BSR Real Estate Investment Trust of Little Rock on Tuesday reported second-quarter total portfolio net operating income of $20.9 million, up 46.1% from $14.4 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 $38.8 million, up 38.3% from $28 million in the first quarter of 2021. Property acquisitions accounted for $11.4 million of revenue.
Weighted average rent was up 17.1% to $1,412 per apartment unit in the quarter, compared to $1,206 in the same period last year. On a quarterly basis, weighted average rent increased 4.6%.
BSR owns 31 multifamily residential properties consisting of 8,666 apartment units, with 85% located in Texas, 11% in Oklahoma and 4% in Arkansas.
President & CEO Dan Oberste said second-quarter results reflect strong population growth and positive growth in the company's core Texas markets, which are driving outsized rental demand.
"As a result, operating results for the first half of 2022 exceeded expectations, and we expect favorable leasing conditions to continue in the second half of the year," he said in a news release.
BSR last month entered into an agreement to jointly develop the second phase of a 238-unit apartment complex in Austin. The project is expected to be completed in 2024 with a projected total cost of $59.5 million
Shares of BSR were up 2% late Wednesday morning. The company's stock is down about 5.8% year to date.
