Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q3 2024 Earnings Presentation
21 slides from Btb Real Estate Investment Trust's earnings presentation, Nov 5, 2024
Slide 1: Quarter ended September 30th, 2024
Quarter ended September 30th, 2024 November 5th, 2024 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Q3 2024 Results Conference Call was held on November 5, 2024 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 | $1.2B Investment Activity Densification Focus our investment activity on industrial assets with Actively involved in zoning change to create density on one site by adding residential units in Montreal. strong fundamentals; a good pipeline of val
Slide 5: Real Estate Portfolio
Real Estate Portfolio 5 36.6% 36.9% * Percentages presented based on square footage. 28.2% 20.8%* 19.5% Québec City Industrial (1) 2.4%* 10 properties 1.3 M sq.ft. Trois-Rivières ü Industrial 41.9% 6.6%* 2 properties 0.1 M sq.ft. ü Suburban office ü Necessity-based retail 42.9% Edmonton ü Suburban o
Slide 6: Development Opportunity
Development Opportunity 6 2611 Queensview Drive, Ottawa, ON Excess Land 2611 Queensview 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 7: Highlights & Key Metrics
Highlights & Key Metrics 7 6.1 M sq. ft. Total leasable area 6.1 M sq. ft. | 5.4 M sq. ft. Stable vs Q3 2023 | +13.5% vs Q3 2021 $1,216 M Fair value of investment properties $1,207M | $924 M +0.7% vs Q3 2023 | +31.6% vs Q3 2021 319,495 sq. ft. Leasing Activity 85,724 sq. ft. | 67,763 sq. ft. Total n
Slide 8: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 9: Leasing & Renewal Activity
Leasing & Renewal Activity 9 64,583 sq. ft. 92.3% Occupancy rate New leases in Q3 2024 -1.4% vs Q3 2023 (Including Winners/Home Sense lease) Leases totalling 319,495 sq. ft. were renewed or leased during the quarter. Q3 2024 47,109 sq. ft. renewed Significant early lease renewals were concluded with
Slide 10: Track Record of Leasing Performance
Track Record of Leasing Performance 10 93.7 92.3 13.9 11.9 93.5 8.8 92.0 7.1 4.6 1.8 3.0 2.4 Q3 2021 Q3 2021 Q3 2022 Q3 2022 Q3 2023 Q3 2023 Q3 2024 Q3 2024 Q3 2021 Q3 2022 Q3 2023 Q3 2024 YTD YTD YTD YTD Total Portfolio Committed Occupancy (%) Average Lease Renewal Rates (1) (%) (1) Based on renewe
Slide 11: New Lease
New Lease 11 625-730 de la Concorde Street, “Méga Centre Rive-Sud”, Lévis, QC Construction of a 45,870 sq. ft. pad leased to Winners/HomeSense, a nationally recognized retailer on a long-term basis. Will increase the fair value of the property. Projected delivery date: January 2025
Slide 12: New Leasing Opportunity
New Leasing Opportunity 12 3695 des Laurentides Laval, QC 132,665 sq. ft. Industrial • 8 Truck-level doors • Clear height from 11’ to 28’ • High visibility • Trailer parking available • Proximity to amenities • Easy access to highways • Nearby buses: 63, 65, 70 and 76
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 $32.5M ($97.4M YTD) $18.8M ($56.0M YTD) $3.3M Rental revenue NOI Cash Position +3.9% vs Q3 2023 +3.8% vs Q3 2023 $29.3M available on our credit facilities +1.5% vs Q3 2023 YTD -0.3% vs Q3 2023 YTD (option to increase the availability by $10.0M +3.1%
Slide 15: Rental Revenue & NOI
Rental Revenue & NOI Excluding Q1 2023 One-Time Adjustment (1) 15 Rental Revenue +3.1% vs Q3 2023 YTD NOI +2.3% vs Q3 2023 YTD 95.9 97.4 88.0 73.6 51.8 56.1 56.0 41.6 31.3 32.5 30.0 18.0 18.1 18.8 24.0 13.6 Q3 2021 Q3 2021 Q3 2022 Q3 2022 Q3 2023 Q3 2023 Q3 2024 Q3 2024 Q3 2021 Q3 2021 Q3 2022 Q3 20
Slide 16: FFO adjusted & AFFO adjusted Payout Ratio
Excluding Q1 2023 One-Time Adjustment (2) FFO adjusted & AFFO adjusted Payout Ratio (1) FFO adjusted /u -0.9¢ vs Q3 2023 YTD AFFO adjusted payout ratio +1.1% vs 16 Q3 2023 YTD 85.9 85.3 80.3 77.2 77.1 74.8 31.1 33.6 33.8 31.3 73.6 72.8 9.5 11.5 10.4 10.7 Q3 2021 Q3 2021 Q3 2022 Q3 2022 Q3 2023 Q3 20
Slide 17: Capital Structure
Capital Structure 17 Mortgages Outstanding $655.7M | 4.33% weighted average interest rate (compared to 4.11% as of Q3 4.2% 2.7% 2023, an increase of 22 bps) | 3.0 years weighted average term Convertible Credit facilities debentures (4) ($28.2M) ($43.9M) Convertible Debentures 30.3% Series G | $24.0M
Slide 18: Debt Maturities
Debt Maturities 18 In millions of dollars 20 169 129 142 Mortgage payable 113 9 94 Convertible debentures 33 24* (1) AVAILABLE 2024 2025 2026 2027 2028 2029+ LIQUIDITY 5% (2) 19% (2) 24% (2) 18% (2) 14% (2) 20% (2) * Debenture – Series G Debenture – Series H Available Liquidity Mortgages (Maturing i
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, 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, Same property NOI, Total Debt Ratio, M
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