Early Warning Report Issued Pursuant to National Instrument 62-103

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

John S. Bailey Reports Unitholdings in BSR Real Estate Investment Trust

LITTLE ROCK, Ark. and TORONTO, April 1, 2024 /CNW/ - This press release is being disseminated as required by National Instrument 62‐103 – The Early Warning System and Related Take Over Bids and Insider Reporting Issues ("NI 62-103") in connection with the filing of an early warning report (the "Early Warning Report") by John S. Bailey in respect of normal course purchases of trust units ("Trust Units") of BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U and HOM.UN).

On March 28, 2024, Mr. Bailey, through two entities over which he has control or direction, purchased an aggregate of 134,452 Trust Units over the facilities of the Toronto Stock Exchange at an average price of US$11.15 (C$15.10) per Trust Unit for total consideration of US$1,498,646 (C$2,030,665).

As a result of the acquisitions by Mr. Bailey and the REIT's recent repurchases of Trust Units under its normal course issuer bid, Mr. Bailey's beneficial ownership interest in the REIT has increased in amount greater than 2% of the outstanding Trust Units that was the subject of the most recent report filed by Mr. Bailey pursuant to NI 62-103.

In addition to controlling certain other Trust Units, Mr. Bailey also controls certain class B units ("Class B Units") of BSR Trust, LLC, the REIT's operating subsidiary. Each Class B Unit is redeemable by the holder thereof for cash or one Trust Unit (subject to customary anti-dilution adjustments), as determined by BSR Trust, LLC in its sole discretion.

Prior to the purchases on March 28, 2024, Mr. Bailey beneficially owned or exercised control or direction over 3,980,887 Trust Units and 6,453,968 Class B Units (in each case including all securities held by certain entities over which Mr. Bailey has control or direction), which together represented an approximate 19.51% interest in the REIT (determined as if all Class B Units are redeemed for Trust Units) and an approximate 11.96% and 31.96% interest in the outstanding Trust Units and Class B Units, respectively.

Following the purchases on March 28, 2024, Mr. Bailey beneficially owns or exercises control or direction over 4,115,339 Trust Units and 6,453,968 Class B Units (in each case including all securities held by certain entities over which Mr. Bailey has control or direction), which together represent an approximate 19.76% interest in the REIT (determined as if all Class B Units are redeemed for Trust Units) and an approximate 12.36% and 31.96% interest in the outstanding Trust Units and Class B Units, respectively.

The Trust Units and Class B Units held by Mr. Bailey are being held for investment purposes and he may, depending on market and other conditions, increase or decrease his beneficial ownership or control of Trust Units or Class B Units whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

A copy of the early warning report to be filed by Mr. Bailey in connection with the transactions described herein will be available on the REIT's SEDAR+ profile at www.sedarplus.com.

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.

The head office of the REIT is located at 333 Bay Street, Suite 3400, Toronto, Ontario, M5H 2S7. John S. Bailey's address is 1400 W. Markham, Suite 202, Little Rock, AR, 72201.

SOURCE BSR Real Estate Investment Trust

Susan Rosenbaum, Chief Operating Officer & Interim Chief Financial Officer, BSR Real Estate Investment Trust, Tel: [phone], Fax: [phone]