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ESR BSR REIT ANNOUNCES STRONG 2020 FINANCIAL RESULTS WITH IMPRESSIVE CAPITAL RECYCLING - Same Community NOI increased 2.7 % for the year , REIT positioned for growth - Little Rock , AR and Toronto , ON , March 9 , 2021 – BSR Real Estate Investment Trust ( " BSR " , or the " REIT " ) ( TSX : HOM.U and HOM.UN ) today announced its financial results for the three months and year ended December 31 , 2020 ( " Q4 2020 " and " FY 2020 " , respectively ) . 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 properties the REIT has owned for equivalent periods throughout Q4 2020 and FY 2020 and the three months and year ended December 31 , 2019 ( “ Q4 2019 " and " FY 2019 " , respectively ) , thus removing the impact of acquisitions and dispositions . Audited Financial Statements and Management's Discussion and Analysis as of and for the three months and year ended December 31 , 2020 are available on the REIT's website at www.bsrreit.com and at www.sedar.com . " 2020 was an active and successful year for BSR even with challenges presented by the pandemic , " said John Bailey , the REIT's Chief Executive Officer . " During the year , we continued to successfully execute our capital recycling and growth program , with the divestiture of 17 non - core properties comprising 3,865 apartment units and the acquisition of six properties comprising 1,978 apartment units in targeted primary growth markets . This program will continue into 2021. With the remaining proceeds of the divestiture program and the additional net proceeds from our recent $ 69 million unit offering , we are now poised to stabilize and then grow the portfolio by taking advantage of our robust acquisition pipeline while increasing unitholder value though organic rental and asset value growth . " 2020 Highlights ● ● ● Same Community¹ revenues for FY 2020 increased 2.1 % over FY 2019 ; Weighted average rent was $ 1,088 per apartment unit as of December 31 , 2020 compared to $ 937 per apartment unit as of December 31 , 2019 , representing a 16.1 % increase ; ● Same Community¹ Net Operating Income¹ ( " NOI " ) for FY 2020 increased 2.7 % over FY 2019 ; During FY 2020 , the REIT acquired six apartment communities , in its primary markets , for $ 338 million of which $ 129 million relates to two communities acquired in Q4 2020 ; During FY 2020 , the REIT added 156 apartment units to the portfolio , through the development of Wimbledon Green II ; During FY 2020 , the REIT sold 17 non - core properties for $ 346 million , of which $ 260 million relates to 12 properties sold in Q4 2020 , as part of the its capital recycling program , under which the REIT recycles proceeds from asset sales , on a tax deferred basis , into its high growth primary markets ; These acquisitions and dispositions reduced the average age of the BSR portfolio by 13 years to 16 years ; 95 % of NOI is now derived from the REIT's core markets ; Debt to Gross Book Value¹ as of December 31 , 2020 was 46.5 % ; During FY 2020 , the REIT issued $ 42.5 million of 5 % convertible debentures maturing September 30 , 2025 with a conversion price of $ 14.40 per Unit ; Subsequent Highlights On February 9 , 2021 , the REIT completed a follow - on offering of 6,302,000 Units ( " February 2021 Offering " ) for total gross proceeds of $ 69 million ; During December 2020 , the REIT collected 99 % of total monthly revenue which is in line with the historical average ; and For the fourth consecutive year , BSR was named one of the best places to work in the state of Arkansas by Arkansas Business and the Best Companies Group . In February 2021 , the REIT sold Towne Park located in Northwest Arkansas for a contractual purchase price of $ 31.7 million for the 237 apartment units . Concurrent with the sale , the buyer assumed an in - place mortgage of $ 18.8 million with a fixed interest rate of 4.48 % resulting in net proceeds of $ 12.9 million and the avoidance of $ 5.8 million in prepayment premiums to the REIT ; Debt to Gross Book Value¹ after the sale of Towne Park is 40 % ; and ¹ Same Community , NOI , NOI margin , FFO , AFFO and Debt to Gross Book Value are non - IFRS financial measures . See " Non - IFRS Financial Measures " in this news release .