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.
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.
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