BSR Real Estate Investment Trust (HOM.UN) AGM 2026 presentation summary

Key investment highlights

• Portfolio consists of 26 Class A multifamily communities in high-growth metropolitan areas, totaling 7,170 units and $1,429 average same-community rents, with a 5.1% average cap rate as of March 31, 2026.

• Market trends favor the portfolio, with supply in the Texas Triangle slowing, absorption remaining strong, and barriers to entry rising due to increased construction input costs.

• Demand drivers include robust economic and industrial diversity, strong population growth among renters aged 20-34, and attractive rent-to-income ratios in core markets.

• 2025 asset sales crystallized approximately $112 million in value, streamlined capital structure, and positioned for future growth, with public unitholder ownership increasing to 81%.

• Capital allocation prioritizes accretive asset growth, reinvestment in existing properties, expansion into adjacent business lines, and financial solutions such as debt retirement and unit repurchases.

Earnings growth and returns

• Multiple drivers targeted to deliver $0.13–$0.22 incremental FFO per unit by year-end 2028, including lease-up of acquisitions, operational initiatives, and platform growth.

• Led peer group in total unitholder returns since December 31, 2024, outperforming both U.S. multifamily gateway and non-gateway peers.

• Strategic themes for 2026 focus on operational excellence, prudent capital allocation, transparent financial management, and execution of internal growth initiatives.

Corporate governance and leadership

• Board features a majority of independent trustees with extensive real estate and business experience, including recent additions and a strong commitment to diversity.

• Governance practices include majority voting, equity ownership guidelines, annual board assessments, and robust ESG initiatives such as smart home technology, sustainability, and diversity policies.