Q2 2024 BSR Real Estate Investment Trust Earnings Call Transcript
Key Points
- Same-community NOI increased by 4.6% year-over-year, reflecting higher revenue and reduced property operating expenses.
- FFO and AFFO per unit increased by 13% and 20%, respectively, indicating strong financial performance.
- The AFFO payout ratio significantly reduced to 54.5% from 63.9% in the previous year, showcasing improved financial efficiency.
- The company retired $9.5 million of debt on its credit facility, enhancing financial flexibility.
- BSR Real Estate Investment Trust (BSRTF) increased its monthly distribution by 7.7%, reflecting confidence in future cash flow growth.
- Blended rental rates only increased by 0.3%, indicating limited growth in rental income.
- Weighted average occupancy remained flat at 95.3%, showing no improvement in occupancy rates.
- New lease rates in Austin were negative, with a 6.2% decline in Q2, indicating challenges in that market.
- Operating expenses and real estate taxes are expected to remain lumpy and unpredictable, affecting financial stability.
- The company faces continued elevated supply in its markets, which could pressure rental rates and occupancy in the near term.
Good afternoon. My name is Judy, and I will be your conference coordinator today. At this time, I would like to welcome everyone to the BSR Q2 2024 financial results conference call. (Operator Instructions) Thank you.
I would now like to turn the conference over to Dan Oberste, President and Chief Executive Officer of BSR REIT. Please go ahead, sir.
Thank you, Rudy, and good day, everyone. Welcome to BSREIT. conference call to discuss our financial results for the second quarter ended June 30th, 2024. I'm joined on the call by Susie Rosenbaum, the COO and interim Chief Financial Officer, who will begin the call with an overview of our Q2 performance and highlights Susie will then review the financials in detail, and I'll conclude by discussing our business outlook. After that, we will be pleased to take your questions.
To begin, I want to remind listeners that certain statements about future events made on this conference
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