BTB - 2017 - Strategic repositioning

MONTRÉAL, March 13, 2018

HIGHLIGHTS OF THE YEAR ENDED DECEMBER 31, 2017

• 27.6% increase in net income and comprehensive income, from $22.1 million to $28.2 million.
• Record leasing activities with the renewal of close to 591,000 square feet of leasable area and the leasing of almost 526,000 square feet to new tenants. Because of our record leasing activities the Trust saw a slight decrease in net cash from operating activities, from $39.8 million to $38.5 million, or 3.5%, mainly caused by leasing activities related thereto.
• Increase in occupancy rate from 90.5% to 91.4%.
• Decrease in the mortgage debt ratio from 59.1% to 56.5%.
• Increase of 8.8% in recurring FFO, from $17.7 million to $19.3 million.

Dispositions and acquisitions

• As part of the Trust's strategic repositioning of its portfolio, BTB sold three investment properties for total proceeds of $11.5 million.
• The Trust acquired four investment properties for a total purchase price of $94.2 million, to generate a total annual net operating income of approximately $6.5 million.

Issuance of Units

• On October 23, 2017, the Trust issued 5,561,400 units, at a price of $4.55, for net proceeds of $24.1 million, which was used to purchase the investment properties stated above.

Summary of other significant highlights as at December 31, 2017

• Portfolio: 73 properties;
• Portfolio size : Approximately 5.4 million square feet;
• Total asset value: $762 million;
• Market capitalization: $224 million.

Subsequent events

In January and February 2018, the Trust sold four properties for a total consideration of $12.4 million. The net proceeds from the sale of these properties were applied against the Trust's credit facilities.