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

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 11, 2023 /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 11, 2023 (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
John S. Bailey	18,041,075	96.440 %	665,875	3.560 %
William A. Halter	18,025,292	96.356 %	681,658	3.644 %
Bryan H. Held	18,641,127	99.648 %	65,823	0.352 %
W. Daniel Hughes, Jr.	18,005,016	96.248 %	701,934	3.752 %
Neil J. Labatte	18,014,233	96.297 %	692,717	3.703 %
S. Jane Marshall	18,675,922	99.834 %	31,028	0.166 %
Teresa Neto	18,675,162	99.830 %	31,788	0.170 %
Daniel M. Oberste	18,040,331	96.437 %	666,619	3.563 %
Graham D. Senst	17,242,576	92.172 %	1,464,374	7.828 %
Elizabeth A. Wademan	17,114,150	91.486 %	1,592,800	8.514 %

The REIT also reports that the appointment of KPMG LLP as the REIT's auditors for the 2023 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.sedar.com.

About BSR Real Estate Investment Trust

BSR  Real  Estate  Investment  Trust  is  an  internally  managed,  unincorporated,  and  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.

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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

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