Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q3 2025 Earnings Presentation
20 slides from Btb Real Estate Investment Trust's earnings presentation, Nov 5, 2025
Slide 1: Quarter ended September 30th, 2025
Quarter ended September 30th, 2025 November 4th, 2025 TSX: BTB.UN
Slide 2: Quarterly Overview
Quarterly Overview Presented by Michel Léonard President & Chief Executive Officer
Slide 3: Quarter at a Glance
Quarter at a Glance 3 6.0M sq. ft. | 73 Properties | $1.3B Total asset value Densification Actively involved in zoning change to create density on two sites by adding residential units in Montréal and in Ottawa. Dispositions After quarter-end, On July 11, 2025, BTB on October 30, 2025, disposed of a
Slide 4: Real Estate Portfolio
Real Estate Portfolio 4 Suburban office 20% 51% Quebec City 2% 9 properties 1.2M sq.ft. Trois-Rivières Industrial 41% (-10%) 7% 2 properties 0.1M sq.ft. Suburban office Necessity-based retail Suburban office Necessity-based Edmonton retail 36% (+14%) 10 properties 3% 0.4M sq.ft. 27% Indust
Slide 5: Highlights & Key Metrics
Highlights & Key Metrics 5 6.0M sq. ft. Leasable area -2.1% vs Q3 2024 $1,225M Fair value of investment properties +0.7% vs Q3 2024 6.1M sq. ft. (Q3 2024) $1,216M (Q3 2024) 280,635 sq. ft. Renewals and new leases 91.5% Occupancy rate -80 bps vs Q3 2024 92.3% (Q3 2024)
Slide 6: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 7: Leasing & Renewal Activity
Leasing & Renewal Activity 7 A total of 280,635 sq. ft. were renewed or leased during the quarter and 591,764 sq. ft. for the year to date. Concluded a new lease with Kraft Heinz Company, in Montréal, Quebec, representing 80,000 sq. ft. (recorded 128,679 sq. ft. New Leases (Q3 2025) as “committed” i
Slide 8: Leasing Performance
Leasing Performance 8 93.5 93.7 92.3 91.5 14.5 12.2 11.9 11.3 8.8 9.2 8.3 2.4 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2022 2022 Q3 2023 2023 Q3 2024 2024 Q3 2025 2025 YTD Total Portfolio Committed Occupancy (%) Increase (Decrease) in Average Rent Renewal Rates (1) (%) (1) Based on renewed leases during t
Slide 9: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 9 1325 Hymus, 6655 Pierre-Bertrand, Dorval, QC Québec, QC 6700 Pierre-Bertrand 1500 rue Royale, “Place d’affaires Lebourgneuf “Complexe de Léry” Phase II", Trois-Rivières, QC Québec, QC
Slide 10: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 10 2344 Alfred-Nobel, 5810 Sherbrooke Street E., Saint-Laurent, QC Montréal, QC 3761-3781 des Sources, 2611 Queensview Drive, Dollard-des-Ormeaux, QC Ottawa, ON
Slide 11: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 12: Financial Highlights
Financial Highlights 12 Results $32.9M Rental Revenue +1.1% vs. Q3 2024 11.5¢/u FFO Adjusted(1) +7.5% vs. Q3 2024 Financial Position $32.5M (Q3 2024) 10.7¢/u (Q3 2024) $30.9M Available Liquidity $19.9M Q3 2025 Net Operating Income (NOI) +5.9% vs. Q3 2024 10.1¢/u AFFO Adjusted(1) +4.1% vs. Q3 2024 $1
Slide 13: Rental Revenue & NOI
Rental Revenue & NOI 13 32.5 32.9 31.3 30.0 19.9 20.1 18.8 19.3 18.0 18.2 18.1 17.9 0.088 0.086 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2022 Q3 2022 Q3 2023 Q3 2023 Q3 2024 Q3 2024 Q3 2025 Q3 2025 Rental Revenue ($M) Net Operating Income ($M) +5.9% vs Q3 2024 +1.1% vs Q3 2024 Cash Net Operating Income (C
Slide 14: FFO Adjusted Per Unit & AFFO Adjusted Per Unit
14 FFO Adjusted Per Unit & AFFO Adjusted Per Unit(1) 11.5 10.4 10.7 11.5 10.2 9.7 10.1 8.8 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2022 Q3 2023 Q3 2024 Q3 2025 FFO adjusted (1) per unit (¢) AFFO adjusted per unit (1) +7.5% vs Q3 2024 +4.1% vs. Q3 2024 (1) This is a non-IFRS financial measure. Refer to th
Slide 15: AFFO Adjusted Payout Ratio
15 AFFO Adjusted Payout Ratio(1) 85.3 77.2 73.6 74.3 Q3 2022 Q3 2023 Q3 2024 Q3 2025 AFFO adjusted (1) Payout Ratio (%) -2.9% vs. Q3 2024 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation.
Slide 16: Capital Structure
Capital Structure 16 Mortgages Outstanding $648.4M | 4.39% weighted average interest rate (an increase of 6 bps compared 3.8% 3.2% to September 30, 2024) | 2.33 years weighted average term of mortgages Convertible Credit facilities debentures (3) ($34.1M) Convertible Debentures (6) ($40.3M) Series I
Slide 17: Debt Maturities
Debt Maturities 17 In millions of dollars 188 40 143 Mortgage payable 92 95 83 48 Convertible debentures 31 A V A ILA BLE 2 02 5 2 02 6 2 02 7 2 02 8 2 02 9 2 030 + LIQU ID ITY 7 % (2) 27 % (1) 21 % (1) 13 % (1) 14 % (1) 18 % (1) Available Liquidity Debenture – Series I $5.5M in cash plus $25.4M $40
Slide 18: Closing Remarks
Closing Remarks Presented by Michel Léonard President & Chief Executive Officer
Slide 19: Forward-Looking Statements
Forward-Looking Statements 19 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 20: Non-IFRS Measures
Non-IFRS Measures 20 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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