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BTB Real Estate Investment (BTB-UN) investor relations material
BTB Real Estate Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Portfolio consists of 73 properties totaling 6 million sq ft, with 280,635 sq ft of new and renewed leases in Q3 2025.
Fair value of investment properties at CAD 1.2 billion; total asset value at $1.3B as of September 30, 2025.
Disposed of two properties for total gross proceeds of $13.6M, including an office in Quebec City for $10.5M and a 50% interest in a retail property in Terrebonne for $3.1M.
Actively pursuing densification through zoning changes to add residential units in Montreal and Ottawa.
Achieved resilient operational performance with a 14.5% increase in average rent renewal rates for the quarter.
Financial highlights
Rental revenues reached $32.9M, up 1.1% year-over-year; NOI grew 5.9% to $19.9M; cash NOI increased 4.2%.
FFO adjusted per unit at 11.5¢, up 7.5% year-over-year; AFFO adjusted per unit at 10.1¢, up 4.1%.
AFFO payout ratio improved to 74.3% from 77.2% year-over-year.
Net income and comprehensive income surged 73.7% year-over-year to $9.5M for the quarter.
Distribution per unit was 7.5¢ for the quarter.
Outlook and guidance
Management remains focused on stability, densification, and long-term value creation, with a strong leasing pipeline and healthy fundamentals.
Negotiating a lease with a AAA tenant for a 132,000 sq ft industrial vacancy in Laval, which would resolve major vacancies if signed.
Expecting continued leasing momentum in suburban office and industrial segments, with positive trends into Q1 2026.
Anticipating closure of a Saint-Hilaire office asset sale before year-end; three other office buildings remain on the market.
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Next BTB Real Estate Investment earnings date
Q4 202523 Feb, 2026
Next BTB Real Estate Investment earnings date
Q4 202523 Feb, 2026
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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.
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