LITTLE
ROCK, Ark. and TORONTO, Jan. 10,
2023 /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, 2022, as well as
an update on its Normal Course Issuer Bid ("NCIB").
The table below depicts the weighted average rent per apartment
unit and physical occupancy as of December
31, 2022 and lease-over-lease effective rent growth for all
new and renewal leases entered into during the fourth quarter of
2022, organized by metropolitan statistical area for the full
portfolio.
|
MSA
|
|
State
|
|
Number
of Units
|
|
Avg Rent Per Unit
as
of December
31,
2022
|
|
Occupancy Rate
as
of December
31,
2022
|
|
Effective
New
Lease Rate
Growth
for Q4
2022
|
|
Effective
Renewal
Lease Rate
Growth
for Q4
2022
|
|
Effective
Blended
Lease Rate
Growth
for Q4
2022
|
Austin
|
|
Texas
|
|
1,936
|
|
$
1,648
|
|
96.8 %
|
|
0.0 %
|
|
9.9 %
|
|
3.8 %
|
Dallas
|
|
Texas
|
|
3,225
|
|
$
1,584
|
|
96.0 %
|
|
6.6 %
|
|
14.1 %
|
|
9.4 %
|
Houston
|
|
Texas
|
|
2,236
|
|
$
1,477
|
|
95.7 %
|
|
-2.2 %
|
|
10.8 %
|
|
2.9 %
|
Little Rock
|
|
Arkansas
|
|
304
|
|
$
1,034
|
|
97.7 %
|
|
6.5 %
|
|
12.3 %
|
|
9.2 %
|
Oklahoma
City
|
|
Oklahoma
|
|
965
|
|
$
953
|
|
94.5 %
|
|
-1.8 %
|
|
11.9 %
|
|
4.6 %
|
Total
Portfolio
|
|
|
|
8,666
|
|
$
1,482
|
|
96.0 %
|
|
2.1 %
|
|
11.9 %
|
|
6.0 %
|
The lease growth rates shown above, for the fourth quarter of
2022, are calculated as the average percentage change over the
prior lease for new or renewed leases during the quarter.
"During the fourth quarter, occupancy accelerated to 96.0%
sequentially from 94.7% in the previous quarter," said Dan Oberste, BSR's President and Chief Executive
Officer. "The increase in occupancy coupled with favorable blended
leasing spreads reflects the continuation of strong demand for high
quality apartments in our core markets."
The REIT also provided an update on its NCIB. During the three
months ended December 31, 2022, the
REIT purchased and cancelled 1,079,507 Units under its NCIB at an
average price of US$13.55 per
Unit.
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, 2022 and
in the REIT's annual information form dated March 8, 2022, 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