AFFO Payout Ratio                             65.9 %           61.6 %           57.7 %           61.5 % 
 Weighted average unit count               53,789,870       56,930,050       53,828,208       57,112,882 
 
 
                  Three      Three      Nine        Nine 
                  months     months     months      months 
                  ended      ended      ended       ended 
                  September  September  September   September 
                  30, 2024   30, 2023   30, 2024    30, 2023 
Total revenue      $ 42,290   $ 42,079   $ 126,505   $ 125,707 
Property 
 operating 
 expenses          (13,017)   (12,898)    (37,043)    (36,620) 
Real estate 
 taxes                  314      1,327    (25,814)    (27,114) 
                     29,587     30,508      63,648      61,973 
Property tax 
 liability 
 adjustment 
 (IFRIC 21)         (7,332)    (7,814)       6,552       6,603 
Net Operating 
 Income ("NOI")    $ 22,255   $ 22,694    $ 70,200    $ 68,576 
NOI margin           52.6 %     53.9 %      55.5 %      54.6 % 
 
 
                               September 30,   December 31, 
                               2024            2023 
Loans and borrowings 
 (current portion)                  $ 209,430          $ 1,842 
Loans and borrowings 
 (non-current portion)                577,647          771,409 
Convertible debentures                 42,913           39,676 
Total loans and borrowings 
 and convertible 
 debentures 
 ("Debt")                             829,990          812,927 
Gross Book Value                  $ 1,789,027      $ 1,825,914 
Debt to Gross Book Value               46.4 %           44.5 % 
 
 
                          September 30,      December 31, 2023 
                          2024 
Unitholders' equity               $ 622,198          $ 712,401 
Class B Units                       285,427            240,711 
NAV                               $ 907,625          $ 953,112 
Unit count, as of the 
 end of period                   53,804,390         53,828,591 
NAV per Unit                        $ 16.87            $ 17.71 
 

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 2024 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 2024, 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 and year ended March 31, 2024 and in the REIT's Annual Information Form dated March 12, 2024, both of which are available on SEDAR+ (www.sedarplus.ca). 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 2024 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

View original content: http://www.newswire.ca/en/releases/archive/November2024/07/c1977.html

/CONTACT:

For further information, please contact: Susan Rosenbaum, Interim Chief Financial Officer and Chief Operating Officer, BSR Real Estate Investment Trust, Tel: 501.371.6335, Fax: 501.374.3383

Copyright CNW Group 2024 
 

(END) Dow Jones Newswires

November 07, 2024 17:00 ET (22:00 GMT)