Exchange Bulletin

BSR Real Estate Investment Trust (HOM.U) To Trade On Toronto Stock Exchange


May 16, 2018
Issuer: BSR Real Estate Investment Trust (the "REIT")
Security: Trust Units ("Units")
Symbol: HOM.U
Issue price per security: US$10.00
Number of securities issued and outstanding: 16,550,000
Number of securities reserved for issuance: 29,154,060
Listing category: Industrial
Trading currency: US $
Transaction: Initial public offering of Units (the "Offering")
Listing date: May 17, 2018 (as at 5:01 p.m.) in anticipation of closing of the Offering
Anticipated closing date: May 18, 2018 (prior to the opening) (the "Closing Date")
Posted for trading date: May 18, 2018 (at the opening) subject to confirmation of closing of the Offering
Other market(s): None
Temporary market maker: Altacorp Capital Inc.
Security ownership registration: Non-Certificated Inventory System
Investor relations: John Bailey
(501) 371-6333
Email: john.bailey@bsrtrust.com

Susan Koehn
(501) 371-6335E
mail: susan.koen@bsrtrust.com
Incorporation: The REIT is an unincorporated, open-ended real estate investment trust established pursuant to the Declaration of Trust dated January 9, 2018, as amended and restated on the Closing Date, under the laws of the Province of Ontario.
Fiscal year end: December 31
Nature of business: The REIT has been formed to own and operate a portfolio of multifamily real estate properties in the United States. On Closing, the REIT will indirectly own a 47-property portfolio of multifamily garden-style residential properties, comprising 9,879 apartment units, located across five bordering states in the Sunbelt region of the United States, as further described in the prospectus.
Transfer agent and registrar: TSX Trust Company at its principal offices in Toronto.
Distributions: The REIT initially intends to adopt a distribution policy pursuant to which the REIT will make cash distributions to holders of Units ("Unitholders") and, through BSR Operating LLC, holders of Class B Units, on each Distribution Date equal to, on an annual basis, approximately 78% of estimated AFFO for the 12 month period from April 1, 2018 to March 31, 2019. Pursuant to this distribution policy, distributions will be paid to Unitholders of record at the close of business on the last business day of a month on or about the 15th day of the following month. The first distribution will be for the period from Closing to June 30, 2018 and will be paid on July 16, 2018, in the amount of US$0.0591 per Unit, assuming Closing occurs on May 18, 2018. The REIT intends to make subsequent monthly distributions in the estimated amount of US$0.0417 per Unit commencing on or about August 15, 2018.
Sponsorship: Not applicable
Disclosure document: Prospectus dated May 11, 2018 which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the disclosure document.
Initial public offering: Pursuant to the Offering, 13,500,000 Units will be sold to the public at a price of US$10.00 per Unit. In addition, following Closing, the Legacy BSR Holders will own, in the aggregate, 23,158,236 Class B Units and 3,050,000 Units.
TSX contact: Julie K. Shin, Director,
Listed Issuer Services,
Toronto Stock Exchange

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