BSR Real Estate Investment Trust

HOM-UN.TO

REIT - Residential · Real Estate

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Mixed

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Winston Score History

The full picture

BSR Real Estate Investment Trust is a Canadian-listed company that owns and operates apartment communities in the United States. It focuses on multifamily residential properties — meaning large apartment complexes where people rent their homes. Its tenants are everyday renters, and its properties are concentrated in fast-growing Sun Belt markets like Texas, Oklahoma, and Arkansas.

BSR makes money by collecting monthly rent from apartment residents across its portfolio of roughly 30 properties and over 8,000 units. It is a real estate investment trust, which means it is required to pay out most of its income to shareholders as distributions. The company's competitive position relies on owning well-located properties in markets with strong population growth and relatively affordable housing costs. The main risk BSR faces is rising interest rates, which increase borrowing costs and can pressure property values, while also making it harder to refinance debt on favorable terms.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-23.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+155.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

14.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

C$1.4B cash & investments at current burn rate

Revenue declining

BSR Real Estate Investment Trust's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-4.0%

Thin — -4.0% gross margin

Profit after running costs

Operating Margin

12.0%

Healthy — 12.0% operating margin

Return on the money invested

ROCE

0.1%

Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-19.7%

Shrinking sales (-19.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

3269%

Turns 3269% of profit into real cash

Spare cash per sale

FCF Margin

17.6%

Converts sales into free cash efficiently (17.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.23

Elevated debt (1.23)

Covers its interest

Interest Cover

0.05x

Dangerous — barely covers interest (0.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.5x

no trend

Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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