BTB Real Estate Investment Trust
TSX:BTB.UN
BTB Real Estate Investment Trust
BTB Real Estate Investment Trust engages in the ownership of properties in eastern Canada. The company is headquartered in Montreal, Quebec. The company went IPO on 2006-10-03. The Trust owns approximately 64 retail, office and industrial properties located in primary markets of the provinces of Quebec and Eastern Ontario. The Trust operates through three segments: Retail, Office, and Industrial. The Trust's leasable area is approximately 5.3 million square feet. The Trust's real estate portfolio consists of direct interests in investment properties and the Trust's share of the assets, liabilities, revenues, and expenses of two jointly controlled investment properties. The Trust also offers property services, which includes maintenance and janitor services, elevators, heating, ventilation, air conditioning (HVAC), security and management.
Rental Revenue: Rental revenue decreased by 5.3% year-over-year, mainly due to noncash straight-line rent adjustments, but would have been up 0.3% without these adjustments.
Portfolio Stability: No major acquisitions or densification activities this quarter; the portfolio remains stable with recent dispositions and asset mix shifts toward industrial properties.
Occupancy: Occupancy rate at quarter-end was 91.2%, down 130 basis points from last quarter, primarily due to tenant bankruptcies and lease nonrenewals, but would have been 92% excluding a recently sold low-occupancy property.
Lease Activity: 173,000 square feet leased this quarter, with a 4.7% average renewal spread and a lease renewal rate of 46.1%, reflecting some tenant turnover particularly in industrial and office segments.
Dispositions & Capital: Disposed of two properties for $6.1 million and $10.5 million; five more properties are being marketed with estimated gross proceeds of $80–100 million.
Debt & Liquidity: Debt ratio improved to 57.1%, and liquidity increased to $34.2 million, up $16.5 million from year-end 2024.
Payout Ratio: AFFO payout ratio improved to 79.2% for the quarter (vs. 80.2% last year); distributions held steady at $0.075 per unit.
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