Canada's BSR REIT Q4 revenue and FFO per unit fall on asset sales

BSR Real Estate Investment Trust

11/03/2026 21:17

Overview

Canada multifamily REIT's Q4 total portfolio revenue fell, mainly due to property dispositions

Q4 FFO and AFFO per unit declined year-over-year, reflecting lower NOI and higher expenses

Company announced on Wednesday a normal course issuer bid to repurchase up to 10% of public float

Outlook

BSR REIT expects 2026 FFO per unit between $0.75 and $0.79

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

BSR REIT forecasts same-community revenue growth of 0.5% to 1.5% in 2026

Result Drivers

PROPERTY DISPOSITIONS - Q4 revenue fell mainly due to the sale of stabilized assets, which reduced income contributions

LOWER SAME-COMMUNITY RENT - Same-community revenue and NOI declined due to lower average monthly rent and higher real estate taxes, and repair and maintenance expenses

NON-STABILIZED ASSET LEASE-UP - Revenue and NOI from newly acquired and non-stabilized properties partially offset declines, but these assets are still in lease-up and not yet fully contributing

Company press release: ID:nCNWkhm4Va

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Adjusted FFO
$4.30 mln
Q4 FFO
$5.40 mln
Q4 Net Asset Value
$642.30 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "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 $14.75, about 21.5% above its March 11 closing price of $12.14

The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 21 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)