LITTLE
ROCK, AR and TORONTO, May 10, 2023
/CNW/ - BSR Real Estate Investment Trust ("BSR", or the "REIT")
(TSX: HOM.U) (TSX: HOM.UN) today announced its financial results
for the three months ended March 31,
2023 ("Q1 2023"). All comparisons in the following summary
are to the corresponding periods in the prior year. Results are
presented in U.S. dollars. References to "Same Community"
correspond to stabilized properties the REIT has owned for
equivalent periods throughout Q1 2023 and the three months ended
March 31, 2022 ("Q1 2022"), thus
removing the impact of acquisitions, dispositions and
non-stabilized properties. Condensed Consolidated Interim Financial
Statements and Management's Discussion and Analysis as of and for
the three months ended March 31, 2023
are available on the REIT's website at www.bsrreit.com and at
www.sedar.com.
A reconciliation of Funds from Operations ("FFO") and Adjusted
Funds from Operations ("AFFO") to net income and comprehensive
income, as well as an expanded discussion of the components of FFO
and AFFO, and a reconciliation of Net Asset Value ("NAV") to
unitholders equity can be found under "Non-IFRS Measures" in this
release. FFO per Unit, AFFO per Unit and NAV per Unit include trust
units of the REIT ("Units"), Class B Units of BSR Trust, LLC
("Class B Units") and issued Deferred Units.
"We delivered Same Community NOI growth of 17.8% and AFFO growth
of 18.8% in Q1 2023 over Q1 2022 reflecting the strong fundamentals
of multifamily in general and our core Texas markets in particular," said
Dan Oberste, the REIT's President
and Chief Executive Officer. "BSR is well positioned to generate
another year of healthy performance from our existing portfolio and
capitalize on new growth opportunities as they arise".
Q1 2023 Highlights
- FFO per Unit1 for Q1 2023 of $0.23 increased 9.5% over Q1 2022;
- AFFO per Unit1 for Q1 2023 of $0.22 increased 10.0% over Q1 2022;
- Weighted average rent increased 10.3% to $1,489 per apartment unit as of March 31, 2023 compared to $1,350 as of March 31,
2022 and 0.5% sequentially from $1,482 as of December 31,
2022;
- Excluding short term leases, during Q1 2023, rental rates for
new leases remained the same and renewals increased 7.7% over the
prior leases, resulting in a blended increase of 3.6%;
- Same Community1 revenues for Q1 2023 increased 11.1%
over Q1 2022;
- Same Community1 Net Operating Income
("NOI")1 for Q1 2023 increased 17.8% over Q1 2022;
- During Q1 2023, the REIT's AFFO Payout Ratio1 was
59.1% compared to 63.3% during Q1 2022;
- Weighted average occupancy was 95.9% as of March 31, 2023 compared to 94.5% as of
March 31, 2022;
- Debt to Gross Book Value1 excluding Convertible
Debentures (as defined below) as of March
31, 2023 was 36.3%; and
- In January 2023, the REIT entered
into a new $80 million interest rate
swap at a fixed rate of 1.83% effective June
10, 2024 and maturing April 26,
2030, subject to the counterparty's optional early
termination date of June 10,
2025.
Subsequent Highlights
- In May 2023, the REIT entered
into a new $50 million interest rate
swap at a fixed rate of 2.25% effective October 1, 2024 and maturing July 1, 2031, subject to the counterparty's
optional early termination date of February
1, 2027.
