Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q1 2026 Earnings Presentation
21 slides from Btb Real Estate Investment Trust's earnings presentation, May 13, 2026
Slide 1: Positioned for Strategic Growth
Positioned for Strategic Growth Quarter Ended March 31st, 2026 May 13th, 2026 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Q1 2026 Results Conference Call was held on May 13th, 2026 at 9:00 am Click here to listen
Slide 3: Quarterly Overview
Quarterly Overview Presented by Michel Léonard President & Chief Executive Officer
Slide 4: At a Glance
At a Glance 4 6.0M sq. ft. | 74 Properties | $1.3B Total asset value Investment Activity Densification Focus our investment activity on industrial assets with Actively involved in zoning change to create density strong fundamentals; a good pipeline of value creation on one site by adding residential
Slide 5: At a Glance
At a Glance 5 Disposition Subsequent event - Acquisition 909-915 Pierre-Bertrand Boulevard, 7 & 9, Montclair Boulevard, Quebec City, Québec Gatineau, Québec On March 24, 2026, BTB disposed of a retail On April 30, 2026, BTB acquired the remaining property for total proceeds of $11.7M, excluding 50%
Slide 6: Real Estate Portfolio
Real Estate Portfolio 6 Suburban office 18% 51% Quebec City 3% 8 properties 1.1M sq.ft. Trois-Rivières Industrial 41% (-10%) 9% 2 properties 0.1M sq.ft. Suburban office Necessity-based retail Suburban office Necessity-based 38% (+16%) Edmonton retail 13 properties 0.6M sq.ft. 3% 27% Indust
Slide 7: Highlights & Key Metrics
Highlights & Key Metrics 7 6.0M sq. ft. Leasable area -1.5% vs Q1 2025 $1,240M Fair value of investment properties +0.4% vs Q1 2025 6.1M sq. ft. (Q1 2025) $1,235M (Q1 2025) 206,095 sq. ft. Renewals and new leases +48.8% vs. Q1 2025 91.8% Occupancy rate -70 bps vs Q1 2025 138,505 sq. ft. (Q1 2025) 92
Slide 8: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Principal Director of Leasing
Slide 9: Leasing & Renewal Activity
Leasing & Renewal Activity 9 A total of 206,095 sq. ft. were renewed or leased during the quarter. 206,095 sq. ft. Total Leasing Activity Secured long-term new lease with The Hub Sports Centre in Edmonton, Alberta, representing 32,750 sq. ft. (recorded as “committed” in the industrial office segment
Slide 10: Summary of Leasing Performance
Summary of Leasing Performance 10 94.5 93.2 92.5 91.8 13.9 9.2 10.6 8.4 8.3 7.2 5.1 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2023 2023 Q1 2024 2024 Q1 2025 2025 Q1 2026 Total Portfolio Committed Occupancy (%) Increase in Average Lease Renewal Rates (1) (%) (1) Based on renewed leases during the period
Slide 11: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 11 80 Aberdeen, 8828- 8832 48th NW, Ottawa, ON Edmonton, AB 1327-1333 Ste-Catherine W. Expansion Montréal, QC 6655 Pierre-Bertrand, “Place d’affaires Lebourgneuf - Phase I” Québec, QC
Slide 12: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 12 318 68th Street, 6655 Pierre-Bertrand, Saskatoon, SK “Place d’affaires Lebourgneuf - Phase I” Québec, QC 2665-2673 & 2681 625-730 de la Concorde, Côte Saint-Charles, “Méga Centre Rive-Sud”, Saint-Lazare, QC Lévis, 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 $32.0M Rental Revenue -7.1% vs. Q1 2025 -4.3% vs. Q1 2025* 9.9¢/u FFO Adjusted(1) -1.2¢ vs. Q1 2025 -0.1¢ vs. Q1 2025* Financial Position $34.4M (Q1 2025) 11.1¢/u (Q1 2025) $23.7M Available Liquidity $17.8M Q1 2026 Net Operating Income (NOI) -10.3% vs. Q1 2025 -5.5% v
Slide 15: Rental Revenue & NOI
Rental Revenue & NOI 15 34.4 *1.0 32.9 *33.4 32.6 32.0 20.2 19.8 *1.0 0.088 0.086 19.0 19.1 *1.0 *19.2 18.4 18.7 18.2 *18.8 17.8 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2023 Q1 2023 Q1 2024 Q1 2024 Q1 2025 Q1 2025 Q1 2026 Q1 2026 Rental Revenue ($M) Net Operating Income ($M) -7.1% vs Q1 2025 -10.3% vs. Q
Slide 16: FFO Adjusted & AFFO Adjusted Payout Ratio
16 FFO Adjusted & AFFO Adjusted Payout Ratio(1) *81.6 87.2 83.9 *$1.0M 72.4 72.7 11.1 11.7 *$1.0M 10.2 *10.0 9.9 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2023 Q1 2024 Q1 2025 Q1 2026 FFO adjusted (1) per unit (¢) AFFO adjusted (1) Payout Ratio (%) -1.2 ¢ vs. Q1 2025 +14.5% vs. Q1 2025 -0.1 ¢ vs. Q1 2025*
Slide 17: Capital Structure
Capital Structure 17 Mortgages Outstanding $663.4M | 4.41% weighted average interest rate (an increase of 6 bps 3.7% 3.5% compared to March 31, 2025) | 2.23 years weighted average term of mortgages Convertible Credit facilities debentures (3) ($37.2M) Convertible Debentures (6) ($40.3M) Series I | $
Slide 18: Debt Maturities
Debt Maturities 18 In millions of dollars 200 145 40 Mortgage payable 93 116 40 69 Convertible debentures 24 A V A ILA BLE 2 02 6 2 02 7 2 02 8 2 02 9 2 030 2 031 + LIQU ID ITY 28 % (2) 21 % (1) 13 % (1) 17 % (1) 11 % (1) 10 % (1) Available Liquidity Debenture – Series I $1.4M in cash plus $22.3M $4
Slide 19: Closing Remarks
Closing Remarks Presented by Michel Léonard President & Chief Executive Officer
Slide 20: Forward-Looking Statements
Forward-Looking Statements 20 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 21: Non-IFRS Measures
Non-IFRS Measures 21 The following terms and measures used in this presentation, including but not limited to, Funds from Operations (FFO); FFO / Unit, FFO Adjusted, FFO Adjusted / Unit, Adjusted Funds from Operations (AFFO); AFFO Adjusted, AFFO Adjusted / Unit, AFFO Adjusted payout Ratio, Same Prop
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