BSR REIT ANNOUNCES SALE OF BLUFF CREEK APARTMENTS IN OKLAHOMA CITY FOR $28.3 MILLION

LITTLE ROCK, AR. and TORONTO, March 24, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has sold Bluff Creek Apartments in Oklahoma City, Oklahoma for gross proceeds of $28.3 million. Bluff Creek was built in 1984 and has 316 apartment units. The gross sales price is equal to the IFRS value of the property as of December 31, 2024 and represents an 8.4% increase over the IFRS value as of September 30, 2024.

"This transaction is consistent with our strategy to prove portfolio value by opportunistically divesting fully optimized assets at or near book value, with the intention of redeploying the capital into higher returning assets," stated Dan Oberste, BSR's Chief Executive Officer. "Following our recently announced $618.5 million strategic disposition to AvalonBay Communities, the sale of Bluff Creek Apartments further improves our balance sheet and liquidity, and better positions us to fully capitalize on the improving acquisitions landscape in our core Texas Triangle markets."

Proceeds from the sale will initially be used to pay down the REIT's revolving line of credit while at the same time deferring capital gains tax as part of a reverse 1031 exchange under the US tax code.

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 markets in the Sunbelt region of the United States.

Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's 2024 Management's Discussion & Analysis dated March 5, 2025 which is available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE BSR Real Estate Investment Trust

For further information, please contact: Spencer Andrews, Vice President of Marketing and Investor Relations, BSR Real Estate Investment Trust, Tel: [phone]