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Private equity is buying REITs again. Big buyout premiums may signal undervaluation. More REIT takeovers could be coming.

Multifamily REITs, once buoyed by pandemic rent surges, now trade at a discounted 14.3x forward FFO versus pre-COVID multiples near 21x. Rent growth has normalized, with geographic supply imbalances dictating local performance; Sun Belt markets face supply overhangs, while others may see modest gains. Rising interest rates have tightened refinancing options, potentially catalyzing M&A activity as owners weigh costly debt versus outright sales.

BSR Real Estate Investment Trust TSE: HOM.UN reported sequential improvement in occupancy, revenue, total property net operating income and funds from operations for the second quarter of 2026, while lowering its full-year FFO and AFFO per-unit guidance because lease-up at an August 2025 acquisition is occurring later than initially expected.

BSR Real Estate Investment Trust (HOM.UN:CA) Q2 2026 Earnings Call Transcript