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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.
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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