LITTLE ROCK, AR and TORONTO, Feb. 7, 2022 /CNW/ – BSR Real Estate
Investment Trust ("BSR" and "the REIT") (TSX: HOM.U) (TSX: HOM.UN)
today provided an operational update highlighting the average rent
per apartment unit, occupancy and effective rent growth for the
three months ended December 31, 2021.
The table below depicts the weighted average rent per apartment
unit and physical occupancy as of December
31, 2021 and lease-over-lease effective rent growth for all
new and renewal leases entered into during the fourth quarter of
2021, organized by metropolian statistical area for the full
portfolio.
|
MSA
|
State
|
Number
of Units
|
Avg Rent Per
Unit as of
December 31, 2021
|
Occupancy
Rate as of
December 31,
2021 *
|
Effective
New Lease
Rate Growth
for Q4 2021
|
Effective
Renewal Lease
Rate Growth
for Q4 2021
|
Effective Blended Lease Rate Growth
for Q4 2021
|
Austin
|
Texas
|
1,936
|
$
|
1,464
|
96.9%
|
29.3%
|
11.0%
|
21.2%
|
Dallas
|
Texas
|
3,225
|
$
|
1,394
|
96.3%
|
20.8%
|
7.9%
|
16.0%
|
Houston
|
Texas
|
2,236
|
$
|
1,366
|
95.5%
|
18.7%
|
8.8%
|
13.1%
|
Little Rock
|
Arkansas
|
304
|
$
|
938
|
95.7%
|
14.5%
|
6.1%
|
11.1%
|
Oklahoma
City
|
Oklahoma
|
965
|
$
|
862
|
93.9%
|
19.3%
|
5.9%
|
12.5%
|
Total
Portfolio
|
|
8,666
|
$
|
1,328
|
96.0%
|
21.4%
|
8.3%
|
15.3%
|
*
|
The Occupancy Rate
excludes the impact of properties considered to be non-stabilized
due to lease-up or renovations.
|
The lease growth rates shown above, for the fourth quarter of
2021, are calculated as the average percentage change over the
prior lease for new or renewed leases during the quarter.
"During the fourth quarter, the blended lease rate growth in our
markets accelerated sequentially to 15.3% from 9.5% in the previous
quarter," said Dan Oberste, BSR's
President and Chief Executive Officer. "This increase results from
a focused management team operating a modernized portfolio located
in suburban growth corridors surrounding premier markets. The REIT
is well positioned for outsized growth."
About BSR Real Estate Investment Trust
BSR Real Estate
Investment Trust is an internally managed, unincorporated,
open-ended real estate investment trust established pursuant to a
declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of
multifamily garden-style residential properties located in
attractive primary and secondary markets in the Sunbelt region of
the United States.
Forward-Looking Statements
This news release contains
forward-looking information within the meaning of applicable
securities legislation, which reflects the REIT's current
expectations regarding future events, including the accretive
impact of the REIT's capital recycling efforts on future financial
results, and in some cases can be identified by such terms as
"will" and "expected". Forward-looking information is based on a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the REIT's control that
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward-looking
information. The risks and uncertainties that may impact such
forward-looking information include, but are not limited to, the
factors discussed under "Risks and Uncertainties" in the REIT's
Management's Discussion and Analysis for the three months ended
September 30, 2021 and in the REIT's
annual information form dated March 9,
2021, both of which are available on SEDAR (www.sedar.com).
The REIT does not undertake any obligation to update such
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. This forward-looking information speaks
only as of the date of this news release.
SOURCE BSR Real Estate Investment Trust