{"id":458449,"date":"2021-03-16T08:00:33","date_gmt":"2021-03-16T12:00:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=458449"},"modified":"2021-03-16T08:00:33","modified_gmt":"2021-03-16T12:00:33","slug":"built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/","title":{"rendered":"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results"},"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, QC, <span class=\"xn-chron\">March 16, 2021<\/span> \/CNW Telbec\/ &#8211; BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;<b>BTB<\/b>&#8221; or the &#8220;<b>REIT<\/b>&#8220;) releases today its financial results for the fourth quarter ended <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2020 compared to the fourth quarter of 2019 and announces the following highlights and information: <\/p>\n<p>\n        <b>HIGHLIGHTS OF THE FOURTH QUARTER ENDED <span class=\"xn-chron\">DECEMBER 31<\/span><sup>ST<\/sup>, 2020<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>The Strength in BTB&#8217;s Portfolio: <\/b>During the fourth quarter, our portfolio continued to show its resilience and its limited exposure to bankruptcies as no other tenant reported corporate restructuring or filed for bankruptcy. <\/p>\n<\/li>\n<li>\n          <b>Collections Remain Strong: <\/b>As of <span class=\"xn-chron\">March 12<\/span><sup>th<\/sup>, 2021, we collected 100% of our fourth quarter invoiced rents, in line with our collection record for the months of March to <span class=\"xn-chron\">December 2020<\/span>. Rent collection efforts have remained strong as we are reporting a significant reduction in the balance of receivables from a <span class=\"xn-money\">$8.7 million<\/span> balance at the end of Q2 2020 to the return to a normalized level of <span class=\"xn-money\">$5.2 million<\/span> at the end of Q4 2020. Included in the balance of receivables, is <span class=\"xn-money\">$0.8 million<\/span> of which is scheduled to be received after year end under contractual rent deferral agreements that were negotiated during Q2 2020. <\/p>\n<\/li>\n<li>\n          <b>The Effect of the Pandemic: <\/b>COVID-19 has affected our results in the following manner: <\/p>\n<p>i. <b>Net Operating Income<\/b>: &#8211; <span class=\"xn-money\">$1.3 million<\/span>. <\/p>\n<p>ii. <b>Additional Provisions:<\/b><span class=\"xn-money\">$1.4 million<\/span> in additional provisions for credit losses were recorded, therefore resulting in a total negative impact of <span class=\"xn-money\">$ 2.7 million<\/span> on our FFO &amp; AFFO. <\/p>\n<p>iii. <b>Fair Value Adjustments on Investment Properties<\/b>: A reduction in the fair value of our retail and office properties of <span class=\"xn-money\">$26.3 million<\/span> and a positive increase for our industrial properties of <span class=\"xn-money\">$17.9 million<\/span> was recorded. <\/li>\n<ul type=\"circle\">\n<li>The total fair value adjustment for 2020 is &#8211; <span class=\"xn-money\">$ 8.4 million<\/span>. 65% of our investment properties were externally appraised.\n<\/li>\n<\/ul>\n<li>\n          <b>Funds From Operations (FFO) &amp; Adjusted Funds From Operations (AFFO): <\/b>For the year 2020, we are reporting a recurring FFO of <span class=\"xn-money\">$24.2 million<\/span>, an increase of <span class=\"xn-money\">$0.9 million<\/span> or 3.9% compared to Q4 2019. <\/p>\n<p>i. Our FFO recurring payout ratio stands at <b>75.5%<\/b> for the quarter compared to 88.7% for Q4 2019 and <b>88.7%<\/b> for the year, compared to 103.1% for the year 2019. <\/p>\n<p>ii. Our AFFO payout ratio stands at <b>76.3%<\/b> for the quarter compared to 96.8% for Q4 2019 and <b>97.1% <\/b>for the year, compared to 111.9% for the year ended 2019. <\/p>\n<\/li>\n<li>\n          <b>Net Property Income From The Same Property Portfolio: <\/b>BTB recorded an increase of <b><span class=\"xn-money\">$0.1 million<\/span><\/b> or <b>0.2%<\/b> in Q4 2020 compared to Q4 2019. For the twelve-month cumulative period of 2020, the result increased by <b>0.1%.<\/b> The impact of the CECRA program as well as the announced bankruptcies, as reported in our Q2 2020 results were compensated by the progress made on the leasing and renewal front and from additional productivity. <\/p>\n<\/li>\n<li>\n          <b>Impact on Comparative Results:<\/b> Our comparative results were affected by the recording of an indemnity from a tenant pursuant to a lease cancellation prior to the end of the term for a total amount of <span class=\"xn-money\">$1.1 million<\/span> in Q4 2019. Excluding this item, our results would show the following for Q4 2020:\u00a0 <\/p>\n<\/li>\n<ul type=\"circle\">\n<li>\u00a0<b>Net Operating Income<\/b>: A 2,6% decrease from <span class=\"xn-money\">$13.1 million<\/span> in 2019 to <span class=\"xn-money\">$12.8 million<\/span>, which is mainly explained by the four bankruptcies announced in our Q2 2020 results.