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BSR NEWS RELEASE BSR REIT Announces Superior Q3 2021 Financial Results 2021-11-08 NAV increases 41 % over the prior year LITTLE ROCK , AR and TORONTO , ON , Nov. 9 , 2021 / CNW / - BSR Real Estate Investment Trust ( " BSR " , or the " REIT " ) ( TSX : HOM.U ) ( TSX : HOM.UN ) today announced its financial results for the three and nine months ended September 30 , 2021 ( " Q3 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 Q3 2021 and YTD 2021 and the three and nine months ended September 30 , 2020 ( " Q3 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 nine months ended September 30 , 2021 are available on the REIT's website at www.bsrreit.com and at www.sedar.com . " Our core Texas markets continue to generate outsize growth , with same community rental rates for new leases increasing 19.8 % year - over - year , " said John Bailey , the REIT's Chief Executive Officer . " Robust revenue growth across all of our markets drove a 12.6 % increase in same community Net Operating Income ( " NOI " ) , which in turn contributed to substantial Net Asset Value ( " NAV " ) growth of 41 % over the prior year . With the culmination of our capital recycling program , we have positioned the REIT for sustained outperformance in the years ahead . " Q3 2021 Highlights • NAV per Unit increased 41.0 % to $ 17.77 as of Q3 2021 as compared to $ 12.60 as of Q3 2020 and 20.3 % sequentially from $ 14.77 at the end of the previous quarter ; • . Adjusted Funds From Operations ( " AFFO " ) for Q3 2021 increased 20.9 % over Q3 2020 ; Weighted average rent was $ 1,275 per apartment unit as of September 30 , 2021 compared to $ 1,011 per apartment unit as of September 30 , 2020 , representing a 26.1 % increase ; • Same Community 1 revenues for Q3 2021 increased 7.7 % over Q3 2020 ; 1