BTB Real Estate Investment Trust
TSX:BTB.UN

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BTB Real Estate Investment Trust Logo
BTB Real Estate Investment Trust
TSX:BTB.UN
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Price: 3.93 CAD Market Closed
Market Cap: 346.7m CAD

BTB Real Estate Investment Trust
Investor Relations

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.

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BTB.UN
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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 4, 2025
AI Summary
Q3 2025

Leasing Activity: BTB completed 281,000 square feet of total leasing in Q3, including major new leases with Kraft-Heinz and SFL Gestion de Patrimoine.

Occupancy: Portfolio occupancy rate was 91.5%, up 30 basis points from Q2 despite ongoing industrial vacancy in Laval.

Rental Spreads: Achieved a strong 14.5% increase in renewal rental rates, the best third-quarter performance in recent years.

Financial Performance: Rental revenue rose 1.1% to $32.9 million; NOI and cash NOI grew 5.9% and 4.2%, respectively.

Distribution & Payout: Quarterly distribution maintained at $0.075 per unit, with the AFFO payout ratio improving to 74.3%.

Portfolio Changes: Sold two non-core properties for a total of $13.6 million; fair value of investment properties stable at $1.2 billion.

Key Financials
Portfolio Size
6 million square feet
Occupancy Rate
91.5%
Rental Revenue
$32.9 million
FFO adjusted per unit
$0.115
AFFO adjusted per unit
$0.101
Distribution per unit
$0.075
Annual Distribution per unit
$0.30
AFFO adjusted payout ratio
74.3%
Fair Value of Investment Properties
$1.2 billion
Weighted Average Cap Rate
6.7%
Gross Proceeds from Property Dispositions
$10.5 million (Quebec City), $3.1 million (Terrebonne)
Total Debt Ratio
56.8%
Weighted Average Mortgage Term
2.3 years
Weighted Average Mortgage Interest Rate
4.4%
Cash on Hand
$5.5 million
Available Credit Facilities
$25 million
Total Liquidity
almost $31 million
Q3 Leasing Activity
281,000 square feet
Year-to-date Leasing Volume
519,000 square feet
Rental Spread for Renewals
14.5%
Other Earnings Calls

Management

Mr. Michel Leonard
President, CEO & Non Independent Trustee
No Bio Available
Mr. Bruno Meunier
Vice President of Operations
No Bio Available
Mr. Marc-Andre Lefebvre
VP & CFO
No Bio Available
Philippine Soulie
Director of Communications & Investor Relations
No Bio Available
Francis Hogue
Director of Legal Affairs
No Bio Available
Eleni Mentzelos
Director of Human Resources
No Bio Available
Nathalie Jacques
Director of Corporate Accounting
No Bio Available
Mr. Étienne Charbonneau
Principal Controller
No Bio Available

Contacts

Address
QUEBEC
MONTREAL
300-1411 rue Crescent
Contacts
+15142860188.0
www.btbreit.com