\n<\/li>\n<li>\n            <b>Funds From Operations (FFO<\/b>): A 0.3% decrease from <br \/><span class=\"xn-money\">$6.4 million<\/span> in 2019 to <span class=\"xn-money\">$6.3 million<\/span> in Q4 2020. <\/p>\n<\/li>\n<\/ul>\n<li>\n          <b>Leasing Activity: <\/b>Lease renewal activities remained strong throughout the quarter as <b>223,681 sq. ft<\/b>. were renewed in anticipation to existing tenants whose expirations were to take place in the years 2021 and thereafter. The quarterly average increase in lease renewal rates stands at <b>16.6%. <\/b>For the year, a total of <b>836,302 sq. ft.<\/b> was renewed to existing tenants, representing a 66% renewal rate at an average increase of <b>6.8%<\/b>. The following details the breakdown in average lease renewal rates per segment: <\/p>\n<p>i. <b>Quarterly Average Increases:<\/b><\/p>\n<\/li>\n<ul type=\"circle\">\n<li>Industrial: +12.9% <\/li>\n<li>Retail: +0.9% <\/li>\n<li>Office: +20.5<\/li>\n<\/ul>\n<\/ul>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ii. <b>Yearly Average Increases: <\/b><\/p>\n<ul type=\"disc\">\n<ul type=\"circle\">\n<li>Industrial: +9.0%\u00a0 <\/li>\n<li>Retail: +2.2% <\/li>\n<li>Office: +7.3% <\/li>\n<\/ul>\n<\/ul>\n<p id=\"indentid\" class=\"prnml40\">For the year, a total of <b>281,970 sq.ft<\/b>. were leased to new tenants and during the fourth quarter <b>56,589 sq.ft.<\/b> were leased to new tenants. <\/p>\n<p id=\"indentid\" class=\"prnml40\">As such, BTB&#8217;s total leasing activity amounts to approximately <b>1.1 million sq.ft.<\/b> of leased space. <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Net Income: <\/b>Net income and comprehensive income totalled <span class=\"xn-money\">$3.85 million<\/span> compared to <span class=\"xn-money\">$41.55 million<\/span> for the same period in 2019. The decrease is primarily attributed to non-cash items: <\/li>\n<\/ul>\n<p id=\"indentid\" class=\"prnml40\">i. In 2019, BTB recorded an increase in the fair value of investment properties of <span class=\"xn-money\">$34.1 million<\/span>, compared to a <span class=\"xn-money\">$2.3 million<\/span> increase in 2020. <\/p>\n<p>ii. In 2019, BTB recorded an increase in the net adjustment to the fair value of derivative financial instruments of <span class=\"xn-money\">$1.2 million<\/span>, compared to a decrease of <span class=\"xn-money\">$2.9 million<\/span> in 2020. <\/p>\n<ul type=\"disc\">\n<li>\n          <b>NOI Margin:<\/b> Other than the fair value adjustments described above, we noted financial improvements on our NOI margin from 54.4% to <b>55.1%<\/b>. <\/p>\n<\/li>\n<li>\n          <b>Reduction in Net Financial Expenses: <\/b>For the year ended <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2020, BTB recorded a reduction in the net financial expenses attributable to the successful refinancing at lower interest cost of mortgages concluded during the year. <\/p>\n<\/li>\n<li>\n          <b>Debt Metrics:<\/b> Our debt metrics continue to demonstrate our commitment to maintain a total debt ratio below 60%. As of <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2020, our total debt ratio stood at <b>59.4%<\/b>. <\/p>\n<\/li>\n<li>\n          <b>Bought Deal: <\/b>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. On <span class=\"xn-chron\">October 26<\/span><sup>th<\/sup>, 2020, BTB used part of the net proceeds of this issue to fully redeem the <span class=\"xn-money\">$26.7 million<\/span> Series F Debenture due on <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2020. The Trust has received conversion notices from holders of same. <\/p>\n<\/li>\n<li>\n          <b>Cash Position: <\/b>BTB concluded the year 2020 with a cash position of <span class=\"xn-money\">$9.1 million<\/span>. BTB had access to an unused operating credit facility in the amount of <span class=\"xn-money\">$3 million<\/span> and to an acquisition line of credit of <span class=\"xn-money\">$19 million<\/span> of which <span class=\"xn-money\">$3.7 million<\/span> remained available. <\/p>\n<\/li>\n<li>\n          <b>CECRA Program Closes: <\/b>Throughout the period ranging between April to <span class=\"xn-chron\">September 2020<\/span>, we successfully filed applications for approximately 80 tenants, which represents roughly 15% of the leases managed by BTB. All government subsidies were received at the end of Q4 2020. <\/p>\n<\/li>\n<li>\n          <b>CERS Program &amp; Rent Deferrals: <\/b>In early October, the Federal government announced the implementation of a new rent subsidy program, the <span class=\"xn-location\">Canada<\/span> Emergency Rent Subsidy (CERS) to continue its support of businesses. This program does not require landlords to grant rent abatements or rent concessions to tenants. However, BTB continues to actively guide its tenants through the program to further mitigate its risks. At the end of Q4 2020, only a handful of tenants have expressed their intent to participate in the program, which has not affected rent collections. In addition, no additional rent deferral agreements were negotiated with tenants, further solidifying future revenues.