non-Same Community 1 Properties 49.9 % 54.9 % 52.7 % 53.3 % Net (loss) income and comprehensive (loss) income $ (22,479) $ (40,848) $ 39,785 $ (39,251) Distributions on Class B Units $ 1,427 $ 2,822 $ 2,815 $ 2,750 Fair value adjustment to investment properties $ 2,856 $ 74 $ 16,069 $ (15,161) Fair value adjustment to investment properties (IFRIC 21) $ 6,351 $ (22,420) $ 6,552 $ 7,332 Property tax liability adjustment, net (IFRIC 21) $ (6,351) $ 22,420 $ (6,552) $ (7,332) Fair value adjustment to derivatives and other financial liabilities $ 21,028 $ 45,272 $ (45,958) $ 63,049 Fair value adjustment to unit-based compensation $ 27 $ (65) $ (848) $ 775 Costs of dispositions of investment properties $ 6,294 $ 5,181 $ — $ — Principal payments on lease liability $ — $ (36) $ (36) $ (36) Depreciation of right-to-use asset $ — $ 33 $ 34 $ 33 FFO 1 $ 9,153 $ 12,433 $ 11,861 $ 12,159 FFO per Unit $ 0.21 $ 0.23 $ 0.22 $ 0.23 Maintenance capital expenditures $ (669) $ (549) $ (933) $ (1,067) Straight line rental revenue differences $ (107) $ (97) $ (51) $ 13 AFFO 1 $ 8,377 $ 11,787 $ 10,877 $ 11,105 AFFO per Unit 1 $ 0.19 $ 0.22 $ 0.20 $ 0.21 AFFO Payout Ratio 73.0 % 63.8 % 68.9 % 65.9 % Weighted Average Unit Count 43,951,971 53,905,295 53,805,811 53,789,870 1 Liquidity and Capital Structure As of June 30, 2025, the REIT had liquidity of $82.5 million, consisting of cash and cash equivalents of $21.5 million and $61.0 million available under its senior secured revolving credit facility ("Credit Facility"). The REIT also has the flexibility to obtain additional liquidity through adding properties to the borrowing base of the Credit Facility. As of June 30, 2025, the REIT had total mortgage notes payable of $408.1 million, excluding the revolving credit facility, with a weighted average contractual interest rate of 3.5% (including interest rate swap agreements) and a weighted average term to maturity of 3.7 years. In aggregate, mortgage notes payable and the revolving credit facility totaled $659.9 million as of June 30, 2025, with a weighted average contractual interest rate of 3.8% (including interest rate swap agreements). Debt to Gross Book Value as of June 30, 2025, was 48.9%. As of June 30, 2025, 100% of the REIT's debt was fixed or economically hedged to fixed rates. Outside of the regular principal amortization of existing loans and borrowings; a balloon payment of $27.8 million on one property mortgage comes due in the next twelve months. No formal agreements have been entered into at this time to refinance this mortgage; however, the REIT has borrowing capacity under its credit facility as well as various other alternatives to refinance this specific property. Distributions and Units Outstanding Cash distributions declared to holders of both Units and Class B Units totalled $6.1 million for Q2 2025, representing an AFFO Payout Ratio of 73.0%. 100% of the REIT's cash distributions were classified as return of capital. As of June 30, 2025, the total number of Units outstanding was 33,500,425. There were also 5,176,049 Class B Units, which are redeemable for Units on a one-for-one basis, and 345,389 Deferred Units outstanding as of June 30, 2025, for a total non-weighted unit count of 39,021,863. These are weighted for the purpose of calculating FFO per Unit, AFFO per Unit and NAV per Unit as defined above. On April 30, 2024, 15,000,000 Class B Units were cancelled as a result of the Contribution Transaction, which has had a substantial impact on the REIT's weighted average unit count based on the size and timing of that reduction. As such our weighted average unit count was 43,951,971 and 48,901,137 for the three and six months ended June 30, 2025, respectively, and should continue to decline at a proportional rate excluding any further changes to the unit counts in the future. Conference Call Dan Oberste, President and Chief Executive Officer, and Tom Cirbus, Chief Financial Officer, will host a conference call for analysts and investors on Thursday, August 7 th, 2025, at 12:00 pm (ET). Participants can register and enter their phone number at: to receive an instant automated call back. Alternatively, they can dial 647-932-3411 or 800-715-9871 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: A replay of the call will be available until Thursday, August 14th, 2025. To access the replay, dial 647-362-9199 or 800-770-2030 (Passcode: 4609192#). A transcript of the call will be archived on the REIT's website. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Non-GAAP Measures Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under and do not have standardized meanings prescribed by IFRS Accounting Standards. Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit as calculated by the REIT may not be comparable to similar measures presented by other issuers. For complete definitions of these measures, as well as an explanation of their composition and how the measures provide useful information to investors, please refer to the section titled "Non-GAAP Measures" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2025, which section is incorporated herein by reference. Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Net loss and comprehensive loss $ (22,479) $ (39,205) $ (63,327) $ (40,776) Adjustments to arrive at FFO Distributions on Class B Units 1,427 2,617 4,249 5,243 Fair value adjustment to investment properties 2,856 30,683 2,930 69,401 Fair value adjustment to investment properties (IFRIC 21) 6,351 8,327 (16,069) (13,884) Property tax liability adjustment, net (IFRIC 21) (6,351) (8,327) 16,069 13,884 Fair value adjustment to derivatives and other financial liabilities 21,028 19,729 66,300 (6,424) Fair value adjustment to unit-based compensation 27 283 (38) 281 Costs of dispositions of investment properties 6,294 — 11,475 — Principal payments on lease liability — (35) (36) (69) Depreciation of right-to-use asset — 34 33 67 Funds from Operations ("FFO") $ 9,153 $ 14,106 $ 21,586 $ 27,723 FFO per Unit $ 0.21 $ 0.26 $ 0.44 $ 0.51 Adjustments to arrive at AFFO Maintenance capital expenditures (669) (1,401) (1,218) (2,114) Straight line rental revenue differences (107) 8 (204) (8) Adjusted Funds from Operations ("AFFO") $ 8,377 $ 12,713 $ 20,164 $ 25,601 AFFO per Unit $ 0.19 $ 0.24 $ 0.41 $ 0.48 Distributions declared $ 6,119 $ 6,929 $ 13,634 $ 13,875 AFFO Payout Ratio 73.0 % 54.5 % 67.6 % 54.2 % Weighted average unit count 43,951,971 53,838,699 48,901,137 53,847,588 Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Total revenue $ 33,697 $ 42,232 $ 77,173 $ 84,215 Property operating expenses (10,604) (12,066) (23,211) (24,026) Real estate taxes 1,108 2,267 (28,151) (26,128) 24,201 32,433 25,811 34,061 Property tax liability adjustment (IFRIC 21) (6,351) (8,327) 16,069 13,884 Net Operating Income ("NOI") $ 17,850 $ 24,106 $ 41,880 $ 47,945 NOI margin 53.0 % 57.1 % 54.3 % 56.9 % June 30, 2025 December 31, 2024 Loans and borrowings (current portion) $ 29,162 $ 49,951 Loans and borrowings (non-current portion) 630,753 737,572 Convertible Debentures — 41,764 Total loans and borrowings and Convertible Debentures ("Debt") 659,915 829,287 Gross Book Value $ 1,348,625 $ 1,782,583 Debt to Gross Book Value 48.9 % 46.5 % Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements which reflect management's expectations regarding objectives, plans, goals, strategies, future growth metrics Revenue, Property Expenses and NOI growth), results of operations, performance, business prospects, and opportunities for the REIT, the anticipated closing of the Transaction, the economic and strategic impact of the Transaction, the satisfaction of the conditions to closing the Transaction and the timing thereof, the use of proceeds in respect of the Transaction, and future acquisitions. The words "expects", "expectation", "anticipates", "anticipated", "believes", "will" or variations of such words and phrases identify forward-looking statements herein. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include assumptions relating to the satisfaction of all closing conditions for the Transaction, the receipt of all approvals for the Transaction, the closing of the Transaction and anticipated timing thereof, the anticipated benefits of the Transaction and ability of the REIT to execute value-enhancing growth initiatives, the REIT's future growth potential, results of operations, demographic and industry trends, no changes in legislative or regulatory matters, the tax laws as currently in effect, stability of the general economy over 2025, the impact of COVID-19, lease renewals and rental increases, the ability to re-lease or find new tenants, the timing and ability of the REIT to sell and acquire certain properties, project costs and timing, a continuing trend toward land use intensification at reasonable costs and development yields, including residential development in urban markets, access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and ability to refinance debts as they mature, the availability of investment opportunities for growth in the REIT's target markets, the valuations to be realized on property sales relative to current IFRS Accounting Standards carrying values, and the market price of the Units. