BSR Real Estate Investment Trust (BSR REIT) has announced its financial results for the third quarter of 2026, covering the three and nine months ended September 30, 2026. The results highlight steady revenue growth, improved quarterly funds from operations (FFO), stronger adjusted funds from operations (AFFO), and stable occupancy across its residential property portfolio.
The announcement, released on November 11, 2026, also highlights the company’s recent listing on the New York Stock Exchange (NYSE), marking an important development in its access to international investors. BSR REIT trades on the NYSE under the symbol BSRT and on the Toronto Stock Exchange under BSRT.UN.
BSR REIT Records $34.5 Million in Quarterly Revenue
During the third quarter of 2026, BSR REIT generated total revenue of $34.5 million, compared with $34.2 million in the second quarter of 2026 and $33.1 million in the third quarter of 2025.
The REIT reported quarterly net operating income (NOI) of $17.7 million, compared with $17.9 million in the previous quarter. Its weighted average ending occupancy rate reached 94.0%, while the same-community occupancy rate stood at 94.1%.
The retention rate also improved to 60.3%, compared with 59.5% at the end of 2025 and 58.2% in the third quarter of 2025. These figures reflect continued tenant activity and stable demand across the company’s residential communities.
Funds From Operations and Financial Performance
BSR REIT reported FFO of $7.4 million, or $0.19 per unit, for the third quarter. This represented a 3.5% increase from $7.1 million, or $0.18 per unit, in the second quarter of 2026.
AFFO reached $6.4 million, or $0.16 per unit, compared with $5.9 million, or $0.15 per unit, in the previous quarter. The improvement was mainly supported by lower maintenance capital expenditures and higher FFO.
However, the REIT recorded a net loss of $8.1 million for the quarter, compared with net income of $2.9 million in the same period of 2025. Changes in the fair value of investment properties and financial liabilities contributed to the reported results.
BSR REIT Debt, Distributions and Capital Position
As of September 30, 2026, BSR REIT reported total loans and borrowings of approximately $730.9 million. Its debt-to-gross-book-value ratio was 52.2%, while the weighted average contractual interest rate was 4.1%.
The company also reported that 100% of its debt was fixed-rate or economically hedged to fixed rates, helping manage exposure to changing interest rates.
Cash distributions declared during the third quarter totalled $5.4 million, representing an AFFO payout ratio of 84.4%. The company classified 100% of its cash distributions as a return of capital for the period. Investors reviewing BSR REIT dividend history should therefore distinguish these distributions from ordinary taxable dividend income.
NYSE Listing and Investor Updates
BSR REIT completed its U.S. registration with the Securities and Exchange Commission on September 30, 2026. Its units began trading on the New York Stock Exchange on October 14, 2026, under the ticker BSRT.
The company also maintained its updated 2026 financial guidance, projecting FFO per unit of $0.73 to $0.77 and AFFO per unit of $0.66 to $0.71.
The management team is scheduled to discuss the third-quarter performance during its November 12 earnings call, hosted by CEO Dan Oberste and CFO Tom Cirbus.
Frequently Asked Questions
1. What were BSR REIT’s third-quarter 2026 financial results?
BSR REIT reported $34.5 million in revenue, $7.4 million in FFO, and $6.4 million in AFFO for Q3 2026.
2. What is BSR REIT’s debt position?
As of September 30, 2026, total loans and borrowings stood at approximately $730.9 million, with a debt-to-gross-book-value ratio of 52.2%.
3. Does BSR REIT pay distributions to investors?
Yes. BSR REIT declared $5.4 million in cash distributions during Q3 2026. Investors can review its distribution history and investor announcements through its official investor relations website.
4. Where is BSR REIT listed?
BSR REIT is listed on the New York Stock Exchange under BSRT and the Toronto Stock Exchange under BSRT.UN.
BSR REIT Focuses on Portfolio Performance and Long-Term Growth
BSR REIT’s third-quarter 2026 results reflect a combination of steady quarterly revenue, improved sequential FFO and AFFO, and stable residential occupancy. While the company reported a quarterly net loss and lower year-to-date operating measures compared with 2025, its updated NYSE listing and ongoing property management initiatives remain important developments.
Investors following BSR REIT earnings calls, annual reports, dividend history, yield, and debt levels will be able to use these results to better understand the company’s financial position and business direction. Its future performance will depend on property operations, occupancy trends, financing costs, and its ability to strengthen its residential portfolio.
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