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\n        <b>A MESSAGE FROM <span class=\"xn-person\">MICHEL L\u00c9ONARD<\/span>, PRESIDENT AND CHIEF EXECUTIVE OFFICER <\/b>\n      <\/p>\n<p>&#8220;The year 2020 started off strong, when in <span class=\"xn-chron\">February 2020<\/span>, BTB&#8217;s stock price reached a peak of <span class=\"xn-money\">$5.49<\/span> per unit, but no one anticipated the effect of COVID-19 on the worldwide economy. We are very grateful for the support we received from our tenants during the year. To date we collected 100% of our fourth quarter invoiced rents, which fares extremely well for our real estate operation. <\/p>\n<p>Our lease renewal activities remained strong during the quarter. Since the beginning of the year, 66% of the leases expiring in 2020 were renewed at an average rate of increase of 6.8% (industrial +9.0%, retail +2.2%, and office +7.3%), a record rate since 2015. BTB renewed a total of 836,302 sq.ft. of leasable area during the year 2020 and that number includes lease renewals of leases expiring in 2021 and thereafter, solidifying our future cash flow. During the quarter, we successfully leased a total of 56,589 sq.ft. of leasable area to new tenants, totalling for the year, 281,970 sq.ft.<\/p>\n<p>Our FFO payout ratio is 75.5% for the quarter and 88.7% for the year, while the AFFO payout ratio is 76.3% for the quarter and 97.1% for the year, a significant improvement in these ratios for a second consecutive quarter. Our total debt ratio continues to demonstrate BTB&#8217;s persistence to maintain that ratio below 60%. At the end of Q4 2020, the total debt ratio stood at 59.4%.<\/p>\n<p>The significant steps taken since 2017 to reposition BTB&#8217;s portfolio and ensure its long-term sustainability have solidified BTB&#8217;s foundation. We are flexible and agile, and our strategic repositioning has proven to be very fruitful and has further showed its strength. During the year, we disposed of 4 properties for total proceeds of <span class=\"xn-money\">$48.5 million<\/span> and purchased 2 properties for a total consideration of <span class=\"xn-money\">$29.85 million<\/span>. <\/p>\n<p>In 2020, we had the opportunity to test our foundations and validate their solidity since they have been tried enormously. We have demonstrated our ability to question ourselves, including our work methods, to adapt and optimize processes according to the situations encountered. Our flexibility, our acceptance of change and our ability to confront reality have helped us to perform despite all the pitfalls encountered. <\/p>\n<p>The past years&#8217; challenges were numerous, and our employees demonstrated comprehensiveness, conciliation, and sacrifices. The year also showed and reminded us of the importance to surround ourselves well and to wisely choose our business collaborators and we cannot thank them enough for their contribution.\u00a0\u00a0<\/p>\n<p>With positive results despite the narrative of the year, knowing with certainty that our foundation is solid; we are now focused on next years&#8217; story in which we can confidently continue to grow&#8221;. <\/p>\n<p>\n        <b>SUMMARY OF OTHER SIGNIFICANT HIGHLIGHTS AS AT <span class=\"xn-chron\">DECEMBER 31<\/span><sup>ST<\/sup>, 2020<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Total number of properties:<\/b> 64 <\/li>\n<li>\n          <b>Total leasable area<\/b>: approximately 5.3 million sq.ft. <\/li>\n<li>\n          <b>Total asset value:<\/b><br \/>\n          <span class=\"xn-money\">$927 million<\/span>\n        <\/li>\n<li>\n          <b>Market capitalization:<\/b><br \/>\n          <span class=\"xn-money\">$224 million<\/span>\n        <\/li>\n<\/ul>\n<p>\n        <b>FINANCIAL INFORMATION<\/b>\n      <\/p>\n<p>The following two tables summarize our fourth quarter and annual results for the periods ended <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup> 2020 and 2019. <\/p>\n<p>\n        <b><br \/>\n          <i>Quarterly Results Information <\/i><br \/>\n        <\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Quarters ended December 31<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(in thousands<\/i>\u00a0of dollars<i>, except for ratios and per unit data)<\/i><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnmr10\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Variation<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Financial information<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Rental income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>22,455<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,558<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.1)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net operating income <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>12,767<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,174<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9.9)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net income and comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,850<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,552<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(90.