BSR REIT Announces First Quarter 2023 Financial Results
LITTLE ROCK, AR and TORONTO, May 10, 2023 /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 ended March 31, 2023 ("Q1 2023"). All comparisons in the following summary are to the corresponding periods 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 Q1 2023 and the three months ended March 31, 2022 ("Q1 2022"), thus removing the impact of acquisitions, dispositions and non-stabilized properties. Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three months ended March 31, 2023 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 trust units of the REIT ("Units"), Class B Units of BSR Trust, LLC ("Class B Units") and issued Deferred Units.
"We delivered Same Community NOI growth of 17.8% and AFFO growth of 18.8% in Q1 2023 over Q1 2022 reflecting the strong fundamentals of multifamily in general and our core Texas markets in particular," said Dan Oberste, the REIT's President and Chief Executive Officer. "BSR is well positioned to generate another year of healthy performance from our existing portfolio and capitalize on new growth opportunities as they arise".
Q1 2023 Highlights
- FFO per Unit1 for Q1 2023 of $0.23 increased 9.5% over Q1 2022;
- AFFO per Unit1 for Q1 2023 of $0.22 increased 10.0% over Q1 2022;
- Weighted average rent increased 10.3% to $1,489 per apartment unit as of March 31, 2023 compared to $1,350 as of March 31, 2022 and 0.5% sequentially from $1,482 as of December 31, 2022;
- Excluding short term leases, during Q1 2023, rental rates for new leases remained the same and renewals increased 7.7% over the prior leases, resulting in a blended increase of 3.6%;
- Same Community1 revenues for Q1 2023 increased 11.1% over Q1 2022;
- Same Community1 Net Operating Income ("NOI")1 for Q1 2023 increased 17.8% over Q1 2022;
- During Q1 2023, the REIT's AFFO Payout Ratio1 was 59.1% compared to 63.3% during Q1 2022;
- Weighted average occupancy was 95.9% as of March 31, 2023 compared to 94.5% as of March 31, 2022;
- Debt to Gross Book Value1 excluding Convertible Debentures (as defined below) as of March 31, 2023 was 36.3%; and
- In January 2023, the REIT entered into a new $80 million interest rate swap at a fixed rate of 1.83% effective June 10, 2024 and maturing April 26, 2030, subject to the counterparty's optional early termination date of June 10, 2025.
Subsequent Highlights
- In May 2023, the REIT entered into a new $50 million interest rate swap at a fixed rate of 2.25% effective October 1, 2024 and maturing July 1, 2031, subject to the counterparty's optional early termination date of February 1, 2027.
_________________________ |
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. |
Q1 2023 Financial Summary
In thousands of U.S. dollars, except per unit amounts
Q1 2023 | Q1 2022 | Change | Change % | ||||
Revenue, Total Portfolio | $ 41,585 | $ 37,545 | $ 4,040 | 10.8 % | |||
Revenue, Same Community1 Properties | $ 39,564 | $ 35,618 | $ 3,946 | 11.1 % | |||
Revenue, Non-Same Community1 Properties | $ 2,021 | $ 1,927 | $ 94 | 4.9 % | |||
Net (loss) income and comprehensive (loss) income | $ (16,138) | $ 59,031 | $ (75,169) | nm* | |||
NOI1, Total Portfolio | $ 22,838 | $ 19,645 | $ 3,193 | 16.3 % | |||
NOI1, Same Community1 Properties | $ 21,870 | $ 18,572 | $ 3,298 | 17.8 % | |||
NOI1, Non-Same Community1 Properties | $ 968 | $ 1,073 | $ (105) | -9.8 % | |||
Funds from Operations ("FFO")1 | $ 13,019 | $ 11,065 | $ 1,954 | 17.7 % | |||
FFO per Unit1 | $ 0.23 | $ 0.21 | $ 0.02 | 9.5 % | |||
Maintenance capital expenditures | $ (557) | $ (702) | $ 145 | -20.7 % | |||
Escrowed rent guaranty realized | $ - | $ 82 | $ (82) | nm* | |||
Straight line rental revenue differences | $ 45 | $ 82 | $ (37) | nm* | |||
AFFO1 | $ 12,507 | $ 10,527 | $ 1,980 | 18.8 % | |||
AFFO per Unit1 | $ 0.22 | $ 0.20 | $ 0.02 | 10.0 % | |||
Weighted Average Unit Count | 57,212,200 | 52,179,657 | 5,032,543 | 9.6 % | |||
Unitholders' equity | $ 951,768 | $ 724,987 | $ 226,781 | 31.3 % | |||
NAV1 | $ 1,223,886 | $ 1,148,747 | $ 75,139 | 6.5 % | |||
NAV per Unit1 | $ 21.36 | $ 21.98 | $ (0.62) | -2.8 % |
*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. |
Total portfolio revenue of $41.6 million for Q1 2023 increased 10.8% compared to $37.5 million in Q1 2022. Same Community properties contributed $4.0 million, as described below, and the non-stabilized property contributed $0.2 million to the overall increase, partially offset by a reduction in revenue due to property dispositions of $0.1 million.
