Declared Dividend • May 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 29th May 2026 Payment date: 15th June 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.1%. Announcement • May 15
BSR Real Estate Investment Trust Provides Earnings Guidance for the Year 2026 BSR Real Estate Investment Trust provided earnings guidance for the year 2026. For the year, the company's total revenue of 0.5% to 1.5%. and the midpoint is 1.0%. NOI of 0.0% to 1.0% and midpoint is 0.5%. Reported Earnings • May 15
First quarter 2026 earnings released First quarter 2026 results: Revenue: US$33.8m (down 22% from 1Q 2025). Net income: US$23.0m (up US$63.9m from 1Q 2025). Profit margin: 68% (up from net loss in 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Declared Dividend • Apr 26
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 30th April 2026 Payment date: 15th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Announcement • Apr 17
BSR Real Estate Investment Trust Announces Cash Distribution for April 2026, Payable on May 15, 2026 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of April 2026, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on May 15, 2026 to unitholders of record as at April 30, 2026. Announcement • Apr 08
BSR Real Estate Investment Trust to Report Q1, 2026 Results on May 13, 2026 BSR Real Estate Investment Trust announced that they will report Q1, 2026 results After-Market on May 13, 2026 Recent Insider Transactions Derivative • Mar 23
President exercised options to buy CA$210k worth of stock. On the 16th of March, Daniel Oberste exercised options to buy 14k shares at a strike price of around CA$15.79, costing a total of CA$217k. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. Since June 2025, Daniel's direct individual holding has increased from 262.57k shares to 297.04k. Company insiders have collectively bought CA$993k more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Mar 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.1%. Announcement • Mar 18
BSR Real Estate Investment Trust Announces Cash Distribution for March 2026, Payable on April 15, 2026 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of March 2026, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on April 15, 2026 to unitholders of record as at March 31, 2026. Announcement • Mar 13
BSR Real Estate Investment Trust, Annual General Meeting, May 14, 2026 BSR Real Estate Investment Trust, Annual General Meeting, May 14, 2026. Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: US$144.2m (down 14% from FY 2024). Net loss: US$62.7m (loss widened 56% from FY 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Residential REITs industry in Canada. Declared Dividend • Feb 22
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 27th February 2026 Payment date: 16th March 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Announcement • Feb 18
BSR Real Estate Investment Trust Announces February 2026 Cash Distribution, Payable on March 16, 2026 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of February 2026, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on March 16, 2026 to unitholders of record as at February 28, 2026. Announcement • Feb 02
BSR Real Estate Investment Trust to Report Q4, 2025 Results on Mar 11, 2026 BSR Real Estate Investment Trust announced that they will report Q4, 2025 results After-Market on Mar 11, 2026 Declared Dividend • Jan 19
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 30th January 2026 Payment date: 17th February 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Announcement • Jan 16
BSR Real Estate Investment Trust Announces January 2026 Cash Distribution, Payable on February 17, 2026 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of January 2026, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on February 17, 2026 to unitholders of record as at January 31, 2026. Recent Insider Transactions Derivative • Jan 07
President exercised options to buy CA$220k worth of stock. On the 1st of January, Daniel Oberste exercised options to buy 13k shares at a strike price of around CA$16.88, costing a total of CA$221k. This transaction amounted to 50% of their direct individual holding at the time of the trade. Since March 2025, Daniel has owned 262.57k shares directly. Company insiders have collectively bought CA$897k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 02
