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Little Rock , AR and Toronto , ON , August 10 , 2021 – BSR Real Estate Investment Trust ( " BSR " , or the " REIT " ) ( TSX : HOM.U and HOM.UN ) today announced its financial results for the three and six months ended June 30 , 2021 ( “ Q2 2021 ” and “ YTD 2021 " , respectively ) . 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 Q2 2021 and YTD 2021 and the three and six months ended June 30 , 2020 ( " Q2 2020 ” and “ YTD 2020 ” , respectively ) , 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 and six months ended June 30 , 2021 are available on the REIT's website at www.bsrreit.com and at www.sedar.com . " As illustrated by the 27 % year - over - year increase in AFFO in Q2 2021 , our financial results are now beginning to reflect the tremendous impact of the capital recycling program which is now substantially complete , " said John Bailey , the REIT's Chief Executive Officer . " As we continue to use the REIT's acquisition capacity , we expect to maintain this strong financial momentum . Moreover , in conjunction with better - than - anticipated revenue growth due to increasing demand in our primary markets of Dallas , Austin and Houston , Texas , the REIT's NAV has increased 21.9 % year - over - year to $ 14.77 per unit . " Q2 2021 Highlights Adjusted Funds From Operations ( " AFFO " ) for Q2 2021 increased 26.7 % over Q2 2020 ; Net Asset Value ( " NAV " ) per Unit increased 21.9 % to $ 14.77 as of Q2 2021 as compared to $ 12.12 as of Q2 2020 ; Weighted average rent was $ 1,206 per apartment unit as of June 30 , 2021 compared to $ 990 per apartment unit as of June 30 , 2020 , representing a 21.8 % increase ; ● Same Community¹ revenues for Q2 2021 increased 5.4 % over Q2 2020 ; Same Community¹ Net Operating Income¹ ( " NOI " ) for Q2 2021 increased 5.2 % over Q2 2020 ; Total Revenue for Q2 2021 increased 2.8 % over Q2 2020 ; Debt to Gross Book Value¹ as of June 30 , 2021 was 41.5 % ; In April 2021 , the REIT sold Mountain Ranch located in Northwest Arkansas for gross proceeds of $ 49.5 million . The REIT has now exited the Northwest Arkansas market ; ● ● ● ● ESR BSR REIT ANNOUNCES OUTSTANDING Q2 2021 FINANCIAL RESULTS Vibrant Texas Markets Lift NAV 21.9 % to $ 14.77 ● ● In June 2021 , Same Community rental rates for new leases increased 10.0 % and renewals increased 3.2 % ; As of June 30 , 2021 , weighted average occupancy was 96.2 % compared to 94.9 % as of June 30 , 2020 ; and During Q2 2021 , the REIT's AFFO payout ratio was 79.2 % compared to 90.0 % during Q2 2020 . Subsequent Highlights ● 1 In May 2021 , the REIT sold Regency Woods located in Pascagoula , Mississippi for gross proceeds of $ 8.3 million . The REIT has now exited the Pascagoula market ; In May 2021 , the REIT closed on the remaining property included in the $ 195 million acquisition of three apartment communities announced in March , comprising an aggregate 1,009 apartment units , located in the Dallas and Houston , Texas metropolitan statistical areas ( " MSA ” ) ; During Q2 2021 , the REIT collected 99 % of total monthly revenue , reflecting the minimal ongoing impact of the pandemic on the REIT's revenue collection ; In July 2021 , the REIT purchased Hanger 19 cated to the portfolio ; Dallas , Texas MSA for $ 82.8 million , adding 351 apartment units The REIT's Debt to Gross Book Value¹ following the acquisition of Hanger 19 is 44.9 % , providing approximately $ 200 million of acquisition capacity without the requirement for additional equity ; In July 2021 , the REIT again collected 99 % of monthly revenue ; In July 2021 , Same Community rental rates for new leases increased 16.3 % and renewals increased 3.8 % ; and 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 .