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BSR Real Estate’s Net Operating Income Rises in Q4, Full Year

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BSR Real Estate Investment Trust of Little Rock on Monday reported full-year and fourth-quarter total portfolio net operating income of $18.7 million and $62.9 million, respectively, and both grew year-over-year.

The quarterly figure is up 23.7% while the annual figure is up 6.2% year-over-year.

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 year was $119.6 million, up from $113.3 million in 2020.

For the quarter, it was $34.1 million, up from $28.6 million in the same quarter the year before.

“Our capital recycling program, under which we divested communities located in secondary, lower growth markets and reinvested the proceeds in our core Texas markets, resulted in unprecedented operating performance,” President and CEO Dan Oberste said in a news release. ”As a result, as of December 31, 2021, [Net Asset Value] per Unit1 increased 61.0% over the prior year, and we are well positioned to continue driving robust financial results through 2022 and beyond. Reflecting the REIT’s strong, sustainable cash flows, the board of trustees increased the annual cash distribution by 4%, beginning February 2022.”

Weighted average rent was $1,328 per apartment unit as of Dec. 31, up 26.1% from the $1,088 reported at the same time last year.

New lease rental rates also increased, by 21.4%, and renewals increased 8.3% during the quarter.

Also during the quarter, the REIT:

  • Sold Windhaven and Heritage at Hillcrest for $147.9 million;
  • Purchased Aura Benbrook Apartments, Overlook by the Park Apartments and The M at Lakeline Apartments for $273.6 million, adding 1,059 apartment units to its portfolio; and
  • Collected 99% of total monthly revenue
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