Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q2 2024 Earnings Presentation
24 slides from Btb Real Estate Investment Trust's earnings presentation, Aug 6, 2024
Slide 1: Quarter ended June 30th, 2024
Quarter ended June 30th, 2024 August 6th, 2024 TSX: BTB.UN
Slide 2: Recording of the Conference Call
Recording of the Conference Call Our Q2 2024 Results Conference Call was held on August 6, 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% 34.3% * Percentages presented based on square footage. 21.8% 19.5% 20.2%* Québec City Industrial (1) 2.4%* 10 properties 1.2 M sq.ft. Trois-Rivières ü Industrial 42.7% 6.7%* 2 properties ü Suburban office 0.1 M sq.ft. ü Necessity-based retail 45.0% ü Suburban office (+0
Slide 6: Development Opportunity
Development Opportunity 6 625-730 de la Concorde Street, “Méga Centre Rive- Sud”, Lévis, QC Expected increase in fair value of the property. Construction of a 43,500 sq. ft. Pad to be leased by Home Sense/Winners, a nationally recognized retailer on long- term basis. Construction period: 12-18 month
Slide 7: Development Opportunity
Development Opportunity 7 2611 Queensview Drive, Ottawa, ON Excess Land 2611 Queensview Vacant adjacent parcel of land. Expected transition to a HUB with LRT in proximity to the site.
Slide 8: Highlights & Key Metrics
Highlights & Key Metrics 8 6.1 M sq. ft. Total leasable area 6.1M sq. ft. | 5.4 M sq. ft. -0.5% vs Q2 2023 | +13.0% vs Q2 2021 $1,209 M Fair value of investment properties $1,209M | $922 M -0.1% vs Q2 2023 | +31.0% vs Q2 2021 256,685 sq. ft. Leasing Activity 333,561 sq. ft. | 175,193 sq. ft. -23.0%
Slide 9: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 10: Leasing & Renewal Activity
Leasing & Renewal Activity 10 40,080 sq. ft. 94.6% Occupancy rate New leases in Q2 2024 +50 bps vs Q2 2023 Q2 2024 A total of 256,685 sq. ft. were renewed or leased during the quarter. Significant lease renewals were concluded in the necessity-based retail segment during the quarter with Sobeys Inc.
Slide 11: Solid Track Record of Leasing Performance
Solid Track Record of Leasing Performance 11 20.6 94.6 94.1 93.8 4.9 5.7 92.2 0.2 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Total Portfolio Committed Occupancy (%) Average Lease Renewal Rates (1) (%) (1) Based on renewed leases during the period 11
Slide 12: Positive Leasing Dynamics - Renewals
Positive Leasing Dynamics - Renewals 12 3111 Saint-Martin West, 315-325 MacDonald, Laval QC “Le Bougainvillier”, Saint-Jean-sur-Richelieu QC 6700 Pierre-Bertrand, 1500 Royale ”Place d’affaires “Complexe de Léry”, Lebourgneuf Phase II”, Trois-Rivières QC Québec QC 12
Slide 13: Positive Leasing Dynamics - Renewals and New Leases
Positive Leasing Dynamics - Positive Leasing Dynamics - 13 Renewals New Leases 11590-11800 de Salaberry 815 Lebourgneuf, "Marché de l'Ouest", "Complexe Lebourgneuf Dollard-des-Ormeaux, QC Phase II” QC AMA Properties Management Ltd. 8810 48 Avenue NW, Edmonton AB 13
Slide 14: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 14 825 Lebourgneuf, 815 Lebourgneuf, "Complexe Lebourgneuf "Complexe Lebourgneuf Phase I” QC Phase II” QC 6700 Pierre-Bertrand, 1500 Royale ”Place d’affaires “Complexe de Léry”, Lebourgneuf Phase II”, Trois-Rivières QC Québec QC 14
Slide 15: New Leasing Opportunity
New Leasing Opportunity 15 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
Slide 16: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 17: Financial Highlights
Financial Highlights 17 Results Financial Position $32.2M ($64.9M YTD) $18.9M ($37.2M YTD) $0.9M Rental revenue NOI Cash Position +1.6% vs Q2 2023 -0.5% vs Q2 2023 $17.9M available on our credit facilities +0.5% vs Q2 2023 YTD -2.1% vs Q2 2023 YTD (option to increase the availability by $10.0M +2.7%
Slide 18: Rental Revenue & NOI
Rental Revenue & NOI Excluding Q1 2023 One-Time Adjustment (1) 18 Rental Revenue +2.7% vs Q2 2023 YTD NOI +1.6% vs Q2 2023 YTD 64.6 64.9 58.0 49.6 38.0 37.2 33.8 28.0 31.7 32.2 26.0 29.0 19.0 18.9 17.6 15.6 Q2 2021 Q2 2021 Q2 2022 Q2 2022 Q2 2023 Q2 2023 Q2 2024 Q2 2024 Q2 2021 Q2 2021 Q2 2022 Q2 20
Slide 19: FFO adjusted & AFFO adjusted Payout Ratio
Excluding Q1 2023 One-Time Adjustment (2) FFO adjusted & AFFO adjusted Payout Ratio (1) FFO adjusted /u -1.2¢ vs Q2 2023 YTD AFFO adjusted payout ratio +5.5% vs 19 Q2 2023 YTD 80.2 82.0 73.0 72.3 70.5 68.3 69.0 63.7 21.7 22.1 23.5 20.6 12.5 11.4 11.8 10.4 Q2 2021 Q2 2021 Q2 2022 Q2 2022 Q2 2023 Q2 2
Slide 20: Capital Structure
Capital Structure 20 Mortgages Outstanding $636.5M | 4.57% weighted average interest rate (compared to 4.28% as of Q2 2023, an increase of 29 bps) | 3.1 years weighted average term 4.4% 4.0% Convertible debentures Credit facilities Convertible Debentures ($39.6M) ($43.9M) $43.9M | 6.45% weighted ave
Slide 21: Debt Maturities
Debt Maturities 21 In millions of dollars 24 159 20 132 Mortgage payable 113 97 72 64 Convertible debentures 19 (1) AVAILABLE 2024 2025 2026 2027 2028 2029+ LIQUIDITY 14% (2) 12% (2) 23% (2) 17% (2) 14% (2) 20% (2) Debenture – Series G Debenture – Series H Available Liquidity Mortgages (Maturing in
Slide 22: Closing Remarks
Closing Remarks Presented by Michel Léonard President & Chief Executive Officer
Slide 23: Forward-Looking Statements
Forward-Looking Statements 23 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 24: Non-IFRS Measures
Non-IFRS Measures 24 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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