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net property income from the same-property portfolio <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,585<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,447<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Distributions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,778<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,584<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring funds from operations (FFO) <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,322<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,421<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14.8)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Adjusted funds from operations (AFFO)<sup> (1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,253<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,795<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Financial information per unit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net income and comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6.1\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66.2\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(90.8)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnvab prntal prnpl6 prnpr6\">\n<p class=\"prnews_p\" \/>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Distributions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7.5\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.5\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28.6)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring FFO<sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>9.9\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.8\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16.1)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring AFFO<sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>9.8\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.8\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable8944\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-IFRS financial measures. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b><br \/>\n          <i>Annual Results Information <\/i><br \/>\n        <\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Years ended December 31<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(in<\/i>\u00a0<i>thousands of dollars, except for ratios and per unit data)<\/i><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnmr10\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Variation<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Financial information<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n              \n            <\/td>\n<td class=\"prngen20\">\n              \n            <\/td>\n<td class=\"prngen20\">\n              \n            <\/td>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Rental income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>92,969<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">93,602<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net operating income <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>51,260<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,897<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net income and comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,919<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51,881<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net property income from the same-property portfolio <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>26,850<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,836<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Distributions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>21,513<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,141<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring funds from operations (FFO) <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>24,229<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,293<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Adjusted funds from operations (AFFO)<sup> (1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>22,145<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,389<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.1)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>926,666<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">939,130<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total debt ratio<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>59.4%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Weighted average interest rate on mortgage debt<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.57%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.92%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8.9)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Market capitalization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>223,941<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">321,843<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Financial information per unit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net income and comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4.6\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87.0\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Distributions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>34.0\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.0\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(19.