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction, the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements in respect of the Transaction, material losses in respect of the properties to be sold pursuant to the Transaction, the REIT's ability to obtain any approvals for the Transaction, either party's failure to consummate the Transaction when required or on the terms as originally negotiated, risks related to the disruption of management time from ongoing business operations due to the Transaction, potential litigation relating to the Transaction, including the effects of any outcomes related thereto, the possibility of unexpected costs and liabilities related to the Transaction, the REIT's ability to execute its growth strategies, the REIT's ability to execute future acquisitions, the impact of changing conditions in the U.S. multifamily housing market, increasing competition in the U.S. multifamily housing market, the effect of fluctuations and cycles in the U.S. real estate market, the marketability and value of the REIT's portfolio, changes in the attitudes, financial condition and demand of the REIT's demographic market, fluctuation in interest rates and volatility in financial markets, the impact of U.S. and global tariffs, developments and changes in applicable laws and regulations, the impact of climate change, the impact of COVID-19 on the operations, business and financial results of the REIT and the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and in the REIT's Annual Information Form dated March 5, 2025, both of which are available on SEDAR+ ( If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release. Certain statements included in this news release are considered financial outlook for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations relating to the future growth of the REIT, as disclosed in this news release. These forward-looking statements have been approved by management to be made as at the date of this news release. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in this news release and actual results could differ materially from such conclusions, forecasts or projections. There can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.
Cision Canada
03-07-2025
- Business
- Cision Canada
BSR REIT to Report Second Quarter 2025 Financial Results on August 6, 2025
LITTLE ROCK, Ark. and TORONTO, July 3, 2025 /CNW/ - BSR Real Estate Investment Trust (the "REIT") (TSX: HOM.U; today announced that it will release its 2025 second quarter financial results after market close on Wednesday August 6 th, 2025. Dan Oberste, Chief Executive Officer, and Tom Cirbus, Chief Financial Officer, will host a conference call for analysts and investors on Thursday, August 7 th, 2025 at 12:00 pm (ET). To join the conference call without operator assistance, participants can register and enter their phone number at: to receive an instant automated call back. Alternatively, they can dial 647-932-3411 or 800-715-9871 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: A replay of the call will be available until Thursday, August 14 th, 2025. To access the replay, dial 647-362-9199 or 800-770-2030 (Code: 4609192 #). A transcript of the call will be archived on the REIT's website. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary and secondary markets in the Sunbelt region of the United States.
Cision Canada
15-05-2025
- Business
- Cision Canada
BSR REIT ANNOUNCES puchase of two Houston COMMUNITIEs for $141 million
LITTLE ROCK, Ark. and TORONTO, May 15, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: announced today that it has purchased two recently constructed communities, Forayna Vintage Park and Botanic Luxury, each located in the Houston, Texas MSA for $141 million. "We have wasted no time finding two high-quality assets that complement our portfolio, enhance the REIT's growth profile, and allow us to accretively redeploy a portion of the proceeds from our recent sale of nine stabilized properties," stated Dan Oberste, BSR's Chief Executive Officer. "Forayna Vintage Park and Botanic Luxury are both well positioned to benefit from the BSR operating platform and drive growth for our unitholders. By adding these communities, we have quickly executed on a significant portion of the strategy we presented to the market in the first quarter of the year." Forayna Vintage Park Apartments ("Forayna"), constructed in 2023, comprises 350 apartment units, including one, two, and three-bedroom suites. Amenities include a saltwater pool with sun shelves, cabanas, grilling stations, movie theater, two-story fitness center, cyber lounge, golf simulator and pet spa. Located in the Vintage Park development of Northwest Houston, Forayna is located next to dining, shopping, entertainment, and outdoor recreational options, with quick and convenient access to the Grand Parkway. Botanic Luxury Apartments ("Botanic") is located in Spring, Texas and also completed construction in 2023. Botanic comprises 288 apartment units including one, two, and three-bedroom suites. Amenities include a salt-water pool with sun shelf, cabana porch, grilling stations, modern clubhouse, game areas, two-story fitness center, yoga room, cyber lounge, conference room, movie theater and pet spa. Botanic is well situated near several schools and employers, including Spring ISD, Lone Star College, ExxonMobil Headquarters, Hewlett Packard Enterprise, and Amazon, with quick access to Grand Parkway, and North Freeway/I-45. With the closing of Forayna Vintage Park and Botanic Luxury, BSR now owns 25 properties consisting of 6,802 apartment units. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Forward-Looking Statements This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's Q1 2025 Management's Discussion & Analysis dated May 7, 2025 which is available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Cision Canada
