{"id":401835,"date":"2020-12-17T08:33:29","date_gmt":"2020-12-17T13:33:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=401835"},"modified":"2020-12-17T08:33:29","modified_gmt":"2020-12-17T13:33:29","slug":"btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\/","title":{"rendered":"BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>MONTR\u00c9AL, <span class=\"xn-chron\">Dec. 17, 2020<\/span> \/CNW Telbec\/ &#8211;\u00a0BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;<b>BTB<\/b>&#8221; or the &#8220;<b>REIT<\/b>&#8220;) releases a yearend overview and provides a statement to investors and collaborators going into the holiday season.<\/p>\n<p>\n        <b>ACQUISITION AND DISPOSITONS<\/b>\n      <\/p>\n<p>BTB&#8217;s acquisition and disposition team concluded transactions to enhance the quality of our portfolio. BTB disposed of <b>4 properties,<\/b> for total proceeds of <span class=\"xn-money\">$48.5 million dollars<\/span>, excluding transaction costs and acquired <b>2 properties<\/b> for a total consideration of <b><span class=\"xn-money\">$29.85 million dollars<\/span><\/b>, excluding transaction costs. <\/p>\n<p>\n        <b>Summary of BTB&#8217;s 2020 Acquisitions<\/b>\n      <\/p>\n<ul type=\"disc\">\n<ul type=\"circle\">\n<li>2611 Queensview Drive, <span class=\"xn-location\">Ottawa, Ontario<\/span> (Office). <\/li>\n<li>2005 <span class=\"xn-person\">Le Chatelier Street<\/span>, <span class=\"xn-location\">Laval<\/span>, Montr\u00e9al (Industrial).<\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b>Summary of BTB&#8217;s 2020 Dispositions<\/b>\n      <\/p>\n<ul type=\"disc\">\n<ul type=\"circle\">\n<li>311 <span class=\"xn-location\">Ingersoll<\/span>, <span class=\"xn-location\">London, Ontario<\/span> (Industrial); <\/li>\n<li>5600, Chemin de la C\u00f4te de Liesse, Montr\u00e9al, Qu\u00e9bec (Industrial); <\/li>\n<li>1001, Sherbrooke Street East, Montr\u00e9al, Qu\u00e9bec (Office); <\/li>\n<li>550-560, boulevard Henri-Bourassa Ouest, Montr\u00e9al, Qu\u00e9bec (Office). <\/li>\n<\/ul>\n<\/ul>\n<p>The first three properties in the disposition list above, were disposed of due to attractive offers that were received, whilst the last property, 550-560 boulevard Henri-Bourassa Ouest, was disposed pursuant to the conclusions of the strategic repositioning of BTB&#8217;s portfolio. <\/p>\n<p>As a reminder, BTB&#8217;s strategic repositioning was aimed at re-focussing its acquisition criteria in-line with the following: <\/p>\n<ul type=\"disc\">\n<li>Concentrate portfolio in major, primary markets such as Montr\u00e9al, <span class=\"xn-location\">Quebec City<\/span>, <span class=\"xn-location\">Ottawa<\/span>, and <span class=\"xn-location\">Toronto<\/span> (as a future target). <\/li>\n<li>Targeting acquisition of properties valued between 10 and 50 million $. <\/li>\n<li>Targeting acquisitions of properties with a long-term hold perspective, showing: <\/li>\n<ul type=\"circle\">\n<li>Long-term leases; <\/li>\n<li>High occupancy rates; or <\/li>\n<li>Established tenants. <\/li>\n<\/ul>\n<\/ul>\n<p>To complete the disposition strategy pursuant to the strategic review, to this date, only one property remains to be disposed to bring the strategic repositioning to a close. <\/p>\n<p>\n        <b>LOOKING BACK AT OUR QUARTERLY AND ANNUAL RESULTS <br \/><\/b>\n      <\/p>\n<p>Our 2019 annual results published in <span class=\"xn-chron\">March 2020<\/span>, entitled <b>&#8220;A Renewed BTB Takes Place<\/b>&#8221; demonstrated the strength and tremendous growth that BTB recorded for the year ended <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2019. The year was notably marked with BTB achieving an important milestone; our total asset value surpassed the <span class=\"xn-money\">$900 million<\/span> threshold as well as our market cap surged over the <span class=\"xn-money\">$300 