Successful Redeployment of Capital
BSR REIT completed its capital redeployment and integration of newly acquired assets, positioning for upcoming growth.
Positive Leasing Momentum in Austin
Occupancy at Austin lease-up Aura 35Fifty increased from 59.7% to 86.6% by quarter end.
Increased Retention and Occupancy Rates
Retention rate increased to 58.2% and same-community weighted average occupancy was 94.3%.
Acquisition of The Ownsby
Acquired The Ownsby for $87.5 million, located in the fast-growing city of Celina, Texas.
Cost Reductions and Financial Improvements
Same-community expenses declined by 5%, driven by decreases in real estate taxes and property insurance. G&A improved by 5% and net finance costs declined by 2.7%.
Industry Recognition
BSR was named one of the best places to work in multifamily for the fourth consecutive year.