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BSR Real Estate Investment Trust
(TSX:BSRT.UN)
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Rating:49Neutral
Price Target:
C$16.00
▲(2.30% Upside)
Action:Reiterated
Date:08/17/26
The score is held back most by weakening technical momentum (below key moving averages with negative MACD) and an extremely high P/E that undermines valuation support. Financial performance is improving in TTM with positive cash flow, but declining revenues, historical earnings volatility, and leverage keep the financial profile only moderate. The earnings call adds a mixed signal: clear operational improvements, but slightly reduced FFO/AFFO guidance and higher finance costs weigh on the near-term outlook.
Positive Factors
Positive Cash Generation
Positive operating and free cash flow supports ongoing property operations, capital spending and distributions. Although recent free cash flow has declined, continued positive generation provides a durable financial base for a rental housing REIT.
Negative Factors
Declining Underlying Revenue
Shrinking revenue indicates that recent portfolio growth has not yet translated into broad organic improvement. Persistent weakness in same-community performance could constrain NOI, distributions and the REIT’s ability to fund reinvestment internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive Cash Generation
Positive operating and free cash flow supports ongoing property operations, capital spending and distributions. Although recent free cash flow has declined, continued positive generation provides a durable financial base for a rental housing REIT.
Read all positive factors
BSR Real Estate Investment Trust (BSRT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$582.50M
Dividend Yield5.22%
Average Volume (3M)25.98K
Price to Earnings (P/E)18.9
Beta (1Y)0.76
Revenue Growth-17.29%
EPS GrowthN/A
CountryCA
Employees250
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.56
Shares Outstanding34,030,697
10 Day Avg. Volume23,206
30 Day Avg. Volume25,985
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)0.69
Price to Sales (P/S)2.74
P/FCF Ratio14.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$16.25Price Target Upside3.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.09
Revenue Forecast (FY)C$137.14M
BSR Real Estate Investment Trust Business Overview & Revenue Model
Company Description
BSR Real Estate Investment Trust functions as an internally managed, unincorporated, and open-ended real estate investment trust, legally constituted under a declaration of trust according to the laws of Ontario. This Trust holds a portfolio of ga...
How the Company Makes Money
BSR Real Estate Investment Trust primarily makes money by owning multifamily apartment properties and earning rental income from residents under lease agreements. Its main revenue stream is gross rental revenue (base rent and other rent-related ch...
BSR Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
55
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 136.27M | 146.75M | 168.67M | 167.80M | 158.52M | 119.58M |
| Gross Profit | 69.37M | 72.72M | 91.94M | 91.07M | 85.52M | 65.69M |
| EBITDA | 67.51M | -23.86M | 3.17M | -170.90M | 168.58M | 54.35M |
| Net Income | 18.99M | -63.83M | -40.24M | -210.87M | 227.23M | 283.21M |
Balance Sheet | ||||||
| Total Assets | 1.41B | 1.41B | 1.78B | 1.83B | 2.06B | 1.95B |
| Cash, Cash Equivalents and Short-Term Investments | 10.62M | 10.83M | 8.73M | 19.25M | 7.20M | 6.84M |
| Total Debt | 732.45M | 723.01M | 829.32M | 813.10M | 769.27M | 878.26M |
| Total Liabilities | 821.26M | 828.97M | 1.12B | 1.11B | 1.09B | 1.28B |
| Stockholders Equity | 591.89M | 580.90M | 657.60M | 712.40M | 975.75M | 666.57M |
Cash Flow | ||||||
| Free Cash Flow | 19.98M | 27.71M | 79.38M | 83.08M | 89.51M | 58.40M |
| Operating Cash Flow | 19.98M | 27.71M | 79.38M | 83.08M | 89.51M | 58.40M |
| Investing Cash Flow | -93.75M | 95.81M | -33.02M | -33.47M | -26.52M | -434.12M |
| Financing Cash Flow | 56.67M | -125.95M | -44.37M | -50.08M | -62.63M | 377.29M |
BSR Real Estate Investment Trust Technical Analysis
Negative
15.64
Price Trends
15.39
Negative
15.90
Negative
15.91
Negative
Market Momentum
-0.22
Positive
41.78
Neutral
38.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BSRT.UN, the sentiment is Negative. The current price of 15.64 is above the 20-day moving average (MA) of 15.13, above the 50-day MA of 15.39, and below the 200-day MA of 15.91, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 41.78 is Neutral, neither overbought nor oversold. The STOCH value of 38.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BSRT.UN.
BSR Real Estate Investment Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$1.64B | 9.31 | 9.49% | 0.18% | 5.14% | -43.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | C$2.08B | 289.33 | 0.25% | 4.11% | 4.80% | -99.27% | |
52 Neutral | C$4.88B | -36.73 | -1.53% | 4.93% | -7.18% | -270.79% | |
49 Neutral | C$582.50M | 18.90 | 3.22% | 5.22% | -17.29% | ― |
* Real Estate Sector Average
TSE:BSRT.UN
BSR Real Estate Investment Trust
14.69
-1.10
-6.95%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.