BSR REIT Q4 2022 Operational Update

LITTLE ROCK, Ark. and TORONTO, Jan. 10, 2023 /CNW/ - BSR Real Estate Investment Trust ("BSR" and "the REIT") (TSX: HOM.U) (TSX: HOM.UN) today provided an operational update highlighting the average rent per apartment unit, occupancy and effective rent growth for the three months ended December 31, 2022, as well as an update on its Normal Course Issuer Bid ("NCIB").

The table below depicts the weighted average rent per apartment unit and physical occupancy as of December 31, 2022 and lease-over-lease effective rent growth for all new and renewal leases entered into during the fourth quarter of 2022, organized by metropolitan statistical area for the full portfolio.

MSA		State		Number of Units		Avg Rent Per Unit as of December 31, 2022		Occupancy Rate as of December 31, 2022		Effective New Lease Rate Growth for Q4 2022		Effective Renewal Lease Rate Growth for Q4 2022		Effective Blended Lease Rate Growth for Q4 2022
Austin		Texas		1,936		$                   1,648		96.8 %		0.0 %		9.9 %		3.8 %
Dallas		Texas		3,225		$                   1,584		96.0 %		6.6 %		14.1 %		9.4 %
Houston		Texas		2,236		$                   1,477		95.7 %		-2.2 %		10.8 %		2.9 %
Little Rock		Arkansas		304		$                   1,034		97.7 %		6.5 %		12.3 %		9.2 %
Oklahoma City		Oklahoma		965		$                      953		94.5 %		-1.8 %		11.9 %		4.6 %
Total Portfolio				8,666		$                   1,482		96.0 %		2.1 %		11.9 %		6.0 %

The lease growth rates shown above, for the fourth quarter of 2022, are calculated as the average percentage change over the prior lease for new or renewed leases during the quarter.

"During the fourth quarter, occupancy accelerated to 96.0% sequentially from 94.7% in the previous quarter," said Dan Oberste, BSR's President and Chief Executive Officer. "The increase in occupancy coupled with favorable blended leasing spreads reflects the continuation of strong demand for high quality apartments in our core markets."

The REIT also provided an update on its NCIB. During the three months ended December 31, 2022, the REIT purchased and cancelled 1,079,507 Units under its NCIB at an average price of US$13.55 per Unit.

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.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events, including the accretive impact of the REIT's capital recycling efforts on future financial results, and in some cases can be identified by such terms as "will" and "expected". 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 risks and uncertainties that may impact such forward-looking information include, but are not limited to, the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three months ended September 30, 2022 and in the REIT's annual information form dated March 8, 2022, both of which are available on SEDAR (www.sedar.com). 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.

SOURCE BSR Real Estate Investment Trust

Brandon Barger, Chief Financial Officer, BSR Real Estate Investment Trust, Tel: [phone], Fax: [phone]