Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
BSR Real Estate Investment Trust announced it has acquired Aura Benbrook Apartments and Overlook by the Park Apartments, both in the Dallas area and The M at Lakeline Apartments in Austin for a combined purchase price of $273.6- million.
The addition of the properties is expected to be immediately accretive to the REIT’s adjusted funds from operations (AFFO) contributing 11 per unit on an annual basis, it stated.
“Considering the impact of both acquisitions and dispositions in the fourth quarter of 2021, resulting in a net increase in assets of $126-million, AFFO will incrementally increase by $0.05 per unit on an annual basis and places the REIT $56-million ahead of its previously announced plan of acquiring an additional $70-million in assets before year end,” the company stated.
It said the transaction was funded using the REIT’s credit facility and cash on hand.