BSR REIT Announces First Quarter 2024 Financial Results
LITTLE ROCK, Ark. and TORONTO, May 8, 2024 /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, 2024 ("Q1 2024"). All comparisons 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 2024 and the three months ended March 31, 2023 ("Q1 2023"). With the exception of the investment property under development, all properties are considered Same Community as of March 31, 2024. Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three months ended March 31, 2024 are available on the REIT's website at www.bsrreit.com and at www.sedarplus.ca.
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.
"Average monthly rent and occupancy stability demonstrate continued demand for the REIT's asset class and core markets but, most importantly, the success of our exceptional community management teams working under BSR's operating platform," said Dan Oberste, the REIT's President and Chief Executive Officer. "The REIT's decision to hedge 100% of our interest rate exposure, which continues to insulate our cash flow from the impact of elevated interest rates, and the repurchasing of Units in 2023 highlight management's focus on cost control and prudent capital allocation."
- Same Community1 revenue for Q1 2024 increased 1.0% over Q1 2023 ending the quarter with a weighted average occupancy of 95.3% as of March 31, 2024;
- Same Community1 NOI for Q1 2024 increased 4.4% over Q1 2023;
- FFO per Unit1 for Q1 2024 of $0.25 increased 8.7% over Q1 2023;
- AFFO per Unit1 for Q1 2024 of $0.24 increased 9.1% over Q1 2023;
- During Q1 2024, the REIT's AFFO payout ratio was 53.9% compared to 59.1% during Q1 2023;
- Debt to Gross Book Value1, excluding the convertible unsecured subordinated debentures (the "Convertible Debentures") outstanding, as of March 31, 2024 was 44.3%;
- During Q1 2024, excluding short term leases, rental rates for new leases and renewals changed -4.9% and 3.4%, respectively, resulting in a less than 1% blended change over the prior leases; and
- The REIT placed second in the online reputation assessment ("ORA") score among U.S. multifamily REITs for 2023.
_____________________________
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. |
In thousands of U.S. dollars, except per unit amounts
Q1 2024 |
Q1 2023 |
Change |
Change % |
|||||||
Revenue, Same Community1 Properties |
$ |
41,983 |
$ |
41,585 |
$ |
398 |
1.0 % |
|||
Net loss and comprehensive loss |
$ |
(1,571) |
$ |
(16,138) |
$ |
14,567 |
nm* |
|||
NOI1, Same Community1 Properties |
$ |
23,839 |
$ |
22,838 |
$ |
1,001 |
4.4 % |
|||
Funds from Operations ("FFO")1 |
$ |
13,617 |
$ |
13,019 |
$ |
598 |
4.6 % |
|||
FFO per Unit1 |
$ |
0.25 |
$ |
0.23 |
$ |
0.02 |
8.7 % |
|||
Maintenance capital expenditures |
$ |
(713) |
$ |
(557) |
$ |
(156) |
28.0 % |
|||
Straight line rental revenue differences |
$ |
(16) |
$ |
45 |
$ |
(61) |
nm* |
|||
AFFO1 |
$ |
12,888 |
$ |
12,507 |
$ |
381 |
3.0 % |
|||
AFFO per Unit1 |
$ |
0.24 |
$ |
0.22 |
$ |
0.02 |
9.1 % |
|||
Weighted Average Unit Count |
53,856,476 |
57,212,200 |
(3,355,724) |
-5.9 % |
||||||
Unitholders' equity |
$ |
708,300 |
$ |
951,768 |
$ |
(243,468) |
-25.6 % |
|||
NAV1 |
$ |
927,504 |
$ |
1,243,575 |
$ |
(316,071) |
-25.4 % |
|||
NAV per Unit1 |
$ |
17.20 |
$ |
21.75 |
$ |
(4.55) |
-20.9 % |
* |
Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. |
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. |
Same Community revenue of $42.0 million for Q1 2024 increased 1.0% compared to $41.6 million for Q1 2023, primarily due to a 0.9% increase in average rental rates from $1,489 per apartment unit as of March 31, 2023 to $1,502 per apartment unit as of March 31, 2024 as well as increases in other rental income and utilities reimbursements.
The net loss and comprehensive loss change between Q1 2024 and Q1 2023 is primarily due to adjustments to fair value of investment properties and derivatives and other financial liabilities from December 31, 2023 to March 31, 2024 and December 31, 2022 to March 31, 2023, respectively, and is not considered comparable period over period.
