LITTLE ROCK, AR, June 18, 2018 /PRNewswire/ - Little Rock
based BSR announced today the successful completion of an
International Initial Public Offering ("IPO"). The move takes the
former privately held company public on the Toronto Stock Exchange
(TSX) as a real estate investment trust ("BSR REIT"), trading under
the ticker symbol HOM.U. The IPO raised $135.0 million in cash proceeds and lays the
groundwork for BSR's future growth. BSR REIT units began trading on
May 18th, and today marks
the end of the "quiet period" required for such international IPOs
in the United States.
"We are thrilled to finally be able to announce this next step
in BSR's growth," said BSR's CEO John
Bailey. "We have been working diligently toward this IPO for
a year and believe it is a great development for BSR. Going public
in Canada was an attractive option
for us because of our size and asset class. This successful IPO has
positioned us well for additional growth."
BSR REIT owns and operates 48 multifamily garden-style
properties across Texas,
Oklahoma, Arkansas, Louisiana and Mississippi. In the past two years before the
IPO, BSR has acquired multiple properties, including Mountain Ranch
Apartments in Fayetteville, AR,
West End Lodge Apartments in Beaumont,
TX, and its largest acquisition to date, Windhaven Park
Apartments in Plano, TX. Those
acquisitions grew the portfolio's unit count 14%.
BSR's employees will continue to work in the U.S., with
leadership and operations remaining at BSR's Little Rock Arkansas headquarters in the
historic Union Station building.
About BSR
BSR is a leading owner and operator of garden-style, multifamily
communities in the US. The primary mission of BSR is to provide an
exceptional living experience for residents at a community they are
proud to call home while creating value for our shareholders
through strength, profitability and growth. BSR traces its roots
back to 1956 with the formation of Bailey Corporation in
Little Rock, Arkansas.
Headquartered in the historic Union Station in downtown
Little Rock, BSR owns and manages
48 properties comprised of over 9,879 apartment units in five
states. In 2017 BSR was named one of the Best Places to Work by
Arkansas Business. There are currently over 290 team members
employed across BSR's operations. The company's web address is
www.bsrreit.com.
Forward-Looking Statements
This news release may contain forward-looking statements (within
the meaning of applicable securities laws) relating to the business
of BSR REIT. Forward-looking statements are identified by words
such as "believe", "anticipate", "project", "expect", "intend",
"plan", "will", "may", "estimate" and other similar expressions.
These statements are based on BSR REIT's expectations, estimates,
forecasts and projections and include, without limitation,
statements regarding BSR REIT's future growth. The forward-looking
statements in this news release are based on certain assumptions
including, without limitation, that BSR REIT will be able to
achieve its growth objectives. They are not guarantees of future
performance and involve risks and uncertainties that are difficult
to control or predict. A number of factors could cause actual
results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the
factors discussed under the heading "Risk Factors" in BSR REIT's
prospectus dated May 11, 2018, which
is available at www.sedar.com. There can be no assurance that
forward-looking statements will prove to be accurate as actual
outcomes and results may differ materially from those expressed in
these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements.
Further, these forward-looking statements are made as of the date
of this news release and, except as expressly required by
applicable law, BSR REIT assumes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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SOURCE BSR Real Estate Investment Trust
