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BSR Real Estate Investment Trust (TSE:HOM.UN)
TSX:HOM.UN
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BSR Real Estate Investment Trust
(TSX:HOM.UN)
65Neutral
BSR Real Estate Investment Trust (HOM.UN) vs. S&P 500 (SPY)
Market Cap
C$996.69M
Dividend Yield4.12%
Average Volume (3M)19.72K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth2.02%
EPS Growth80.16%
CountryCA
Employees250
SectorReal Estate
Sector Strength63
IndustryREIT - Residential
Share Statistics
EPS (TTM)-1.00
Shares Outstanding33,475,790
10 Day Avg. Volume25,633
30 Day Avg. Volume19,719
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)3.88
Price to Cash Flow (P/CF)4.60
P/FCF Ratio3.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$19.00Price Target Upside2.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
BSR Real Estate Investment Trust Business Overview & Revenue Model
Company DescriptionBSR Real Estate Investment Trust (HOM.UN) is a Canadian-based real estate investment trust focused primarily on acquiring and managing multifamily residential properties in the United States. The company's portfolio consists of high-quality garden-style apartment communities located in attractive primary and secondary markets across the Sunbelt region, which includes states such as Texas, Arkansas, and Oklahoma. BSR REIT aims to provide its investors with stable and growing cash distributions through its strategic property acquisitions and active asset management.
How the Company Makes MoneyBSR Real Estate Investment Trust generates revenue through rental income derived from its portfolio of multifamily residential properties. The company's primary revenue stream is the collection of rent from tenants living in its apartment communities. BSR REIT focuses on properties in high-demand areas with favorable economic and demographic trends, which help drive occupancy rates and rental growth. Additionally, BSR REIT may benefit from strategic property sales and reinvestments, enhancing overall portfolio value and contributing to its earnings. The trust's management team leverages its expertise in property operations and market analysis to maximize revenue potential and optimize operational efficiency, ensuring consistent and reliable income for its investors.
BSR Real Estate Investment Trust Financial Statement Overview
Summary
BSR Real Estate Investment Trust exhibits stable revenue performance with adequate liquidity through positive cash flow. However, profitability remains a concern due to consecutive net losses and high leverage. The company needs to improve its operational efficiency and reduce its debt levels to enhance financial stability.Income Statement
The company shows a stable revenue trend with a slight increase from the previous year. However, the net income is negative, indicating profitability challenges. The gross profit margin remains relatively healthy, but the absence of EBIT in the latest year affects the EBIT margin. EBITDA margin is low, reflecting operational inefficiencies.55
Neutral
Balance Sheet
The debt-to-equity ratio is moderately high, indicating leverage risk. Stockholders' equity has decreased, affecting the equity ratio. Although the company maintains a reasonable level of assets, the return on equity is negative due to the net loss, highlighting profitability challenges.60
Neutral
Cash Flow
The company maintains a strong operating cash flow to net income ratio, despite net losses, indicating good cash flow management. Free cash flow remains positive, ensuring liquidity. However, the free cash flow growth is stagnant, suggesting limited expansion in cash-generating activities.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 168.67M | 167.80M | 158.52M | 119.58M | 113.29M | Gross Profit |
| 91.94M | 91.07M | 85.52M | 65.69M | 60.35M | EBIT |
| 0.00 | 81.12M | 168.45M | -103.91M | 49.02M | EBITDA |
| 3.17M | -170.90M | 76.07M | 54.35M | 52.45M | Net Income Common Stockholders |
| -40.24M | -210.87M | 312.95M | 417.77M | 5.67M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 8.73M | 19.25M | 7.20M | 6.84M | 5.26M | Total Assets |