Revenue from Same Community properties of $39.6 million for Q1 2023 increased 11.1% from $35.6 million in Q1 2022, primarily due to a 11.0% increase in average rental rates from $1,335 per apartment unit as of March 31, 2022 to $1,482 per apartment unit as of March 31, 2023.
The net (loss) income and comprehensive (loss) income change between Q1 2023 and Q1 2022 is primarily due to adjustments to fair value of investment properties and derivatives and other financial liabilities from December 31, 2022 to March 31, 2023 and December 31, 2021 to March 31, 2022, respectively, and is not considered comparable period over period.
The 16.3% increase in total portfolio NOI for Q1 2023 to $22.8 million compared to $19.6 million in Q1 2022 was the result of increases of $3.3 million in NOI from Same Community properties, described below, partially offset by the reduction in NOI due to property dispositions of $0.1 million.
The 17.8% increase in Same Community NOI to $21.9 million for Q1 2023 compared to $18.6 million in Q1 2022 was the result of the increase in revenue described above, as well as a $0.4 million decrease in real estate taxes primarily due to the timing of property tax refunds during Q1 2023, partially offset by an increase in property operating expenses of $1.0 million due to higher payroll costs and repair and maintenance expenses, as well as an increase in the cost of insurance over the comparative period.
FFO was $13.0 million, or $0.23 per Unit, for Q1 2023 compared to $11.1 million, or $0.21 per Unit, for Q1 2022. The increase was primarily the result of the higher NOI discussed above, partially offset by $0.9 million higher finance costs (net of finance income primarily from interest rate swaps) associated with an increase in interest rates versus the comparative period.
AFFO was $12.5 million, or $0.22 per Unit, for Q1 2023, compared to $10.5 million, or $0.20 per Unit, for Q1 2022. The improvement was primarily the result of the increase in FFO discussed above, as well as a $0.1 million decrease in maintenance capital expenditures due to the timing of projects in Q1 2023.
Highlights from Recent Four Quarters
In thousands of U.S. dollars (except per unit amounts)
March 31, 2023 | December 31, | September 30, | June 30, | ||||
Operational Information | |||||||
Number of real estate investment properties | 31 | 31 | 31 | 31 | |||
Total apartment units | 8,666 | 8,666 | 8,666 | 8,666 | |||
Average monthly rent on in-place leases | $ 1,489 | $ 1,482 | $ 1,460 | $ 1,412 | |||
Average monthly rent on in-place leases, | |||||||
Same Community1 Properties | $ 1,482 | $ 1,475 | $ 1,452 | $ 1,403 | |||
Weighted average occupancy rate | 95.9 % | 96.0 % | 94.7 % | 95.0 % | |||
Retention rate | 52.5 % | 56.3 % | 54.0 % | 57.1 % | |||
Debt to Gross Book Value1 | 38.4 % | 37.3 % | 36.2 % | 36.2 % |
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | ||||
Operating Results | |||||||
Revenue, Total Portfolio | $ 41,585 | $ 41,637 | $ 40,549 | $ 38,787 | |||
Revenue, Same Community1 Properties | $ 39,564 | $ 39,604 | $ 38,518 | $ 36,871 | |||
Revenue, Non-Same Community1 Properties | $ 2,021 | $ 2,033 | $ 2,031 | $ 1,916 | |||
NOI1, Total Portfolio | $ 22,838 | $ 23,154 | $ 21,719 | $ 20,998 | |||
NOI1, Same Community1 Properties | $ 21,870 | $ 21,970 | $ 20,247 | $ 19,737 | |||
NOI1, Non-Same Community1 Properties | $ 968 | $ 1,184 | $ 1,472 | $ 1,261 | |||
NOI Margin1, Total Portfolio | 54.9 % | 55.6 % | 53.6 % | 54.1 % | |||
NOI Margin1, Same Community1 Properties | 55.3 % | 55.5 % | 52.6 % | 53.5 % | |||
NOI Margin1, Non-Same Community1 Properties | 47.9 % | 58.2 % | 72.5 % | 65.8 % | |||
Net (loss) income and comprehensive | |||||||
(loss) income | $ (16,138) | $ (16,420) | $ 23,787 | $ 160,832 | |||
Distributions on Class B Units | $ 2,668 | $ 2,670 | $ 2,671 | $ 2,678 | |||
Fair value adjustment to investment properties | $ 16,526 | $ 43,071 | $ 23,449 | $ (20,258) | |||
Fair value adjustment to investment | |||||||