BSR Real Estate Investment Trust Announces Board Changes, Effective January 1, 2026 BSR Real Estate Investment Trust has announced that W. Daniel Hughes, Jr. has retired from the REIT's board of trustees (the "Board") and, in connection with the retirement, Mark Decker, Jr. has been appointed to the Board, effective January 1, 2026. W. Daniel Hughes, Jr.'s Retirement from the Board of Trustees: After nearly 29 years of service with BSR and its predecessors W. Daniel Hughes, Jr. retired from the Board of the REIT effective January 1, 2026. Mr. Hughes founded Summit Housing Partners, LLC, the predecessor to BSR Trust, LLC, and served as the first Chief Executive Officer of BSR Trust, LLC until 2013. Mr. Hughes provided invaluable guidance and real estate expertise to the Board and management during his tenure as a trustee since the REIT's initial public offering in May, 2018. Mr. Hughes continues to serve as CEO and Chair of Envolve Communities, a vertically integrated owner and manager of approximately 40,000 apartment units situated in the United States. Appointment of Mark Decker, Jr. to the Board of Trustees: BSR announced that Mark Decker, Jr. has been appointed as Mr. Hughes' successor to serve as a trustee on the Board until the next annual general meeting of unitholders of the REIT. Mr. Decker currently serves as the President, Chief Executive Officer, and Director of Global Medical REIT Inc. (NYSE: GMRE), a U.S. healthcare real estate investor. Mr. Decker also has extensive experience in the U.S. multifamily real estate sector, having previously served as President, CEO, Trustee & Chief Investment Officer at Centerspace (NYSE: CSR) for almost seven years, following his role as Managing Director and U.S. Group Head of Real Estate Investment and Corporate Banking at BMO Capital Markets. Mr. Decker will serve on the Board as an independent trustee and has joined the Board's investment committee. Declared Dividend • Dec 19
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Announcement • Dec 17
BSR Real Estate Investment Trust Announces December 2025 Cash Distribution, Payable on January 15, 2026 BSR Real Estate Investment Trust announced a cash distribution of $0.0467 per REIT unit for the month of December 2025, representing $0.56 per REIT unit on an annualized basis. Payment will be made on January 15, 2026 to unitholders of record as at December 31, 2025. Declared Dividend • Nov 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 28th November 2025 Payment date: 15th December 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.1%. Reported Earnings • Nov 06
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$33.1m (down 22% from 3Q 2024). Net income: US$2.87m (up US$42.1m from 3Q 2024). Profit margin: 8.7% (up from net loss in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Declared Dividend • Oct 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st October 2025 Payment date: 17th November 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.1%. Announcement • Oct 16
BSR Real Estate Investment Trust Announces October 2025 Cash Distribution, Payable on November 17, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of October 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on November 17, 2025 to unitholders of record as at October 31, 2025. Announcement • Sep 30
BSR Real Estate Investment Trust to Report Q3, 2025 Results on Nov 05, 2025 BSR Real Estate Investment Trust announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 Declared Dividend • Sep 18
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.1%. Announcement • Sep 16
BSR Real Estate Investment Trust Announces September 2025 Cash Distribution, Payable on October 15, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of September 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on October 15, 2025 to unitholders of record as at September 30, 2025. Recent Insider Transactions • Aug 21
Independent Trustee recently bought CA$172k worth of stock On the 19th of August, Graham Senst bought around 10k shares on-market at roughly CA$17.18 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$491k more in shares than they have sold in the last 12 months. Declared Dividend • Aug 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 29th August 2025 Payment date: 15th September 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Announcement • Aug 16
BSR Real Estate Investment Trust Announces Cash Distribution for the Month of August 2025, Payable on September 15, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of August 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on September 15, 2025 to unitholders of record as at August 31, 2025. Reported Earnings • Aug 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$33.7m (down 20% from 2Q 2024). Net loss: US$22.5m (loss narrowed 43% from 2Q 2024). Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Canada are expected to grow by 3.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 18
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st July 2025 Payment date: 15th August 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.1%. Announcement • Jul 16
BSR Real Estate Investment Trust Announces July 2025 Cash Distribution, Payable on August 15, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of July 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on August 15, 2025 to unitholders of record as at July 31, 2025. New Risk • Jul 15
