Ms. Jane Marshall reports

BSR REAL ESTATE INVESTMENT TRUST ANNOUNCES RETIREMENT OF W. DANIEL HUGHES, JR. FROM THE BOARD AND APPOINTMENT OF MARK DECKER, JR.

W. Daniel Hughes Jr. has retired from BSR Real Estate Investment Trust's board of trustees and, in connection with the retirement, Mark Decker Jr. has been appointed to the board, effective Jan. 1, 2026.

Mr. Hughes's retirement from the board of trustees

After nearly 29 years of service with BSR and its predecessors Mr. Hughes retired from the board of the REIT effective Jan. 1, 2026. Mr. Hughes founded Summit Housing Partners LLC, the predecessor to BSR Trust LLC and served as the first chief executive officer of BSR Trust LLC until 2013. Mr. Hughes provided invaluable guidance and real estate expertise to the board and management during his tenure as a trustee since the REIT's initial public offering in May, 2018. Mr. Hughes continues to serve as chief executive officer and chair of Envolve Communities, a vertically integrated owner and manager of approximately 40,000 apartment units situated in the United States.

S. Jane Marshall, chair of the board, commented: "On behalf of the board of trustees, I would like to thank Daniel for his consistent leadership and considerable contributions to the REIT throughout his tenure, both as a member of management and as a trustee. Daniel is truly the embodiment of BSR's culture: hardworking, loyal and passionate about the mission of the REIT. We will miss his constant presence, most recently in the boardroom, but will count on his continued support as a significant unitholder of the REIT."

Appointment of Mr. Decker to the board of trustees

BSR is pleased to announce that Mark Decker has been appointed as Mr. Hughes's successor to serve as a trustee on the board until the next annual general meeting of unitholders of the REIT.

Mr. Decker currently serves as the president, chief executive officer and director of Global Medical REIT Inc. (New York Stock Exchange: GMRE), a U.S. health care real estate investor. Mr. Decker also has extensive experience in the U.S. multifamily real estate sector, having previously served as president, CEO, trustee and chief investment officer at Centerspace (NYSE: CSR) for almost seven years, following his role as managing director and U.S. group head of real estate investment and corporate banking at BMO Capital Markets. Mr. Decker will serve on the board as an independent trustee and has joined the board's investment committee.

"We are honoured to have Mark join the board," said Ms. Marshall. "Mark's industry expertise, capital markets prowess and executive acumen complement our board's diverse skill sets extremely well. We look forward to his contributions and welcome him to the BSR family."

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.