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring FFO<sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>38.3\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.7\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5.9)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring AFFO<sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>35.0\u00a2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.5\u00a2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable4f69\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Non-IFRS financial measures. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>NON-IFRS FINANCIAL MEASURES <\/b>\n      <\/p>\n<p>Net operating income, net operating income of the same-property portfolio, funds from operations and adjusted funds from operations are not measures recognized by International Financial Reporting Standards (&#8220;IFRS&#8221;) and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures reported by such other entities.<\/p>\n<p>\n        <b>QUARTERLY CALL INFORMATION <\/b>\n      <\/p>\n<p>Management will hold a conference call on <span class=\"xn-chron\">Tuesday, March 16<\/span><sup>th<\/sup>, 2021 at <span class=\"xn-chron\">10 am, Eastern Standard Time<\/span>, to present BTB&#8217;s financial results and performance for the fourth quarter ended <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2020. <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>DATE\u00a0: <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tuesday, March 16<sup>th<\/sup>, 2021 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TIME\u00a0: <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10 am, EST\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>DIAL\u00a0:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Toronto and over-seas: 1-416-764-8688 <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">North America (toll free): 1-888-390-0546\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>WEB\u00a0:\u00a0 <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3097512-1&amp;h=3154831205&amp;u=https%3A%2F%2Fproduceredition.webcasts.com%2Fstarthere.jsp%3Fei%3D1431801%26tp_key%3Df7a10cbe8d&amp;a=https%3A%2F%2Fproduceredition.webcasts.com%2Fstarthere.jsp%3Fei%3D1431801%26tp_key%3Df7a10cbe8d\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/produceredition.webcasts.com\/starthere.jsp?ei=1431801&amp;tp_key=f7a10cbe8d<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>VISUAL :\u00a0\u00a0 <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">A presentation will be uploaded on BTB&#8217;s website prior to the call <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3097512-1&amp;h=436707853&amp;u=https%3A%2F%2Fwww.btbreit.com%2Finvestor-relations-2%2Fannual-meeting-presentations%2F&amp;a=https%3A%2F%2Fwww.btbreit.com%2Finvestor-relations-2%2Fannual-meeting-presentations%2F\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/www.btbreit.com\/investor-relations-2\/annual-meeting-presentations\/<\/a>\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>The media and all interested parties may attend the call-in listening mode only. <\/p>\n<p>Conference call operators will coordinate the question-and-answer period <b>(from analysts only)<\/b> and will instruct participants regarding the procedures during the call. <\/p>\n<p>The audio extract of the conference call will be available by via playback until <span class=\"xn-chron\">March 23<\/span><sup>rd<\/sup>, 2021 by dialing: <b>1-416-764-8677 (local)<\/b> or, <b>1-888-390-0541 (toll-free)<\/b> and by entering the following access code: <b>968124 #. <\/b><\/p>\n<p>\n        <b>FORWARD-LOOKING STATEMENTS <\/b>\n      <\/p>\n<p>This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward-looking words such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;intends&#8221;, &#8220;believe&#8221; or &#8220;continue&#8221; or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in <span class=\"xn-location\">Canada<\/span>. The cautionary\u00a0statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release. <\/p>\n<p>\n        <b>ABOUT BTB<br \/><\/b>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\">March 16<\/span><sup>th<\/sup>, 2021, BTB owns 64 retail, office and industrial properties for a total leasable area of approximately 5.3 million sq.ft. and an approximate total asset value as of <span class=\"xn-chron\">December 31<\/span><sup>st<\/sup>, 2020 of approximately of <span class=\"xn-money\">$927 million<\/span>.<\/p>\n<p>\n        <b>BTB&#8217;S OBJECTIVES<br \/><\/b>(1)\u00a0Generate stable monthly cash distributions that\u00a0are reliable and fiscally beneficial to unitholders.<\/p>\n<p>(2)\u00a0Grow the REIT&#8217;s assets through internal growth and accretive acquisitions in order to increase distributable income and therefore fund\u00a0distributions.