BSR Real Estate Investment Trust (TSE:HOM.UN)
TSX:HOM.UN
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BSR Real Estate Investment Trust
(TSX:HOM.UN)
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Rating:55Neutral
Price Target:
C$16.00
▼(-1.90% Downside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by mixed financial performance (declining revenue, uneven profitability, and meaningful leverage) and weak technicals (below key moving averages with negative MACD). These are partially offset by attractive valuation metrics, including a very low P/E and a ~4.94% dividend yield.
Positive Factors
Operating cash generation
Consistent positive operating cash flow (TTM ~$24.1M) is a durable strength for a residential REIT: it supports regular distributions, funds property-level capex and renovations, and services debt. Even though cash flow is trending down, sustained OCF underpins operational resilience over months.
Negative Factors
Declining revenue trend
A near-term structural decline in revenue (~6.9% TTM) signals weakening top-line fundamentals—pressure on occupancy, effective rents, or pricing power. Persistent revenue contraction reduces NOI growth potential and constrains free cash flow available for debt service, capex, and distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating cash generation
Consistent positive operating cash flow (TTM ~$24.1M) is a durable strength for a residential REIT: it supports regular distributions, funds property-level capex and renovations, and services debt. Even though cash flow is trending down, sustained OCF underpins operational resilience over months.
Read all positive factors
BSR Real Estate Investment Trust (HOM.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$615.31M
Dividend Yield4.57%
Average Volume (3M)41.48K
Price to Earnings (P/E)3.4
Beta (1Y)0.77
Revenue Growth-21.46%
EPS GrowthN/A
CountryCA
Employees250
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.02
Shares Outstanding34,016,770
10 Day Avg. Volume97,549
30 Day Avg. Volume41,479
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)0.69
Price to Sales (P/S)2.74
P/FCF Ratio14.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$17.52Price Target Upside7.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.68
Revenue Forecast (FY)C$137.45M
BSR Real Estate Investment Trust Business Overview & Revenue Model
Company Description
BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily g...
How the Company Makes Money
BSR Real Estate Investment Trust primarily makes money by earning rental revenue from tenants across its apartment portfolio. Its main revenue stream is monthly apartment rent collected under residential lease agreements, which is influenced by oc...
BSR Real Estate Investment Trust Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a mixed sentiment with significant achievements in asset acquisition and operational improvements, such as increased occupancy rates and reduced costs. However, these are balanced by challenges in revenue decline, softer leasing environments, and financial pressures from interest rate swaps. The overall outlook is cautiously optimistic with focus on future growth and stability.Positive Updates
Successful Redeployment of Capital
BSR REIT completed its capital redeployment and integration of newly acquired assets, positioning for upcoming growth.
Negative Updates
Decline in Same-Community Revenue
Same-community revenue was $26.5 million in Q3 2025, a decline of 1% from last year due to negative trade-outs.
Read all updates
Q3-2025 Updates
Positive
Negative
Successful Redeployment of Capital
BSR REIT completed its capital redeployment and integration of newly acquired assets, positioning for upcoming growth.
Read all positive updates
Company Guidance
During the BSR REIT third quarter 2025 fiscal results conference call, the company provided several key metrics indicating its performance and outlook. Same-community net operating income (NOI) increased by 2.7% compared to the same quarter last year, with a same-community weighted average occupancy of 94.3%. The retention rate improved to 58.2%, marking an 80 basis point increase from the previous quarter. The Austin lease-up Aura 35Fifty showed significant leasing momentum, with occupancy rising to 86.6% from 59.7% in the previous quarter. Additionally, blended same-community rental rates saw a 0.4% increase over prior leases, marking the first positive change since Q3 2024. The REIT also acquired The Ownsby, a property with 368 apartment units, for $87.5 million. Financially, same-community revenue was reported at $26.5 million, a 1% decline from the previous year, while same-community expenses decreased by 5%, leading to a same-community NOI of $14.4 million. The REIT's debt stood at $726.6 million, with a debt to gross book value of 51.3% and a weighted average interest rate of 4.0%. The call concluded with management expressing confidence in the REIT's strategic positioning for continued growth, despite ongoing macroeconomic challenges.BSR Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
47
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 136.63M | 146.75M | 168.67M | 167.80M | 158.52M | 119.58M |
| Gross Profit | 69.78M | 72.72M | 91.94M | 91.07M | 85.52M | 65.69M |
| EBITDA | 48.69M | -23.86M | 3.17M | -170.90M | 168.58M | 54.35M |
| Net Income | 737.51K | -63.83M | -40.24M | -210.87M | 227.23M | 283.21M |
Balance Sheet | ||||||
| Total Assets | 1.42B | 1.41B | 1.78B | 1.83B | 2.06B | 1.95B |
| Cash, Cash Equivalents and Short-Term Investments | 11.08M | 10.83M | 8.73M | 19.25M | 7.20M | 6.84M |
| Total Debt | 741.59M | 723.01M | 829.32M | 813.10M | 769.27M | 878.26M |
| Total Liabilities | 819.06M | 828.97M | 1.12B | 1.11B | 1.09B | 1.28B |
| Stockholders Equity | 603.53M | 580.90M | 657.60M | 712.40M | 975.75M | 666.57M |
Cash Flow | ||||||
| Free Cash Flow | 24.11M | 27.71M | 79.38M | 83.08M | 89.51M | 58.40M |
| Operating Cash Flow | 24.11M | 27.71M | 79.38M | 83.08M | 89.51M | 58.40M |
| Investing Cash Flow | -48.30M | 95.81M | -33.02M | -33.47M | -26.52M | -434.12M |
| Financing Cash Flow | -54.98M | -125.95M | -44.37M | -50.08M | -62.63M | 377.29M |
BSR Real Estate Investment Trust Technical Analysis
Negative
16.31
Price Trends
15.74
Negative
16.29
Negative
16.41
Negative
Market Momentum
-0.11
Positive
43.05
Neutral
30.51
Neutral
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 16.31 is above the 20-day moving average (MA) of 16.08, above the 50-day MA of 15.74, and below the 200-day MA of 16.41, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 43.05 is Neutral, neither overbought nor oversold. The STOCH value of 30.51 is Neutral, 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | C$2.20B | 9.91 | -0.71% | 4.42% | 4.79% | -103.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$1.54B | 3,070.92 | 10.42% | 0.09% | 6.33% | -23.45% | |
59 Neutral | C$1.82B | -114.62 | 0.20% | 3.01% | >-0.01% | ― | |
55 Neutral | C$615.31M | 3.42 | 0.13% | 4.57% | -21.46% | ― | |
54 Neutral | C$5.38B | -7.56 | 0.08% | 4.20% | -8.46% | -97.03% | |
52 Neutral | C$639.25M | -2.70 | -39.64% | 3.87% | -0.32% | -340.85% |
* Real Estate Sector Average
TSE:HOM.UN
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.