NYSE : BSRT
BSR Real Estate Investment Trust — Financial statements
United States
Last price 10.65 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 363.35M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 118.04M | 126.53M | 148.58M | 148.43M | 139.69M | 105.56M |
| Other Revenue | 17.04M | 17.69M | 20.09M | 19.37M | 18.83M | 14.02M |
| Total Revenue | 135.08M | 144.22M | 168.67M | 167.80M | 158.52M | 119.58M |
| Property Expenses | 66.16M | 72.67M | 76.73M | 76.74M | 73.00M | 53.89M |
| Selling, General & Administrative | 10.80M | 10.41M | 9.79M | 9.52M | 9.39M | 8.37M |
| Depreciation & Amortization | 70.00K | 43.00K | 134.00K | 133.00K | 133.00K | 130.00K |
| Total Operating Expenses | 77.25M | 83.80M | 86.87M | 86.68M | 82.58M | 65.36M |
| Operating Income | 57.83M | 60.42M | 81.80M | 81.12M | 75.94M | 54.22M |
| Interest Expense | -36.74M | -49.63M | -57.89M | -60.49M | -22.23M | -30.21M |
| Interest & Investment Income | 5.87M | 9.08M | 14.64M | 12.84M | 1.70M | 216.00K |
| Other Non-Operating Income | 6.46M | -58.89M | -8.49M | 26.50M | 101.78M | -147.70M |
| EBT Excluding Unusual Items | 33.42M | -39.01M | 30.07M | 59.97M | 157.19M | -123.47M |
| Gain (Loss) on Sale of Assets | -345.00K | -11.76M | -3.21M | |||
| Asset Writedown | -13.81M | -11.96M | -70.31M | -270.40M | 72.53M | 419.75M |
| Other Unusual Items | -176.00K | -853.00K | -9.86M | |||
| Pretax Income | 19.27M | -62.73M | -40.24M | -210.87M | 227.23M | 283.21M |
| Net Income | 19.27M | -62.73M | -40.24M | -210.87M | 227.23M | 283.21M |
| Net Income to Common | 19.27M | -62.73M | -40.24M | -210.87M | 227.23M | 283.21M |
| Basic Shares Outstanding | 34.03M | 33.91M | 33.42M | 33.14M | 36.31M | 31.20M |
| Diluted Shares Outstanding | 34.03M | 33.91M | 33.42M | 33.14M | 36.31M | 31.20M |
| EPS (Basic) | 0.57 | -1.85 | -1.20 | -6.36 | 6.26 | 9.08 |
| EPS (Diluted) | 0.57 | -1.85 | -1.20 | -6.36 | 6.26 | 9.08 |
| Dividend Per Share | 0.56 | 0.56 | 0.54 | 0.52 | 0.52 | 0.50 |
| Operating Margin | 42.81% | 41.89% | 48.50% | 48.34% | 47.91% | 45.34% |
| Profit Margin | 14.26% | -43.49% | -23.86% | -125.67% | 143.35% | 236.84% |
| EBITDA | 57.90M | 60.47M | 81.93M | 81.25M | 76.07M | 54.35M |
| EBITDA Margin | 42.86% | 41.93% | 48.58% | 48.42% | 47.99% | 45.45% |
| D&A For Ebitda | 70.00K | 43.00K | 134.00K | 133.00K | 133.00K | 130.00K |
| EBIT | 57.83M | 60.42M | 81.80M | 81.12M | 75.94M | 54.22M |
| EBIT Margin | 42.81% | 41.89% | 48.50% | 48.34% | 47.91% | 45.34% |
| Funds From Operations (FFO) | 27.01M | 34.60M | 51.74M | 52.64M | 48.07M | 30.62M |
| Adjusted Funds From Operations (AFFO) | 23.26M | 30.92M | 47.58M | 48.41M | 44.71M | 30.11M |
| FFO Payout Ratio | 70.13% | 54.32% | 34.31% | 35.59% | 37.83% | 48.22% |
| Revenue as Reported | 135.08M | 144.22M | 168.67M | 167.80M | 158.52M | 119.58M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.39B | 1.39B | 1.75B | 1.78B | 2.02B | 1.92B |
| Cash & Equivalents | 5.88M | 6.34M | 8.73M | 6.73M | 7.20M | 6.84M |
| Accounts Receivable | 190.00K | 163.00K | 96.00K | 280.00K | 234.00K | 470.00K |
| Other Receivables | 3.32M | 3.63M | 5.29M | 3.68M | 2.99M | 3.77M |