<\/p>\n<p>(3)\u00a0Optimize 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. <\/p>\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=3097512-1&amp;h=3262617047&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>SOURCE  BTB Real Estate Investment Trust<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C5653&amp;Transmission_Id=202103160756CANADANWWEB______C5653&amp;DateId=20210316\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire MONTR\u00c9AL, QC, March 16, 2021 \/CNW Telbec\/ &#8211; BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;BTB&#8221; or the &#8220;REIT&#8220;) releases today its financial results for the fourth quarter ended December 31st, 2020 compared to the fourth quarter of 2019 and announces the following highlights and information: HIGHLIGHTS OF THE FOURTH QUARTER ENDED DECEMBER 31ST, 2020 The Strength in BTB&#8217;s Portfolio: During the fourth quarter, our portfolio continued to show its resilience and its limited exposure to bankruptcies as no other tenant reported corporate restructuring or filed for bankruptcy. Collections Remain Strong: As of March 12th, 2021, we collected 100% of our fourth quarter invoiced rents, in line with our collection record for the months of March to December &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results&#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-458449","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results - 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\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire MONTR\u00c9AL, QC, March 16, 2021 \/CNW Telbec\/ &#8211; BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;BTB&#8221; or the &#8220;REIT&#8220;) releases today its financial results for the fourth quarter ended December 31st, 2020 compared to the fourth quarter of 2019 and announces the following highlights and information: HIGHLIGHTS OF THE FOURTH QUARTER ENDED DECEMBER 31ST, 2020 The Strength in BTB&#8217;s Portfolio: During the fourth quarter, our portfolio continued to show its resilience and its limited exposure to bankruptcies as no other tenant reported corporate restructuring or filed for bankruptcy. Collections Remain Strong: As of March 12th, 2021, we collected 100% of our fourth quarter invoiced rents, in line with our collection record for the months of March to December &hellip; Continue reading &quot;Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-16T12:00:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C5653&amp;Transmission_Id=202103160756CANADANWWEB______C5653&amp;DateId=20210316\" \/>\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=\"11 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\\\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results\",\"datePublished\":\"2021-03-16T12:00:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\\\/\"},\"wordCount\":2257,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C5653&amp;Transmission_Id=202103160756CANADANWWEB______C5653&amp;DateId=20210316\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\\\/\",\"name\":\"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/","og_locale":"en_US","og_type":"article","og_title":"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results - Market Newsdesk","og_description":"Canada NewsWire MONTR\u00c9AL, QC, March 16, 2021 \/CNW Telbec\/ &#8211; BTB Real Estate Investment Trust (TSX: BTB.UN) (&#8220;BTB&#8221; or the &#8220;REIT&#8220;) releases today its financial results for the fourth quarter ended December 31st, 2020 compared to the fourth quarter of 2019 and announces the following highlights and information: HIGHLIGHTS OF THE FOURTH QUARTER ENDED DECEMBER 31ST, 2020 The Strength in BTB&#8217;s Portfolio: During the fourth quarter, our portfolio continued to show its resilience and its limited exposure to bankruptcies as no other tenant reported corporate restructuring or filed for bankruptcy. Collections Remain Strong: As of March 12th, 2021, we collected 100% of our fourth quarter invoiced rents, in line with our collection record for the months of March to December &hellip; Continue reading \"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-16T12:00:33+00:00","og_image":[{"url":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C5653&amp;Transmission_Id=202103160756CANADANWWEB______C5653&amp;DateId=20210316","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results","datePublished":"2021-03-16T12:00:33+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/"},"wordCount":2257,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/#primaryimage"},"thumbnailUrl":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C5653&amp;Transmission_Id=202103160756CANADANWWEB______C5653&amp;DateId=20210316","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/built-on-solid-foundations-btb-shows-improvement-and-stability-in-its-fourth-quarter-and-annual-results\/","name":"Built on Solid Foundations, BTB Shows Improvement and Stability in Its Fourth Quarter and Annual Results - 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