New major risk - Revenue and earnings growth Earnings have declined by 36% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 36% per year over the past 5 years. Announcement • Jul 03
BSR Real Estate Investment Trust to Report Q2, 2025 Results on Aug 06, 2025 BSR Real Estate Investment Trust announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Declared Dividend • Jun 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.1%. Announcement • Jun 19
BSR Real Estate Investment Trust Announces June 2025 Cash Distribution, Payable on July 15, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of June 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on July 15, 2025 to unitholders of record as at June 30, 2025. Declared Dividend • May 19
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 30th May 2025 Payment date: 16th June 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.1%. Announcement • May 16
BSR Real Estate Investment Trust Announces Cash Distribution for the Month of May 2025 , Payable on June 16, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of May 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on June 16, 2025 to unitholders of record as at May 31, 2025. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: Revenue: US$43.5m (up 3.6% from 1Q 2024). Net loss: US$40.8m (loss widened US$39.3m from 1Q 2024). Revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Residential REITs industry in Canada are expected to grow by 1.6%. Declared Dividend • Apr 19
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 30th April 2025 Payment date: 15th May 2025 Dividend yield will be 4.4%, which is higher than the industry average of 3.1%. Announcement • Apr 16
BSR Real Estate Investment Trust Announces April 2025 Cash Distribution, Payable on May 15, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of April 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on May 15, 2025 to unitholders of record as at April 30, 2025. New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 28% per year over the past 5 years. Announcement • Apr 03
BSR Real Estate Investment Trust to Report Q1, 2025 Results on May 07, 2025 BSR Real Estate Investment Trust announced that they will report Q1, 2025 results After-Market on May 07, 2025 Declared Dividend • Mar 21
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.1%. Recent Insider Transactions • Mar 12
Independent Trustee recently bought CA$182k worth of stock On the 11th of March, Graham Senst bought around 10k shares on-market at roughly CA$18.21 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$477k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 06
Full year 2024 earnings released Full year 2024 results: Revenue: US$168.7m (flat on FY 2023). Net loss: US$40.2m (loss narrowed 81% from FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 1.1% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 21
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 28th February 2025 Payment date: 17th March 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Announcement • Feb 19
BSR Real Estate Investment Trust Announces A Cash Distribution for the Month of February 2025, Payable on March 17, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of February 2025, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on March 17, 2025 to unitholders of record as at February 28, 2025. Buy Or Sell Opportunity • Feb 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to CA$16.65. The fair value is estimated to be CA$21.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Board Change • Feb 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Chair of the Board S. Marshall was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 21
BSR Real Estate Investment Trust to Report Q4, 2024 Results on Mar 05, 2025 BSR Real Estate Investment Trust announced that they will report Q4, 2024 results on Mar 05, 2025 Declared Dividend • Jan 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st January 2025 Payment date: 17th February 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.1%. Announcement • Jan 16
BSR Real Estate Investment Trust Announces January 2025 Cash Distribution, Payable on February 17, 2025 BSR Real Estate Investment Trust announced a cash distribution of $0.0467 per REIT unit for the month of January 2025, representing $0.56 per REIT unit on an annualized basis. Payment will be made on February 17, 2025 to unitholders of record as at January 31, 2025. Announcement • Jan 10
BSR Real Estate Investment Trust (TSX:HOM.UN) acquired The Venue Craig Ranch Apartments for $61 million. BSR Real Estate Investment Trust (TSX:HOM.UN) acquired The Venue Craig Ranch Apartments for $61 million on January 9, 2025. The BSR will fund the acquisition by drawing on its revolving credit facility.
