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BSR REIT Q3-2018 Earnings & Price Target Forecast

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BSR REIT (HOM.U-TSX) owns a portfolio of 49 multifamily garden-style residential properties consisting of 10,116 apartment units located across five bordering states in the Sunbelt region of the United State. The multi-family residential rental properties are located in Texas, Oklahoma, Arkansas, Louisiana and Mississippi. By number of units 43% are located in Texas, Arkansas- 27%, Oklahoma – 18%, Louisiana -10% and 2% in Mississippi. Operations commenced May-2018 with an issue of 13.5M units at $10.00 per unit and 23M Class B units to the sponsors for a total of $363.5M used to acquire 47 garden-style, multi-family communities. Class B units pay interest to the sponsors, however are equal in terms of rights to dividends to the Units. The Class B units are however not listed on a public stock exchange allowing the holders to defer capital gains taxes until sold. The sponsor has retained 66% ownership in the REIT through 3M units and 23M Class B units.

Acquisitions

On Jun-1-2018, the REIT acquired a 200 unit garden-style residential community, Brandon Place, located in Oklahoma City for $22.2M.

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July 19, 2019
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