The 4.4% increase in Same Community NOI for Q1 2024 to $23.8 million compared to $22.8 million in Q1 2023 was the result of the increase in revenue as described above and a decrease in real estate taxes of $1.0 million caused by tax refunds of $1.1 million received during Q1 2024 ($0.4 million received during Q1 2023) and $0.3 million lower real estate taxes compared to Q1 2023, related to the change in Texas tax legislation in November 2023, partially offset by an increase in property operating expenses of $0.4 million due to higher property insurance costs.
FFO was $13.6 million for Q1 2024 and $13.0 million compared to Q1 2023, or $0.25 per Unit and $0.23 per Unit, respectively. The increase in FFO per Unit was primarily the result of the increase in Same Community NOI described above, offset by $0.4 million in higher interest costs. FFO per Unit also increased as a result of the REIT's repurchase and cancellation of 3.5 million Units under its normal course issuer bid ("NCIB") and automatic securities purchase plan ("ASPP") in 2023.
AFFO was $12.9 million for Q1 2024 and $12.5 million compared to Q1 2023, or $0.24 per Unit and $0.22 per Unit, respectively. The improvement was primarily the result of the increase in FFO discussed above, partially offset by a $0.2 million increase in maintenance capital expenditures due to the timing of projects in Q1 2024.
NAV was $0.9 billion, or $17.20 per unit, as of March 31, 2024 compared to $1.2 billion, or $21.75 per unit, as of March 31, 2023. The year over year decrease is primarily due to a decrease in the fair value of investment property values driven primarily by capitalization rate expansion subsequent to March 31, 2023.
In thousands of U.S. dollars (except per unit amounts)
March 31, 2024 |
December 31, |
September 30, |
June 30, 2023 |
||||
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, |
|||||||
Same Community1 Properties |
$ 1,502 |
$ 1,503 |
$ 1,504 |
$ 1,501 |
|||
Weighted average occupancy rate |
95.3 % |
95.3 % |
95.2 % |
95.3 % |
|||
Retention rate |
52.3 % |
52.7 % |
56.0 % |
56.0 % |
|||
Debt to Gross Book Value1 |
46.5 % |
44.5 % |
41.3 % |
39.4 % |
|||
Q1 2024 |
Q4 2023 |
Q3 2023 |
Q2 2023 |
||||||||
Operating Results |
|||||||||||
Revenue, Same Community1 Properties |
$ |
41,983 |
$ |
42,096 |
$ |
42,079 |
$ |
42,043 |
|||
NOI1, Same Community1 Properties |
$ |
23,839 |
$ |
22,838 |
$ |
22,694 |
$ |
23,044 |
|||
NOI Margin1, Same Community1 Properties |
56.8 % |
54.3 % |
53.9 % |
54.8 % |
|||||||
Net loss and comprehensive loss |
$ |
(1,571) |
$ |
(69,530) |
$ |
(79,286) |
$ |
(45,916) |
|||
Distributions on Class B Units |
$ |
2,626 |
$ |
2,650 |
$ |
2,663 |
$ |
2,665 |
|||
Fair value adjustment to investment properties |
$ |
38,718 |
$ |
70,987 |
$ |
111,080 |
$ |
71,805 |
|||
Fair value adjustment to investment |
|||||||||||
properties (IFRIC 21) |
$ |
(22,211) |
$ |
6,603 |
$ |
7,814 |
$ |
7,746 |
|||
Property tax liability adjustment, net (IFRIC 21) |
$ |
22,211 |
$ |
(6,603) |
$ |
(7,814) |
$ |
(7,746) |
|||
Fair value adjustment to derivatives and other |
|||||||||||
financial liabilities |
$ |
(26,153) |
$ |
8,790 |
$ |
(20,913) |
$ |
(15,107) |
|||
Fair value adjustment to unit-based compensation |
$ |
(2) |
$ |
(74) |
$ |
(464) |
$ |
(170) |
|||
Restructuring costs |
$ |
- |
$ |
263 |
$ |
- |
$ |
- |
|||
Loss on extinguishment of debt |
$ |
- |
$ |
176 |
$ |
- |
$ |
- |
|||
Principal payments on lease liability |
$ |
(34) |
$ |
(33) |
$ |
(33) |
$ |
(33) |
|||
Depreciation of right-to-use asset |
$ |
33 |
$ |
33 |
$ |
34 |
$ |
33 |
|||
FFO1 |
$ |
13,617 |
$ |
13,262 |
$ |
13,081 |
$ |
13,277 |
|||
FFO per Unit |
$ |
0.25 |
$ |
0.24 |
$ |
0.23 |
$ |
0.23 |
|||
Maintenance capital expenditures |
$ |
(713) |
$ |
(818) |
$ |
(1,141) |
$ |
(1,776) |
|||
Straight line rental revenue differences |
$ |
(16) |
$ |
- |
$ |
(2) |
$ |
25 |
|||
AFFO1 |
$ |
12,888 |
$ |
12,444 |
$ |
11,938 |
$ |
11,526 |
|||
AFFO per Unit1 |
$ |
0.24 |
$ |
0.22 |
$ |
0.21 |
$ |
0.20 |
|||
AFFO Payout Ratio |
53.9 % |
58.3 % |
61.6 % |
63.9 % |
|||||||
Weighted Average Unit Count |
53,856,476 |
55,799,773 |
56,930,050 |
57,199,497 |
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. |
As of March 31, 2024, the REIT had liquidity of $107.4 million, consisting of cash and cash equivalents of $7.7 million and $99.7 million available under its senior secured revolving credit facility ("Credit Facility"). The REIT also has the flexibility to obtain additional liquidity through adding properties to the borrowing base of the Credit Facility.
