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

Portfolio transformation and performance

• Reduced property count from 32 to 26, focusing on newer, higher-quality assets with an average age of 13 years and 92% occupancy as of late 2025.

• Eliminated ~75% of Class B units and increased REIT unitholder ownership by 107% since IPO.

• Achieved a 4% YTD price decline, outperforming Canadian, large-cap, and small-cap peers.

Market positioning and growth drivers

• Operates 26 Class A multifamily communities in high-growth U.S. MSAs, with 7,170 units and average rents of $1,449.

• Texas markets show strong long-term rent growth and lower vacancy compared to peers.

• Renting remains 25% cheaper than owning in Texas, supporting continued demand.

• Significant embedded lease-up potential in recent acquisitions, with $4.5 million initial revenue opportunity from 250 vacant units.

Operational and experiential enhancements

• Implemented bulk internet and valet trash services, enhancing resident experience and generating recurring revenue.

• Additional initiatives include smart home technology, internalized landscaping, and operational efficiencies.