BSR REAL ESTATE INVESTMENT TRUST ANNOUNCES RESULTS OF VOTING AT ANNUAL GENERAL MEETING OF UNITHOLDERS

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This news release constitutes a “designated news release” for the purposes of the REIT’s prospectus supplement dated December 8, 2021, to its short form base shelf prospectus dated December 1, 2021.

LITTLE ROCK, Ark. and TORONTO, May 9, 2024 /CNW/ – BSR Real Estate Investment Trust (the “REIT“) (TSX: HOM.U) (TSX: HOM.UN) announced today the results of voting at its annual general meeting of unitholders held on May 9, 2024 (the “Meeting“).

The number of trustees to be elected at the Meeting was fixed at seven by a majority of votes represented at the Meeting.

All of the nominees listed in the management information circular prepared in connection with the Meeting were elected as trustees of the REIT, with the outcome of the vote being as follows:[1]

Nominee

Votes For

% Votes For

Votes Withheld

% Votes Withheld

William A. Halter

14,669,476

99.572 %

62,983

0.428 %

Bryan H. Held

10,849,996

73.648 %

3,882,241

26.352 %

W. Daniel Hughes, Jr.

14,628,753

99.296 %

103,706

0.704 %

S. Jane Marshall

14,061,719

95.447 %

670,740

4.553 %

Teresa Neto

14,667,050

99.556 %

65,409

0.444 %

Daniel M. Oberste

14,679,850

99.643 %

52,609

0.357 %

Graham D. Senst

14,676,361

99.619 %

56,098

0.381 %

Following the Meeting, S. Jane Marshall was appointed Chair of the Board. The following trustees were appointed as members and respective chairs of the Board committees for the ensuing year: (i) Audit Committee composed of Teresa Neto (Chair), Bryan H. Held and Graham D. Senst; (ii) Compensation, Governance and Nomination Committee composed of Mr. Held (Chair), Ms. Marshall and William A. Halter; and (iii) Investment Committee composed of Mr. Senst (Chair), Ms. Marshall and Ms. Neto.

As noted in the management information circular prepared in connection with the Meeting, Neil J. Labatte and Elizabeth A. Wademan chose not to stand for re-election as trustees. As the REIT’s Declaration of Trust requires there be a majority of Canadian resident trustees, to remain compliant with such residency requirement, Mr. John S. Bailey also decided not to stand for re-election as a trustee. However, Mr. Bailey, a founder of BSR Trust, LLC and the REIT’s prior Chief Executive Officer and largest unitholder, plans to continue to contribute to the REIT’s leadership and provide meaningful guidance to the Board in a non-voting observer capacity. In such capacity, he will continue to attend all Board and committee meetings and will remain available to offer strategic advice to the Board and management.

“I would like to extend my gratitude to Neil, Elizabeth and John for their extensive contributions and tireless commitment to the REIT,” commented S. Jane Marshall, Chair of the Board. “The Board wishes Neil and Elizabeth all the best in their future endeavours, and looks forward to continuing to work closely with John in the future.”

The REIT also reports that the appointment of KPMG LLP as the REIT’s auditors for the 2024 fiscal year was passed by a majority of the votes represented at the Meeting.

The REIT’s full report of voting results on matters presented at the Meeting can be found at www.sedarplus.com.

About BSR Real Estate Investment Trust

BSR  Real  Estate  Investment  Trust  is  an  internally  managed,  unincorporated,  an  open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary and secondary markets in the Sunbelt region of the United States.

_________________________

1 All matters were voted on by proxy or at the Meeting, without a ballot. The items in the chart reflect the proxy tabulation results.

SOURCE BSR Real Estate Investment Trust

Cision

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