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BSR Real Estate Investment Trust has sold two apartment complexes in Little Rock and two in Shreveport, the Little Rock-based public company said Tuesday.

The transactions in Little Rock involved the Briarwood Apartments, built in 1972 with 280 units, and Spring Valley Apartments, built in 1975 with 245 units.

The Shreveport sales involved the Fox Trail Apartments, built in 1971 with 144 units, and South Pointe Apartments, built in 1972 with 104 apartment units.

The sale total was $31.7 million, exceeding appraised values by $1.3 million, BSR said in a release.

"We have consistently said our plan is to sell properties that no longer meet our long term growth strategy," said John Bailey, BSR's chief executive officer.

-- David Smith

Agency set to ease offshore-drilling rule

President Donald Trump's administration is poised to relax offshore drilling requirements imposed in response to the Deepwater Horizon disaster that killed 11 people in 2010 and unleashed the worst oil spill in U.S. history.

The Interior Department today will unveil its final plan to ease some of the mandates in response to industry complaints that they are unwieldy and expensive, said two people familiar with the matter who asked not to be named before a formal announcement. The White House Office of Management and Budget said it had completed a review of the drafted regulation on Monday, clearing it for release.

The measure is set to ease requirements for monitoring offshore operations and for mandated third-party certifications of emergency equipment that can be summoned as a last resort to block explosive surges of oil and gas flowing up from wells.

White House officials previously cast the changes as surgical revisions of the Barack Obama-era rule, arguing the rewrite would better align with voluntary industry standards, decrease downtime on rigs and lead to more than $900 million in oil industry savings over the next decade.

-- Bloomberg News

Arkansas Index falls 5.62, ends at 416.86

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 5.62 to 416.86 Wednesday.

"Equities opened higher on the heels of positive earnings in the technology sector combined with a strong private payrolls report for April," said Leon Lants, managing director at Stephens Inc. in Little Rock. "But markets subsequently fell in afternoon trading following a decision by the Federal Reserve to leave interest rates unchanged accompanied by commentary dampening dovish monetary expectations."

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 05/02/2019

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