BSR REIT ANNOUNCES Q4 2021 AND FULL YEAR FINANCIAL RESULTS

This news release constitutes a "designated news release" for the purposes of the REIT's prospectus supplement dated December 8, 2021, to its short form base shelf prospectus dated December 1, 2021.

LITTLE ROCK, Ark. and TORONTO, March 8, 2022 /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 and year ended December 31, 2021 ("Q4 2021" and "FY 2021", respectively). All comparisons in the following summary are to the corresponding period 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 Q4 2021 and FY 2021 and the three months and year ended December 31, 2020 ("Q4 2020" and "FY 2020", respectively), thus removing the impact of acquisitions, dispositions and non-stabilized properties. Audited Annual Consolidated Financial Statements and Management's Discussion and Analysis as of and for the three months and year ended December 31, 2021 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 diluted trust units of the REIT ("Units") and Class B Units of BSR Trust, LLC ("Class B Units").

"Our capital recycling program, under which we divested communities located in secondary, lower growth markets and reinvested the proceeds in our core Texas markets, resulted in unprecedented operating performance," said Dan Oberste , the REIT's President and Chief Executive Officer. "As a result, as of December 31, 2021, NAV per Unit¹ increased 61.0% over the prior year, and we are well positioned to continue driving robust financial results through 2022 and beyond. Reflecting the REIT's strong, sustainable cash flows, the Board of Trustees increased the annual cash distribution by 4%, beginning February 2022."

Q4 2021 Highlights

• NAV per Unit¹ increased 61.0% to $19.81 as of Q4 2021 as compared to $12.30 as of Q4 2020 and 11.5% sequentially from $17.77 at the end of the previous quarter;
• FFO per Unit¹ for Q4 2021 increased 26.7% over Q4 2020;
• AFFO per Unit¹ for Q4 2021 increased 30.8% over Q4 2020;
• Weighted average rent was $1,328 per apartment unit as of December 31, 2021 compared to $1,088 per apartment unit as of December 31, 2020, representing a 22.1% increase;
• Same Community[1] revenues for Q4 2021 increased 10.6% over Q4 2020;
• Same Community¹ NOI¹ for Q4 2021 increased 19.3% over Q4 2020;
• During Q4 2021, the REIT's AFFO Payout Ratio¹ was 71.4% compared to 92.9% during Q4 2020;
• In Q4 2021, rental rates for new leases increased 21.4% and renewals increased 8.3%, for a blended increase of 15.3%;
• As of December 31, 2021, weighted average occupancy was 96.0% compared to 93.8% as of December 31, 2020;
• Debt to Gross Book Value¹ excluding Convertible Debentures (as defined below) as of December 31, 2021 was 42.4%;
• In November 2021, the REIT sold Windhaven and Heritage at Hillcrest for $147.9 million;
• In December 2021, the REIT purchased Aura Benbrook Apartments, Overlook by the Park Apartments and The M at Lakeline Apartments for $273.6 million, adding 1,059 apartment units to the portfolio; and
• During Q4 2021, the REIT collected 99% of total monthly revenue, reflecting the minimal ongoing impact of the COVID-19 pandemic on the REIT's revenue collection.

_______________________________________

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.

Subsequent Highlights

• In February 2022, the REIT's Board of Trustees approved a 4% increase to the cash distribution beginning with the February 2022 distribution to be paid on March 15, 2022.

Q4 2021 Financial Summary

In thousands of U.S. dollars, except per unit amounts

	Q4 2021		Q4 2020		Change		Change %
Revenue, Total Portfolio	$	34,061	$	28,627	$	5,434	19.0%
Revenue, Same Community^1Properties	$	12,757	$	11,530	$	1,227	10.6%
Revenue, Non-Same Community^1Properties	$	21,304	$	17,097	$	4,207	24.6%
Net income and comprehensive income	$	70,868	$	(38,564)	$	109,432	nm*
NOI^1, Total Portfolio	$	18,678	$	15,098	$	3,580	23.7%
NOI^1, Same Community^1Properties	$	7,229	$	6,057	$	1,172	19.3%
NOI^1, Non-Same Community^1Properties	$	11,449	$	9,041	$	2,408	26.6%
Funds from Operations ("FFO")^1	$	9,653	$	6,655	$	2,998	45.0%
FFO per Unit^1	$	0.19	$	0.15	$	0.04	26.7%
Maintenance capital expenditures	$	(974)	$	(846)	$	(128)	15.1%
Escrowed rent guaranty realized	$	265	$	87	$	178	nm*
Severance/retention costs on dispositions	$	106	$	382	$	(276)	nm*
Straight line rental revenue differences	$	43	$	(153)	$	196	nm*
AFFO^1	$	9,093	$	6,125	$	2,968	48.5%
AFFO per Unit^1	$	0.17	$	0.13	$	0.04	30.8%
Weighted Average Unit Count		52,130,772		45,626,505		6,504,268	14.3%
Unitholders' equity	$	666,569	$	318,663	$	347,906	109.2%
NAV^1	$	1,032,934	$	562,875	$	470,059	83.5%
NAV per Unit^1	$	19.81	$	12.30	$	7.51	61.0%

*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.

