Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q4 2024 Earnings Presentation
23 slides from Btb Real Estate Investment Trust's earnings presentation, Feb 25, 2025
Slide 1: Opportunities in a Changing Economy
Opportunities in a Changing Economy Quarter & Year ended December 31st, 2024 February 25th, 2025 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Annual & Q4 2024 Results Conference Call was held on February 25, 2025 at 9.00 am Click here to listen
Slide 3: Yearly Overview
Yearly 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 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 pipeline of v
Slide 5: Real Estate Portfolio
Real Estate Portfolio 5 36.7% 36.4% 29.6% 20.8%* 25.5% Québec City Industrial 2.5%* 10 properties 1.3 M sq.ft. Trois-Rivières ü Industrial 41.6% 6.6%* 2 properties 0.1 M sq.ft. ü Suburban office ü Necessity-based retail 43.0% Edmonton ü Suburban office 49.0% 10 properties 3.7%* 51.8% 0.4M sq.ft. Sub
Slide 6: New Construction
New Construction 6 625-730 de la Concorde Street, “Méga Centre Rive-Sud”, Lévis, QC Construction of a 45,870 sq. ft. necessity- based retail leased to Winners/ HomeSense, a nationally recognized retailer on a long-term basis. Will increase the fair value of the property. Projected delivery date: Feb
Slide 7: Development Opportunity
Development Opportunity 7 2611 Queensview Drive, Excess Land 2611 Queensview Ottawa, ON Vacant parcel of land adjacent to a suburban office property. Expected transition to a HUB with LRT station in proximity to the site. LRT LRT station under construction
Slide 8: Highlights & Key Metrics
Highlights & Key Metrics 8 6.1M sq. ft. Leasable area $1,233M Fair value of investment properties 6.1M sq. ft. Stable vs. 2023 YTD $1,207M +2.2% vs. 2023 YTD 959,223 sq. ft. Leasing activity 92.7% Occupancy rate 781,990 sq. ft. +22.7% vs. 2023 YTD 94.2% -150 bps vs. 2023 YTD
Slide 9: Other Events
Other Events 9 Series G Debentures October 2024 On October 31, 2025, BTB fully redeemed and paid at maturity the Series G unsecured convertible debentures at their nominal value of $24.0 million plus accrued interest of $0.7 million using proceeds sourced from mortgage loans refinancings. Series I D
Slide 10: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 11: Leasing & Renewal Activity
Leasing & Renewal Activity 11 A total of 229,443 sq. ft. were renewed or leased during the quarter. Bringing our YTD leasing activities volume to 959,223 sq. ft. 959,223 sq. ft. YTD Leasing Activities Secured long-term new leases with Belden (“committed” 16,786 sq. ft. suburban office segment), in S
Slide 12: Stable Track Record of Leasing Performance
Stable Track Record of Leasing Performance 12 18.7 94.6 94.5 14.3 94.2 12.2 9.2 93.4 8.0 8.3 93.2 7.4 5.5 92.7 92.3 Q4 2021 2021 Q4 2022 2022 Q4 2023 2023 Q4 2024 2024 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 2024 YTD YTD YTD YTD Total Portfolio Committed Occupancy (%) Average Lease Renewal Rates (1)
Slide 13: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 13 2600 Alfred-Nobel, 825 Lebourgneuf Saint-Laurent, QC “Complexe Lebourngeuf Phase I", Québec, QC 625-730 de la Concorde "Méga Centre Rive Sud", Lévis, QC
Slide 14: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 14 245 Menten Place, 3131 Saint-Martin West, Ottawa, ON Laval, QC 208-240 Migneron & 315-325 MacDonald 3400-3410 Griffith, “Le Bougainvillier”, Saint-Laurent, QC Saint-Jean-sur-Richelieu, QC
Slide 15: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 16: Financial Highlights
Financial Highlights 16 Results $130.0M 42.2¢/u 42.4¢/u Rental Revenue FFO Adjusted(1) +1.7% vs. 2023 -2.9¢ vs. 2023 Net Earnings Per Unit +2.9% vs. 2023 (2) -1.3¢ vs. 2023 (2) $32.7M (Q4 2024) +2.3% vs. Q4 2023 10.9¢/u (Q4 2024) -0.2¢ vs. Q4 2023 AFFO Adjusted $75.1M NOI -0.4% vs. 2023 +1.4% vs. 20
Slide 17: Rental Revenue & NOI
Rental Revenue & NOI Excluding Q1 2023 One-Time Adjustment (1) 17 Rental Revenue +2.9% vs. 2023 NOI +1.4% vs. 2023 127.8 130.0 75.4 75.1 0.088 0.086 31.9 32.7 19.3 19.1 Q4 2023 Q4 2024 2023 2024 Q4 2023 Q4 2024 2023 2024 Rental Revenue ($M) Net Operating Income ($M) +1.7% vs. 2023 | +2.3% vs. Q4 202
Slide 18: FFO Adjusted & AFFO Adjusted Payout Ratio
Excluding Q1 2023 One-Time Adjustment (2) 18 FFO Adjusted & AFFO Adjusted Payout Ratio(1) FFO adjusted /u -1.3¢ vs 2023 AFFO adjusted payout ratio +1.5% vs 2023 78.7 0.088 45.1 42.2 74.1 74.5 72.6 11.1 10.9 Q4 2023 Q4 2024 2023 2024 Q4 2023 Q4 2024 2023 2024 FFO adjusted (1) per unit (¢) AFFO adjust
Slide 19: Capital Structure
Capital Structure 19 Mortgages Outstanding 1.9% 4.3% $665.6M | 4.35% weighted average interest rate (compared to 4.17% as of Convertible Credit facilities 2023, an increase of 18 bps) | 2.8 years weighted average term debentures (3) ($44.3M) ($19.6M) 28.9% Convertible Debentures (6) Series H | $19.9
Slide 20: Debt Maturities
Debt Maturities 20 In millions of dollars 20* 117 168 Mortgage payable 128 94 83 Convertible debentures 76 18 AVAILABLE 2025 2026 2027 2028 2029 2030+ LIQUIDITY 20% (1) 24% (1) 19% (1) 14% (1) 12% (1) 11% (1) Available Liquidity Mortgages Debenture – Series H $2.5M in cash plus $15.2M (Maturing in 2
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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