BSR Real Estate Investment Trust (TSX:HOM.UN) completed the acquisition of The Venue Craig Ranch Apartments on January 9, 2025. Recent Insider Transactions Derivative • Jan 06
President exercised options to buy CA$181k worth of stock. On the 1st of January, Daniel Oberste exercised options to buy 10k shares at a strike price of around CA$17.49, costing a total of CA$177k. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. Since March 2024, Daniel has owned 247.45k shares directly. Company insiders have collectively bought CA$1.6m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Dec 19
Dividend of CA$0.047 announced Shareholders will receive a dividend of CA$0.047. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.1%. Announcement • Dec 17
BSR Real Estate Investment Trust Announces December 2024 Cash Distribution, Payable on January 15, 2025 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of December 2024, representing US$0.56 per REIT unit on an annualized basis. Payment will be made on January 15, 2025 to unitholders of record as at December 31, 2024. New Risk • Dec 16
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 26% per year over the past 5 years. Buy Or Sell Opportunity • Dec 06
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at CA$18.10. The fair value is estimated to be CA$22.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Nov 21
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 29th November 2024 Payment date: 16th December 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.1%. Announcement • Nov 16
BSR Real Estate Investment Trust Announces November 2024 Cash Distribution, Payable on December 16, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of November 2024, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on December 16, 2024 to unitholders of record as at November 30, 2024. Buy Or Sell Opportunity • Nov 13
Now 20% undervalued Over the last 90 days, the stock has risen 3.0% to CA$18.25. The fair value is estimated to be CA$22.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: US$42.3m (flat on 3Q 2023). Net loss: US$39.3m (loss narrowed 51% from 3Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Declared Dividend • Oct 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 31st October 2024 Payment date: 15th November 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.1%. Announcement • Oct 16
BSR Real Estate Investment Trust Announces Cash Distribution for October 2024, Payable on November 15, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of October 2024, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on November 15, 2024 to unitholders of record as at October 31, 2024. New Risk • Oct 10
New major risk - Revenue and earnings growth Earnings have declined by 21% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Oct 07
BSR Real Estate Investment Trust to Report Q3, 2024 Results on Nov 07, 2024 BSR Real Estate Investment Trust announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 Declared Dividend • Sep 20
Dividend of US$0.047 announced Shareholders will receive a dividend of US$0.047. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.1%. Announcement • Sep 17
BSR Real Estate Investment Trust Announces September 2024 Cash Distribution, Payable on October 15, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of September 2024, representing USD 0.56 per REIT unit on an annualized basis. Payment will be made on October 15, 2024 to unitholders of record as at September 30, 2024. Declared Dividend • Aug 19
Dividend of CA$0.047 announced Shareholders will receive a dividend of CA$0.047. Ex-date: 30th August 2024 Payment date: 16th September 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.1%. Announcement • Aug 16
BSR Real Estate Investment Trust Announces August 2024 Cash Distribution, Payable on September 16, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0467 per REIT unit for the month of August 2024. Payment will be made on September 16, 2024 to unitholders of record as at August 31, 2024. Reported Earnings • Aug 07
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$42.2m (flat on 2Q 2023). Net loss: US$39.2m (loss narrowed 15% from 2Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 19
Dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 31st July 2024 Payment date: 15th August 2024 Dividend yield will be 4.2%, which is higher than the industry average of 3.1%. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 16% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jul 04
BSR Real Estate Investment Trust to Report Q2, 2024 Results on Aug 06, 2024 BSR Real Estate Investment Trust announced that they will report Q2, 2024 results After-Market on Aug 06, 2024 Declared Dividend • Jun 23
Dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 4.4%, which is higher than the industry average of 3.1%. Announcement • Jun 18
BSR Real Estate Investment Trust Announces Cash Distribution for the Month of June 2024, Payable on July 15, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0433 per REIT unit for the month of June 2024, representing USD 0.52 per REIT unit on an annualized basis. Payment will be made on July 15, 2024 to unitholders of record as at June 30, 2024. Buy Or Sell Opportunity • May 28
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to CA$15.76. The fair value is estimated to be CA$19.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • May 20
Dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 31st May 2024 Payment date: 17th June 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.1%. Recent Insider Transactions • May 20