07-05-2025
- Business
- Cision Canada
BSR REIT ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS
LITTLE ROCK, AR and TORONTO, May 7, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR", or the "REIT") (TSX: HOM.U) (TSX: today announced its financial results for the three months ended March 31, 2025 ("Q1 2025"). All comparisons are to the corresponding periods in the prior year. Results are presented in U.S. dollars. References to "Same Community" correspond to stabilized properties the REIT has owned for equivalent periods throughout Q1 2025 and the three months ended March 31, 2024 ("Q1 2024"), thus removing the impact of acquisitions, dispositions and non-stabilized properties. The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three months ended March 31, 2025 are prepared in accordance with the accounting standards issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP"), and are available on the REIT's website at and at A reconciliation of Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") to net income and comprehensive income, as well as an expanded discussion of the components of FFO and AFFO, and a reconciliation of Net Asset Value ("NAV") to unitholders equity can be found under "Non-GAAP Measures" in this release. FFO per Unit, AFFO per Unit and NAV per Unit include trust units of the REIT ("Units"), Class B Units of BSR Trust, LLC ("Class B Units") and issued deferred units of the REIT granted to trustees ("Deferred Units"). "We are very pleased by our solid start to 2025," said Dan Oberste, the REIT's President and Chief Executive Officer. "As the new supply in our markets continues to be absorbed, we have focused on renewals and improved our retention rate 460 basis points to 56.9% for Q1 2025 over Q1 2024, maximizing cashflow for our unitholders. Our results in Q1 reflect both the quality of our assets and the capabilities of our management platform. Of course, Q1 was highlighted by the agreement for the strategic disposition of $618.5 million of assets in Texas, underlining BSR's continued ability to create value for unitholders regardless of the external market environment. We also executed on the acquisition of Venue Craig Ranch Apartments in Dallas and the disposition of Bluff Creek Apartments in Oklahoma City, as we continue to accretively recycle capital and upgrade our portfolio. As we turn towards the second quarter, it is our intention to leverage the capital and market intelligence achieved through asset rotations, as well as the improving supply backdrop in our core markets, to continue to deliver outsized growth for unitholders." Q1 2025 Highlights Same Community revenue for Q1 2025 increased 0.6% over Q1 2024; Same Community NOI for Q1 2025 increased 2.3% compared to Q1 2024; Weighted average occupancy was 95.9% as of March 31, 2025, compared to 95.3% as of March 31, 2024; During Q1 2025, the REIT's AFFO payout ratio was 63.8%; Debt to Gross Book Value was 45.3% as of March 31, 2025 which decreased 120 basis points from 46.5% as of December 31, 2024; On January 3, 2025, the REIT redeemed all issued and outstanding convertible subordinated debentures for $41.5 million, plus accrued and unpaid interest; On January 9, 2025, the REIT acquired Venue Craig Ranch, a 277-apartment unit community in McKinney, TX (Dallas MSA) for $61.0 million; On February 27, 2025, the REIT announced the strategic disposition of $618.5 million of assets to AvalonBay Communities, Inc. ("Avalon Bay" or "AVB") (NYSE: AVB), unlocking value embedded in stabilized assets and further positioning BSR for future growth (the "Transaction"). The Transaction was completed in two phases: the Direct Asset Sale Transaction (which closed on March 31, 2025, see below) and the Contribution Transaction (which closed subsequent to quarter end, see below). Based on the potential impact of the Transaction, the REIT is temporarily suspending guidance but intends to revisit the release of 2025 guidance in a future period; On March 24, 2025, the REIT sold Bluff Creek Apartments, a 316 unit apartment community located in Oklahoma City, OK for $28.3 million; and On March 31, 2025, the REIT completed the first phase of the AVB Transaction by selling Cielo