The increase in total portfolio revenue for Q4 2021, compared to Q4 2020, was the result of contributions of $1.2 million from Same Community properties, $12.4 million from property acquisitions and $0.2 million from non-stabilized properties, partially offset by property dispositions that reduced revenue by $8.4 million.

Revenue from Same Community properties for Q4 2021 outperformed Q4 2020 by $1.2 million, primarily due to an 8.8% increase in average rental rates from $1,039 per apartment unit as of December 31, 2020 to $1,130 per apartment unit as of December 31, 2021 that represented approximately $0.7 million of the increase, as well as higher occupancy versus the comparative period which contributed approximately $0.3 million to the increase and higher other income of $0.2 million.

The increase in net income (loss) and comprehensive income (loss) for Q4 2021 compared to Q4 2020 was primarily due to a higher fair value adjustment to investment properties of $110.3 million.

The increase in total portfolio NOI for Q4 2021 compared to Q4 2020 was the result of contributions of $1.2 million from Same Community properties and $7.2 million from property acquisitions, partially offset by property dispositions and non-stabilized properties that reduced NOI by $4.7 million and $0.1 million, respectively. Severance/retention costs on dispositions are excluded from NOI.

The increase in Same Community NOI for Q4 2021 compared to Q4 2020 was the result of the increase in revenue described above.

FFO was $9.7 million, or $0.19 per Unit, for Q4 2021 compared to $6.7 million, or $0.15 per Unit, for Q4 2020. The increase was primarily the result of higher NOI discussed above, partially offset by increases of $0.2 million in general and administrative expenses and $0.6 million in finance costs. Losses on extinguishment of debt are excluded from the calculation of FFO.

AFFO was $9.1 million, or $0.17 per Unit, for Q4 2021, compared to $6.1 million, or $0.13 per Unit, for Q4 2020. The improvement was primarily the result of the increase in FFO. Losses on extinguishment of debt and severance/retention costs on dispositions are excluded from the calculation of AFFO. In conjunction with better-than-anticipated revenue growth in its primary markets of Dallas, Austin and Houston, the REIT expects continued growth in NOI and AFFO throughout 2022.

FY 2021 Financial Summary

In thousands of U.S. dollars, except per unit amounts

	FY 2021		FY 2020		Change		Change %
Revenue, Total Portfolio	$	119,582	$	113,286	$	6,296	5.6%
Revenue, Same Community^1Properties	$	49,019	$	45,753	$	3,266	7.1%
Revenue, Non-Same Community^1Properties	$	70,563	$	67,533	$	3,030	4.5%
Net income and comprehensive income	$	283,214	$	27,577	$	255,637	nm*
NOI^1, Total Portfolio	$	62,911	$	59,236	$	3,675	6.2%
NOI^1, Same Community^1Properties	$	26,605	$	24,205	$	2,400	9.9%
NOI^1, Non-Same Community^1Properties	$	36,306	$	35,031	$	1,275	3.6%
FFO^1	$	30,619	$	27,687	$	2,932	10.6%
FFO per Unit^1	$	0.60	$	0.61	$	(0.01)	-1.6%
Maintenance capital expenditures	$	(3,108)	$	(3,295)	$	187	-5.7%
Escrowed rent guaranty realized	$	2,417	$	524	$	1,893	nm*
Severance/retention costs on dispositions	$	211	$	568	$	(357)	nm*
Straight line rental revenue differences	$	(32)	$	(70)	$	38	nm*
AFFO^1	$	30,107	$	25,414	$	4,693	18.5%
AFFO per Unit^1	$	0.59	$	0.56	$	0.03	5.4%
Weighted Average Unit Count		51,407,230		45,136,847		6,270,382	13.9%

*Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes

¹Same Community, NOI, 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.

The increase in total portfolio revenue for the year ended December 31, 2021 compared to the year ended December 31, 2020 was the result of contributions of $3.3 million from Same Community properties, $39.8 million from property acquisitions and $2.7 million from non-stabilized properties, partially offset by property dispositions that reduced revenue by $39.5 million.