Independent Trustee recently bought CA$93k worth of stock On the 16th of May, Graham Senst bought around 6k shares on-market at roughly CA$15.57 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth CA$2.0m. Insiders have collectively bought CA$9.2m more in shares than they have sold in the last 12 months. Announcement • May 16
BSR Real Estate Investment Trust Announces Cash Distribution for the Month of May 2024, Payable on June 17, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0433 per REIT unit for the month of May 2024, representing USD 0.52 per REIT unit on an annualized basis. Payment will be made on June 17, 2024 to unitholders of record as at May 31, 2024. Announcement • May 11
BSR Real Estate Investment Trust Announces Trustees and Committee Changes BSR Real Estate Investment Trust at the AGM held on May 9, 2024, announced that Elizabeth A. Wademan chose not to stand for re-election as trustees. As the REIT's Declaration of Trust requires there be a majority of Canadian resident trustees, to remain compliant with such residency requirement, Mr. John S. Bailey also decided not to stand for re-election as a trustee. However, Mr. Bailey, a founder of BSR Trust, LLC and the REIT's prior Chief Executive Officer and largest unitholder, plans to continue to contribute to the REIT's leadership and provide meaningful guidance to the Board in a non-voting observer capacity. In such capacity, he will continue to attend all Board and committee meetings and will remain available to offer strategic advice to the Board and management. Following the Meeting, S. Jane Marshall was appointed Chair of the Board. The following trustees were appointed as members and respective chairs of the Board committees for the ensuing year: (i) Audit Committee composed of Teresa Neto (Chair), Bryan H. Held and Graham D. Senst; (ii) Compensation, Governance and Nomination Committee composed of Mr. Held (Chair), Ms. Marshall and William A. Halter; and (iii) Investment Committee composed of Mr. Senst (Chair), Ms. Marshall and Ms. Neto. Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$42.0m (up 1.0% from 1Q 2023). Net loss: US$1.57m (loss narrowed 90% from 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 09
BSR Real Estate Investment Trust Revises Financial Guidance for the Year 2024 BSR Real Estate Investment Trust revised financial guidance for the year 2024. The company has revised it's 2024 guidance to lower the midpoint for total revenue growth to 1.5% from 2.0%. Upcoming Dividend • Apr 25
Upcoming dividend of US$0.043 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. Trailing yield: 4.8%. Lower than top quartile of Canadian dividend payers (6.6%). Higher than average of industry peers (3.4%). Upcoming Dividend • Apr 24
Upcoming dividend of US$0.043 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. Trailing yield: 4.8%. Lower than top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (3.4%). Declared Dividend • Apr 18
Dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 29th April 2024 Payment date: 15th May 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.1%. Announcement • Apr 16
BSR Real Estate Investment Trust Announces Cash Distribution for the Month of April 2024, Payable on May 15, 2024 BSR Real Estate Investment Trust announced a cash distribution of USD 0.0433 per REIT unit for the month of April 2024, representing USD 0.52 per REIT unit on an annualized basis. Payment will be made on May 15, 2024 to unitholders of record as at April 30, 2024. Announcement • Apr 04
BSR Real Estate Investment Trust to Report Q1, 2024 Results on May 08, 2024 BSR Real Estate Investment Trust announced that they will report Q1, 2024 results After-Market on May 08, 2024 Recent Insider Transactions • Apr 01
Independent Trustee recently bought CA$96k worth of stock On the 28th of March, Graham Senst bought around 7k shares on-market at roughly CA$14.75 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$7.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 24
Independent Chairman recently sold CA$2.0m worth of stock On the 18th of March, Neil Labatte sold around 134k shares on-market at roughly CA$14.98 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Neil has been a net seller over the last 12 months, reducing personal holdings by CA$1.1m. Recent Insider Transactions Derivative • Mar 21
President exercised options to buy CA$284k worth of stock. On the 15th of March, Daniel Oberste exercised options to buy 19k shares at a strike price of around CA$15.47, costing a total of CA$296k. This transaction amounted to 8.4% of their direct individual holding at the time of the trade. Since June 2023, Daniel's direct individual holding has increased from 212.29k shares to 228.30k. Company insiders have collectively bought CA$9.8m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Mar 21
Dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.1%. Announcement • Mar 16
BSR Real Estate Investment Trust Announces March 2024 Cash Distribution, Payable on April 15, 2024 BSR Real Estate Investment Trust announced a cash distribution of $0.0433 per REIT unit for the month of March 2024, representing $0.52 per REIT unit on an annualized basis. Payment will be made on April 15, 2024 to unitholders of record as at March 31, 2024. Announcement • Mar 14
BSR Real Estate Investment Trust Provides Earnings Guidance for the Year 2024 BSR Real Estate Investment Trust provided earnings guidance for the year 2024. For the year, the company expects Total Revenue in the range of 1.0% to 3.0%. 