million<\/span> mark. Our occupancy rate also showed an all time high, closing the year at 93.2%. Overall, 2019 was a performant year where we saw the effect of a stronger portfolio and stellar financial matrix. <\/p>\n<p>Our Q1 2020 results continued to track on the same positive trend, despite the COVID-19 pandemic which started to impact businesses in <span class=\"xn-location\">Canada<\/span> mid-way through the month of <span class=\"xn-chron\">March 2020<\/span>. For the comparable quarter of the previous year, we recorded a 10.3% increase in rental income, 15.5% increase in net operating income and 36.7% increase in our adjusted net income. Our results followed the 2019 trend, where our portfolio repositioning showed its strength<sup>1<\/sup>.<\/p>\n<p>Our Q2 2020 results were published on <span class=\"xn-chron\">August 14<\/span><sup>th<\/sup>, 2020. Our results remained positive despite the effects of the pandemic and the challenging first months of the quarter. However, BTB remained pro-active and was able to post great results despite all the measures undertaken by the REIT to safeguard its tenant base and cash flow. On a comparable basis, we saw our NOI grow by 1.8%, our total debt ratio decreased to 58.6% and we recorded an average rent collection rate of more than 97% for the period. We must note that our <span class=\"xn-location\">Ottawa<\/span> portfolio had a stellar performance as we were able to collect almost 100% of our contractual rents for the period. In addition, the strategic repositioning of our portfolio has proven to be fruitful yet again. Our last 4 acquisitions generated <span class=\"xn-money\">$1.7 million<\/span> in revenues in excess of the revenues that we would have collected from the disposed properties, had they remained in our portfolio.<sup>2<\/sup> As a reminder, BTB does not own enclosed malls.<\/p>\n<p>Six months into the pandemic, our Q3 2020 results were published and yet again, BTB showed its tenacity, resiliency, and strength as we gleaned, for a second consecutive quarter, robust results despite the effect of the pandemic. Overall, our net income increased by 2.3%, our SPNOI increased by 0.8% and we renewed leases with existing tenants representing more than 225,381 sq. ft. We successfully leased a total of 173,995 sq. ft. to new tenants. Our total debt ratio stood at 59.7%, further solidifying our commitment to maintaining that ratio below 60%.<sup>3<\/sup><\/p>\n<p>Albeit the challenging economic conditions, through 2020, BTB was able to generate stable and consistent results, by adopting a successful operating strategy. \u00a0BTB and all its employees were able to mitigate the risks associated with the pandemic by adopting a hands-on approach, managing tenant requests on a case-by-case personalized basis to respect BTB&#8217;s core values. For the period ranging between May to November, our rent collection rate stands at 98%.<\/p>\n<p>\n        <b>FINANCING<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">September 29<\/span><sup>th<\/sup>, 2020, BTB closed a public offering, on a bought deal basis, for an aggregate principal amount of <span class=\"xn-money\">$30 million<\/span> thereby issuing the Series H 7.00% Convertible Unsecured Subordinated Debentures, maturing on <span class=\"xn-chron\">October 31<\/span><sup>st<\/sup>, 2025 and on <span class=\"xn-chron\">October 26<\/span><sup>th<\/sup>, 2020,\u00a0BTB successfully redeemed all the outstanding Series F Debenture.