_________________________
|
1 Same
Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit,
AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are
non-IFRS measures. For a description of the basis of presentation
and reconciliations of the REIT's non-IFRS measures, see "Non-IFRS
Measures" in this news release.
|
Q1 2023 Financial Summary
In thousands of U.S. dollars, except per unit amounts
|
Q1
2023
|
|
Q1
2022
|
|
Change
|
|
Change
%
|
Revenue, Total
Portfolio
|
$
41,585
|
|
$
37,545
|
|
$
4,040
|
|
10.8 %
|
Revenue, Same
Community1 Properties
|
$
39,564
|
|
$
35,618
|
|
$
3,946
|
|
11.1 %
|
Revenue, Non-Same
Community1 Properties
|
$
2,021
|
|
$
1,927
|
|
$
94
|
|
4.9 %
|
Net (loss) income and
comprehensive (loss) income
|
$
(16,138)
|
|
$
59,031
|
|
$
(75,169)
|
|
nm*
|
NOI1, Total
Portfolio
|
$
22,838
|
|
$
19,645
|
|
$
3,193
|
|
16.3 %
|
NOI1, Same
Community1 Properties
|
$
21,870
|
|
$
18,572
|
|
$
3,298
|
|
17.8 %
|
NOI1,
Non-Same Community1 Properties
|
$
968
|
|
$
1,073
|
|
$
(105)
|
|
-9.8 %
|
Funds from Operations
("FFO")1
|
$
13,019
|
|
$
11,065
|
|
$
1,954
|
|
17.7 %
|
FFO per
Unit1
|
$
0.23
|
|
$
0.21
|
|
$
0.02
|
|
9.5 %
|
Maintenance capital
expenditures
|
$
(557)
|
|
$
(702)
|
|
$
145
|
|
-20.7 %
|
Escrowed rent guaranty
realized
|
$
-
|
|
$
82
|
|
$
(82)
|
|
nm*
|
Straight line rental
revenue differences
|
$
45
|
|
$
82
|
|
$
(37)
|
|
nm*
|
AFFO1
|
$
12,507
|
|
$
10,527
|
|
$
1,980
|
|
18.8 %
|
AFFO per
Unit1
|
$
0.22
|
|
$
0.20
|
|
$
0.02
|
|
10.0 %
|
Weighted Average Unit
Count
|
57,212,200
|
|
52,179,657
|
|
5,032,543
|
|
9.6 %
|
Unitholders'
equity
|
$
951,768
|
|
$
724,987
|
|
$
226,781
|
|
31.3 %
|
NAV1
|
$
1,223,886
|
|
$
1,148,747
|
|
$
75,139
|
|
6.5 %
|
NAV per
Unit1
|
$
21.36
|
|
$
21.98
|
|
$
(0.62)
|
|
-2.8 %
|
*Percentages have
been excluded for changes which are not considered to be meaningful
for comparative purposes.
|
1Same Community, NOI, NOI
Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio,
Debt to Gross Book Value and NAV per Unit are non-IFRS measures.
For a description of the basis of presentation and reconciliations
of the REIT's non-IFRS measures, see "Non-IFRS Measures" in this
news release.
|
Total portfolio revenue of $41.6
million for Q1 2023 increased 10.8% compared to $37.5 million in Q1 2022. Same Community
properties contributed $4.0 million,
as described below, and the non-stabilized property contributed
$0.2 million to the overall increase,
partially offset by a reduction in revenue due to property
dispositions of $0.1 million.
Revenue from Same Community properties of $39.6 million for Q1 2023 increased 11.1% from
$35.6 million in Q1 2022, primarily
due to a 11.0% increase in average rental rates from $1,335 per apartment unit as of March 31, 2022 to $1,482 per apartment unit as of March 31, 2023.
The net (loss) income and comprehensive (loss) income change
between Q1 2023 and Q1 2022 is primarily due to adjustments to fair
value of investment properties and derivatives and other financial
liabilities from December 31, 2022 to
March 31, 2023 and December 31, 2021 to March
31, 2022, respectively, and is not considered comparable
period over period.
The 16.3% increase in total portfolio NOI for Q1 2023 to
$22.8 million compared to
$19.6 million in Q1 2022 was the
result of increases of $3.3 million
in NOI from Same Community properties, described below, partially
offset by the reduction in NOI due to property dispositions of
$0.1 million.
