BSR REIT Completes Acquisition of Wimberly Apartments in Dallas-Fort Worth
LITTLE ROCK, AR and TORONTO, March 27, 2019 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) announced today that it has completed the purchase of Wimberly Apartments ("Wimberly" or the "Property"), in Dallas, Texas for US$53.1 million. Wimberly Apartments are located in North Dallas, close to the high traffic interchange of the George Bush Turnpike and Dallas North Tollway. The purchase is expected to be immediately accretive to the REIT's adjusted funds from operations1 ("AFFO") on a per unit basis.
Wimberly, built in 1995, is a 372-unit multifamily complex located on approximately 16.8 acres, and comprising eighteen three-story apartment buildings. This is BSR's fourth property in the Dallas-Fort Worth MSA ("DFW"), an area the REIT has targeted for acquisitions. With the addition of Wimberly, BSR now owns 1,492 units in DFW, representing approximately 18% of the REIT's net operating income1 ("NOI").
Wimberly is also the REIT's fourth property acquisition since completing its initial public offering ("IPO") on the Toronto Stock Exchange in May 18, 2018. Other acquisitions since the IPO include Brandon Place in Oklahoma City, Towne Park in Springdale Arkansas, and Riverhill in Grand Prairie Texas. These acquisitions have added a combined 1,143 units in under 11 months to the REIT's portfolio, which now includes 51 multifamily properties comprising 10,823 units.
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 51 multifamily garden-style residential properties aggregating 10,823 apartment units located across five bordering states in the Sunbelt region of the United States.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT, including statements regarding the extent to which the acquisition of Wimberly is expected to be accretive to AFFO per Unit. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. The forward-looking statements in this news release are based on certain assumptions, including assumptions regarding the expected financial performance of Wimberly. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's Management's Discussion & Analysis for the period ended December 31, 2018, dated March 7, 2019, which is available at 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. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-IFRS Financial Measures
NOI and AFFO are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. NOI and AFFO as calculated by the REIT may not be comparable to similar measures presented by other issuers. Please refer to the REIT's Management's Discussion and Analysis for the period ended December 31, 2018 for a reconciliation of the REIT's NOI and AFFO to standardized IFRS measures.
1 NOI and AFFO are non-IFRS financial measures. See "Non-IFRS Financial Measures" in this news release.
SOURCE BSR Real Estate Investment Trust