Strong Growth and Resilience: BTB's Portfolio delivers, again, solid performance in Q2 2023.

MONTRÉAL, Aug. 7, 2023

• Rental revenue: Stood at $31.7 million for the current quarter, which represents an increase of 9.4% compared to the same quarter of 2022. For the cumulative six-month period, the rental revenue totalled $64.6 million which represents an increase of 11.3% compared to the same period in 2022.
• Net Operating Income (NOI): Stood at $19.0 million for the current quarter, which represents an increase of 8.2% compared to the same quarter of 2022. For the cumulative six-month period, the NOI totalled $38.0 million which represents an increase of 12.5% compared to the same period in 2022.
• Net operating and comprehensive income: Totalled $10.8 million for the quarter ($19.6 million for the 2023 cumulative six-month period) compared to $18.2 million for the same period in 2022 ($24.7 million for the 2022 cumulative six-month period), representing a decrease of $7.4 million. The decrease is caused by a reduction of non-cash gain in net adjustment to fair value of derivative financial instruments of $8.6 million and an increase in the financial expenses of $1.2 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBIDTA) ⁽¹⁾ for the quarter increased by $1.6 million compared to the same period last year.
• Same-property NOI ⁽¹⁾: Increased by 1.7% compared to the same quarter last year. The NOI of the industrial segment decreased by 3.9% due a planned tenant departure (which space was leased to a new tenant during the quarter at a higher rental rate than that of the previous tenant) compared to the same quarter last year and the NOI for the necessity-based retail segment increased by 15.9% compared to the same quarter last year due to strong leasing efforts. For the cumulative six-month period, the same-property NOI increased by 0.9%.
• Recurring FFO payout ratio ⁽¹⁾: Was 63.8% for the quarter compared to 65.5% for the same period in 2022. For the cumulative six-month period, the recurring FFO payout ratio was 63.8% compared to 67.8% for the same period in 2022.
• Recurring FFO ⁽¹⁾: Was 11.8¢ per unit for the quarter compared to 11.4¢ per unit for the same period in 2022, representing an increase of 3.1%. For the cumulative six-month period, the recurring FFO was 23.5¢ per unit which represents an increase of 6.1% compared to the same period in 2022.
• Recurring AFFO payout ratio ⁽¹⁾:  Was 69.0% for the quarter compared to 68.3% for the same period in 2022. For the cumulative six-month period, the recurring AFFO payout ratio was 70.5% compared to 72.3% for the same period in 2022.
• Recurring AFFO ⁽¹⁾: Was 10.9¢ per unit for the quarter compared to 11.0¢ per unit for the same period in 2022, representing a decrease of 0.5%. For the cumulative six-month period, the recurring AFFO was 21.3¢ per unit which represent an increase of 2.4% compared to the same period in 2022.
• Leasing Activity: The Trust completed a total of 208,338 square feet of lease renewals and 125,223 square feet of new leases for the quarter. The occupancy rate stood at 94.1%, representing a 0.9 % increase compared to the prior quarter, and a 0.3% increase compared to the same period in 2022. The increase in the average rent renewal rate for the quarter was 4.9%.
• Acquisition: On May 1, 2023, the Trust acquired a fully leased industrial property located at 8810, 48 Avenue NW, in Edmonton, Alberta (83,292 square feet). As part of the transaction the Trust satisfied a portion of the purchase price through the issuance to the vendor of 550,000 Class B LP units at a per unit price of $4.50 and the balance of the purchase price was funded by the credit facility. The revenue from this acquisition contributed to the second quarter financial results.
• Debt metrics: BTB ended the quarter with a total debt ratio ⁽¹⁾ of 58.9%, recording an increase of 0.4% compared to December 31, 2022. The Trust ended the quarter with a mortgage debt ratio ⁽¹⁾ of 52.9%, a decrease of 1.3% compared to December 31, 2022.
• Liquidity position: BTB held $3.7 million of cash at the end of the quarter. During the quarter the Trust, as provided in the initial agreement, increased the available amount under its credit facilities ^{(2) (2)} by $10.0 million leaving $23.7 million available on its credit facilities with a remaining option to increase by an additional $10.0 million.
• Base Shelf Prospectus: On June 12,2023, since its initial short form base shelf prospectus was nearing maturity, the Trust filed a final base shelf prospectus, generally under the same terms and conditions as the previous base shelf, valid for a 25-month period for the total amount of $200.0 million.

"One of the main indicators of BTB's strong performance is the persistent leasing activity during the last quarters. The occupancy rate rose to 94.1% which represents a 0.9% increase compared to Q1 2023. Our leasing team successfully maintained high occupancy levels across our diverse portfolio, showcasing the REIT's ability to attract and retain quality clients. In this perspective, our aptitude to foster long-term relationships with clients (208,338 square feet of leases renewed) and attract new businesses to our properties (125,223 square feet of new leases) should bolstered investor confidence."

None.

• Total number of properties: 75
• Total leasable area: 6.1 million square feet 
• Total asset value: $1,229 million
• Market capitalization: $277 million (unit price of $3.22 as at June 30, 2023)

The following two tables summarize our results for the periods ended June 30, 2023, and June 30, 2022, as well as the cumulative periods for the first six months of 2023 and 2022.

Quarterly Financial Results
Periods ended June 30	Quarter			Cumulative (6 months)
(in thousands of dollars, except for ratios and per unit data)	2023	2022	∆	2023	2022	∆
	$	$	%	$	$	%
FINANCIAL INFORMATION
Rental revenue	31,708	28,979	9.4	64,619	58,047	11.3
Net operating income (NOI)	19,041	17,598	8.2	38,049	33,832	12.5
Net income and comprehensive income	10,846	18,243	(40.5)	19,648	24,692	(20.4)
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) (1)	17,956	16,413	9.4	35,110	31,555	11.3
NOI from the same-property portfolio (1)	17,527	17,232	1.7	33,509	33,197	0.9
Distributions	6,489	6,374	1.8	12,932	12,225	5.8
Recurring funds from operations (FFO) (1)	10,195	9,718	4.9	20,228	18,035	12.2
Recurring adjusted funds from operations (AFFO) (1)	9,433	9,311	1.3	18,315	16,913	8.3
Cash flow from operating activities	17,320	15,516	11.6	32,977	26,920	22.5
Total assets				1,229,249	1,185,148	3.7
Total debt ratio (1) Werbung Mehr Nachrichten kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:44 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 07:13 - PR Newswire Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc 04:49 - PR Newswire Norges Bank - Form 8.3 - BHP Group Limited Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59