BSR REIT Base Shelf Renewal and ATM

Goodmans LLP acted for BSR in connection with the renewal of its existing base shelf prospectus and a final short form base shelf prospectus (the "Shelf Prospectus"), which is valid until January 1, 2024.

The Shelf Prospectus allows the REIT to continue to maintain financial flexibility with the ability to offer up to an aggregate US$500,000,000 of Units, debt securities, subscription receipts and warrants, or any combination thereof, (the "Securities") on an accelerated basis pursuant to the filing of prospectus supplements. Each prospectus supplement will contain specific information concerning the use of proceeds from that sale of Securities.

Goodmans LLP also acted for the REIT in connection with an at-the-market equity program (the "ATM Program") that allows the REIT to issue up to US$150,000,000 (or its Canadian dollar equivalent) of trust units ("Units") from treasury to the public from time to time, at the REIT's discretion. Any Units sold in the ATM Program will be sold through the Toronto Stock Exchange (the "TSX"), or any other marketplace on which the Units are listed, quoted or otherwise traded in Canada, at the prevailing market price at the time of sale.