The 17.8% increase in Same Community NOI to $21.9 million for Q1 2023 compared to
$18.6 million in Q1 2022 was the
result of the increase in revenue described above, as well as a
$0.4 million decrease in real estate
taxes primarily due to the timing of property tax refunds during Q1
2023, partially offset by an increase in property operating
expenses of $1.0 million due to
higher payroll costs and repair and maintenance expenses, as well
as an increase in the cost of insurance over the comparative
period.
FFO was $13.0 million, or
$0.23 per Unit, for Q1 2023 compared
to $11.1 million, or $0.21 per Unit, for Q1 2022. The increase was
primarily the result of the higher NOI discussed above, partially
offset by $0.9 million higher finance
costs (net of finance income primarily from interest rate swaps)
associated with an increase in interest rates versus the
comparative period.
AFFO was $12.5 million, or
$0.22 per Unit, for Q1 2023, compared
to $10.5 million, or $0.20 per Unit, for Q1 2022. The improvement was
primarily the result of the increase in FFO discussed above, as
well as a $0.1 million decrease in
maintenance capital expenditures due to the timing of projects in
Q1 2023.
Highlights from Recent Four Quarters
In thousands of U.S. dollars (except per unit
amounts)
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
Operational
Information
|
|
|
|
|
|
|
|
Number of real estate
investment properties
|
31
|
|
31
|
|
31
|
|
31
|
Total apartment
units
|
8,666
|
|
8,666
|
|
8,666
|
|
8,666
|
Average monthly rent on
in-place leases
|
$
1,489
|
|
$
1,482
|
|
$
1,460
|
|
$
1,412
|
Average monthly rent on
in-place leases,
|
|
|
|
|
|
|
|
Same Community1
Properties
|
$
1,482
|
|
$
1,475
|
|
$
1,452
|
|
$
1,403
|
Weighted average
occupancy rate
|
95.9 %
|
|
96.0 %
|
|
94.7 %
|
|
95.0 %
|
Retention
rate
|
52.5 %
|
|
56.3 %
|
|
54.0 %
|
|
57.1 %
|
Debt to Gross Book
Value1
|
38.4 %
|
|
37.3 %
|
|
36.2 %
|
|
36.2 %
|
|
Q1
2023
|
|
Q4
2022
|
|
Q3
2022
|
|
Q2
2022
|
Operating
Results
|
|
|
|
|
|
|
|
Revenue, Total
Portfolio
|
$
41,585
|
|
$
41,637
|
|
$
40,549
|
|
$
38,787
|
Revenue, Same
Community1 Properties
|
$
39,564
|
|
$
39,604
|
|
$
38,518
|
|
$
36,871
|
Revenue, Non-Same
Community1 Properties
|
$
2,021
|
|
$
2,033
|
|
$
2,031
|
|
$
1,916
|
NOI1, Total
Portfolio
|
$
22,838
|
|
$
23,154
|
|
$
21,719
|
|
$
20,998
|
NOI1, Same
Community1 Properties
|
$
21,870
|
|
$
21,970
|
|
$
20,247
|
|
$
19,737
|
NOI1,
Non-Same Community1 Properties
|
$
968
|
|
$
1,184
|
|
$
1,472
|
|
$
1,261
|
NOI Margin1,
Total Portfolio
|
54.9 %
|
|
55.6 %
|
|
53.6 %
|
|
54.1 %
|
NOI Margin1,
Same Community1 Properties
|
55.3 %
|
|
55.5 %
|
|
52.6 %
|
|
53.5 %
|
NOI Margin1,
Non-Same Community1 Properties
|
47.9 %
|
|
58.2 %
|
|
72.5 %
|
|
65.8 %
|
Net (loss) income and
comprehensive
|
|
|
|
|
|
|
|
(loss)
income
|
$
(16,138)
|
|
$
(16,420)
|
|
$
23,787
|
|
$
160,832
|
Distributions on Class
B Units
|
$
2,668
|
|
$
2,670
|
|
$
2,671
|
|
$
2,678
|
Fair value adjustment
to investment properties
|
$
16,526
|
|
$
43,071
|
|
$
23,449
|
|
$
(20,258)
|
Fair value adjustment
to investment
|
|
|
|
|
|
|
|
properties
(IFRIC 21)
|
$
(22,163)
|
|
$
8,961
|
|
$
5,635
|
|
$
7,732
|
Property tax liability
