)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
BTB Real Estate Investment
BTB Real Estate Investment (BTB-UN) investor relations material
BTB Real Estate Investment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Portfolio valued at CAD 1.2 billion, spanning 6.0M sq. ft. across 72 properties, with a focus on industrial assets and densification in Montréal and Ottawa.
Achieved strong leasing activity in 2025, totaling 742,162 sq. ft., with 473,837 sq. ft. in renewals and 268,325 sq. ft. in new leases.
Occupancy rate ended at 91.3%, down 140 basis points year-over-year, mainly due to large industrial vacancies and tenant departures.
Disposed of three non-core properties in 2025 for proceeds of $19.7M, redeploying capital into industrial assets.
Released second ESG report for 2024 and achieved 13 new BOMA BEST certifications in Quebec.
Financial highlights
Rental revenue for 2025 was $130.1M, up 0.1% year-over-year, but down 1% from Q4 2024.
NOI for 2025 was $75.1M, stable year-over-year, but down 4.4% from Q4 2024.
Cash NOI increased 1.9% year-over-year, but decreased 5.1% from Q4 2024.
AFFO adjusted per unit was 38.8¢ for 2025, up 0.7¢ year-over-year; payout ratio improved to 77.3%.
Net income for 2025 was $22.4M, down $16.4M from 2024, mainly due to a $15M non-cash decrease in property fair value.
Outlook and guidance
Management remains optimistic about leasing prospects for large vacancies and sees opportunities in industrial and necessity-based retail segments.
Only one significant known non-renewal expected in 2026: a 100,000 sq. ft. federal government lease in Ottawa expiring in August.
Strategic focus continues on industrial assets, densification, and sustainable value creation.
Forward-looking statements highlight risks from economic conditions, competition, regulatory changes, and refinancing needs.
Detail 2026 leasing plan for vacant industrial assets
What drives sustainable Cash NOI growth in 2026?
Update on industrial asset acquisition strategy
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next BTB Real Estate Investment earnings date
Q1 20265 May, 2026
BTB Real Estate Investment
Next BTB Real Estate Investment earnings date
Q1 20265 May, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
BTB Real Estate Investment Trust is a Canada-based real estate investment trust (REIT) focused on owning, managing, and developing income-producing properties. The trust's portfolio includes office, retail, and industrial properties, primarily located in secondary markets across Quebec and Eastern Canada. The company is headquartered in Montreal, Quebec, and its units are listed on the Toronto Stock Exchange.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage