Canada NewsWire
MONTRÉAL, QC, March 16, 2021
MONTRÉAL, QC, March 16, 2021 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "REIT") 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
ii. Yearly Average Increases:
For the year, a total of 281,970 sq.ft. were leased to new tenants and during the fourth quarter 56,589 sq.ft. were leased to new tenants.
As such, BTB's total leasing activity amounts to approximately 1.1 million sq.ft. of leased space.
i. In 2019, BTB recorded an increase in the fair value of investment properties of $34.1 million, compared to a $2.3 million increase in 2020.
ii. In 2019, BTB recorded an increase in the net adjustment to the fair value of derivative financial instruments of $1.2 million, compared to a decrease of $2.9 million in 2020.
A MESSAGE FROM MICHEL LÉONARD, PRESIDENT AND CHIEF EXECUTIVE OFFICER
"The year 2020 started off strong, when in February 2020, BTB's stock price reached a peak of $5.49 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.
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.
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's persistence to maintain that ratio below 60%. At the end of Q4 2020, the total debt ratio stood at 59.4%.
The significant steps taken since 2017 to reposition BTB's portfolio and ensure its long-term sustainability have solidified BTB'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 $48.5 million and purchased 2 properties for a total consideration of $29.85 million.
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.
The past years' 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.
With positive results despite the narrative of the year, knowing with certainty that our foundation is solid; we are now focused on next years' story in which we can confidently continue to grow".
SUMMARY OF OTHER SIGNIFICANT HIGHLIGHTS AS AT DECEMBER 31ST, 2020
FINANCIAL INFORMATION
The following two tables summarize our fourth quarter and annual results for the periods ended December 31st 2020 and 2019.
Quarterly Results Information
Quarters ended December 31 (in thousands of dollars, except for ratios and per unit data) | | 2020 | 2019 |
Variation |
| | $ | $ | % |
Financial information | | | | |
Rental income | | 22,455 | 25,558 | (12.1) |
Net operating income (1) | | 12,767 | 14,174 | (9.9) |
Net income and comprehensive income | | 3,850 | 41,552 | (90.7) |
Net property income from the same-property portfolio (1) | | 6,585 | 6,447 | 2.1 |
Distributions | | 4,778 | 6,584 | (27.4) |
Recurring funds from operations (FFO) (1) | | 6,322 | 7,421 | (14.8) |
Adjusted funds from operations (AFFO) (1) | | 6,253 | 6,795 | (8.0) |
Financial information per unit | | | | |
Net income and comprehensive income | | 6.1¢ | 66.2¢ | (90.8) |
Distributions | | 7.5¢ | 10.5¢ | (28.6) |
Recurring FFO(1) | | 9.9¢ | 11.8¢ | (16.1) |
Recurring AFFO(1) | | 9.8¢ | 10.8¢ | (9.3) |
(1) | Non-IFRS financial measures. |
Annual Results Information
Years ended December 31 (in thousands of dollars, except for ratios and per unit data) | | 2020 | 2019 |
Variation |
| | $ | $ | % |
Financial information | | | | |
Rental income | | 92,969 | 93,602 | (0.7) |
Net operating income (1) | | 51,260 | 50,897 | 0.7 |
Net income and comprehensive income | | 2,919 Werbung Mehr Nachrichten zur BTB REAL ESTATE INVESTMENT TRUST UNITS Aktie kostenlos abonnieren
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