adjustment, net (IFRIC 21)
|
$
22,163
|
|
$
(8,961)
|
|
$
(5,635)
|
|
$
(7,732)
|
Fair value adjustment
to derivatives and other
|
|
|
|
|
|
|
|
financial
liabilities
|
$
8,964
|
|
$
(17,274)
|
|
$
(38,330)
|
|
$
(129,842)
|
Fair value adjustment
to unit-based
|
|
|
|
|
|
|
|
compensation
|
$
997
|
|
$
(396)
|
|
$
(354)
|
|
$
(1,771)
|
Restructuring
costs
|
$
-
|
|
$
1,630
|
|
$
-
|
|
$
-
|
Loss on extinguishment
of debt
|
$
-
|
|
$
-
|
|
$
853
|
|
$
-
|
Principal payments on
lease liability
|
$
(31)
|
|
$
(31)
|
|
$
(27)
|
|
$
(35)
|
Depreciation of
right-to-use asset
|
$
33
|
|
$
34
|
|
$
33
|
|
$
33
|
FFO1
|
$
13,019
|
|
$
13,284
|
|
$
12,082
|
|
$
11,637
|
FFO per Unit
|
$
0.23
|
|
$
0.23
|
|
$
0.21
|
|
$
0.21
|
Maintenance capital
expenditures
|
$
(557)
|
|
$
(793)
|
|
$
(920)
|
|
$
(1,218)
|
Escrowed rent guaranty
realized
|
$
-
|
|
$
-
|
|
$
-
|
|
$
5
|
Straight line rental
revenue differences
|
$
45
|
|
$
8
|
|
$
47
|
|
$
54
|
AFFO1
|
$
12,507
|
|
$
12,499
|
|
$
11,209
|
|
$
10,478
|
AFFO per
Unit1
|
$
0.22
|
|
$
0.22
|
|
$
0.19
|
|
$
0.19
|
AFFO Payout
Ratio
|
59.1 %
|
|
59.6 %
|
|
67.2 %
|
|
71.8 %
|
Weighted Average Unit
Count
|
57,212,200
|
|
58,006,651
|
|
58,205,337
|
|
56,290,702
|
1Same Community, NOI, NOI
Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio,
Debt to Gross Book Value and NAV per Unit are non-IFRS measures.
For a description of the basis of presentation and reconciliations
of the REIT's non-IFRS measures, see "Non-IFRS Measures" in this
news release.
|
Liquidity and Capital Structure
As of March 31, 2023, the REIT had
liquidity of $174.0 million,
consisting of cash and cash equivalents of $4.3 million and $169.7
million available under its revolving credit facility. The
REIT also can obtain additional liquidity by adding properties to
the borrowing base of the revolving credit facility.
As of March 31, 2023, the REIT had
total mortgage notes payable of $498.8
million, excluding the credit facility, with a weighted
average contractual interest rate of 3.3% and a weighted average
term to maturity of 4.9 years. Total loans and borrowings of the
REIT as of March 31, 2023 were
$741.1 million with a weighted
average contractual interest rate of 3.3%, excluding the
convertible unsecured subordinated debentures (the "Convertible
Debentures"). Debt to Gross Book Value excluding the convertible
debentures as of March 31, 2023 was
36.3%. As of March 31, 2023, 97% of
the REIT's debt was fixed or economically hedged to fixed
rates.
As of March 31, 2023, the REIT had
outstanding Convertible Debentures valued at $42.6 million at a contractual interest rate of
5%, maturing on September 30, 2025
with a conversion price of $14.40 per
Unit.
On October 3, 2022, the Toronto
Stock Exchange accepted the REIT's notice of intention to make a
NCIB for up to a maximum of approximately 3.3 million of its issued
and outstanding Units. The REIT may purchase Units for a
twelve-month period beginning on October 6,
2022 and the NCIB will terminate on October 5, 2023. Through May 9, 2023, the REIT has purchased and canceled
1,166,007 Units under its NCIB and related automatic securities
purchase plan at an average price of $13.49 per Unit.
