Overview

• Canada multifamily REIT's Q1 portfolio revenue fell 22% yr/yr due to property dispositions

• Same Community revenue and NOI declined on lower occupancy and average rents

• Company authorized normal course issuer bid to repurchase up to 10% of public float

Outlook

• BSR REIT maintains 2026 FFO per unit guidance at $0.75 to $0.79

• Company expects 2026 AFFO per unit between $0.68 and $0.74

• BSR REIT forecasts 2026 Same Community NOI growth of 0.0% to 1.0%

Result Drivers

• PROPERTY DISPOSITIONS - Co said revenue and NOI declines were primarily due to the sale of properties, which reduced revenue by $15.2 mln and NOI by $8.9 mln yr/yr

• SAME COMMUNITY PERFORMANCE - Lower occupancy and average rents in Same Community properties led to a $0.4 mln decline in revenue and $0.7 mln drop in NOI yr/yr

• PROPERTY ACQUISITIONS - Newly acquired properties contributed $6.0 mln in revenue and $3.2 mln in NOI, but are still in the lease-up and stabilization phase

Company press release: ID:nCNW2lbGMa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the residential reits peer group is "buy"

• Wall Street's median 12-month price target for BSR Real Estate Investment Trust is $13.00, about 11.2% above its May 12 closing price of $11.69

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

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