The increase in revenue from Same Community properties for the year ended December 31, 2021 compared to the year ended December 31, 2020 was due to higher average rental rates, discussed above, which represented approximately $1.6 million of the increase, as well as higher occupancy representing approximately $0.9 million. The remaining $0.7 million of the increase in revenue is related to $0.5 million higher other income associated with late fees, fees for allowing residents to lease an apartment on a month-to-month basis, pet fees and lease termination fees as well as $0.2 million higher utility reimbursement revenues.

The increase in net income and comprehensive income for the year ended December 31, 2021 compared to the year ended December 31, 2020 was primarily due to a higher fair value adjustment to investment properties of $402.2 million, partially offset by a higher fair value adjustment to derivatives and other financial liabilities of $153.9 million.

The increase in total portfolio NOI for the year ended December 31, 2021 compared to the year ended December 31, 2020 was the result of contributions of $2.4 million from Same Community properties, $20.3 million from property acquisitions and $2.2 million from non-stabilized properties, partially offset by property dispositions that reduced NOI by $21.3 million.

The increase in Same Community NOI for the year ended December 31, 2021 compared to the year ended December 31, 2020 was primarily the result of the increase in revenue described above as well as an increase in property operating expenses of $1.0 million due to increases in utility expenses, property insurance, apartment turnover expense and other administrative expenses, partially offset by a $0.1 million decline in real estate taxes related to refunds associated with reduced assessments from prior years.

FFO was $30.6 million, or $0.60 per Unit, for FY 2021, compared to $27.7 million, or $0.61 per Unit, for FY 2020. The increase in FFO was primarily the result of the increase in NOI discussed above offset by a $0.6 million increase in general and administrative expenses related to additional payroll, equity based compensation, insurance and other professional fees. Losses on extinguishment of debt are excluded from the calculation of FFO.

AFFO was $30.1 million, or $0.59 per Unit, for the year ended December 31, 2021, compared to $25.4 million, or $0.56 per Unit, for the year ended December 31, 2020. The increase in AFFO is primarily related to the increase in FFO described above, as well as an increase of $1.9 million in escrowed rent guaranty realized in Q4 2021 compared to Q4 2020. Loss on extinguishment of debt and severance/retention costs on dispositions are excluded from the calculation of AFFO.

Highlights from Recent Four Quarters

In thousands of U.S. dollars (except per unit amounts)

	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
Operational Information
Number of real estate investment properties		31		30		28		29
Total apartment units		8,666		8,367		7,660		7,804
Average monthly rent on in-place leases	$	1,328	$	1,275	$	1,206	$	1,134
Average monthly rent on in-place leases,
Same Community^1Properties	$	1,130	$	1,104	$	1,068	$	1,025
Weighted average occupancy rate		96.0%		96.4%		96.2%		94.3%
Retention rate		58.5%		56.6%		57.5%		57.5%
Debt to Gross Book Value^1		45.1%		43.5%		41.5%		43.4%
	Q4 2021		Q3 2021		Q2 2021		Q1 2021
Operating Results
Revenue, Total Portfolio	$	34,061	$	31,705	$	28,046	$	25,770
Revenue, Same Community^1Properties	$	12,757	$	12,596	$	12,020	$	11,646
Revenue, Non-Same Community^1Properties	$	21,304	$	19,109	$	16,026	$	14,124
NOI^1, Total Portfolio	$	18,678	$	16,504	$	14,374	$	13,355
NOI^1, Same Community^1Properties	$	7,229	$	6,902	$	6,366	$	6,255
NOI^1, Non-Same Community^1Properties	$	11,449	$	9,602	$	8,008	$	7,100
NOI Margin^1, Total Portfolio		54.8%		52.1%		51.3%		51.8%
NOI Margin^1, Same Community^1Properties		56.7%		54.8%		53.0%		53.7%
NOI Margin^1, Non-Same Community^1Properties		53.7%		50.2%		50.0%		50.3%
Net income and comprehensive income	$	70,868	$	106,993	$	35,975	$	69,378
Distributions on Class B Units	$	2,595	$	2,628	$	2,703	$	2,712
Fair value adjustment to investment properties	$	(114,282)	$	(162,302)	$	(83,469)	$	(62,695)
Fair value adj. to investment prop. (IFRIC 21)	$	5,057	$	5,606	$	5,698	$	(13,368)
Property tax liability adjustment, net (IFRIC 21)	$	(5,057)	$	(5,606)	$	(5,698)	$	13,368
Fair value adjustment to derivatives and other
financial liabilities	$	42,512	$	57,084	$	48,302	$	(4,421)
Fair value adj. to unit-based compensation	$	905	$	1,285	$	830	$	(48)
Costs of disposition of investment properties	$	1,518	$	-	$	1,080	$	609
Loss on extinguishment of debt	$	5,538	$	2,472	$	1,580	$	271
Principal payments on lease liability	$	(33)	$	(33)	$	(33)	$	(33)
Depreciation of right-to-use asset	$	32	$	33	$	32	$	33
FFO^1	$	9,653	$	8,160	$	7,000	$	5,806
FFO per Unit	$	0.19	$	0.16	$	0.13	$	0.12
Maintenance capital expenditures	$	(974)	$	(948)	$	(690)	$	(496)
Escrowed rent guaranty realized	$	265	$	677	$	1,475	$	–
Severance/retention costs on dispositions	$	106	$	–	$	59	$	46
Straight line rental revenue differences	$	43	$	(40)	$	11	$	(46)
AFFO^1	$	9,093	$	7,849	$	7,855	$	5,310
AFFO per Unit^1	$	0.17	$	0.15	$	0.15	$	0.11
AFFO Payout Ratio		71.4%		82.7%		82.6%		117.3%
Weighted Average Unit Count		52,130,772		52,109,042		52,084,576		49,265,328

