BSR Real Estate Investment Trust (HOM.UN) Q2 2026 earnings summary

Executive summary

• Q2 2026 results showed sequential growth in same-community occupancy, total occupancy, revenue, NOI, and FFO, with positive blended lease trade outs and improved occupancies, especially at the August 2025 acquisition.

• Resident amenity programs (Bulk Internet, Valet Trash) and real estate adjacent initiatives are ramping up, contributing to other income, FFO accretion, and strong resident reception.

• Platform efficiency initiatives, including centralization of assistant community managers, are generating expense savings and operational improvements.

Financial highlights

• Q2 2026 total portfolio revenue was $34.2M, up 1.5% year-over-year and 1.1% sequentially, mainly from 2025 acquisitions.

• Q2 2026 total portfolio NOI was $17.9M, up 0.5% year-over-year and 1.9% sequentially; NOI margin was 52.4%.

• Q2 2026 FFO was $7.1M ($0.18/unit), down from $9.2M ($0.21/unit) in Q2 2025, mainly due to higher finance costs and leverage, but up slightly from $6.9M in Q1.

• Q2 2026 AFFO was $5.9M ($0.15/unit), down from $8.4M ($0.19/unit) in Q2 2025, reflecting lower FFO and higher maintenance capex.

• YTD 2026 revenue was $68.0M, down 11.8% year-over-year, mainly due to property dispositions.

Outlook and guidance

• 2026 FFO per unit guidance revised to $0.68–$0.74 (midpoint $0.71), and AFFO per unit guidance to $0.66–$0.71 (midpoint $0.69), both down from initial guidance.

• Same-community NOI guidance remains unchanged, but expense guidance lowered due to realized savings; revenue and NOI growth guidance revised downward due to slower leasing at the August 2025 acquisition.

• Management remains confident in achieving $0.13-$0.22 per unit incremental growth by early 2028, excluding market rent and interest rate impacts.