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.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
LITTLE
ROCK, Ark. and TORONTO, Dec. 22,
2023 /CNW/ - BSR Real Estate Investment Trust ("BSR"
or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today it has
suspended its automatic securities purchase plan ("ASPP") effective
today.
The ASPP was entered into on September
29, 2023 in respect of the REIT's normal course issuer bid
("NCIB") for the purchase of trust units ("Units") during the
twelve-month period from October 6,
2023 to October 5, 2024. Under
the current NCIB, the REIT may acquire up to a maximum of 3,186,336
Units, or approximately 10% of its public float as of September 27, 2023, for cancellation. As of
December 21, 2023, 3,137,895 Units
have been purchased by the REIT under the NCIB at a weighted
average price of US$10.65 per Unit,
all of which were acquired through the ASPP.
The REIT's NCIB remains in place and 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.
"We have created material value for unitholders through
aggressive use of the Unit repurchase plan throughout 2023," said
Dan Oberste, the REIT's CEO and
President. "We will continue to opportunistically utilize the plans
when appropriate in 2024."
The REIT is not aware of any material undisclosed information
about its business or its securities.
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.
SOURCE BSR Real Estate Investment Trust