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 December 31, 2021, the REIT had liquidity of $73.9 million, consisting of cash and cash equivalents of $6.8 million, $22.1 million available on the Credit Facility, $35.0 million available on a line of credit and $10.0 million available on a CIBC Credit Facility.

In Q4 2021, the REIT amended its revolving credit facility, which increased the maximum revolving credit availability to $500 million from $300 million. The REIT can obtain additional liquidity through adding properties to the borrowing base. On January 24, 2022, the REIT's $35.0 million line of credit matured and was not extended.

As of December 31, 2021, the REIT had total mortgage notes payable of $489.3 million, excluding the credit facility and line of credit, with a weighted average contractual interest rate of 2.9% and a weighted average term to maturity of 6.1 years. Total loans and borrowings of the REIT as of December 31, 2021 were $826.5 million, excluding the convertible unsecured subordinated debentures (the "Convertible Debentures"). 53% of the REIT's debt was fixed or economically hedged to fixed rates.

As of December 31, 2021, the REIT had Convertible Debentures valued at $51.7 million outstanding at a contractual interest rate of 5%, maturing on September 30, 2025 with a conversion price of $14.40 per Unit.

On December 1, 2021, the REIT renewed its existing base shelf prospectus (the "Shelf Prospectus"), which is valid until January 1, 2024, to continue to maintain financial flexibility and to have the ability to offer up to an aggregate of $500 million in trust units, warrants and subscription receipts, or a combination thereof, on an accelerated basis pursuant to the filing of prospectus supplements. There is no certainty that any securities will be offered or sold under the Shelf Prospectus.

On December 8, 2021, the REIT announced that it has established an at-the-market equity program (the "ATM Program") that allows the REIT to issue up to $150 million of Units from treasury to the public from time to time, at the REIT's discretion. The ATM Program will be effective until the earlier of (i) the issuance and sale of all of the Units through the agents on the terms and conditions set forth in the equity distribution agreement, (ii) the Shelf Prospectus ceasing to be effective on January 1, 2024, and (iii) the termination of the equity distribution agreement as permitted therein. As of December 31, 2021, no Units have been issued under the ATM Program.

Distributions and Units Outstanding

Cash distributions declared to holders of Units and holders of Class B Units totalled $6.5 million for Q4 2021, representing an AFFO Payout Ratio1 of 71.4%. 100% of the REIT's cash distributions were classified as return of capital. As of December 31, 2021, the total number of Units outstanding was 31,203,610. There were also 20,710,281 Class B Units outstanding, which are redeemable for Units on a one-for-one basis.

On February 15, 2022, the REIT's Board of Trustees approved a 4% increase to the cash distribution to US$0.0433 per Unit, representing $0.52 per Unit on an annualized basis. The increase will begin with the February 2022 distribution to be paid on March 15, 2022.

2022 Earnings and Same Community Portfolio Guidance

Given the unprecedented growth in BSR's markets, the REIT is providing initial 2022 guidance for FFO per Unit1 and AFFO per Unit1, along with its expectations for growth of the Same Community1 properties for revenue, property operating expense and NOI1 in 2022. The REIT will update this guidance on a quarterly basis as necessary. 