| 1.78B | 1.83B | 2.06B | 1.95B | 1.11B | Total Debt |
| 829.32M | 813.10M | 769.27M | 878.26M | 517.83M | Net Debt |
| 820.60M | 806.37M | 762.07M | 871.42M | 512.57M | Total Liabilities |
| 1.12B | 1.11B | 1.09B | 1.28B | 795.03M | Stockholders Equity |
| 657.60M | 712.40M | 975.75M | 666.57M | 318.66M |
| Cash Flow | Free Cash Flow | |||
| 79.38M | 83.08M | 89.51M | 58.40M | 51.30M | Operating Cash Flow |
| 79.38M | 83.08M | 89.51M | 58.40M | 51.30M | Investing Cash Flow |
| -33.02M | -33.47M | -26.52M | -434.12M | -37.92M | Financing Cash Flow |
| -44.37M | -50.08M | -62.63M | 377.29M | -45.11M |
BSR Real Estate Investment Trust Technical Analysis
Negative
18.50
Price Trends
17.48
Positive
17.55
Negative
17.39
Positive
Market Momentum
0.37
Negative
68.63
Neutral
90.41
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HOM.UN, the sentiment is Negative. The current price of 18.5 is above the 20-day moving average (MA) of 18.16, above the 50-day MA of 17.48, and above the 200-day MA of 17.39, indicating a neutral trend. The MACD of 0.37 indicates Negative momentum. The RSI at 68.63 is Neutral, neither overbought nor oversold. The STOCH value of 90.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HOM.UN.
BSR Real Estate Investment Trust Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Performance Comparison
TSE:HOM.UN
BSR Real Estate Investment Trust
17.50
3.13
21.78%
TSE:MRC
Morguard (OTC)
115.02
2.50
2.23%
BSR Real Estate Investment Trust Earnings Call Summary
Earnings Call Date: Mar 5, 2025 | % Change Since: 0.76% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted BSR REIT's ability to maintain strong occupancy and reduce debt despite facing challenging market conditions. Notable achievements included the completion of a new apartment community and a strategic acquisition in a growing market. However, the call also noted challenges such as a decrease in same community NOI and average rent, as well as declines in FFO and AFFO.Highlights
Strong Occupancy Maintained
Despite challenging market dynamics, BSR REIT maintained a strong occupancy rate of 95.6% during Q4 2024.
Debt Reduction Achievement
BSR REIT retired $4.5 million of long-term debt in Q4 and a total of $8.8 million in 2024.
Completion of New Apartment Community
Construction was completed on Aura 35Fifty, a new 238-unit apartment community in the Austin MSA.
Acquisition of Venue at Craig Ranch Apartments
BSR acquired a Class A property with 277 apartment units in McKinney, Dallas Fort Worth, for $61 million.
Recognition as Best Places to Work
For the third year in a row, BSR was named one of the Best Places to Work in multifamily and especially for women.
Lowlights
Same Community NOI Decrease
Same community NOI decreased by 2.6% in Q4, mainly due to an increase in property tax expenses.
FFO and AFFO Decline
FFO and AFFO each declined by $0.02 per unit, impacted by tax issues and health insurance expense timing.
Slight Decrease in Average Rent
The average rent per unit decreased from $1,503 to $1,488 in Q4 2024.
Challenging Market Conditions
Faced with the absorption of an unprecedented supply of new multifamily housing, impacting lease rates.
Company Guidance
During the BSR REIT Q4 2024 financial results conference call, several key metrics and guidance were discussed. The REIT maintained a strong occupancy rate of 95.6% despite challenging market conditions and a decrease in lease rates. They retired $4.5 million of long-term debt in the fourth quarter, bringing the total debt retired in 2024 to $8.8 million. Same community revenue was flat compared to Q4 2023, while same community NOI declined by 2.6% due to increased property taxes. FFO and AFFO each decreased by $0.02 per unit. The REIT's debt to gross book value ratio was 46.5%, and total liquidity stood at $136 million. The company plans to capitalize on the declining new apartment completions in key markets—Austin, Dallas, and Houston—and is positioned to make approximately $200 million in acquisitions following the sale of properties to AvalonBay. Due to the current market variability, BSR REIT did not provide financial guidance for 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.