BSR Real Estate Investment Trust at the AGM held on May 9, 2024, announced that 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.

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.