/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, Oct. 3, 2022
/CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT")
(TSX: HOM.U) (TSX: HOM.UN) announced today the Toronto Stock
Exchange (the "TSX") has approved the REIT's intention to make a
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 3,322,107 of its Units, or
approximately 10% of its public float as of September 29, 2022 for cancellation over the next
12 months. As of September 29, 2022
the REIT had 37,388,788 issued and outstanding Units.
Purchases under the 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 NCIB is
subject to a current daily maximum of 15,900 (which is equal to 25%
of 63,603, being the average daily trading volume from April 1, 2022 to September
30, 2022), subject to the REIT's ability to make block
purchases of Units that exceed such limits. All Units purchased
under the NCIB will be cancelled upon their purchase. The REIT
intends to fund the purchases out of its available resources.
The REIT may begin to purchase Units on October 6, 2022 and the NCIB will terminate on
October 5, 2023 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 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. The automatic
securities purchase plan is effective immediately.
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 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, 2022 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