I, Cielo II, and Retreat at Wolf Ranch comprising 857 apartment units located in Austin, TX, for $187.0 million (the "Direct Asset Sale Transaction"). Subsequent Highlights On April 3, 2025, the REIT entered into a new receive-variable based USD-SOFR CME/pay fixed interest rate swap on a notional value of $150.0 million at a fixed rate of 2.88% effective July 1, 2025, and maturing July 1, 2030, subject to the counterparty's optional early termination date of July 1, 2027. On April 30, 2025, the REIT closed the second phase of the Transaction, pursuant to which BSR Trust sold six properties (Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisc and Wimberly) comprising of 1,844 apartment units located in Dallas, TX to AVB for $431.5 million (the "Contribution Transaction"). Under the Contribution Transaction, BSR Trust received $193.0 million in cash and the balance through the cancellation of 15,000,000, or 75%, of the outstanding Class B Units of the REIT. BSR used a portion of the cash to extinguish all existing mortgage debt on the contributed properties, with the remainder to be used for repayment of other indebtedness, transaction expenses and general corporate purposes, including future acquisitions. Q1 2025 Financial Summary In thousands of U.S. dollars, except per unit amounts Q1 2025 Q1 2024 Change Change % Revenue, Total Portfolio $ 43,476 $ 41,983 $ 1,493 3.6 % Revenue, Same Community 1 Properties $ 36,709 $ 36,506 $ 203 0.6 % Revenue, Non-Same Community 1 Properties $ 6,767 $ 5,477 $ 1,290 nm* Net loss and comprehensive loss $ (40,848) $ (1,571) $ (39,277) nm* NOI1, Total Portfolio $ 24,030 $ 23,839 $ 191 0.8 % NOI1, Same Community 1 Properties $ 20,918 $ 20,444 $ 474 2.3 % NOI1, Non-Same Community 1 Properties $ 3,112 $ 3,395 $ (283) nm* Funds from Operations ("FFO") 1 $ 12,433 $ 13,617 $ (1,184) (8.7 %) FFO per Unit 1 $ 0.23 $ 0.25 $ (0) (8.0 %) Maintenance capital expenditures $ (549) $ (713) $ 164 (23.0 %) Straight line rental revenue differences $ (97) $ (16) $ (81) nm* AFFO 1 $ 11,787 $ 12,888 $ (1,101) (8.5 %) AFFO per Unit 1 $ 0.22 $ 0.24 $ (0) (8.3 %) Weighted Average Unit Count $ 53,905,295 $ 53,856,476 $ 48,819 0.1 % Q1 2025 Q4 2024 Change Change % Unitholders' equity $ 612,880 $ 708,300 $ (95,420) (13.5 %) NAV 1 $ 899,486 $ 927,504 $ (28,018) (3.0 %) NAV per Unit 1 $ 16.66 $ 17.20 $ (0.54) (3.2 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Total portfolio revenue of $43.5 million for Q1 2025 increased 3.6% compared to $42.0 million for Q1 2024. This increase was the result of contributions of $1.3 million from the acquisition of Venue Craig Ranch Apartments in January 2025 (the "Property Acquisition"), $0.2 million from Same Community properties (discussed further below) and $0.2 million from Aura 35Fifty, which was completed in December 2024 and remains non-stabilized during the current and comparative periods due to lease-up (the "Non-Stabilized Property"), partially offset by the dispositions and results of Bluff Creek Apartments, which was sold on March 24, 2025, Cielo I, Cielo II and Retreat at Wolf Ranch, which were sold on March 31, 2025 in connection with the Direct Asset Sale Transaction, (collectively, the "Property Dispositions") that reduced revenue by $0.3 million. Total revenue resulting from the Non-Stabilized Property will continue to improve in future periods as the lease-up progresses through to completion. Same Community revenue of $36.7 million for Q1 2025 increased $0.2 million, or 0.6%, compared to $36.5 million for Q1 2024, primarily due to a $0.2 million increase in other property income driven by enhanced resident participation in credit building services and an increase in utility reimbursements. The increase in utility reimbursements was primarily due to increased preventative maintenance on water meters allowing an increase in the pass through of water charges as well as an increase in properties receiving valet trash service over the prior year. The net loss and comprehensive loss change between Q1 2025 and Q1 2024 is primarily due to non-cash adjustments to fair value of investment properties, derivatives and other financial liabilities from December 31, 2024 to March 31, 2025 and December 31, 2023 to March 31, 2024, respectively, as well as the costs of dispositions of $5.2 million, is not considered comparable period over period. Total portfolio NOI for Q1 2025 of $24.0 million increased 0.8% compared to $23.8 million in Q1 2024. The increase was the result of the contribution of $0.7 million from the Property Acquisition, and $0.5 million from Same Community properties described below, partially offset by a decrease of $0.6 million from the Property Dispositions and $0.4 million from the Non-Stabilized Property. The 2.3% increase in Same Community NOI for Q1 2025 of $20.9 million, compared to $20.4 