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ESR BSR REIT ANNOUNCES Q1 2021 FINANCIAL RESULTS - Dynamic Texas Markets lift NAV 8.3 % to $ 13.21 - - Strong property pipeline and substantial acquisition capacity position REIT for significant NOI and AFFO growth in second half of 2021 and throughout 2022 - Little Rock , AR and Toronto , ON , May 11 , 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 ended March 31 , 2021 ( “ Q1 2021 ” ) . All comparisons in the following summary are to the corresponding period 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 2021 and the three months ended March 31 , 2020 ( " Q1 2020 " ) , 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 , 2021 are available on the REIT's website at www.bsrreit.com and at www.sedar.com . " With the focus of our capital recycling program now primarily oriented to the deployment of our $ 287 million in acquisition capacity , the REIT is positioned to significantly expand our property portfolio on a highly accretive basis , " said John Bailey , the REIT's Chief Executive Officer . " In conjunction with better - than - anticipated revenue growth in our primary markets of Dallas , Austin and Houston , Texas , we expect significant growth in NOI and AFFO in the second half of 2021 and throughout 2022. In addition , the repositioning of the portfolio into these high growth markets has resulted in an 8.3 % increase in the REIT's NAV to $ 13.21 per unit . " Q1 2021 Highlights Same Community¹ revenues for Q1 2021 increased 2.5 % over Q1 2020 ; Weighted average rent was $ 1,134 per apartment unit as of March 31 , 2021 compared to $ 956 per apartment unit as of March 31 , 2020 , representing a 18.6 % increase ; Same Community¹ Net Operating Income¹ ( " NOI " ) for Q1 2021 increased 2.2 % over Q1 2020 ; On February 9 , 2021 , the REIT completed an offering of 6,302,000 Units ( " February 2021 Offering " ) for total gross proceeds of $ 69 million ; 1 During Q1 2021 , the REIT announced the $ 195 million acquisition of three apartment communities in its primary markets , Vale Frisco Apartments located in the Dallas , Texas metropolitan statistical area ( “ MSA " ) and Adley at Gleannloch Apartments and Alleia Long Meadow Farms both located in the Houston , Texas MSA ; together , the acquisitions comprise 1,009 apartment units . Vale Frisco and Adley at Glennloch closed in March and Alleia Long Meadow Farms is expected to close in May 2021 ; During Q1 2021 , the REIT sold three non - core properties comprising 433 apartment units for gross proceeds of $ 34.8 million as part of its capital recycling program , under which the REIT recycles proceeds from asset sales , on a tax deferred basis , into its high growth primary markets ; Net Asset Value ( " NAV " ) per Unit increased 8.3 % to $ 13.21 as of Q1 2021 as compared to $ 12.20 as of Q1 2020 ; Debt to Gross Book Value¹ as of March 31 , 2021 was 43.4 % ; and During March 2021 , the REIT collected 99 % of total monthly revenue , which is in line with the historical average . Subsequent Highlights In April 2021 , the REIT sold Mountain Ranch located in Northwest Arkansas at the contractual sale price of $ 49.5 million for the 360 apartment units . As a result , the REIT has now exited the Northwest Arkansas market ; In May 2021 , the REIT sold Regency Woods located in Pascagoula MSA for a contractual purchase price of $ 8.3 million for the 184 apartment units . As a result , the REIT has now exited the Pascagoula market . The acquisitions and dispositions reduced the average age of the BSR portfolio by 15 years to 14 years from the time of the REIT'S IPO in May 2018 ; The REIT's Debt to Gross Book Value¹ following the dispositions of Mountain Ranch and Regency Woods and acquisition of Alleia is 44.3 % , providing approximately $ 287 million of acquisition capacity without the requirement for additional equity ; Same Community , NOI , NOI margin , FFO , AFFO , Debt to Gross Book Value and NAV per Unit are non - IFRS financial measures . See " Non - IFRS Financial Measures " in this news release .