LITTLE ROCK, AR and TORONTO, Feb. 7, 2022 /CNW/ â BSR Real Estate Investment Trust (“BSR” and “the REIT”) (TSX: HOM.U) (TSX: HOM.UN) today provided an operational update highlighting the average rent per apartment unit, occupancy and effective rent growth for the three months ended December 31, 2021. The table below depicts the weighted average rent per apartment unit and physical occupancy as of December 31, 2021 and lease-over-lease effective rent growth for all new and renewal leases entered into during the fourth quarter of 2021, organized by metropolian statistical area for the full portfolio.
|
MSA |
State |
Number |
Avg Rent Per |
Occupancy |
Effective |
Effective |
Effective |
|
|
Austin |
Texas |
1,936 |
$ |
1,464 |
96.9% |
29.3% |
11.0% |
21.2% |
|
Dallas |
Texas |
3,225 |
$ |
1,394 |
96.3% |
20.8% |
7.9% |
16.0% |
|
Houston |
Texas |
2,236 |
$ |
1,366 |
95.5% |
18.7% |
8.8% |
13.1% |
|
Little Rock |
Arkansas |
304 |
$ |
938 |
95.7% |
14.5% |
6.1% |
11.1% |
|
Oklahoma City |
Oklahoma |
965 |
$ |
862 |
93.9% |
19.3% |
5.9% |
12.5% |
|
Total Portfolio |
8,666 |
$ |
1,328 |
96.0% |
21.4% |
8.3% |
15.3% |
|
|
* |
The Occupancy Rate excludes the impact of properties considered to be non-stabilized due to lease-up or renovations. |
The lease growth rates shown above, for the fourth quarter of 2021, are calculated as the average percentage change over the prior lease for new or renewed leases during the quarter.
“During the fourth quarter, the blended lease rate growth in our markets accelerated sequentially to 15.3% from 9.5% in the previous quarter,” said Dan Oberste, BSR’s President and Chief Executive Officer. “This increase results from a focused management team operating a modernized portfolio located in suburban growth corridors surrounding premier markets. The REIT is well positioned for outsized growth.”
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 and secondary markets in the Sunbelt region of the United States.
Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events, including the accretive impact of the REIT’s capital recycling efforts on future financial results, and in some cases can be identified by such terms as “will” and “expected”. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, the factors discussed under “Risks and Uncertainties” in the REIT’s Management’s Discussion and Analysis for the three months ended September 30, 2021 and in the REIT’s annual information form dated March 9, 2021, both of which are available on SEDAR (www.sedar.com). The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.
SOURCE BSR Real Estate Investment Trust
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