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BSR Real Estate Investment Trust (HOM.UN) investor relations material

BSR Real Estate Investment Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 results show positive momentum with strong operating performance, strategic acquisitions, and successful absorption of new supply, positioning for sustained growth and value creation for unitholders.

  • Major portfolio repositioning included selling six Dallas properties for $431.5M and acquiring two newer Houston assets for $141M, increasing exposure to Dallas and Houston.

  • Same community weighted average occupancy rose to 95.6%, up 20 basis points year-over-year; retention rate improved to 57.4%, a 300 basis point increase.

  • July saw a positive turn in blended trade outs (up 1.1%), the first positive movement since 2024, indicating market recovery.

Financial highlights

  • Same community revenue was $26.6M in Q2, flat year-over-year; same community NOI declined 4.9% to $14.3M due to higher expenses.

  • FFO was $9.2M ($0.21/unit), down from $14.1M ($0.26/unit) last year, reflecting lower NOI from dispositions, partially offset by lower finance costs.

  • AFFO was $8.4M ($0.19/unit), down from $12.7M ($0.24/unit) last year; AFFO payout ratio was 73%.

  • Q2 cash distributions totaled $0.14/unit, a 7.7% year-over-year increase, all classified as return of capital.

  • Net finance costs decreased by $1.5M year-over-year due to debt paydown after property sales.

Outlook and guidance

  • Guidance suspended due to significant portfolio changes and ongoing stabilization of new acquisitions; management will update when appropriate.

  • Expecting continued absorption of new supply, with rental rates poised for significant growth as new deliveries decline sharply from late 2025 onward.

  • Capital deployment target for 2025 remains $200M–$250M in acquisitions, with $141M already completed in Houston.

  • Focus remains on acquiring newer assets in Houston and Dallas, with Dallas expected to become a larger focus in the near term.

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Frequently asked questions

BSR Real Estate Investment Trust owns and operates a portfolio of multifamily residential properties. The REIT focuses on garden-style apartment communities in U.S. markets across the Sunbelt region. The company is headquartered in Little Rock, Arkansas, and its shares are listed on the TSX.

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