Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q1 2025 Earnings Presentation
23 slides from Btb Real Estate Investment Trust's earnings presentation, May 6, 2025
Slide 1: Quarter ended March 31st, 2025
Quarter ended March 31st, 2025 May 6th, 2025 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Q1 2025 Results Conference Call was held on May 6, 2025 at 9.00 am Click here to listen
Slide 3: Quarterly Overview
Quarterly Overview Presented by Michel Léonard President & Chief Executive Officer
Slide 4: Portfolio at a Glance
Portfolio at a Glance 4 6.1M sq. ft. | 75 Properties | $1.3B Total asset value Investment Activity Densification Focus our investment activity on industrial assets with strong Actively involved in zoning change to create density on one site by adding residential units in fundamentals; a good pipelin
Slide 5: Real Estate Portfolio
Real Estate Portfolio 5 37% 36% 31% 21%* 23% Québec City Industrial (1) 2%* 10 properties 1.3 M sq.ft. Trois-Rivières ü Industrial 41% 7%* 2 properties 0.1 M sq.ft. ü Suburban office ü Necessity-based retail 43% Edmonton ü Suburban office (0 sq. ft. vs Q1 2021) (-0.1 sq. ft. vs Q1 2021) 48% 10 prope
Slide 6: Highlights & Key Metrics
Highlights & Key Metrics 6 6.1M sq. ft. Leasable area Stable vs Q1 2024 $1,235M Fair value of investment properties +2.7% vs Q1 2024 6.1M sq. ft. (Q1 2024) $1,203M (Q1 2024) 138,504 sq. ft. Renewals and new leases -9.8% vs Q1 2024 92.5% Occupancy rate -200 bps vs Q1 2024 153,600 sq. ft. (Q1 2024) 94
Slide 7: Other Events
Other Events 7 January 2025 Series I Debentures On January 23, 2025, BTB issued Series I convertible, unsecured, subordinated debentures bearing 7.25% interest payable semi-annually and maturing on February 28, 2030, in the amount of $40.25 million. The debentures are convertible at the holder’s opt
Slide 8: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 9: Leasing & Renewal Activity
Leasing & Renewal Activity 9 A total of 138,504 sq. ft. were renewed or leased during the quarter. Secured long-term new leases with Value Village, in the city of Saint-Bruno-de-Montarville of Montréal, 56,629 sq. ft. New Leases (Q1 2025) Québec and a long-term lease representing 13,728 sq.ft. (reco
Slide 10: Track Record of Leasing Performance
Track Record of Leasing Performance 10 94.5 13.5 13.9 8.4 93.2 93.1 5.1 92.5 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Total Portfolio Committed Occupancy (%) Average Lease Renewal Rates (1) (%) The decrease in occupancy is primarily due to the previously mentioned tenant bankr
Slide 11: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 11 800 de l’Étang, “Méga Centre Saint-Bruno’’, 825 Lebourgneuf Saint-Bruno-de-Montarville, QC “Complexe Lebourgneuf Phase I", Quebec, QC 6700 Pierre-Bertrand “Place d’Affaires Lebourgneuf 825 Lebourgneuf Phase II”, Quebec, QC “Complexe Lebourgneuf Phase I”, Que
Slide 12: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 12 CLAIGAN ENVIRONMENTAL 1-9,10 Brewer Hunt Way & 825 Lebourgneuf 1260, 1280 Ch. Teron Rd, “Complexe Lebourgneuf", Ottawa, ON Quebec, QC 815 Lebourgneuf 2344 Alfred-Nobel, “Complexe Lebourgneuf Montréal, QC Phase II", Quebec, QC
Slide 13: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 14: Financial Highlights
Financial Highlights 14 Results Financial Position $34.4M Rental Revenue +5.4% vs. Q1 2024 11.1¢/u FFO Adjusted(1) +8.8% vs. Q1 2024 $5.5M Cash Position $32.6M (Q1 2024) 10.2¢/u (Q1 2024) $19.8M Net Operating Income (NOI) +8.0% vs. Q1 2024 72.7% AFFO Adjusted Payout Ratio(1) -11.2% vs. Q1 2024 57.7%
Slide 15: Rental Revenue & NOI
Rental Revenue & NOI 15 34.4 32.9 32.6 19.0 19.8 18.4 16.2 0.088 0.086 29.1 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Rental Revenue ($M) Net Operating Income ($M) +5.4% vs Q1 2024 +8.0% vs Q1 2024 Positive organic growth: Higher rent renewal rates and increases in rental Posit
Slide 16: FFO Adjusted Per Unit & AFFO Adjusted Payout Ratio
16 FFO Adjusted Per Unit & AFFO Adjusted Payout Ratio(1) 83.9 76.8 72.4 72.7 10.7 11.7 10.2 11.1 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2022 Q1 2023 Q1 2024 Q1 2025 FFO adjusted (1) per unit (¢) AFFO adjusted (1) Payout Ratio (%) +8.8% vs Q1 2024 -11.2% vs. Q1 2024 (1) This is a non-IFRS financial measu
Slide 17: Capital Structure
Capital Structure 17 Mortgages Outstanding $661.9M | 4.35% weighted average interest rate (compared to 4.40% as of 3.9% 3.3% March 31, 2024, a decrease of 5 bps) | 2.6 years weighted average term Convertible Credit facilities debentures (3) ($40.3M) ($34.3M) Convertible Debentures (6) Series H | Ful
Slide 18: Debt Maturities
Debt Maturities 18 In millions of dollars 40 175 107 Mortgage payable 127 93 84 76 Convertible debentures 31 AVAILABLE 2025 2026 2027 2028 2029 2030+ LIQUIDITY 15% (1) 25% (1) 18% (1) 13% (1) 12% (1) 17% (1) Available Liquidity Debenture – Series I $5.5M in cash plus $25.2M $40.3M maturing February
Slide 19: ESG
ESG Presented by Bruno Meunier Vice President of Operations
Slide 20: ESG Highlights
ESG Highlights Our Recent Achievements & Initiatives 60% 98% 14 Social projects • Completed client of our suburban office Energy usage data rooftop beehives & employee and necessity-based collected for 98% of our installed and satisfaction surveys retail portfolio certified buildings, with analysis
Slide 21: Closing Remarks
Closing Remarks Presented by Michel Léonard President & Chief Executive Officer
Slide 22: Forward-Looking Statements
Forward-Looking Statements 22 From time to time, we make written or oral forward-looking statements within the meaning of applicable Canadian securities legislation. We may make forward-looking statements in this document, in other filings with Canadian regulators, in reports to unitholders, and in
Slide 23: Non-IFRS Measures
Non-IFRS Measures 23 The following terms and measures, Funds from Operations (FFO), FFO / Unit, FFO Adjusted, FFO Adjusted / Unit, FFO Adjusted payout Ratio, Adjusted Funds from Operations (AFFO); AFFO Adjusted, AFFO Adjusted / Unit, AFFO Adjusted payout Ratio, AFFO Adjusted payout Ratio, Same prope
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