BSR Real Estate Investment Trust
TSX:HOM.U

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BSR Real Estate Investment Trust Logo
BSR Real Estate Investment Trust
TSX:HOM.U
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Price: 11.83 USD -1.42% Market Closed
Market Cap: 634.4m USD

BSR Real Estate Investment Trust
Investor Relations

BSR Real Estate Investment Trust engages in the acquisition and owning of multifamily properties. The company is headquartered in Little Rock, Arkansas. The company went IPO on 2018-05-18. The principal business of the REIT is to acquire and operate multi-family residential rental properties. The REIT owns a portfolio of multifamily garden-style residential properties located in primary and secondary markets in the Sunbelt region of the United States. The firm owns approximately 25 multifamily garden-style residential properties consisting of over 7,607 apartment units. The Company’s objective is to provide unitholders with an opportunity to invest in a portfolio of multifamily real estate properties located in United States markets with a focus on the Sunbelt region, which is generally considered the southeastern and southwestern regions of the United States. The REIT operates in Arkansas, Texas and Oklahoma. The firm's core markets include Oklahoma City, Houston and Dallas in Texas, Little Rock and Austin.

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Last Earnings Call
Fiscal Period
Q2 2023
Call Date
Aug 10, 2023
AI Summary
Q2 2023

Strong Quarter: BSR REIT delivered robust Q2 results, with 8.5% same community revenue growth and 11.7% same community NOI growth year-over-year.

FFO & AFFO Growth: FFO increased by 14.1% and AFFO by 10% compared to Q2 2022, driven by higher rents and cost control.

Occupancy & Rent: Weighted average occupancy held at 95.3% and average rent per unit rose 6.3% to $1,501.

Buybacks: Nearly 1.5 million units repurchased in H1 at an average price of $13.25 per unit due to shares trading at a discount to NAV.

Guidance Maintained: The company reaffirmed its 2023 guidance for FFO, AFFO, revenue, and NOI growth.

External Growth: Management expects more acquisition opportunities as market conditions stabilize, but remains disciplined and focused on accretive deals.

Texas Tax Benefit: Potential property tax reductions in Texas could result in $1.3–$1.5 million in annual savings, though not yet included in guidance.

Key Financials
Same Community Revenue
$40 million
Total Portfolio Revenue
$42 million
Same Community NOI
$22 million
Total Portfolio NOI
$23 million
FFO
$13.3 million ($0.23 per unit)
AFFO
$11.5 million ($0.20 per unit)
Weighted Average Rent per Apartment Unit
$1,501
Weighted Average Occupancy
95.3%
Distributions per Unit
12.99 cents
AFFO Payout Ratio
63.9%
Debt to Gross Book Value
39.4% (37.3% excluding convertible debentures)
Total Liquidity
$189.9 million
Cash and Cash Equivalents
$6.3 million
Available Credit Facility
$183.6 million
Total Mortgage Notes Payable
$498.2 million
Weighted Average Contractual Interest Rate
3.3%
Weighted Average Term to Maturity
4.2 years
Total Loans and Borrowings
$746.2 million
Percent Debt Fixed or Hedged
97%
Convertible Debentures Outstanding
$41.8 million
Earnings Call Recording
Other Earnings Calls
2022

Management

Mr. Daniel M. Oberste
President, CEO & Non-Independent Trustee
No Bio Available
Ms. Susan Rosenbaum Koehn
COO, Interim CFO & Corporate Secretary
No Bio Available
Mr. Scott Allen Ray
Chief Administrative Officer
No Bio Available
Mr. Steven Etchison
Chief Accounting Officer
No Bio Available
Mr. Spencer Andrews
VP of Marketing & Investor Relations
No Bio Available
Mr. Phillip Anders
Director of Human Resources
No Bio Available
Mr. Mike Cirillo
Vice President of Asset Management
No Bio Available
Davi Miesner
Senior Vice President of Operations
No Bio Available
Ms. Debby Pratt
Controller
No Bio Available

Contacts

Address
ARKANSAS
Little Rock
1400 West Markham, Suite 202
Contacts
+15013745050.0
www.bsrreit.com