PR Newswire·Nov 11, 2026, 5:00 PM ET

BSR REIT Announces Third Quarter 2026 Financial Results

BSRT

BSR Real Estate Investment Trust reported financial results for the three and nine months ended September 30, 2026, with total portfolio revenue of $34.5 million for Q3 2026, an increase of 4.3% year-over-year.
Funds from operations (FFO) for Q3 2026 were $7.4 million, representing a 3.5% sequential increase, while Adjusted funds from operations (AFFO) reached $6.4 million, up 8.4% sequentially.
The REIT achieved a strategic milestone by registering with the U.S. SEC on Form 40-F on September 30, 2026, with units beginning to trade on the NYSE under the ticker "BSRT" on October 14, 2026.
Weighted average ending occupancy for the total portfolio remained steady at 94.0% as of September 30, 2026, with retention rates reaching record levels.
Same Community revenue decreased 0.6% year-over-year to $26.4 million due to lower occupancy and average monthly in-place rents, partially offset by growth in other property income from a bulk internet initiative.
Non-Same Community properties contributed $8.2 million in Q3 2026 revenue, driven by acquisitions that are currently in lease-up and stabilization phases.
Total portfolio Net Operating Income (NOI) for Q3 2026 was $17.7 million, a 2.4% increase from the prior year period, while Same Community NOI declined 4.5% due to lower revenue, higher overhead costs, and reduced tax refunds.
Net loss for Q3 2026 was $8.1 million, primarily driven by non-cash fair value adjustments to derivatives and investment properties rather than operational performance.
Debt to Gross Book Value stood at 52.2% as of September 30, 2026, with a weighted average contractual interest rate of 4.1% on total borrowings of $730.9 million.
NAV per unit was $16.10 as of September 30, 2026, down from $16.43 at year-end 2025.
The REIT maintained liquidity of $59.9 million, comprising $4.1 million in cash and $55.8 million available on its $500.0 million credit facility.
Cash distributions declared for Q3 2026 totaled $5.4 million, resulting in an AFFO payout ratio of 84.4%, with 100% classified as return of capital.
2026 annual guidance was revised downward, with FFO per Unit adjusted to a range of $0.73 to $0.77 and AFFO per Unit adjusted to $0.66 to $0.71.
Management expects blended lease rate changes to improve in coming quarters as supply in core Texas markets is absorbed with minimal new product expected.

Company: BSR Real Estate Investment Trust
Keywords: BSR Real Estate Investment Trust