Business
BTB Provides an Update Pertaining to the Impact of COVID-19
BTB Provides an Update Pertaining to the Impact of COVID-19 Canada NewsWire MONT...
About this update from Btb Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBTB Provides an Update Pertaining to the Impact of COVID-19\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, March 31, 2020\n\n\n\nMONTRÉAL, March 31, 2020 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) (\"BTB\" or the \"REIT\") provides unitholders with an update of BTB's operations and the measures the REIT is taking to protect its tenants, employees and properties as it relates to the COVID-19 virus pandemic.\n\n \n \n \n \n \n \n\n \nA MESSAGE FROM MICHEL LÉONARD, PRESIDENT AND CEO \nI would like to assure our unitholders that we are confident that we have activated our contingency plan and the means to protect the affairs of BTB. Our strong diversified property portfolio will meet these challenging times.\nWe have adopted the following measures to minimize the impact the COVID-19 has or will have on our business:\nOPERATIONS \nMost of our employees are working from home and are dutifully assuming their responsibilities. Some of our tenants are in full operation from their facilities since they are deemed essential services by government decree. We are in daily contact with our employees; We have taken measures to limit the spread of COVID-19 and our employees are working hard to maintain a sanitary environment for our tenants and their clients; Being a diversified REIT, it allows us to receive rent payments from segments that are less affected by the pandemic. We are focussed on three core asset segments such as office, representing 39% of our properties, retail, representing 25% of our properties and industrial, representing 27% of our properties (with a small percentage of mixed-use properties). Such diversification lowers our exposure and risk to a specific sector and allows us to receive payment of rent from other asset segments that are less impacted by the pandemic; Over the past few years we have gradually de-leveraged our portfolio and improved our debt ratio. As of today, we have an interest coverage ratio representing more than two times (2.0x), enhancing our cash flow position; We are ...