million in Q1 2024, was attributable to the increase in revenue described above as well as a $0.1 million decrease in operating expenses; the change is primarily related to (i) a $0.2 million decline in administrative expenses offset by a $0.1 million increase in payroll expenses, (ii) a $0.1 million net decrease in real estate taxes as a result of property refunds in excess of tax increases, and (iii) a $0.1 million decrease in the cost of property insurance. FFO in Q1 2025 was $12.4 million, or $0.23 per Unit, compared to $13.6 million, or $0.25 per Unit, for Q1 2024. The decrease was primarily related to higher finance costs (net of finance income) associated with interest costs related to the Property Acquisition in January 2025 and the completion of the Non-Stabilized Property in the second half of 2024, partially offset by the increase in total portfolio NOI described above. AFFO was $11.8 million, or $0.22 per Unit for Q1 2025 compared to $12.9 million, or $0.24 per Unit, for Q1 2024. The decrease in AFFO was primarily the result of the decrease in FFO discussed above. NAV was $899.5 million, or $16.66 per unit, as of March 31, 2025 compared to $901.3 million, or $16.75 per unit, as of December 31, 2024. The decrease is primarily due to a slight reduction in the fair value of interest rate derivatives and well as the timing of costs associated with the AvalonBay Transaction. Highlights from Recent Four Quarters In thousands of U.S. dollars (except per unit amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Operational Information Number of real estate investment properties 29 32 31 31 Total apartment units 8,008 8,904 8,666 8,666 Average monthly rent on in-place leases $ 1,503 $ 1,489 $ 1,507 $ 1,507 Average monthly rent on in-place leases, Same Community 1 Properties $ 1,492 $ 1,501 $ 1,521 $ 1,516 Weighted average occupancy rate 95.9 % 95.6 % 94.7 % 95.3 % Retention rate 56.9 % 56.0 % 55.4 % 54.4 % Debt to Gross Book Value 1 45.3 % 46.5 % 46.4 % 46.7 % Q1 2025 Q4 2024 Q3 2024 Q2 2024 Operating Results Revenue, Total Portfolio $ 43,476 $ 42,165 $ 42,290 $ 42,232 Revenue, Same Community 1 Properties $ 36,709 $ 36,639 $ 36,872 $ 36,756 Revenue, Non-Same Community 1 Properties $ 6,767 $ 5,526 $ 5,418 $ 5,476 NOI 1, Total Portfolio $ 24,030 $ 21,736 $ 22,256 $ 24,106 NOI 1, Same Community 1 Properties $ 20,918 $ 19,186 $ 19,433 $ 21,297 NOI 1, Non-Same Community 1 Properties $ 3,112 $ 2,550 $ 2,823 $ 2,809 NOI Margin 1, Total Portfolio 55.3 % 51.5 % 52.6 % 57.1 % NOI Margin 1, Same Community 1 Properties 57.0 % 52.4 % 52.7 % 57.9 % NOI Margin 1, Non-Same Community 1 Properties 46.0 % 46.1 % 52.1 % 51.3 % Net (loss) income and comprehensive (loss) income $ (40,848) $ 39,785 $ (39,251) $ (39,205) Distributions on Class B Units $ 2,822 $ 2,815 $ 2,750 $ 2,617 Fair value adjustment to investment properties $ 74 $ 16,069 $ (15,161) $ 30,683 Fair value adjustment to investment properties (IFRIC 21) $ (22,420) $ 6,552 $ 7,332 $ 8,327 Property tax liability adjustment, net (IFRIC 21) $ 22,420 $ (6,552) $ (7,332) $ (8,327) Fair value adjustment to derivatives and other financial liabilities $ 45,272 $ (45,958) $ 63,049 $ 19,729 Fair value adjustment to unit-based compensation $ (65) $ (848) $ 775 $ 283 Principal payments on lease liability $ (36) $ (36) $ (36) $ (35) Depreciation of right-to-use asset $ 33 $ 34 $ 33 $ 34 FFO 1 $ 12,433 $ 11,861 $ 12,159 $ 14,106 FFO per Unit $ 0.23 $ 0.22 $ 0.23 $ 0.26 Maintenance capital expenditures $ (549) $ (933) $ (1,067) $ (1,401) Straight line rental revenue differences $ (97) $ (51) $ 13 $ 8 AFFO 1 $ 11,787 $ 10,877 $ 11,105 $ 12,713 AFFO per Unit 1 $ 0.22 $ 0.20 $ 0.21 $ 0.24 AFFO Payout Ratio 63.8 % 68.9 % 65.9 % 54.5 % Weighted Average Unit Count 53,905,295 53,805,811 53,789,870 53,838,699 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Liquidity and Capital Structure As of March 31, 2025, the REIT had liquidity of $148.1 million, consisting of cash and cash equivalents of $84.3 million and $63.8 million available under its senior secured revolving credit facility ("Credit Facility"). The REIT also has the flexibility to obtain additional liquidity through adding properties to the borrowing base of the Credit Facility. As of March 31, 2025, the REIT had total mortgage notes payable of $456.6 million, excluding the revolving credit facility, with a weighted average contractual interest rate of 3.3% (including interest rate swap agreements) and a weighted average term to maturity of 3.6 years. In aggregate, mortgage notes payable and the revolving credit facility totaled $769.8 million as of March 31, 2025, with a weighted average contractual interest rate of 3.8% (including interest rate swap agreements). Debt to Gross Book Value as of March 31, 2025, was 45.3%. As of March 31, 2025, 100% of the REIT's debt was fixed or