Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q1 2024 Earnings Presentation
22 slides from Btb Real Estate Investment Trust's earnings presentation, May 7, 2024
Slide 1: Quarter ended March 31st, 2024
Quarter ended March 31st, 2024 May 7th, 2024 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Q! 2024 Results Conference Call was held on May 7, 2024 at 9.00 am Presented by Michel Léonard, President & CEO 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 Conditional agreement to develop a residential component, subject to zoning change. Municipal with strong fundamentals; a good pipeline of value authoriti
Slide 5: Real Estate Portfolio
Real Estate Portfolio 5 36.6% 31.5% * Percentages presented based on square footage. 23.0% 18.1% 22.6%* Industrial (1) Québec City 12 properties 1.4 M sq.ft. 42.7% 6.7%* ü Industrial ü Suburban office 47.7% ü Necessity-based retail Edmonton (0 sq. ft. vs Q1 2021) 54.5% 54.7% 10 properties 0.4M sq.ft
Slide 6: Development Opportunity
Development Opportunity 6 625-730 de la Concorde Street, “Méga Centre Rive-Sud”, Lévis, QC +/- 9% Development Yield Construction of a 43,500 sq. ft. Pad to be leased by Nationally Recognized Retailer on long-term basis Construction period: 12-18 months
Slide 7: Development Opportunity
Development Opportunity 7 2611 Queensview Drive, Ottawa, ON Excess Land 2611 Queensview Adjacent Land Parcel Expected transition to a Community Development with LRT on site
Slide 8: Highlights & Key Metrics
Highlights & Key Metrics 8 6.1 M sq. ft. Total leasable area 6.0M sq. ft. | 5.3 M sq. ft. +0.9% vs Q1 2023 | +15.1% vs Q1 2021 $1,203 M Fair value of investment properties $1,198M | $905 M +0.4% vs Q1 2023 | +32.9% vs Q1 2021 153,600 sq. ft. Leasing Activity 125,575 sq. ft. | 104,922 sq. ft. +22.3%
Slide 9: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 10: Leasing & Renewal Activity
Leasing & Renewal Activity 10 58,062 sq. ft. 94.5% Occupancy rate New leases in Q1 2024 +130 bps vs Q1 2023 A total of 153,600 sq. ft. were renewed or leased during the quarter. Significant lease renewals were concluded in the suburban office segment during the quarter with the Q1 2024 city of Saint
Slide 11: Solid Track Record of Leasing Performance
Solid Track Record of Leasing Performance 11 13.5 13.9 94.5 8.4 93.2 5.9 93.1 91.0 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Total Portfolio Committed Occupancy (%) Average Lease Renewal Rates (1) (%) (1) Based on renewed leases during the period
Slide 12: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 12 2250 Alfred Nobel, 6700 Pierre-Bertrand, Saint-Laurent QC ”Place d’affaires New committed lease Lebourgneuf Phase II”, for 11,034 sq. ft. Québec QC (Effective 09.2024) New in place lease of 10,102 sq. ft. (Effective 03.2024) 2250 Alfred Nobel, Saint-Laurent
Slide 13: Positive Leasing Dynamics - Renewals
Positive Leasing Dynamics - Renewals 13 315-325 MacDonald “Le 825 Lebourgneuf Bougainvillier”, Saint- “Complexe Lebourgneuf", Jean-sur-Richelieu QC Québec QC 5-year renewal of 23,000 1-year renewal of sq. ft. with a 7.9% rental 8,610 sq. ft. rate increase (Effective 01.2025) (Effective 04.2024) 6700
Slide 14: Financial Overview
Financial Overview Presented by Charles Dorais Bédard Senior Director of Finance
Slide 15: Financial Highlights
Financial Highlights 15 Results Financial Position $32.6M ($32.9M Q1 2023) $18.4M ($19.0M Q1 2023) $1.8M Rental revenue NOI Cash Position -0.8% vs Q1 2023 -3.4% vs Q1 2023 ($13.2M available on our credit facilities) +3.7% vs Q1 2023 (1) +4.4% vs Q1 2023 (1) (option to increase the availability to $2
Slide 16: Rental Revenue & NOI
Rental Revenue & NOI Excluding Q1 2023 One-Time Adjustment (1) 16 Rental Revenue +3.7% vs Q1 2023 NOI +4.4% vs Q1 2023 32.9 32.6 29.1 23.5 19.0 18.4 16.2 0.088 12.4 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Rental Revenue ($M) Net Operating Income ($M) -0.8% vs Q1 2023 | +38.7%
Slide 17: FFO adjusted & AFFO adjusted Payout Ratio
FFO adjusted & AFFO adjusted Payout Ratio (1) Excluding Q1 2023 One-Time Adjustment(2) 17 FFO adjusted /u +0.2¢ vs Q1 2023 AFFO adjusted payout ratio -25 bps vs Q1 2023 87.4 83.9 76.8 72.4 0.088 11.7 10.7 10.2 8.9 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2021 Q1 2022 Q1 2023 Q1 2024 FFO adjusted (1) per u
Slide 18: Capital Structure
Capital Structure 18 Mortgages Outstanding $630.5M | 4.40% weighted average interest rate (compared to 4.20% as of 4.4% 4.5% March 31, 2023, an increase of 20 bps) | 3.16 years weighted average term Convertible Credit facilities debentures ($43.3M) ($44.8M) Convertible Debentures 27.7% $42.7M | 6.45
Slide 19: Debt Maturities
Debt Maturities 19 In millions of dollars 24 20 127 Mortgage payable 113 118 113 98 Convertible debentures 61 23 (1) AVAILABLE 2024 2025 2026 2027 2028 2029+ LIQUIDITY Available Liquidity Mortgages Debenture – Series G Debenture – Series H (Maturing in 2024) (Maturing in 2024) (Maturing in 2025) $1.
Slide 20: Closing Remarks
Closing Remarks Presented by Michel Léonard President & Chief Executive Officer
Slide 21: Forward-Looking Statements
Forward-Looking Statements 21 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 22: Non-IFRS Measures
Non-IFRS Measures 22 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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