properties (IFRIC 21) | $ (22,163) | $ 8,961 | $ 5,635 | $ 7,732 | |||
Property tax liability adjustment, net (IFRIC 21) | $ 22,163 | $ (8,961) | $ (5,635) | $ (7,732) | |||
Fair value adjustment to derivatives and other | |||||||
financial liabilities | $ 8,964 | $ (17,274) | $ (38,330) | $ (129,842) | |||
Fair value adjustment to unit-based | |||||||
compensation | $ 997 | $ (396) | $ (354) | $ (1,771) | |||
Restructuring costs | $ - | $ 1,630 | $ - | $ - | |||
Loss on extinguishment of debt | $ - | $ - | $ 853 | $ - | |||
Principal payments on lease liability | $ (31) | $ (31) | $ (27) | $ (35) | |||
Depreciation of right-to-use asset | $ 33 | $ 34 | $ 33 | $ 33 | |||
FFO1 | $ 13,019 | $ 13,284 | $ 12,082 | $ 11,637 | |||
FFO per Unit | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 | |||
Maintenance capital expenditures | $ (557) | $ (793) | $ (920) | $ (1,218) | |||
Escrowed rent guaranty realized | $ - | $ - | $ - | $ 5 | |||
Straight line rental revenue differences | $ 45 | $ 8 | $ 47 | $ 54 | |||
AFFO1 | $ 12,507 | $ 12,499 | $ 11,209 | $ 10,478 | |||
AFFO per Unit1 | $ 0.22 | $ 0.22 | $ 0.19 | $ 0.19 | |||
AFFO Payout Ratio | 59.1 % | 59.6 % | 67.2 % | 71.8 % | |||
Weighted Average Unit Count | 57,212,200 | 58,006,651 | 58,205,337 | 56,290,702 |
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 March 31, 2023, the REIT had liquidity of $174.0 million, consisting of cash and cash equivalents of $4.3 million and $169.7 million available under its revolving credit facility. The REIT also can obtain additional liquidity by adding properties to the borrowing base of the revolving credit facility.
As of March 31, 2023, the REIT had total mortgage notes payable of $498.8 million, excluding the credit facility, with a weighted average contractual interest rate of 3.3% and a weighted average term to maturity of 4.9 years. Total loans and borrowings of the REIT as of March 31, 2023 were $741.1 million with a weighted average contractual interest rate of 3.3%, excluding the convertible unsecured subordinated debentures (the "Convertible Debentures"). Debt to Gross Book Value excluding the convertible debentures as of March 31, 2023 was 36.3%. As of March 31, 2023, 97% of the REIT's debt was fixed or economically hedged to fixed rates.
As of March 31, 2023, the REIT had outstanding Convertible Debentures valued at $42.6 million at a contractual interest rate of 5%, maturing on September 30, 2025 with a conversion price of $14.40 per Unit.
On October 3, 2022, the Toronto Stock Exchange accepted the REIT's notice of intention to make a NCIB for up to a maximum of approximately 3.3 million of its issued and outstanding Units. The REIT may purchase Units for a twelve-month period beginning on October 6, 2022 and the NCIB will terminate on October 5, 2023. Through May 9, 2023, the REIT has purchased and canceled 1,166,007 Units under its NCIB and related automatic securities purchase plan at an average price of $13.49 per Unit.
Distributions and Units Outstanding
Cash distributions declared to holders of Units and holders of Class B Units totalled $7.4 million for Q1 2023, representing an AFFO Payout Ratio1 of 59.1%. 100% of the REIT's cash distributions were classified as return of capital. As of March 31, 2023, the total number of Units outstanding was 36,448,109. There were also 20,521,710 Class B Units outstanding, which are redeemable for Units on a one-for-one basis.
2023 Earnings and Same Community Portfolio Guidance
The REIT's initial 2023 guidance is outlined below for FFO per Unit and AFFO per Unit, along with its expectations for Same Community Properties for revenue, property operating expense and NOI in 2023. The guidance does not include acquisitions, dispositions or future growth from the impact of properties currently under development. As of March 31, 2023, there have been no revisions to the initial 2023 guidance. The REIT will update this guidance on a quarterly basis as necessary.
Initial guidance for 2023 | ||
Per Unit | Range | Midpoint |
Total Portfolio | ||
FFO per Unit | $0.90 to $0.96 | $0.93 |
AFFO per Unit | $0.83 to $0.89 | $0.86 |
Same Community Growth | ||
Total Revenue | 5.0% to 7.0% | 6.0 % |
Property Operating Expenses | 4.0% to 6.0% | 5.0 % |
NOI | 6.0% to 8.0% | 7.0 % |
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 Brandon Barger, Chief Financial Officer, will host a conference call for analysts and investors on Thursday May 11th, 2023 at 12:00 pm (ET). Participants can register and enter their phone number at: https://emportal.ink/3nCvn8e to receive an instant automated call back. Alternatively, they can dial 416-764-8688 or 1-888-390-0546 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: https://app.webinar.net/Q5O6eLvMjWL.
A replay of the call will be available until Thursday, May 18th, 2023. To access the replay, dial 416-764-8677 or 888-390-0541 (Passcode: 085281#). A transcript of the call will be archived on the REIT's website.
Annual General Meeting
The REIT's Annual General Meeting will be held in-person at 2:00pm ET on May 11th, 2023, in the offices of Goodmans LLP:
Bay Adelaide Centre - West Tower
333 Bay Street, Suite 3400
Toronto, ON
M5H 2S7
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 ended March 31, 2023, which section is incorporated herein by reference.
Three | Three | ||||||||||||
Net income and comprehensive income | $ (16,138) | $ 59,031 | |||||||||||
Adjustments to arrive at FFO | |||||||||||||
Distributions on Class B Units | 2,668 | 2,648 | |||||||||||
Fair value adjustment to investment properties | 16,526 | (118,789) | |||||||||||
Fair value adjustment to investment properties (IFRIC 21) | (22,163) | (22,328) | |||||||||||
Property tax liability adjustment, net (IFRIC 21) | 22,163 | 22,328 | |||||||||||
Fair value adjustment to derivatives and other financial | |||||||||||||
liabilities | 8,964 | 65,607 | |||||||||||
Fair value adjustment to unit-based compensation | 997 | 2,569 | |||||||||||
Principal payments on lease liability | (31) | (34) | |||||||||||
Depreciation of right-to-use asset | 33 | 33 | |||||||||||
Funds from Operations ("FFO") | $ 13,019 | $ 11,065 | |||||||||||
FFO per Unit | $ 0.23 | $ 0.21 | |||||||||||
Adjustments to arrive at AFFO | |||||||||||||
Maintenance capital expenditures | (557) | (702) | |||||||||||
Escrowed rent guaranty realized | — | 82 | |||||||||||
Straight line rental revenue differences | 45 | 82 | |||||||||||
Adjusted Funds from Operations ("AFFO") | $ 12,507 | $ 10,527 | |||||||||||
AFFO per Unit | $ 0.22 | $ 0.20 | |||||||||||
Distributions declared | $ 7,394 | $ 6,666 | |||||||||||
AFFO Payout Ratio | 59.1 % | 63.3 % | |||||||||||
Weighted average unit count | 57,212,200 | 52,179,657 | |||||||||||
Three months | Three months | ||||||||||||
Total revenue | $ 41,585 | $ 37,545 | |||||||||||
Property operating expenses | (11,524) | (10,362) | |||||||||||
Real estate taxes | (29,386) | (29,866) | |||||||||||
675 | (2,683) | ||||||||||||
Property tax liability adjustment (IFRIC 21) | 22,163 | 22,328 | |||||||||||
Net Operating Income ("NOI") | $ 22,838 | $ 19,645 | |||||||||||
NOI margin | 54.9 % | 52.3 % | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Loans and borrowings (current portion) | $ 1,791 | $ 1,779 | |||||||||
Loans and borrowings (non-current portion) | 739,314 | 724,581 | |||||||||
Convertible debentures | 42,599 | 42,599 | |||||||||
Total loans and borrowings and convertible debentures ("Debt") | 783,704 | 768,959 | |||||||||
Gross Book Value | $ 2,040,486 | $ 2,063,275 | |||||||||
Debt to Gross Book Value | 38.4 % | 37.3 % | |||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Unitholders' equity | $ 951,768 | $ 975,749 | |||||||||
Class B Units | 272,118 | 267,826 | |||||||||
NAV | $ 1,223,886 | $ 1,243,575 | |||||||||
Unit count, as of the end of period | 57,299,281 | 57,169,893 | |||||||||
NAV per Unit | $ 21.36 | $ 21.75 | |||||||||
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 2023 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 2023, 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, 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 March 31, 2023 and in the REIT's Annual Information Form dated March 8, 2023, 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 2023 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
Brandon Barger, Chief Financial Officer, BSR Real Estate Investment Trust, Tel: 501.371.6338, Fax: 501.374.3383
Share this article