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BSR REIT Exits Beaumont, Texas Market with the Sale of West End Lodge for $44.0 Million
BSR REIT Exits Beaumont, Texas Market with the Sale of West End Lodge for $44.0 Million ...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR REIT Exits Beaumont, Texas Market with the Sale of West End Lodge for $44.0 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. 10, 2020\n \n /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) (HOM.UN) announced today it has sold West End Lodge located in\n \n Beaumont, Texas\n \n , built in 2010 and comprising 360 apartment units, for gross proceeds of\n \n $44.0 million\n \n (the \"Transaction\"). The REIT has now exited the\n \n Beaumont, Texas\n \n market as part of its portfolio enhancement growth strategy and capital recycling program. All dollar amounts in this news release are denominated in US currency.\n \n \n As part of the Transaction, the buyer assumed the REIT's in-place mortgage financing of\n \n $21.9 million\n \n and the REIT took back a\n \n $5.2 million\n \n note receivable maturing in five years. The note bears interest at 4.1% in years one and two, 5.1% in years three and four and 10.0% in year five. The REIT intends to use the remaining cash proceeds of\n \n $21.5 million\n \n to fund acquisitions.\n \n \n This Transaction marks the twelfth disposition for the REIT in the fourth quarter of 2020.  The cumulative gross proceed of the 12 dispositions was\n \n $260.8 million\n \n , representing a 10.5% increase over the IPO appraised values. The\n \n $5.2 million\n \n note receivable related to this Transaction was from a buyer of multiple properties and was the only such asset taken back by the REIT in connection with the divestiture program.\n \n \n Following the progress of the capital recycling program completed to date, the REIT's portfolio has 6,948 apartment units in 28 real estate investment properties, with 96% of Net Operating Income (\"NOI\") coming from strategic high growth core markets. This compares with just 52% at the time of the REIT's IPO in\n \n May 2018\n \n .\n \n \n \"BSR has now exited the\n \n Longview\n \n and\n \n Beaumont, Texas\n \n markets, the\n \n Baton Rouge\n \n and\n \n Shreveport, Louisiana\n...