/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
LITTLE
ROCK, Ark. and TORONTO, May 18, 2022
/CNW/ - This press release is being disseminated as required
by National Instrument 62‐103 – The Early Warning System and
Related Take Over Bids and Insider Reporting Issues ("NI
62-103") in connection with the filing of an early warning report
(the "Early Warning Report") by John S.
Bailey in respect of normal course purchases of trust units
("Trust Units") of BSR Real Estate Investment Trust ("BSR" or the
"REIT") (TSX: HOM.U) (TSX: HOM.UN).
On May 17, 2022, Mr. Bailey,
through an entity over which he has control or direction, purchased
an aggregate of 4,200 Trust Units over the facilities of the
Toronto Stock Exchange at a price of US$16.95 (C$21.75)
per Trust Unit for total consideration of US$71,190.00 (C$91,365.25).
As a result of the REIT's recent equity issuance of Trust Units
resulting in an increase in issued and outstanding Trust Units and
therefore a dilution in Mr. Bailey's holdings, even following the
acquisition of Trust Units, Mr. Bailey's beneficial ownership
interest in the REIT has decreased in amount greater than 2% of the
outstanding Trust Units that was the subject of the most recent
report filed by Mr. Bailey pursuant to NI 62-103.
In addition to controlling certain other Trust Units, Mr. Bailey
also controls certain class B units ("Class B Units") of BSR
Trust, LLC, the REIT's operating subsidiary. Each Class B Unit is
redeemable by the holder thereof for cash or one Trust Unit
(subject to customary anti-dilution adjustments), as determined by
BSR Trust, LLC in its sole discretion.
Prior to yesterday's purchases, Mr. Bailey beneficially owned or
exercised control or direction over 3,395,316 Trust Units and
6,453,968 Class B Units (in each case including all securities held
by certain entities over which Mr. Bailey has control or
direction), which together represented an approximate 17.00%
interest in the REIT (determined as if all Class B Units are
redeemed for Trust Units) and an approximate 9.10% and 31.29%
interest in the outstanding Trust Units and Class B Units,
respectively.
Following yesterday's purchases, Mr. Bailey beneficially owns or
exercises control or direction over 3,399,516 Trust Units and
6,453,968 Class B Units (in each case including all securities held
by certain entities over which Mr. Bailey has control or
direction), which together represent an approximate 17.01% interest
in the REIT (determined as if all Class B Units are redeemed for
Trust Units) and an approximate 9.11% and 31.29% interest in the
outstanding Trust Units and Class B Units, respectively.
The Trust Units and Class B Units held by Mr. Bailey are being
held for investment purposes and he may, depending on market and
other conditions, increase or decrease his beneficial ownership or
control of Trust Units or Class B Units whether through market
transactions, private agreements, treasury issuances, exercise of
convertible securities or otherwise.
A copy of the early warning report to be filed by Mr. Bailey in
connection with the transactions described herein will be available
on the REIT's SEDAR profile at www.sedar.com.
The head office of the REIT is located at 333 Bay Street, Suite
3400, Toronto, Ontario, M5H 2S7.
John S. Bailey's address is 1400 W.
Markham, Suite 202, Little Rock,
AR, 72201.
SOURCE BSR Real Estate Investment Trust