BSR Real Estate Investment Trust of Little Rock on Tuesday reported first-quarter total portfolio net operating income of $19.6 million, up 47.1% from $13.4 million in the same quarter a year ago.
Net operating income is a measure of performance used by real estate operating companies and REITs. The company is publicly traded on the Toronto Stock Exchange (TSX HOM.U).
Total portfolio revenue for the quarter was $37.5 million, up 45.7% from $25.8 million in the first quarter of 2021. Property acquisitions accounted for $13.5 million of revenue.
President & CEO Dan Oberste said results reflected strong rent growth. Weighted average rent was $1,349 per apartment unit as of March 31, a 19% increase from the same period a year ago.
That rent growth contributed to the company's net asset value per unit increasing more than 66% year-over-year to $21.98.
Rental rates for new leases, excluding properties undergoing initial lease up, increased 17.4%. Renewals increased 9%.
BSR has 31 garden-style, multi-family developments totaling 8,666 units in Arkansas, Oklahoma and Texas.
Oberste said a $115 million equity offering in April "fortified our balance sheet" and positions BSR to "continue to execute our growth plan by building on our established scale in Austin, Dallas and Houston."