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BSR Reports Net Operating Income and Revenue Up in Q1

1 min read

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 AustinDallas and Houston.”

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