As of March 31, 2024, the REIT had total mortgage notes payable of $458.8 million, excluding the revolving credit facility and construction loan for the investment property under development, with a weighted average contractual interest rate of 3.5% and a weighted average term to maturity of 4.1 years. In aggregate, mortgage notes payable and the revolving credit facility total $779.9 million as of March 31, 2024 with a weighted average contractual interest rate of 3.4%, which excludes the Convertible Debentures and the construction loan for the investment property under development. Debt to Gross Book Value excluding the Convertible Debentures as of March 31, 2024 was 44.3%. Excluding the construction loan for the investment property under development as of March 31, 2024, 100% of the REIT's debt was fixed or economically hedged to fixed rates at a weighted average contractual interest rate of 3.5%.
As of March 31, 2024, the REIT had outstanding Convertible Debentures valued at $39.8 million at a contractual interest rate of 5.0%, maturing on September 30, 2025, with a conversion price of $14.40 per Unit.
On October 3, 2022, the Toronto Stock Exchange ("TSX") accepted the REIT's notice of intention to make a normal course issue bid ("NCIB") which commenced on October 6, 2022 for up to a maximum of 3,322,107 of its issued and outstanding Units. The NCIB expired on October 5, 2023. On October 4, 2023, the TSX accepted the REIT's notice of intention to renew its NCIB which commenced on October 6, 2023 for up to a maximum of 3,186,336 of its issued and outstanding Units. The REIT concurrently renewed its ASPP in connection with the renewed NCIB. The REIT can purchase Units for a 12-month period ending on October 5, 2024. The REIT suspended the ASPP in December 2023, but the NCIB remains in effect.
Cash distributions declared to holders of Units and holders of Class B Units totalled $6.9 million for Q1 2024, representing an AFFO Payout Ratio1 of 53.9%. 100% of the REIT's cash distributions were classified as return of capital. As of March 31, 2024, the total number of Units outstanding was 33,292,999. There were also 20,193,756 Class B Units, which are redeemable for Units on a one-for-one basis, and 438,024 Deferred Units outstanding as of March 31, 2024, leaving a total non-weighted unit count of 53,924,779 for the purpose of calculating FFO per Unit, AFFO per Unit and NAV per Unit as defined above.
The REIT's 2024 guidance is outlined below for FFO per Unit and AFFO per Unit, along with its expectations for growth in Same Community Properties' revenue, operating expenses and NOI. The guidance does not include potential acquisitions, dispositions or future growth from the impact of properties currently under development.
The REIT has revised it's 2024 guidance to lower the midpoint for total revenue growth to 1.5% from 2.0% and lower property operating expenses and real estate tax growth to 1.0% from 2.0%, caused by a decrease in the cost of insurance, resulting in no change to the midpoint for NOI growth or FFO per Unit and AFFO per Unit compared to the previous guidance.
Revised guidance for 2024 |
||
Per Unit |
Range |
Midpoint |
Total Portfolio |
||
FFO per Unit |
$0.91 to $0.97 |
$0.94 |
AFFO per Unit |
$0.84 to $0.90 |
$0.87 |
Same Community Growth |
||
Total Revenue |
0.0% to 3.0% |
1.5 % |
Property Operating Expenses and Real Estate Taxes |
0.0% to 2.0% |
1.0 % |
NOI |
1.0% to 3.0% |
2.0 % |
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.
