Q4 2024 BSR Real Estate Investment Trust Earnings Call Transcript

Mar 06, 2025 / 05:00PM GMT

Release Date Price: $12.59 (-2.48%)

Transcript

Key Points

Positve

BSR Real Estate Investment Trust (BSRTF) maintained a strong occupancy rate of 95.6% despite challenging market conditions.
The company retired $4.5 million of long-term debt in Q4, totaling $8.8 million for the year, strengthening its balance sheet.
BSRTF completed construction on a new 238-unit apartment community in Austin, with lease-up proceeding well.
The REIT was named one of the best places to work in multi-family and for women, highlighting a strong workplace culture.
BSRTF has substantial liquidity with $136 million available, positioning it well for future acquisitions.

Negative

Same community NOI decreased by 2.6% due to increased property tax expenses and lower revenue.
FFO and AFFO per unit declined by $0.02, impacted by tax issues and health insurance expense timing.
Lease rates were down, reflecting the challenging external environment and increased supply.
Real estate taxes are expected to grow by 6% in 2025, impacting operating expenses.
The company did not provide financial guidance for 2025 due to short-term variability and ongoing property sales.

Operator

Good afternoon. My name is Ludy, and I will be your conference coordinator today. At this time, I would like to welcome everyone to the BSR REIT Q4 2024 financial results conference call. (Operator Instructions)

Thank you. I would now like to turn the conference over to Daniel Oberste, President and Chief Executive Officer of BSR REIT. Please go ahead, sir.

Daniel Oberste

BSR Real Estate Investment Trust - President, Chief Executive Officer, Chief Investment Officer, Trustee

Thank you, Luie and good day everyone. Welcome to BSR REIT's conference call to discuss our financial results for the fourth quarter and year-ended December 31, 2024. I'm joined on the call by Susan Rosenbaum, the REIT COO and interim Chief Financial Officer. Suzy has been doing double duty for a while now. So I'm very pleased to report the appointment of Tom Servis as the REIT's new Chief Financial Officer effective next week.

Tom joins us after 10 years at Wells Fargo, where he most recently served as an Executive Director in real estate, gaming, lodging, and leisure

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