| Investment In Debt and Equity Securities | 2.18M | 598.00K | 5.71M | 931.00K | 4.08M | |
| Loans Receivable Current | 5.23M | 5.23M | ||||
| Restricted Cash | 3.83M | 4.06M | 6.34M | 9.30M | 6.00M | 6.87M |
| Other Current Assets | 5.57M | 3.04M | 3.86M | 3.27M | 3.35M | 3.20M |
| Trading Asset Securities | 924.00K | 453.00K | 12.52M | 11.66M | ||
| Other Long-Term Assets | 327.00K | 312.00K | 657.00K | 6.08M | 6.36M | 8.75M |
| Total Assets | 1.41B | 1.41B | 1.78B | 1.83B | 2.06B | 1.95B |
| Current Portion of Long-Term Debt | 56.68M | 89.16M | 335.44M | 282.27M | 1.78M | 3.09M |
| Current Portion of Leases | 90.00K | 88.00K | 36.00K | |||
| Long-Term Debt | 731.32M | 694.78M | 737.93M | 777.31M | 1.04B | 1.24B |
| Long-Term Leases | 1.06M | 1.11M | 177.00K | 307.00K | 34.00K | |
| Accounts Payable | 1.45M | 234.00K | 829.00K | 526.00K | 543.00K | 839.00K |
| Accrued Expenses | 25.40M | 39.25M | 42.71M | 43.58M | 42.11M | 27.12M |
| Current Unearned Revenue | 1.30M | 1.24M | 1.75M | 2.01M | 2.08M | 2.35M |
| Other Current Liabilities | 4.95M | 4.62M | 6.29M | 7.64M | 5.70M | 4.28M |
| Total Liabilities | 822.25M | 830.49M | 1.12B | 1.11B | 1.09B | 1.28B |
| Common Stock | 384.35M | 382.85M | 376.96M | 373.69M | 409.05M | 306.13M |
| Retained Earnings | 208.25M | 199.12M | 280.64M | 338.71M | 566.70M | 360.44M |
| Shareholders' Equity | 592.60M | 581.96M | 657.60M | 712.40M | 975.75M | 666.57M |
| Total Liabilities & Equity | 1.41B | 1.41B | 1.78B | 1.83B | 2.06B | 1.95B |
| Total Debt | 789.15M | 785.14M | 1.07B | 1.06B | 1.04B | 1.25B |
| Net Cash (Debt) | -782.35M | -778.34M | -1.06B | -1.04B | -1.02B | -1.24B |
| Net Cash Per Share | -22.99 | -22.96 | -31.86 | -31.40 | -28.04 | -39.74 |
| Filing Date Shares Outstanding | 34.03M | 33.91M | 33.42M | 33.14M | 36.31M | 31.20M |
| Total Common Shares Outstanding | 34.03M | 33.91M | 33.42M | 33.14M | 36.31M | 31.20M |
| Book Value Per Share | 17.41 | 17.16 | 19.68 | 21.50 | 26.87 | 21.36 |
| Tangible Book Value | 592.60M | 581.96M | 657.60M | 712.40M | 975.75M | 666.57M |
| Tangible Book Value Per Share | 17.41 | 17.16 | 19.68 | 21.50 | 26.87 | 21.36 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 19.27M | -62.73M | -40.24M | -210.87M | 227.23M | 283.21M |
| Depreciation & Amortization | 70.00K | 43.00K | 134.00K | 133.00K | 133.00K | 130.00K |
| Other Amortization | 1.98M | 2.08M | 1.67M | 1.82M | 2.06M | 2.05M |
| Gain (Loss) on Sale of Assets | 345.00K | 11.76M | 3.21M | |||
| Asset Writedown | 13.76M | 15.61M | 70.31M | 270.40M | -72.53M | -422.75M |
| Stock-Based Compensation | 2.58M | 2.93M | 2.40M | 2.61M | 2.41M | 4.78M |
| Change in Accounts Receivable | 1.80M | 1.35M | -1.43M | -729.00K | -1.04M | -136.00K |
| Change in Accounts Payable | -3.21M | -4.97M | -2.93M | 124.00K | 13.84M | 3.55M |
| Change in Other Net Operating Assets | 327.00K | 821.00K | -594.00K | 87.00K | -151.00K | -1.14M |
| Other Operating Activities | 22.43M | 97.35M | 50.06M | 19.51M | -82.45M | 185.50M |
| Operating Cash Flow | 59.34M | 64.25M | 79.38M | 83.08M | 89.51M | 58.40M |
| Acquisition of Real Estate Assets | -97.50M | -300.41M | -36.31M | -31.71M | -30.72M | -657.05M |
