EarningsQ2 2026 Earnings Report
BSRTF Q2 2026 EPS Results
Actual EPS-$0.11
Consensus EPS―
Beat/Miss―
One Year Ago EPS-$0.51
BSRTF Q2 2026 Revenue Results
Actual Revenue$34.15M
Expected Revenue$34.11M
Beat/MissBeat by +$39.07K
YoY Revenue Growth+1.49%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeAfter Close
Conference CallWednesday, August 12, 2026
BSRTF Upcoming Earnings
BSR Real Estate Investment Trust's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed picture: operating momentum and platform-driven efficiencies are evident (occupancy gains, positive trade-outs, rollout of amenity programs, cost savings initiatives and realized revenue upside), but financial performance was weakened by meaningful year-over-year declines in FFO (both absolute and per unit), elevated finance costs, and slower-than-expected stabilization/concession burn-off at one acquisition which led to modest downward guidance revisions. On balance, operational positives indicate improving fundamentals, yet near-term earnings and interest-cost pressures temper the outlook.Company Guidance
Portfolio Revenue and NOI Growth (Total Portfolio)
Total portfolio revenue of $34.2M in Q2 2026 increased 1.5% year-over-year and 1.1% sequentially. Total portfolio NOI of $17.9M increased 0.5% year-over-year and 1.9% sequentially, driven primarily by revenue from 2025 property acquisitions.
Sequential Improvement in Same-Community Metrics
Same-community blended metrics improved sequentially: same-community revenue was $26.4M, up 35 basis points quarter-over-quarter; average same-community occupancy rose to 94.6% from 94.3% in Q1; blended lease rates returned to positive with a 0.5% increase in the quarter (renewals +2.9%, new leases -2.4%), and July showed further improvement (blended +1.0%).
Strong Leasing & Retention Momentum
Trade-outs were +50 basis points for the quarter and accelerated to a blended +1% in July. Retention rate reached 60.1%, up 30 basis points sequentially and up 270 basis points year-over-year. The August 2025 acquisition's physical occupancy reached 91% at quarter end (nearly +20 percentage points since March 2026).
Resident Amenity Programs Ramping
Bulk Internet is live on 6 of 26 properties and breakeven to FFO accretion in Q2; 7 additional properties are in construction and 16 properties are expected to go live between end of Q3 and year-end, with material other income benefits expected as ramp continues. Valet trash is live at 8 properties. Other property income increased ~$200K year-over-year.
Platform Efficiency Initiatives Delivering Savings
Assistant community manager centralization completed in Q2, expected to generate ~2 cents of annualized FFO per unit savings. G&A was essentially flat year-over-year and down 6.6% sequentially. Additional technology enhancements under negotiation expected to yield incremental savings (0.1–0.2 cents).
Realized Organic Revenue Opportunity
Of a previously identified ~$4.5M revenue opportunity from filling vacancies, the REIT has realized approximately $2.9M to date (equivalent to ~6–8 cents of annualized FFO), supporting the path to the December target of incremental 13–22 cents per unit by early 2028 (excluding market/interest-rate changes).
Lower-Than-Expected Operating Loss Drivers
Positive variance drivers include lower bad debt (~0.5% of collected revenue vs typical 0.8% underwriting), favorable property insurance renewal outcomes, and real estate tax developments contributing to OpEx savings.
BSRTF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed