BSR Real Estate Investment Trust (HOM.UN) Q4 2024 earnings summary

Executive summary

• Appointed Tom Cirbus as new CFO, bringing significant real estate and capital markets experience.

• Q4 performance aligned with expectations amid challenging multifamily supply dynamics; strong occupancy maintained at 95.6%.

• Announced transformative sale of nine stabilized properties for $618.5 million, with plans to redeploy proceeds for higher-return acquisitions.

• Construction completed on a new 238-unit property in Austin and acquired Venue Craig Ranch in Dallas-Fort Worth.

• Named Best Places to Work in Multifamily for the third consecutive year.

Financial highlights

• FY 2024 total portfolio revenue increased 0.5% to $168.7M; Q4 revenue was $42.2M, marginally down year-over-year.

• FY 2024 Same Community NOI rose 1.3% to $92.3M; Q4 Same Community NOI decreased 2.6% to $21.9M.

• FY 2024 FFO per Unit was $0.96, up 3.2% year-over-year; AFFO per Unit was $0.88, up 3.5% year-over-year.

• Q4 2024 FFO per Unit was $0.22 (down 8.3% year-over-year); AFFO per Unit was $0.20 (down 9.1% year-over-year).

• FY 2024 net loss was $40.2M, a significant improvement from a $210.9M loss in FY 2023, mainly due to non-cash fair value adjustments.

Outlook and guidance

• No formal 2025 guidance provided due to short-term variability from pending asset sales and redeployment.

• Expect rental rate recovery and positive spreads to begin in late 2025, with robust organic growth anticipated in 2026 as supply is absorbed.

• Focus remains on measured acquisitions in core Texas markets, targeting $155M–$200M by end of May.