<\/p>\n<p>\n        <b>DISTRIBUTION<\/b>\n      <\/p>\n<p>Due to the economic uncertainties caused by the COVID-19 pandemic and the possible effects on the Trust&#8217;s financial position and future cash requirements, on <span class=\"xn-chron\">May 12<\/span><sup>th<\/sup>, 2020, the Board of Trustees approved a resolution to adjust the annual distribution from 42.0\u00a2 to 30.0\u00a2 for the distribution payable as of the <span class=\"xn-chron\">May 2020<\/span>. \u00a0<\/p>\n<p>\n        <b>GREAT PLACE TO WORK <\/b>\n      <\/p>\n<p>BTB is proud to have obtained Great Place to Work \u00ae certification! Based on results of a survey sent to all employees, asking questions about their workplace, work-life balance, etc. BTB&#8217;s employees have elected BTB as a GPTW for a second consecutive year. Thank you all for this nomination! <\/p>\n<p>\n        <b>SUMMIT CREATIVE AWARDS<\/b>\u00a0<\/p>\n<p>For the second consecutive year, BTB was awarded the &#8220;Summit Creative Award&#8221; for our 2019 Annual Report Design! Having won bronze last year, BTB was able to step higher on the podium this year, having been awarded silver. <\/p>\n<p>\n        <b>RETIREMENT<\/b>\n      <\/p>\n<p>In <span class=\"xn-chron\">September 2020<\/span>, BTB&#8217;s CFO, Mr. <span class=\"xn-person\">Benoit Cyr<\/span> retired. This paved the way for the appointment of Mr. Mathieu Bolt\u00e9, BTB&#8217;s CFO and Vice-President of Finance, thus setting the tone for the Renewed BTB. <\/p>\n<p>\n        <b>FINAL REMARKS <\/b>\n      <\/p>\n<p>We would like to thank our investors, collaborators, trustees and employees for their trust and support in BTB. This year has been challenging for all including on a personal level, but going into this Holiday Season, we want to extend our gratitude to all of you. Thank you for helping us, thank you for trusting us and thank you for standing by us. We hope that all of you will get to enjoy your holiday festivities, despite the protocols in place and we hope that all of you will remain safe. <\/p>\n<p>All the best to you and your families, stay healthy and safe! <\/p>\n<p>\n        <b>ABOUT BTB<\/b>\n      <\/p>\n<p>BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern <span class=\"xn-location\">Canada<\/span>. As at <span class=\"xn-chron\">December 17<\/span><sup>th<\/sup>, 2020 BTB owns 64 retail, office, and industrial properties for a total leasable area of approximately 5.3 million square feet and an approximate total asset value as of <span class=\"xn-chron\">September 30<\/span><sup>th<\/sup>, 2020 of approximately of <span class=\"xn-money\">$946M<\/span>.<\/p>\n<p>\n        <b>BTB&#8217;S OBJECTIVES<\/b>\n      <\/p>\n<div>\n<table id=\"convertedTable02c9\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Generate stable monthly cash distributions that\u00a0are reliable and fiscally beneficial to unitholders;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Grow the Trust&#8217;s assets through internal growth and accretive acquisitions in order to increase distributable income and therefore refund\u00a0distributions;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Optimize the value of its assets through the dynamic management of its properties in order to maximize the long-term value of its properties and\u00a0therefore, its units. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB&#8217;s Units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by\u00a03%.<\/p>\n<p>For more detailed information, visit BTB&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3016003-1&amp;h=3623196826&amp;u=http%3A%2F%2Fwww.btbreit.com%2F&amp;a=www.btbreit.com.\" rel=\"nofollow noopener noreferrer\">www.btbreit.com.<\/a><\/p>\n<p \/>\n<p>____________________________<br \/><sup>1<\/sup><i>See our press release published <span class=\"xn-chron\">May 14<\/span><sup>th<\/sup>, 2020: &#8220;BTB Recorded a Significant Improvement in Results Throughout the First Quarter 2020, Despite an Unprecedented Crisis That Has Been Affecting Individuals and Businesses Alike&#8221;.<\/i>\u00a0<br \/><sup>2<\/sup><i>See our press release published <span class=\"xn-chron\">August 14<\/span><sup>th<\/sup>, 2020: &#8220;The Resilience of BTB&#8217;s Portfolio is Demonstrated&#8221;.