Distributions and Units Outstanding
Cash distributions declared to holders of Units and holders of
Class B Units totalled $7.4 million
for Q1 2023, representing an AFFO Payout
Ratio1 of 59.1%. 100% of the REIT's cash
distributions were classified as return of capital. As of
March 31, 2023, the total number of
Units outstanding was 36,448,109. There were also 20,521,710 Class
B Units outstanding, which are redeemable for Units on a
one-for-one basis.
2023 Earnings and Same Community Portfolio Guidance
The REIT's initial 2023 guidance is outlined below for FFO per
Unit and AFFO per Unit, along with its expectations for Same
Community Properties for revenue, property operating expense and
NOI in 2023. The guidance does not include acquisitions,
dispositions or future growth from the impact of properties
currently under development. As of March 31,
2023, there have been no revisions to the initial 2023
guidance. The REIT will update this guidance on a quarterly basis
as necessary.
|
Initial guidance for
2023
|
Per
Unit
|
Range
|
Midpoint
|
Total
Portfolio
|
|
|
FFO per Unit
|
$0.90 to
$0.96
|
$0.93
|
AFFO per
Unit
|
$0.83 to
$0.89
|
$0.86
|
|
|
|
Same Community
Growth
|
|
|
Total
Revenue
|
5.0% to 7.0%
|
6.0 %
|
Property Operating
Expenses
|
4.0% to 6.0%
|
5.0 %
|
NOI
|
6.0% to 8.0%
|
7.0 %
|
Non-IFRS measures are presented to illustrate alternative relevant
measures to assess the REIT's performance. See "Non-IFRS
Measures" in this news release. See also "Forward-Looking
Information", as the figures presented above are considered
"financial outlook" for purposes of applicable Canadian securities
laws and may not be appropriate for purposes other than to
understand management's current expectations relating to the future
growth of the REIT. Although the REIT believes that its
anticipated future results, performance or achievements expressed
or implied by the forward-looking statements and information are
based upon reasonable assumptions and expectations, the reader
should not place undue reliance on forward-looking statements and
information. The REIT reviews its key assumptions regularly and may
change its outlook on a going-forward basis if necessary.
Conference Call
Dan Oberste, President and Chief
Executive Officer, and Brandon
Barger, Chief Financial Officer, will host a conference call
for analysts and investors on Thursday May
11th, 2023 at 12:00 pm
(ET). Participants can register and enter their phone
number at: https://emportal.ink/3nCvn8e to receive an instant
automated call back. Alternatively, they can dial 416-764-8688 or
1-888-390-0546 to reach a live operator who will join them into the
call. In addition, the call will be webcast live at:
https://app.webinar.net/Q5O6eLvMjWL.
A replay of the call will be available until Thursday, May 18th, 2023. To access
the replay, dial 416-764-8677 or 888-390-0541 (Passcode: 085281#).
A transcript of the call will be archived on the REIT's
website.
Annual General Meeting
The REIT's Annual General Meeting will be held in-person at
2:00pm ET on May 11th, 2023, in the offices of Goodmans
LLP:
Bay Adelaide Centre - West Tower
333 Bay Street, Suite 3400
Toronto, ON
M5H 2S7
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.
