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BSR REIT Continues Capital Recycling Program With Sale of Two Noncore Assets
BSR REIT Continues Capital Recycling Program With Sale of Two Noncore Assets Canad...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR REIT Continues Capital Recycling Program With Sale of Two Noncore Assets\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\nCanada NewsWire\nLITTLE ROCK, AR and TORONTO, June 19, 2019\n\n\n\nLITTLE ROCK, AR and TORONTO, June 19, 2019 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U; HOM.UN) announced today that it has sold two additional noncore assets as part of the REIT's portfolio enhancement and capital recycling strategy. The total consideration received of $22.1 million exceeded the initial public offering appraised values by $1.6 million or 7.6%. All dollar amounts in this news release are denominated in US currency.\nThe dispositions include The Waterford Apartments (\"The Waterford\" ), built in 1984 with 256 units and Bowman Heights Apartments (\"Bowman Heights\" ), built in 1980 with 80 units. Both properties are located in Little Rock, Arkansas. Including these dispositions, in 2019, BSR has sold six noncore assets comprising of 1,109 total units.   \n\"Selling The Waterford and Bowman Heights aligns with our capital recycling strategy,\" said John Bailey, Chief Executive Officer of BSR REIT. \"We have again crystallized the benefits of upgrades previously performed, allowing us the ability to redeploy capital into other properties on a tax deferred basis where we can maximize our platform's capital redevelopment capabilities in our target markets.\"  \nBSR's growth strategy includes acquiring more modern properties, clustered in target markets with above average population and employment growth with a clear potential for higher rent utilizing the BSR platform. \nOf the net cash proceeds of $21.4 million from the above-mentioned sale, $6.5 million was used to retire related mortgage financing and $14.9 million to reduce the balance outstanding under the REIT's credit facility, resulting in a Debt to Gross Book Value ratio of approximately 48.6%. BSR's portfolio now consists of 45 multifamily properties comprising 9,714 units.\nAbout BSR Real Estate Investment Trust\nBSR Real Estate Investment Trust ...