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BSR REIT Announces the Sale of Five Noncore Properties for $86 Million
BSR REIT Announces the Sale of Five Noncore Properties for $86 Million LITTLE...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR REIT Announces the Sale of Five Noncore Properties for $86 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n LITTLE ROCK, Ark.\n \n and\n \n TORONTO\n \n ,\n \n Dec. 2, 2020\n \n /CNW/ -\n \n \n BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX:HOM.U) (TSX: HOM.UN) announced today that it has sold five noncore properties, comprising 890 apartment units, as part of the REIT's portfolio enhancement growth strategy and capital recycling program. The REIT received total gross proceeds of\n \n $86 million\n \n . All dollar amounts in this news release are denominated in US currency.\n \n \n Two of the five assets sold, Windsor Estates I and II, which were built in 2001 and 2003, respectively, are in the\n \n Houston, Texas\n \n metropolitan statistical area (\"MSA\"). Other assets sold were The Pointe, built in 2004 in the\n \n Beaumont, Texas\n \n MSA; South Oaks, built in 1987 in the\n \n Little Rock, Arkansas\n \n MSA; and\n \n Willow Lake\n \n , built in 1977 in the\n \n Longview, Texas\n \n MSA. The net proceeds of\n \n $83 million\n \n generated from these dispositions were used to repay\n \n $40 million\n \n in mortgage debt, with the balance used to reduce the outstanding balance on the REIT's credit facility. These sales follow the recent dispositions of Indian Hills, Overbrook I and V and Woodland Oaks, all located in the\n \n Little Rock, Arkansas\n \n MSA and Baystone and\n \n Vanderbilt\n \n , located in the\n \n Houston, Texas\n \n MSA, cumulatively sold for gross proceeds of\n \n $130 million\n \n . The total gross proceeds of the 11 dispositions was\n \n $216 million\n \n , representing a 10% increase over the IPO appraised values.\n \n \n Following the progress of the capital recycling program completed to date, the REIT's portfolio has 7,308 apartment units in 29 real estate investment properties, with 91% of Net Operating Income (\"NOI\") coming from strategic high growth core markets\n \n \n \"BSR continues to deliver on its strategy in regard to the transformation of the portfolio and confirm values, even am...