Non-IFRS Measures
Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO
per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV
per Unit are key measures of performance commonly used by real
estate operating companies and real estate investment trusts. They
are not measures recognized under International Financial Reporting
Standards ("IFRS") and do not have standardized meanings prescribed
by IFRS. Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO,
AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and
NAV per Unit as calculated by the REIT may not be comparable to
similar measures presented by other issuers. For complete
definitions of these measures, as well as an explanation of their
composition and how the measures provide useful information to
investors, please refer to the section titled "Non-IFRS Measures"
in the REIT's Management's Discussion and Analysis for the three
months ended March 31, 2023, which
section is incorporated herein by reference.
|
|
|
|
|
|
|
|
|
|
|
Three
months
ended
March 31, 2023
|
|
Three
months
ended
March 31, 2022
|
|
Net income and
comprehensive income
|
|
|
|
|
|
$
(16,138)
|
|
$
59,031
|
|
Adjustments to
arrive at FFO
|
|
|
|
|
|
|
|
|
|
|
Distributions on Class
B Units
|
|
|
|
|
|
2,668
|
|
2,648
|
|
|
Fair value adjustment
to investment properties
|
|
|
|
|
|
16,526
|
|
(118,789)
|
|
|
Fair value adjustment
to investment properties (IFRIC 21)
|
|
|
|
|
|
(22,163)
|
|
(22,328)
|
|
|
Property tax liability
adjustment, net (IFRIC 21)
|
|
|
|
|
|
22,163
|
|
22,328
|
|
|
Fair value adjustment
to derivatives and other financial
|
|
|
|
|
|
|
|
|
|
|
|
liabilities
|
|
|
|
|
|
8,964
|
|
65,607
|
|
|
Fair value adjustment
to unit-based compensation
|
|
|
|
|
|
997
|
|
2,569
|
|
|
Principal payments on
lease liability
|
|
|
|
|
|
(31)
|
|
(34)
|
|
|
Depreciation of
right-to-use asset
|
|
|
|
|
|
33
|
|
33
|
|
Funds from
Operations ("FFO")
|
|
|
|
|
|
$
13,019
|
|
$
11,065
|
|
FFO per
Unit
|
|
|
|
|
|
$
0.23
|
|
$
0.21
|
|
Adjustments to
arrive at AFFO
|
|
|
|
|
|
|
|
|
|
|
Maintenance capital
expenditures
|
|
|
|
|
|
(557)
|
|
(702)
|
|
|
Escrowed rent guaranty
realized
|
|
|
|
|
|
—
|
|
82
|
|
|
Straight line rental
revenue differences
|
|
|
|
|
|
45
|
|
82
|
|
Adjusted Funds from
Operations ("AFFO")
|
|
|
|
|
|
$
12,507
|
|
$
10,527
|
|
AFFO per
Unit
|
|
|
|
|
|
$
0.22
|
|
$
0.20
|
|
Distributions
declared
|
|
|
|
|
|
$
7,394
|
|
$
6,666
|
|
AFFO Payout
Ratio
|
|
|
|
|
|
59.1 %
|
|
63.3 %
|
|
Weighted average
unit count
|
|
|
|
|
|
57,212,200
|
|
52,179,657
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended March
31, 2023
|
|
Three months
ended
March 31, 2022
|
|
Total
revenue
|
|
|
|
|
|
$
41,585
|
|
$
37,545
|
|
Property operating
expenses
|
|
|
|
|
|
(11,524)
|
|
(10,362)
|
|
Real estate
taxes
|
|
|
|
|
|
(29,386)
|
|
(29,866)
|
|
|
|
|
|
|
|
|
|
|
|
675
|
|
(2,683)
|
|
Property tax liability
adjustment (IFRIC 21)
|
|
|
|
|
|
22,163
|
|
22,328
|
|
Net Operating Income
("NOI")
|
|
|
|
|
|
$
22,838
|
|
$
19,645
|
|
NOI
margin
|
|
|
|
|
|
54.9 %
|
|
52.3 %
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
Loans and borrowings
(current portion)
|
|
|
|
$
1,791
|
|
$
1,779
|
|
Loans and borrowings
(non-current portion)
|
|
|
|
739,314
|
|
724,581
|
|
Convertible
debentures
|
|
|
|
42,599
|
|
42,599
|
|
Total loans and
borrowings and convertible debentures ("Debt")
|
|
|
|
783,704
|
|
768,959
|
|
Gross Book
Value
|
|
|
|
$
2,040,486
|
|
$
2,063,275
|
|
Debt to Gross Book
Value
|
|
|
|
38.4 %
|
|
37.3 %
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
Unitholders'
equity
|
|
|
|
$
951,768
|
|
$
975,749
|
|
Class B
Units
|
|
|
|
272,118
|
|
267,826
|
|
NAV
|
|
|
|
|
|
$
1,223,886
|
|
$
1,243,575
|
|
Unit count, as of the
end of period
|
|
|
|
57,299,281
|
|
57,169,893
|
|
NAV per
Unit
|
|
|
|
$
21.36
|
|
$
21.75
|
Forward-Looking Statements
This news release contains forward-looking information within
the meaning of applicable Canadian securities legislation
(collectively, "forward-looking statements"). Forward-looking
statements in this news release include, but are not limited to,
statements which reflect management's expectations regarding
objectives, plans, goals, strategies, future growth (including 2023
guidance for FFO, AFFO, and Same Community metrics Revenue,
Property Expenses and NOI growth), results of operations,
performance, business prospects, and opportunities for the REIT.
