Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q2 2025 Earnings Presentation
23 slides from Btb Real Estate Investment Trust's earnings presentation, Aug 5, 2025
Slide 1: Quarter ended June 30th, 2025
Quarter ended June 30th, 2025 August 5th, 2025 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Q2 2025 Results Conference Call was held on August 5, 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: Quarter at a Glance
Quarter at a Glance 4 6.1M sq. ft. | 74 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 fundamentals; a good pipeline of value creation opp
Slide 5: Dispositions
Dispositions 5 Initiated disposition of a strategic portfolio in Saint-Jean-sur-Richelieu, including: • 145 Saint-Joseph Blvd. “Les Halles Saint-Jean” • 315-325 MacDonald Street “Le Bougainvillier” • 1000 du Séminaire Blvd. North “Les Galeries Richelieu” On June 16, 2025, BTB After quarter-end, disp
Slide 6: Real Estate Portfolio
Real Estate Portfolio 6 Suburban 21% office Quebec City 2% 10 properties 47% Trois-Rivières 1.3 M sq.ft. Industrial 42% (-5%) 7% 2 properties 0.1 M sq.ft. Suburban office Necessity-based retail Suburban office (-0.1 sq. ft. vs Q1 2021) Necessity-based Edmonton (0 sq. ft. vs Q1 2021) retail 3
Slide 7: Highlights & Key Metrics
Highlights & Key Metrics 7 6.1M sq. ft. Leasable area Stable vs Q2 2024 $1,231M Fair value of investment properties +1.8% vs Q2 2024 6.1M sq. ft. (Q2 2024) $1,209M (Q2 2024) 91.2% Occupancy rate -340 bps vs Q2 2024 172,624 sq. ft. Renewals and new leases 92.0%* *Including the post-quarter sale of th
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 172,624 sq. ft. were renewed or leased during the quarter. Concluded a new long-term lease with XCMG Canada Ltd., in Edmonton, Alberta, 49,809 sq. ft. New Leases (Q2 2025) representing 30,297 sq. ft. (recorded as “in place” in the industrial segment). The rema
Slide 10: Track Record of Leasing Performance
Track Record of Leasing Performance 10 94.1 94.6 93.8 92.0* 91.2 12.2 9.2 8.3 4.8 Q2 2022 Q2 2023 Q2 2024 Q2 2025 2022 2023 2024 YTD 2025 Total Portfolio Committed Occupancy (%) Average Lease Renewal Rates (1) (%) *Including the post-quarter sale of the Quebec City property. (1) Based on renewed lea
Slide 11: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 11 18410 118A Avenue NW, Edmonton, AB 1200-1252 rue de la Concorde, “Carrefour St-Romuald”, Québec, QC 825 Lebourgneuf 2250 Alfred-Nobel, “Complexe Lebourgneuf Phase I", Québec, QC Montréal, QC
Slide 12: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 12 1200-1252 rue de la Concorde, “Carrefour St-Romuald”, Québec, QC
Slide 13: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 13 979 Bank Street , 80 Aberdeen St. & 81 Beech St. Ottawa, ON Ottawa, ON 909-915 Pierre-Bertrand , “Édifice Lombard”, Québec, QC
Slide 14: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 15: Financial Highlights
Financial Highlights 15 Results $30.5M Rental Revenue -5.3% vs. Q2 2024 8.3¢/u FFO Adjusted(1) -20.2% vs. Q2 2024 Financial Position $32.2M (Q2 2024) 10.4¢/u (Q2 2024) $17.1M $34.2M Available Liquidity Net Operating Income (NOI) -9.2% vs. Q2 2024 9.5¢/u AFFO Adjusted(1) +1.1% vs. Q2 2024 $18.9M (Q2
Slide 16: Rental Revenue & NOI
Rental Revenue & NOI 16 31.7 32.2 30.5 29.0 18.3 19.0 19.5 18.9 19.4 19.5 17.6 17.1 0.088 0.086 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Rental Revenue ($M) Net Operating Income ($M) -9.2% vs Q2 2024 -5.3% vs Q2 2024 Cash Net Operating Income ($M) (1) +0.5% vs Q2 2024 The rent
Slide 17: FFO Adjusted Per Unit & AFFO Adjusted Per Unit
17 FFO Adjusted Per Unit & AFFO Adjusted Per Unit(1) 11.4 11.8 11.0 10.9 10.4 9.4 9.5 8.3 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2022 Q2 2023 Q2 2024 Q2 2025 FFO adjusted (1) per unit (¢) AFFO adjusted per unit (1) -20.2% vs Q2 2024 +1.1% vs. Q2 2024 The decrease is driven by the previously outlined 2 n
Slide 18: AFFO Adjusted Payout Ratio
18 AFFO Adjusted Payout Ratio(1) 80.2 79.2 68.3 69.0 Q2 2022 Q2 2023 Q2 2024 Q2 2025 AFFO adjusted (1) Payout Ratio (%) -1.0% vs. Q2 2024 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation.
Slide 19: Capital Structure
Capital Structure 19 Mortgages Outstanding $659.1M | 4.36% weighted average interest rate (compared to 4.57% as of June 3.8% 2.9% 30, 2024, a decrease of 21 bps) | 2.5 years weighted average term Convertible Credit facilities debentures (3) ($31.0M) Convertible Debentures (6) ($40.3M) Series I | $40
Slide 20: Debt Maturities
Debt Maturities 20 In millions of dollars 195 40 126 Mortgage payable 93 96 83 66 Convertible debentures 34 A V A ILA BLE 2 02 5 (2) 2 02 6 2 02 7 2 02 8 2 02 9 2 030 + LIQU ID ITY 9 % (1) 28 % (1) 18 % (1) 13 % (1) 14 % (1) 18 % (1) Available Liquidity Debenture – Series I $5.7M in cash plus $28.5M
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 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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