BSR Announces Minimal Damage From Historic Winter Storm

LITTLE ROCK, Ark. and TORONTO, March 4, 2021 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) provided an update today on the impact of the historic 2021 winter storm occurring Feb. 13th –17th affecting the REIT's markets in Texas, Arkansas and Oklahoma. As of February 28, 2021, BSR has incurred approximately $0.1 million in expenses associated with the winter storm and resulting freeze damage. There are no down apartment units as a result of the storm, and the REIT anticipates total costs not to exceed $0.3 million. No insurance claim is being filed at this time. 

"The winter storm of 2021 was an unprecedented event," stated John Bailey, BSR's Chief Executive Officer. "I am proud of the way our company rallied to address the needs of our residents and employees. These efforts helped our residents through utility service interruptions and minimized the impact to our business."

About BSR Real Estate Investment Trust

BSR Real Estate Investment Trust is an internally managed, unincorporated, and 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.

Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. 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. 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 and Analysis for the third quarter of 2020, dated November 10, 2020, 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.

SOURCE BSR Real Estate Investment Trust