<\/i>\u00a0<br \/><i><sup>3<\/sup><b>\u00a0<\/b><\/i><i>See our press release published <span class=\"xn-chron\">November 10<\/span><sup>th<\/sup>, 2020: &#8220;BTB Demonstrates the Resiliency of Its Portfolio and Operating Strategy for a Second Consecutive Quarter&#8221;. <\/i><\/p>\n<p>SOURCE  BTB Real Estate Investment Trust<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C0806&amp;Transmission_Id=202012170830CANADANWWEB______C0806&amp;DateId=20201217\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire MONTR\u00c9AL, Dec. 17, 2020 \/CNW Telbec\/ &#8211;\u00a0BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;BTB&#8221; or the &#8220;REIT&#8220;) releases a yearend overview and provides a statement to investors and collaborators going into the holiday season. ACQUISITION AND DISPOSITONS BTB&#8217;s acquisition and disposition team concluded transactions to enhance the quality of our portfolio. BTB disposed of 4 properties, for total proceeds of $48.5 million dollars, excluding transaction costs and acquired 2 properties for a total consideration of $29.85 million dollars, excluding transaction costs. Summary of BTB&#8217;s 2020 Acquisitions 2611 Queensview Drive, Ottawa, Ontario (Office). 2005 Le Chatelier Street, Laval, Montr\u00e9al (Industrial). Summary of BTB&#8217;s 2020 Dispositions 311 Ingersoll, London, Ontario (Industrial); 5600, Chemin de la C\u00f4te de Liesse, Montr\u00e9al, Qu\u00e9bec &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-401835","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire MONTR\u00c9AL, Dec. 17, 2020 \/CNW Telbec\/ &#8211;\u00a0BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;BTB&#8221; or the &#8220;REIT&#8220;) releases a yearend overview and provides a statement to investors and collaborators going into the holiday season. ACQUISITION AND DISPOSITONS BTB&#8217;s acquisition and disposition team concluded transactions to enhance the quality of our portfolio. BTB disposed of 4 properties, for total proceeds of $48.5 million dollars, excluding transaction costs and acquired 2 properties for a total consideration of $29.85 million dollars, excluding transaction costs. Summary of BTB&#8217;s 2020 Acquisitions 2611 Queensview Drive, Ottawa, Ontario (Office). 2005 Le Chatelier Street, Laval, Montr\u00e9al (Industrial). Summary of BTB&#8217;s 2020 Dispositions 311 Ingersoll, London, Ontario (Industrial); 5600, Chemin de la C\u00f4te de Liesse, Montr\u00e9al, Qu\u00e9bec &hellip; Continue reading &quot;BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-17T13:33:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C0806&amp;Transmission_Id=202012170830CANADANWWEB______C0806&amp;DateId=20201217\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support\",\"datePublished\":\"2020-12-17T13:33:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\\\/\"},\"wordCount\":1338,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C0806&amp;Transmission_Id=202012170830CANADANWWEB______C0806&amp;DateId=20201217\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btb-provides-a-year-end-review-and-wishes-to-thank-investors-and-collaborators-for-their-support\\\/\",\"name\":\"BTB Provides A Year-End Review and Wishes to Thank Investors and Collaborators for Their Support - 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ACQUISITION AND DISPOSITONS BTB&#8217;s acquisition and disposition team concluded transactions to enhance the quality of our portfolio. BTB disposed of 4 properties, for total proceeds of $48.5 million dollars, excluding transaction costs and acquired 2 properties for a total consideration of $29.85 million dollars, excluding transaction costs. Summary of BTB&#8217;s 2020 Acquisitions 2611 Queensview Drive, Ottawa, Ontario (Office). 2005 Le Chatelier Street, Laval, Montr\u00e9al (Industrial). 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