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BSR Real Estate Investment Trust
BSR Real Estate Investment Trust (HOM.UN) investor relations material
BSR Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Completed redeployment of capital and integrated newly acquired assets, despite a softer leasing environment than anticipated.
Q3 2025 marked a turning point with Same Community NOI up 2.7% year-over-year and positive blended trade-outs for the first time since Q3 2024.
Cancelled approximately 20 million units (39% of outstanding units) since 2022, enhancing value for unit holders.
The Ownsby, a 368-unit property in Celina, TX, was acquired for $87.5 million and funded via credit facility and cash.
Portfolio repositioning through asset dispositions and acquisitions has impacted year-over-year comparability.
Financial highlights
Same Community NOI increased 2.7% year-over-year in Q3 2025.
Q3 2025 total portfolio revenue was $33.1 million, down $9.2 million year-over-year, mainly due to property dispositions.
FFO per unit was $0.19 (vs. $0.23 last year); AFFO per unit was $0.17 (vs. $0.21 last year).
Cash distributions totaled $0.14 per unit, a 2.5% year-over-year increase.
NAV as of September 30, 2025, was $648.8 million ($16.62 per unit), down from $901.3 million ($16.75 per unit) at year-end 2024, mainly due to the Contribution Transaction and unit cancellation.
Outlook and guidance
Expecting stabilization of new acquisitions to drive revenue and NOI growth in coming quarters.
$4.5 million incremental revenue expected from lease-up of new assets in 2026, with further upside from concession burn-off.
Annual guidance remains suspended due to recent acquisitions and market volatility; more details anticipated at December analyst day.
The REIT is confident in its ability to refinance upcoming debt maturities and is actively exploring alternatives.
Forward-looking statements highlight expectations for continued operational improvement in Texas Triangle markets.
When will new assets stabilize and burn off concessions?
How balance occupancy vs rate in Q4/2026?
When will supply absorption drive rent growth?
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Latest summaries
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Net income up 11.7% YoY, shareholder returns at 50.2%, CET1 ratio at 13.33%. - RM
Record 2025 net income, originations, and efficiency set up strong 2026 growth outlook. - KPIL
27% YOY revenue growth, strong profit and order book, and improved debt metrics drive outlook. - FSV
Annual revenues rose 5% to $5.50B, led by Residential growth and improved profitability. - HEXT
Revenue up 7.6% YoY, margin expands, and AI and acquisitions drive future growth. - 4188
Net income surged on discontinued operations gains, but outlook cut due to restructuring costs. - 021240
Record-high profits and strong rental growth, with overseas expansion led by Malaysia and Thailand. - 021240Record revenue and profit growth in 2Q'25, led by robust domestic and overseas performance.
- 021240Record-high revenue and net profit in 3Q'24, driven by robust rental growth and overseas expansion.
- 021240Record revenue and profit, with strong growth in rental accounts and overseas markets.
Next BSR Real Estate Investment Trust earnings date
Q4 202512 Mar, 2026
BSR Real Estate Investment Trust
Next BSR Real Estate Investment Trust earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
BSR Real Estate Investment Trust owns and operates a portfolio of multifamily residential properties. The REIT focuses on garden-style apartment communities in U.S. markets across the Sunbelt region. The company is headquartered in Little Rock, Arkansas, and its shares are listed on the TSX.
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