BSR REIT Completes Strategic Sale of Dallas Portfolio to AvalonBay Communities for $431.5 Million

LITTLE ROCK, Ark. and TORONTO, April 30, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) today announced that it has closed the previously announced contribution transaction (the "Contribution Transaction"), pursuant to which BSR Trust, LLC ("BSR Trust"), the operating subsidiary of the REIT, sold six properties comprising 1,844 apartment units located in Dallas, TX to AvalonBay Communities, Inc. ("AVB") (NYSE: AVB) valued at $431,500,000 in the aggregate. Under the Contribution Transaction, BSR Trust received $193,000,000 in cash consideration, a portion of which was used to extinguish all existing mortgage debt on the contributed properties, and the remainder of which is anticipated to be used for transaction expenses and other general corporate purposes. In addition, the previously announced participation offer under the Contribution Transaction was fully subscribed, resulting in the cancellation of 15,000,000 (approximately 75%) of the Class B units of BSR Trust ("Class B Units") on the date hereof. These Class B Units were exchanged for equity ("AVB DownREIT Units") of a newly formed "DownREIT" partnership entity of AVB.