Mr. Brandon Barger reports

BSR REAL ESTATE INVESTMENT TRUST ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved BSR Real Estate Investment Trust's intention to renew its normal course issuer bid (NCIB) for a portion of its trust units as appropriate opportunities arise from time to time. The board of trustees of the REIT believes that purchases of units at prices below the REIT's view of its intrinsic value are in the best interests of the REIT and a desirable use of the REIT's capital.

Pursuant to the NCIB notice filed with the TSX, the REIT intends to acquire up to a maximum of 3,186,336 of its units, or approximately 10 per cent of its public float as of Sept. 27, 2023, for cancellation over the next 12 months. As of Sept. 27, 2023, the REIT had 36,084,795 issued and outstanding units.

Purchases under the renewed NCIB will be made through the facilities of the TSX and/or through alternative Canadian trading systems and in accordance with applicable regulatory requirements at a price per unit representative of the market price at the time of acquisition. The number of units that can be purchased pursuant to the renewed NCIB is subject to a current daily maximum of 11,256 (which is equal to 25 per cent of 45,025, being the average daily trading volume from March 1, 2023, to Aug. 31, 2023), subject to the REIT's ability to make block purchases of units that exceed such limits. All units purchased under the renewed NCIB will be cancelled upon their purchase. The REIT intends to finance the purchases out of its available resources.

Under its current NCIB, which expires on Oct. 5, 2023, the REIT received approval from the TSX to purchase for cancellation a total of 3,322,107 units of which, as at the close of business on Sept. 27, 2023, 1,481,684 units have been purchased by the REIT at a weighted average price of $13.25 (U.S.) per unit.

Pursuant to the renewed NCIB, the REIT may begin to purchase units on Oct. 6, 2023, and the NCIB will terminate on Oct. 5, 2024, or such earlier time as the REIT completes its purchases pursuant to the NCIB or provides notice of termination.

The REIT has adopted an automatic securities purchase plan in connection with its renewed NCIB that contains strict parameters regarding how its units may be repurchased during times when it would ordinarily not be permitted to purchase units due to regulatory restrictions or self-imposed blackout periods.

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 and secondary markets in the Sunbelt region of the united States.

We seek Safe Harbor.