economically hedged to fixed rates. Outside of the regular principal amortization of existing loans and borrowings; balloon payments on property mortgages totalling $75.6 million come due in the next twelve months. On April 30, 2025, two of these mortgages, together comprising $47.9 million, were repaid through the Contribution Transaction (defined below). No formal agreements have been entered into at this time to refinance the one remaining mortgage ($27.7 million) that is set to expire in the next twelve months; however, the REIT has ample borrowing capacity under its credit facility to refinance, if needed, in addition to various other opportunities to refinance this specific property. In February 2025, the REIT placed Aura 35Fifty onto the Credit Facility as a borrowing base property and refinanced the $38.7 million outstanding mortgage note, using the Credit Facility availability. In March 2025, the REIT extended the maturity of the mortgage note connected to the Auberry at Twin Creeks property by 61 days to June 1, 2025, with no other contractual changes as a result of this extension. Normal Course Issuer Bid On October 4, 2023, the REIT renewed its normal course issuer bid (the "2023 NCIB") for the 12-month period through October 5, 2024, permitting the REIT to purchase for cancellation up to a maximum of 3,186,336 Units, or approximately 10% of the public float as of September 27, 2023, over the 12-month period commencing October 6, 2023. The REIT concurrently renewed the automatic securities purchase plan (the "2023 ASPP"). The REIT purchased and cancelled 3,137,895 Units under the 2023 NCIB and 2023 ASPP at an average price of $10.65 per Unit, and on October 5, 2024, the 2023 NCIB expired. On November 7, 2024, the Toronto Stock Exchange (the "TSX") accepted the REIT's notice of intention to make a normal course issuer bid (the "2024 NCIB") commencing on November 12, 2024 for up to a maximum of 2,856,430 of its issued and outstanding Units, or approximately 10% of the public float as of October 29, 2024, for cancellation over the 12-month period commencing November 12, 2024 through to November 11, 2025. As of March 31, 2025, the REIT has not purchased and cancelled any Units under the 2024 NCIB. All Units purchased under the NCIB are cancelled upon their purchase. The REIT intends to fund the purchases out of its available resources. Distributions and Units Outstanding Cash distributions declared to holders of Units and holders of Class B Units totalled $7.5 million for Q1 2025, representing an AFFO Payout Ratio of 63.8%. 100% of the REIT's cash distributions were classified as return of capital. As of March 31, 2025, the total number of Units outstanding was 33,487,790. There were also 20,192,693 Class B Units, which are redeemable for Units on a one-for-one basis, and 325,970 Deferred Units outstanding as of March 31, 2025, for a total non-weighted unit count of 54,006,453. These are weighted for the purpose of calculating FFO per Unit, AFFO per Unit and NAV per Unit as defined above. As outlined above, 15,000,000 Class B Units were cancelled subsequent to quarter-end. Conference Call Dan Oberste, President and Chief Executive Officer, Susan Rosenbaum, Chief Operating Officer and Tom Cirbus, Chief Financial Officer will host a conference call for analysts and investors on Thursday, May 8 th, 2025, at 12:00 pm (ET). Participants can register and enter their phone number at: to receive an instant automated call back. Alternatively, they can dial 416-945-7677 or 1-888-699-1199 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: A replay of the call will be available until Thursday, May 15th, 2025. To access the replay, dial 289-819-1450 or 888-660-6345 (Passcode: 79426#). A transcript of the call will be archived on the REIT's website. Annual General Meeting The REIT's Annual General Meeting will be held in-person at 2:00pm ET on Thursday, May 8th, 2025, in the offices of Goodmans LLP: Bay Adelaide Centre - West Tower 333 Bay Street, Suite 3400 Toronto, ON M5H 2S7 About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Non-GAAP Measures Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under and do not have standardized meanings prescribed by IFRS Accounting Standards. Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit as calculated by the REIT may not be comparable to similar measures presented by other issuers. For complete definitions of these measures, as well as an explanation of their composition and how the measures provide useful information to investors, please refer to the section titled "Non-GAAP Measures" in the REIT's Management's Discussion and Analysis for the three months ended March 31, 2025, which section is incorporated herein by reference. Three months ended March 31, 2025 Three months ended March 31, 2024 Total revenue $ 43,476 $ 41,983 Property operating expenses (12,607) (11,960) Real estate taxes (29,259) (28,395) 1,610 1,628 Property tax liability adjustment (IFRIC 21) 22,420 22,211 Net Operating Income ("NOI") $ 24,030 $ 23,839 NOI margin 55.3 % 56.8 % March 31, 2025 December 31, 2024 Loans and borrowings (current portion) $ 77,441 $ 49,951 Loans and borrowings (non-current portion) 692,396 737,572 Convertible debentures — 41,764 Total loans and borrowings and convertible debentures ("Debt") 769,837 829,287 Gross Book Value $ 1,698,747 $ 1,782,583 Debt to Gross Book Value 45.3 % 46.5 % Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements which reflect management's expectations regarding objectives, plans, goals, strategies, future growth metrics Revenue, Property Expenses and NOI growth), results of operations, performance, business prospects, and opportunities for the REIT, the anticipated closing of the Transaction, the economic and strategic impact of the Transaction, the satisfaction of the conditions to closing the Transaction and the timing thereof, the use of proceeds in respect of the Transaction, and future acquisitions. The words "expects", "expectation", "anticipates", "anticipated", "believes", "will" or variations of such words and phrases identify forward-looking statements herein. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include assumptions relating to the satisfaction of all closing conditions for the Transaction, the receipt of all approvals for the Transaction, the closing of the Transaction and anticipated timing thereof, the anticipated benefits of the Transaction and ability of the REIT to execute value-enhancing growth initiatives, the REIT's future growth potential, results of operations, demographic and industry trends, no changes in legislative or regulatory matters, the tax laws as currently in effect, stability of the general economy over 2025, the impact of COVID-19, lease renewals and rental increases, the ability to re-lease or find new tenants, the timing and ability of the REIT to sell and acquire certain properties, project costs and timing, a continuing trend toward land use intensification at reasonable costs and development yields, including residential development in urban markets, access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and ability to refinance debts as they mature, the availability of investment opportunities for growth in the REIT's target markets, the valuations to be realized on property sales relative to current IFRS Accounting Standards carrying values, and the market price of the Units. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction, the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements in respect of the Transaction, material losses in respect of the properties to be sold pursuant to the Transaction, the REIT's ability to obtain any approvals for the Transaction, either party's failure to consummate the Transaction when required or on the terms as originally negotiated, risks related to the disruption of management time from ongoing business operations due to the Transaction, potential litigation relating to the Transaction, including the effects of any outcomes related thereto, the possibility of unexpected costs and liabilities related to the Transaction, the REIT's ability to execute its growth strategies, the REIT's ability to execute future acquisitions, the impact of changing conditions in the U.S. multifamily housing market, increasing competition in the U.S. multifamily housing market, the effect of fluctuations and cycles in the U.S. real estate market, the marketability and value of the REIT's portfolio, changes in the attitudes, financial condition and demand of the REIT's demographic market, fluctuation in interest rates and volatility in financial markets, the impact of U.S. and global tariffs, developments and changes in applicable laws and regulations, the impact of climate change, the impact of COVID-19 on the operations, business and financial results of the REIT and the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three months ended March 31, 2025 and in the REIT's Annual Information Form dated March 5, 2025, both of which are available on SEDAR+ ( If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release. Certain statements included in this news release are considered financial outlook for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations relating to the future growth of the REIT, as disclosed in this news release. These forward-looking statements have been approved by management to be made as at the date of this news release. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in this news release and actual results could differ materially from such conclusions, forecasts or projections. There can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.