Dan Oberste, President and Chief Executive Officer, and Susan Rosenbaum, Interim Chief Financial Officer and Chief Operating Officer, will host a conference call for analysts and investors on Thursday May 9th, 2024 at 12:00 pm (ET). Participants can register and enter their phone number at: https://emportal.ink/4aDw04S 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/WMOEVaKx0dJ.
A replay of the call will be available until Thursday, May 16th, 2024. To access the replay, dial 416-764-8677 or 888-390-0541 (Passcode: 857407#). A transcript of the call will be archived on the REIT's website.
The REIT's Annual General Meeting will be held in-person at 2:00pm ET on Thursday, May 9th, 2024, in the offices of Goodmans LLP:
Bay Adelaide Centre - West Tower
333 Bay Street, Suite 3400
Toronto, ON
M5H 2S7
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 markets in the Sunbelt region of the United States.
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 and year ended March 31, 2024, which section is incorporated herein by reference.
Three |
Three |
|||||||||||||
Net loss and comprehensive loss |
$ |
(1,571) |
$ |
(16,138) |
||||||||||
Adjustments to arrive at FFO |
||||||||||||||
Distributions on Class B Units |
2,626 |
2,668 |
||||||||||||
Fair value adjustment to investment properties |
38,718 |
16,526 |
||||||||||||
Fair value adjustment to investment properties (IFRIC 21) |
(22,211) |
(22,163) |
||||||||||||
Property tax liability adjustment, net (IFRIC 21) |
22,211 |
22,163 |
||||||||||||
Fair value adjustment to derivatives and other financial liabilities |
(26,153) |
8,964 |
||||||||||||
Fair value adjustment to unit-based compensation |
(2) |
997 |
||||||||||||
Principal payments on lease liability |
(34) |
(31) |
||||||||||||
Depreciation of right-to-use asset |
33 |
33 |
||||||||||||
Funds from Operations ("FFO") |
$ |
13,617 |
$ |
13,019 |
||||||||||
FFO per Unit |
$ |
0.25 |
$ |
0.23 |
||||||||||
Adjustments to arrive at AFFO |
||||||||||||||
Maintenance capital expenditures |
(713) |
(557) |
||||||||||||
Straight line rental revenue differences |
(16) |
45 |
||||||||||||
Adjusted Funds from Operations ("AFFO") |
$ |
12,888 |
$ |
12,507 |
||||||||||
AFFO per Unit |
$ |
0.24 |
$ |
0.22 |
||||||||||
Distributions declared |
$ |
6,946 |
$ |
7,394 |
||||||||||
AFFO Payout Ratio |
53.9 % |
59.1 % |
||||||||||||
Weighted average unit count |
53,856,476 |
57,212,200 |
||||||||||||
Three months |
Three months |
|||||||||||
Total revenue |
$ 41,983 |
$ 41,585 |
||||||||||
Property operating expenses |
(11,960) |
(11,524) |
||||||||||
Real estate taxes |
(28,395) |
(29,386) |
||||||||||
1,628 |
675 |
|||||||||||
Property tax liability adjustment (IFRIC 21) |
22,211 |
22,163 |
||||||||||
Net Operating Income ("NOI") |
$ 23,839 |
$ 22,838 |
||||||||||
NOI margin |
56.8 % |
54.9 % |
||||||||||
March 31, 2024 |
December 31, |
|||||||||||
Loans and borrowings (current portion) |
$ |
1,865 |
$ |
1,842 |
||||||||
Loans and borrowings (non-current portion) |
794,724 |
771,409 |
||||||||||
Convertible debentures |
39,780 |
39,676 |
||||||||||
Total loans and borrowings and convertible debentures ("Debt") |
836,369 |
812,927 |
||||||||||
Gross Book Value |
$ |
1,797,583 |
1,825,914 |
|||||||||
Debt to Gross Book Value |
46.5 % |
$ |
44.5 % |
|||||||||
March 31, 2024 |
December 31, |
|||||||||||
Unitholders' equity |
$ |
708,300 |
$ |
712,401 |
||||||||
Class B Units |
219,204 |
240,711 |
||||||||||
NAV |
$ |
927,504 |
$ |
953,112 |
||||||||
Unit count, as of the end of period |
53,924,779 |
53,828,591 |
||||||||||
NAV per Unit |
$ |
17.20 |
$ |
17.71 |
||||||||
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
Susan Rosenbaum, Interim Chief Financial Officer and Chief Operating Officer, BSR Real Estate Investment Trust, Tel: 501.371.6335, Fax: 501.374.3383
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