Company Announcements

LITTLE ROCK, Ark. and TORONTO, June 3, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" and "the REIT") (TSX: HOM.U) (TSX: HOM.UN) has provided a leasing update in advance of its participation in Nareit's REITweek 2025 Investor Conference. BSR has also published an updated investor presentation to its website.

As of May 31, 2025, BSR's Same Community (defined below) weighted average occupancy was 95.7%. Excluding short term leases, during Q2 2025 to-date, Same Community rental rates for new leases and renewals decreased 4.5% and increased 1.7%, respectively, for a blended decrease of 0.9%. Excluding short term leases, for May 2025Same Community rental rates for new leases and renewals decreased 3.7% and increased 2.1%, respectively, for a blended decrease of 0.3%. This performance is consistent with the REIT's stated view that the unprecedented levels of new supply are being effectively absorbed, which will lead to continued improvement in leasing spreads.

The following table highlights key information about the properties as of May 31, 2025, organized by MSA for Same Community, which excludes recent property acquisitions and dispositions as well as any non-stabilized properties. The rental growth rates shown for April and May 2025 are calculated as the average percentage change over the prior lease for new or renewed leases during the period, excluding short term leases.

"Same Community" results are used by management to evaluate performances of investment properties owned by the REIT during comparative periods. Same Community results herein exclude the impact of Venue Craig Ranch, Forayna Vintage Park and Botanic Luxury which were acquired in 2025 and further exclude Aura 35Fifty which completed development in December 2024 and remains non-stabilized during the current period due to lease-up. Same Community results also exclude the impact of Bluff Creek, Cielo I, Cielo II, Retreat at Wolf Ranch, Auberry at Twin Creeks, Satori Frisco, Vale Frisco, Aura Benbrook, Lakeway Castle Hills and Wimberly which were disposed in 2025.

About BSR Real Estate Investment Trust

BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States.

Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's Q1 2025 Management's Discussion & Analysis dated May 7, 2025 which is available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE BSR Real Estate Investment Trust