/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
This news release constitutes a "designated
news release" for the purposes of the REIT's prospectus supplement
dated December 8, 2021, to its short
form base shelf prospectus dated December 1,
2021.
LITTLE
ROCK, Ark. and TORONTO, Sept. 29,
2023 /CNW/ - BSR Real Estate Investment Trust
("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today
that the Toronto Stock Exchange (the "TSX") has approved the REIT's
intention to renew its normal course issuer bid ("NCIB") for a
portion of its trust units ("Units") as appropriate opportunities
arise from time to time. The board of trustees of the REIT believes
that purchases of Units at prices below the REIT's view of its
intrinsic value are in the best interests of the REIT and a
desirable use of the REIT's capital.
Pursuant to the NCIB notice filed with the TSX, the REIT intends
to acquire up to a maximum of 3,186,336 of its Units, or
approximately 10% of its public float as of September 27, 2023 for cancellation over the next
12 months. As of September 27, 2023
the REIT had 36,084,795 issued and outstanding Units.
Purchases under the renewed NCIB will be made through the
facilities of the TSX and/or through alternative Canadian trading
systems and in accordance with applicable regulatory requirements
at a price per Unit representative of the market price at the time
of acquisition. The number of Units that can be purchased pursuant
to the renewed NCIB is subject to a current daily maximum of 11,256
(which is equal to 25% of 45,025, being the average daily trading
volume from March 1, 2023 to
August 31, 2023), subject to the
REIT's ability to make block purchases of Units that exceed such
limits. All Units purchased under the renewed NCIB will be
cancelled upon their purchase. The REIT intends to fund the
purchases out of its available resources.
Under its current NCIB, which expires on October 5, 2023, the REIT received approval from
the TSX to purchase for cancellation a total of
3,322,107 Units of which, as at the close of business on
September 27, 2023, 1,481,684 Units
have been purchased by the REIT at a weighted average price of
US$13.25 per Unit.
Pursuant to the renewed NCIB, the REIT may begin to purchase
Units on October 6, 2023 and the NCIB
will terminate on October 5, 2024 or
such earlier time as the REIT completes its purchases pursuant to
the NCIB or provides notice of termination.
The REIT has adopted an automatic securities purchase plan in
connection with its renewed NCIB that contains strict parameters
regarding how its Units may be repurchased during times when it
would ordinarily not be permitted to purchase Units due to
regulatory restrictions or self-imposed blackout periods.
ABOUT BSR REAL ESTATE INVESTMENT TRUST
BSR Real Estate Investment Trust is an internally managed,
unincorporated, open-ended real estate investment trust established
pursuant to a declaration of trust under the laws of the Province
of Ontario. The REIT owns a
portfolio of multifamily garden-style residential properties
located in attractive primary and secondary markets in the Sunbelt
region of the United States.
Additional information about the REIT is available at
www.bsrreit.com or www.sedar.com.
Forward-Looking Information
This news release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the REIT's current expectations regarding future events, including
statements about the number of Units to be acquired under the
renewed NCIB and related matters. In some cases forward-looking
information can be identified by such terms as "will", "may",
"would" and "expected". Forward-looking information is based on a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the REIT's control that
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward-looking
information. The REIT's estimates, beliefs and assumptions, which
may prove to be incorrect, include those relating to future events
and financial trends that it believes may affect its financial
condition, financial performance, business strategy and financial
needs. Although the forward-looking statements contained in this
news release are based upon assumptions that management of the REIT
believe are reasonable based on information currently available to
management, there can be no assurance that actual results will be
consistent with these forward-looking statements. The risks and
uncertainties that may impact such forward-looking information
include, but are not limited to the factors discussed under "Risk
Factors" in the REIT's annual information form dated
March 8, 2023 and other disclosure documents available
on SEDAR (www.sedar.com). There can be no assurance that
forward-looking statements will prove to be accurate as actual
outcomes and results may differ materially from those expressed in
these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements. The
REIT does not undertake any obligation to update such
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. This forward-looking information speaks
only as of the date of this news release.
SOURCE BSR Real Estate Investment Trust