Mr. Dan Oberste reports

BSR REAL ESTATE INVESTMENT TRUST ANNOUNCES INTENTION TO DUAL LIST UNITS FOR TRADING ON THE NEW YORK STOCK EXCHANGE

BSR Real Estate Investment Trust's board of trustees has approved a strategic initiative to pursue a listing of its units for trading on the New York Stock Exchange (NYSE) under the new ticker symbol BSRT."

"This is an exciting step for BSR and our investors," said Dan Oberste, president and chief executive officer of the REIT. "Listing on the NYSE aligns the REIT's assets, operations and functional currency with the world's largest equity exchange by market capitalization, responds to continuous investor demand arising in the United States, and streamlines the trading dynamics for existing and prospective investors. Beyond the tactics, this initiative is expected to improve the REIT's ability to maximize returns for our investors."

The REIT currently intends to list its units for trading on the New York Stock Exchange in mid-October. Concurrent with listing on the NYSE, the ticker symbol for the REIT's Canadian dollar-denominated listing on the Toronto Stock Exchange (TSX), will be changed from HOM.UN to BSRT.UN. The REIT's United States dollar-denominated TSX listing, HOM.U, will be delisted at the close of business on the day prior to the effective date of the NYSE listing. Trading under the REIT's current OTCQX symbol, BSRTF, will cease concurrent with the NYSE listing.

In connection with the intended listing, the REIT today filed a registration statement on Form 40-F with the United States Securities and Exchange Commission (the SEC) and has applied to list its units on the NYSE. Any listing of the REIT's units on the NYSE will be subject to the SEC declaring the registration statement effective and the REIT obtaining the approval of the NYSE and the satisfaction of all applicable listing and regulatory requirements.

The REIT cannot provide any assurance that it will be successful in achieving a listing of its units on the NYSE.

About BSR Real Estate Investment Trust

BSR Real Estate Investment Trust is an internally managed, unincorporated, 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 markets in the Sunbelt region of the United States.

We seek Safe Harbor.