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BSR Real Estate Investment Trust (HOM.UN) investor relations material
BSR Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Completed redeployment of capital and integrated newly acquired assets, despite a softer leasing environment than anticipated.
Q3 2025 marked a turning point with Same Community NOI up 2.7% year-over-year and positive blended trade-outs for the first time since Q3 2024.
Cancelled approximately 20 million units (39% of outstanding units) since 2022, enhancing value for unit holders.
The Ownsby, a 368-unit property in Celina, TX, was acquired for $87.5 million and funded via credit facility and cash.
Portfolio repositioning through asset dispositions and acquisitions has impacted year-over-year comparability.
Financial highlights
Same Community NOI increased 2.7% year-over-year in Q3 2025.
Q3 2025 total portfolio revenue was $33.1 million, down $9.2 million year-over-year, mainly due to property dispositions.
FFO per unit was $0.19 (vs. $0.23 last year); AFFO per unit was $0.17 (vs. $0.21 last year).
Cash distributions totaled $0.14 per unit, a 2.5% year-over-year increase.
NAV as of September 30, 2025, was $648.8 million ($16.62 per unit), down from $901.3 million ($16.75 per unit) at year-end 2024, mainly due to the Contribution Transaction and unit cancellation.
Outlook and guidance
Expecting stabilization of new acquisitions to drive revenue and NOI growth in coming quarters.
$4.5 million incremental revenue expected from lease-up of new assets in 2026, with further upside from concession burn-off.
Annual guidance remains suspended due to recent acquisitions and market volatility; more details anticipated at December analyst day.
The REIT is confident in its ability to refinance upcoming debt maturities and is actively exploring alternatives.
Forward-looking statements highlight expectations for continued operational improvement in Texas Triangle markets.
When will new assets stabilize and burn off concessions?
How balance occupancy vs rate in Q4/2026?
When will supply absorption drive rent growth?
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Next BSR Real Estate Investment Trust earnings date
Q4 20255 Mar, 2026
Next BSR Real Estate Investment Trust earnings date
Q4 20255 Mar, 2026
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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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