	Initial guidance for 2022
Per Unit	Range	Midpoint
Total Portfolio
FFO per Unit	$0.86 to $0.90	$0.88
AFFO per Unit	$0.80 to $0.84	$0.82
Same Community Growth
Total Revenue	8.0% to 10.0%	9.00%
Property Operating Expenses	4.5% to 6.5%	5.50%
NOI	11.0% to 13.0%	12.00%

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 Susan Koehn, Chief Financial Officer, will host a conference call for analysts and investors on Wednesday, March 9^th, 2022 at 11:00 am (ET). The dial-in numbers for participants are 416-764-8688 or 888-390-0546. In addition, the call will be webcast live at:
https://produceredition.webcasts.com/starthere.jsp?ei=1527836&tp_key=a39c8e44af

A replay of the call will be available until Wednesday, March 16^th, 2022. To access the replay, dial 416-764-8677 or 888-390-0541 (Passcode: 255055 #). A transcript of the call will be archived on the REIT's website.

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 and year ended December 31, 2021, which section is hereby incorporated herein by reference.

					Three months ended December 31, 2021		Three months ended December 31, 2020		Year ended December 31, 2021		Year ended December 31, 2020
Net income (loss) and comprehensive income (loss)					$	70,868	$	(38,564)	$	283,214	$	27,577
Adjustments to arrive at FFO
	Distributions on Class B Units				2,595		2,710		10,638		10,892
	Fair value adjustment to investment properties				(114,282)		(3,996)		(422,748)		(20,500)
	Fair value adjustment to investment properties (IFRIC 21)				5,057		4,083		2,993		1,684
	Property tax liability adjustment, net (IFRIC 21)				(5,057)		(4,083)		(2,993)		(1,684)
	Fair value adjustment to derivatives and other financial
		liabilities			42,512		30,809		143,477		(10,432)
	Fair value adjustment to unit-based compensation				905		403		2,972		152
	Costs of disposition of investment properties				1,518		6,589		3,207		7,674
	Convertible debenture issuance costs				—		138		—		2,111
	Loss on extinguishment of debt				5,538		9,981		9,861		11,629
	Change in tenant in common interest				—		(1,414)		—		(1,414)
	Principal payments on lease liability				(33)		(34)		(132)		(133)
	Depreciation of right-to-use asset				32		33		130		131
Funds from Operations ("FFO")					$	9,653	$	6,655	$	30,619	$	27,687
FFO per Unit					$	0.19	$	0.15	$	0.60	$	0.61
Adjustments to arrive at AFFO
	Maintenance capital expenditures				(974)		(846)		(3,108)		(3,295)
	Escrowed rent guaranty realized				265		87		2,417		524
	Severance/retention costs on dispositions				106		382		211		568
	Straight line rental revenue differences				43		(153)		(32)		(70)
Adjusted Funds from Operations ("AFFO")					$	9,093	$	6,125	$	30,107	$	25,414
AFFO per Unit					$	0.17	$	0.13	$	0.59	$	0.56
Distributions declared					$	6,495	$	5,693	$	25,708	$	22,543
AFFO Payout Ratio					71.4%		92.9%		85.4%		88.7%
Weighted average unit count					52,130,772		45,626,505		51,407,230		45,136,847

					Three months ended December 31, 2021		Three months ended December 31, 2020		Year ended December 31, 2021		Year ended December 31, 2020
Total revenue					$	34,061	$	28,627	$	119,582	$	113,286
Property operating expenses					(9,745)		(10,055)		(36,387)		(38,453)
Real estate taxes					(687)		227		(17,501)		(14,481)
					23,629		18,799		65,694		60,352
Property tax liability adjustment (IFRIC 21)					(5,057)		(4,083)		(2,993)		(1,684)
Severance/retention costs on dispositions					106		382		211		568
Net Operating Income ("NOI")					$	18,678	$	15,098	$	62,912	$	59,236
NOI margin					54.8%		52.7%		52.6%		52.3%

								December 31, 2021			December 31, 2020
Loans and borrowings (current portion)								$	1,714		$	43,850
Loans and borrowings (non-current portion)								824,767			432,062
Convertible debentures								51,745			41,756
Total loans and borrowings and convertible debentures ("Debt")								878,226			517,668
Gross Book Value								$	1,948,095		$	1,113,692
Debt to Gross Book Value								45.1%			46.5%

								December 31, 2021			December 31, 2020
Unitholders' equity								$	666,569		$	318,663
Class B Units								366,365			244,212
NAV								$	1,032,934		$	562,875
Unit count, as of the end of period								52,142,519			45,750,508
NAV per Unit								$	19.81		$	12.30

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 2022 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 2022, 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, relatively historically low interest costs, 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 December 31, 2021 and in the REIT's Annual Information Form dated March 8, 2022, 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 2022 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 Koehn, Chief Financial Officer, BSR Real Estate Investment Trust, Tel: [phone], Fax: [phone]