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BSR REIT Provides Update on Operations Related to COVID-19
BSR REIT Provides Update on Operations Related to COVID-19 Canada NewsWire LITTL...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR REIT Provides Update on Operations Related to COVID-19\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, April 17, 2020\n\n\n\nLITTLE ROCK, AR and TORONTO, April 17, 2020 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX:HOM.U and HOM.UN) today announced an operational update that includes its response to the COVID-19 outbreak and the impact of the virus on both April total revenue collections and requests for rent deferrals. \nTotal Revenue Collection and Deferral RequestsAs of April 15, 2020, the REIT has collected 93.3% of total revenue for the month. Historically, by the 15th of the month the REIT has collected 97.0% of its total revenue. Total revenue includes rental income, fees associated with moving in or out such as application and cleaning fees, parking fees, renters' liability insurance and utility charges. \nTo date, the REIT has received 100 requests from residents for a deferral of April rent payments. This represents approximately 1.1% of the apartment units in the portfolio and is not expected to materially impact the REIT's financial performance. The REIT will continue to monitor the situation closely and provide a further update if it receives a material increase in rent deferral requests in the weeks ahead.\nWeighted average occupancy as of March 31, 2020 was 94.2% compared with 94.9% a year earlier and has remained strong in April 2020.\nCOVID-19 MitigationThe REIT's highest priority is the health and safety of its residents and team members. To help minimize the spread of COVID-19, the REIT has implemented several important measures, including:\nClosure of non-essential common areas at all properties; Increased sanitization of frequently-touched surfaces; Shifted to emergency-only maintenance; Team members working from home wherever possible; Apartment offices have been closed to external traffic; Apartment tours completed either virtually or entirely self-guided; and Doorstep delivery of packages.\"I want to recognize the outstanding contribution of the BSR team in the f...