Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q2 2026 Earnings Presentation
21 slides from Btb Real Estate Investment Trust's earnings presentation, Aug 12, 2026
Slide 1: Positioned for Strategic Growth
Positioned for Strategic Growth Quarter Ended June 30th, 2026 August 12th, 2026 TSX: BTB.UN
Slide 2: Quarterly Overview
Quarterly Overview Presented by Michel Léonard President & Chief Executive Officer
Slide 3: Quarterly Overview
Quarterly Overview 3 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 resi
Slide 4: Quarterly Overview
Quarterly Overview 4 Acquisition Subsequent event - Disposition 7 & 9, Montclair Boulevard, 505 Des Forges Street & 1500 Royale Street, Gatineau, Quebec Trois-Rivières, Quebec On April 30, 2026, BTB acquired the remaining On August 4, 2026, BTB completed the 50% interest in a mixed-used office prope
Slide 5: Real Estate Portfolio
Real Estate Portfolio 5 Suburban office 18% 47% Quebec City 3% 8 properties 1.1M sq.ft. Trois-Rivières Industrial 41% (-6%) 9% 2 properties 0.1M sq.ft. Suburban office Necessity-based retail Suburban office 38% (+15%) Edmonton Necessity-based retail 13 properties 0.6M sq.ft. 3% 30% Industr
Slide 6: Highlights & Key Metrics
Highlights & Key Metrics 6 6.0M sq. ft. Leasable area -1.0% vs Q2 2025 $1,251M Fair value of investment properties +1.7% vs Q2 2025 6.1M sq. ft. (Q2 2025) $1,231M (Q2 2025) 377,930 sq. ft. Renewals and new leases Q2 2026 91.3% Occupancy rate +10 bps vs Q2 2025 172,624 sq. ft. (Q2 2025) 91.2% (Q2 202
Slide 7: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Principal Director of Leasing
Slide 8: Leasing & Renewal Activity
Leasing & Renewal Activity 8 A total of 377,930 sq. ft. were renewed or leased during the quarter. Concluded a new lease with ProGym, in Saint-Bruno-de-Montarville, Quebec, representing 19,038 sq. ft. 377,930 sq. ft. Total Leasing Activity (necessity-based retail segment). This transaction was recor
Slide 9: Summary of Leasing Metrics
Summary of Leasing Metrics 9 94.6 94.1 91.2 91.3 9.2 10.6 8.3 4.9 5.7 4.7 4.6 5.4 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Q2 2023 2023 Q2 2024 2024 Q2 2025 2025 Q2 2026 YTD 2026 Total Portfolio Committed Occupancy Rate (%) Average Increase in Lease Renewal Rates (1) (%) (1) Based on renewed leases during th
Slide 10: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 10 1465-1495 & 1011-1191 St-Bruno, 979 Bank Street, “Méga Centre St-Bruno” Ottawa, ON St-Bruno, QC 825 Lebourgneuf, 625-730, de la Concorde, “Complexe Lebourgneuf - “Méga Centre Rive-Sud” Phase I” Québec, QC Lévis, QC
Slide 11: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 11 2101 Ste-Catherine W., 8834-8856 48th NW, Montréal, QC Edmonton, AB 979 Bank Street, 145 St-Joseph, Ottawa, ON Saint-Jean-sur-Richelieu, QC
Slide 12: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 13: Financial Highlights
Financial Highlights 13 Results $31.9M Rental Revenue +4.5% vs. Q2 2025 9.7¢/u FFO Adjusted(1) +1.4¢ vs. Q2 2025 Financial Position $30.5M (Q2 2025) 8.3¢/u (Q2 2025) $15.4M Available Liquidity $18.9M Q2 2026 Net Operating Income (NOI) +10.5% vs. Q2 2025 9.8¢/u AFFO Adjusted(1) +0.3¢ vs. Q2 2025 $17.
Slide 14: Rental Revenue & NOI
Rental Revenue & NOI 14 32.2 31.9 31.7 30.5 0.088 0.086 19.5 19.8 19.0 19.4 19.5 18.9 18.9 17.1 Q2 2023 Q2 2023 Q2 2024 Q2 2024 Q2 2025 Q2 2025 Q2 2026 Q2 2026 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Rental Revenue ($M) Net Operating Income ($M) +4.5% vs Q2 2025 +10.5% vs. Q2 2025 Cash Net Operating Income
Slide 15: FFO Adjusted & AFFO Adjusted
15 FFO Adjusted & AFFO Adjusted (1) *$1.0M 11.8 10.9 10.4 9.8 9.7 9.4 9.5 8.3 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Q2 2023 Q2 2024 Q2 2025 Q2 2026 FFO adjusted (1) per unit (¢) AFFO adjusted (1) per unit (¢) +1.4 ¢ vs. Q2 2025 +0.3 ¢ vs. Q2 2025 (1) This is a non-IFRS financial measure. Refer to the Non-
Slide 16: AFFO Adjusted Payout Ratio
16 AFFO Adjusted Payout Ratio(1) 80.2 76.5 79.2 69.0 Q2 2023 Q2 2024 Q2 2025 Q2 2026 AFFO adjusted (1) Payout Ratio (%) Improvement of 2.7% vs. Q2 2025 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation.
Slide 17: Capital Structure
Capital Structure 17 Mortgages Outstanding $663.7M | 4.44% weighted average interest rate (an increase of 8 bps 3.7% 4.1% compared to June 30, 2025) | 2.15 years weighted average term of mortgages Convertible Credit facilities debentures (3) ($44.7M) Convertible Debentures (6) ($40.3M) Series I | $4
Slide 18: Debt Maturities
Debt Maturities 18 In millions of dollars 143 154 149 94 40 Mortgage payable 84 Convertible debentures 40 15 A V A ILA BLE 2 02 6 2 02 7 2 02 8 2 02 9 2 030 2 031 + LIQU ID ITY 20% (2) 22 % (1) 13 % (1) 21 % (1) 12 % (1) 12 % (1) Available Liquidity Debenture – Series I $0.6M in cash plus $14.8M $40
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
BTB Real Estate Investment Trust — Q2 2026 Earnings Presentation on 6ix