/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
John S. Bailey Reports Unitholdings in
BSR Real Estate Investment Trust
LITTLE
ROCK, Ark. and TORONTO, April 1,
2024 /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 and HOM.UN).
On March 28, 2024, Mr. Bailey,
through two entities over which he has control or direction,
purchased an aggregate of 134,452 Trust Units over the facilities
of the Toronto Stock Exchange at an average price of US$11.15 (C$15.10)
per Trust Unit for total consideration of US$1,498,646 (C$2,030,665).
As a result of the acquisitions by Mr. Bailey and the REIT's
recent repurchases of Trust Units under its normal course issuer
bid, Mr. Bailey's beneficial ownership interest in the REIT has
increased 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 the purchases on March 28,
2024, Mr. Bailey beneficially owned or exercised control or
direction over 3,980,887 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 19.51% interest in the REIT (determined
as if all Class B Units are redeemed for Trust Units) and an
approximate 11.96% and 31.96% interest in the outstanding Trust
Units and Class B Units, respectively.
Following the purchases on March 28,
2024, Mr. Bailey beneficially owns or exercises control or
direction over 4,115,339 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 19.76% interest in the REIT (determined as
if all Class B Units are redeemed for Trust Units) and an
approximate 12.36% and 31.96% 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.sedarplus.com.
About BSR Real Estate Investment
Trust
BSR Real Estate Investment Trust is an internally managed,
unincorporated, open-ended real estate investment trust established
pursuant to a declaration of trust under the laws of the Province
of Ontario. The REIT owns a
portfolio of multifamily garden-style residential properties
located in attractive primary markets in the Sunbelt region of
the United States.
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