| Sale of Real Estate Assets | -2.86M | 392.31M | 215.25M | |||
| Net Sale / Acq. of Real Estate Assets | -100.35M | 91.89M | -36.31M | -31.71M | -30.72M | -441.80M |
| Other Investing Activities | 5.24M | 2.27M | 3.29M | -1.76M | 4.21M | 7.68M |
| Investing Cash Flow | -95.12M | 94.17M | -33.02M | -33.47M | -26.52M | -434.12M |
| Long-Term Debt Issued | 309.60M | 121.77M | 96.53M | 179.61M | 904.13M | |
| Total Debt Issued | 144.50M | 309.60M | 121.77M | 96.53M | 179.61M | 904.13M |
| Long-Term Debt Repaid | -413.70M | -109.02M | -51.02M | -282.10M | -534.89M | |
| Lease Payments | -51.00K | -43.00K | -141.00K | -130.00K | -127.00K | -132.00K |
| Total Debt Repaid | -71.88M | -413.70M | -109.02M | -51.02M | -282.10M | -534.89M |
| Net Debt Issued (Repaid) | 72.62M | -104.10M | 12.75M | 45.51M | -102.49M | 369.25M |
| Issuance of Common Stock | 109.66M | 65.35M | ||||
| Repurchase of Common Stock | -38.31M | -14.63M | ||||
| Common Dividends Paid | -18.94M | -18.80M | -17.75M | -18.73M | -18.19M | -14.76M |
| Other Financing Activities | -34.79M | -37.90M | -39.36M | -38.53M | -36.98M | -42.54M |
| Net Cash Flow | -16.88M | -2.38M | 1.99M | -462.00K | 358.00K | 1.57M |
| Levered Free Cash Flow | 24.44M | 10.27M | 12.68M | 16.83M | 55.75M | 30.43M |
| Unlevered Free Cash Flow | 45.42M | 39.20M | 47.19M | 52.82M | 67.59M | 47.26M |
| Cash Interest Paid | 38.72M | 43.49M | 53.58M | 50.11M | 38.25M | 32.24M |
| Change in Working Capital | -1.08M | -2.80M | -4.96M | -518.00K | 12.65M | 2.27M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 357.78M | 417.89M | 407.42M | 406.89M | 483.05M | 566.33M |
| Enterprise Value | 1.15B | 1.22B | 1.45B | 1.44B | 1.53B | 1.64B |
| Last Close Price | 10.49 | 12.11 | 11.17 | 10.46 | 11.06 | 14.57 |
| PE Ratio | 18.26 | 2.13 | 2.00 | |||
| PS Ratio | 2.65 | 2.90 | 2.42 | 2.42 | 3.05 | 4.74 |
| PB Ratio | 0.60 | 0.72 | 0.62 | 0.57 | 0.49 | 0.85 |
| P/OCF Ratio | 6.03 | 6.50 | 5.13 | 4.90 | 5.40 | 9.70 |
| EV/Sales Ratio | 8.54 | 8.43 | 8.59 | 8.59 | 9.66 | 13.68 |
| EV/EBITDA Ratio | 19.91 | 20.11 | 17.69 | 17.73 | 20.13 | 30.10 |
| EV/EBIT Ratio | 19.94 | 20.13 | 17.72 | 17.76 | 20.16 | 30.17 |
| Debt / Equity Ratio | 1.33 | 1.35 | 1.63 | 1.49 | 1.06 | 1.87 |
| Debt / EBITDA Ratio | 13.61 | 12.98 | 13.08 | 13.02 | 13.61 | 22.89 |
| Net Debt / Equity Ratio | 1.32 | 1.34 | 1.62 | 1.46 | 1.04 | 1.86 |
| Net Debt / EBITDA Ratio | 13.51 | 12.87 | 12.99 | 12.81 | 13.38 | 22.82 |
| Asset Turnover | 0.10 | 0.09 | 0.09 | 0.09 | 0.08 | 0.08 |
| Quick Ratio | 0.12 | 0.08 | 0.04 | 0.07 | 0.42 | 0.29 |
| Current Ratio | 0.22 | 0.17 | 0.08 | 0.11 | 0.60 | 0.56 |
| Return on Equity (ROE) | 3.27% | -10.12% | -5.88% | -24.98% | 27.67% | 57.49% |
| Return on Assets (ROA) | 2.61% | 2.36% | 2.83% | 2.61% | 2.37% | 2.21% |
| Earnings Yield | 5.48% | -15.01% | -9.88% | -51.82% | 47.04% | 50.01% |
| Dividend Yield | 5.34% | 4.55% | 4.40% | 4.23% | 3.89% | 2.76% |
| Payout Ratio | 97.50% | 8.00% | 5.21% | |||
| Buyback Yield / Dilution | -1.58% | -1.45% | -0.85% | 8.72% | -16.36% | -30.76% |
| Total Shareholder Return | 3.76% | 3.10% | 3.55% | 12.96% | -12.47% | -28.00% |