The words "expects", "expectation", "anticipates", "anticipated",
"believes", "will" or variations of such words and phrases identify
forward-looking statements herein. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances.
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 REIT's estimates,
beliefs and assumptions, which may prove to be incorrect, include
assumptions relating to the REIT's future growth potential, results
of operations, demographic and industry trends, no changes in
legislative or regulatory matters, the tax laws as currently in
effect, a gradual recovery and growth of the general economy over
2023, the impact of COVID-19, lease renewals and rental increases,
the ability to re-lease or find new tenants, the timing and ability
of the REIT to sell certain properties, project costs and timing, a
continuing trend toward land use intensification at reasonable
costs and development yields, including residential development in
urban markets, access to equity and debt capital markets to fund,
at acceptable costs, future capital requirements and to enable
refinancing of debts as they mature, the availability of investment
opportunities for growth in the REIT's target markets, the
valuations to be realized on property sales relative to current
IFRS values, and the market price of the Units . When
relying on forward-looking statements to make decisions, the REIT
cautions readers not to place undue reliance on these statements,
as forward-looking statements involve significant risks and
uncertainties. The risks and uncertainties that may impact such
forward-looking information include, but are not limited to, the
REIT's ability to execute its growth strategies, the impact of
changing conditions in the U.S. multifamily housing market,
increasing competition in the U.S. multifamily housing market, the
effect of fluctuations and cycles in the U.S. real estate market,
the marketability and value of the REIT's portfolio, changes in the
attitudes, financial condition and demand of the REIT's demographic
market, fluctuation in interest rates and volatility in financial
markets, developments and changes in applicable laws and
regulations, the impact of climate change, the impact of COVID-19
on the operations, business and financial results of the REIT and
the factors discussed under "Risks and Uncertainties" in the REIT's
Management's Discussion and Analysis for the three months ended
March 31, 2023 and in the REIT's
Annual Information Form dated March 8,
2023, both of which are available on SEDAR (www.sedar.com).
If any risks or uncertainties with respect to the above
materialize, or if the opinions, estimates or assumptions
underlying the forward-looking information prove incorrect, actual
results or future events might vary materially from those
anticipated in the forward-looking information. 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.
Certain statements included in this news release, including
with respect to 2023 FFO, AFFO and Same Community portfolio
guidance, are considered financial outlook for purposes of
applicable Canadian securities laws, and as such, the financial
outlook may not be appropriate for purposes other than to
understand management's current expectations relating to the future
growth of the REIT, as disclosed in this news release. These
forward-looking statements have been approved by management to be
made as at the date of this news release. Certain material factors,
estimates or assumptions were applied in drawing a conclusion or
making a forecast or projection as reflected in this news release
and actual results could differ materially from such conclusions,
forecasts or projections. There can be no assurance that actual
results, performance or achievements will be consistent with these
forward-looking statements. The forward-looking statements
contained in this document are expressly qualified in their
entirety by this cautionary statement.
SOURCE BSR Real Estate Investment Trust