Canada's BSR REIT Q1 revenue falls 22% on property sales

BSR Real Estate Investment Trust

13/05/2026 22:09

Overview

Canada multifamily REIT's Q1 portfolio revenue fell 22% yr/yr due to property dispositions

Same Community revenue and NOI declined on lower occupancy and average rents

Company authorized normal course issuer bid to repurchase up to 10% of public float

Outlook

BSR REIT maintains 2026 FFO per unit guidance at $0.75 to $0.79

Company expects 2026 AFFO per unit between $0.68 and $0.74

BSR REIT forecasts 2026 Same Community NOI growth of 0.0% to 1.0%

Result Drivers

PROPERTY DISPOSITIONS - Co said revenue and NOI declines were primarily due to the sale of properties, which reduced revenue by $15.2 mln and NOI by $8.9 mln yr/yr

SAME COMMUNITY PERFORMANCE - Lower occupancy and average rents in Same Community properties led to a $0.4 mln decline in revenue and $0.7 mln drop in NOI yr/yr

PROPERTY ACQUISITIONS - Newly acquired properties contributed $6.0 mln in revenue and $3.2 mln in NOI, but are still in the lease-up and stabilization phase

Company press release: ID:nCNW2lbGMa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted FFO
$6.6 mln
Q1 FFO
$6.9 mln
Q1 Adjusted FFO Per Share
$0.17
Q1 FFO Per Share
$0.18
Q1 Net Asset Value
$654.4 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the residential reits peer group is "buy"

Wall Street's median 12-month price target for BSR Real Estate Investment Trust is $13.00, about 11.2% above its May 12 closing price of $11.69

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)