The following is a summary of the BTB Real Estate Investment Trust (BTBIF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Rental revenue for Q3 2024 increased by 3.9% year-over-year, driven by acquisitions, operating improvements, and higher lease renewal rates.

• Net operating income also rose by 3.8% compared to the same quarter last year, reflecting the increase in rental revenue, partially offset by tenant bankruptcies.

• FFO adjusted per unit for the quarter was $0.107, up $0.03 from the previous year, primarily due to higher NOI.

Business Progress:

• BTB focused on diversification with an increased proportion of industrial properties in their portfolio, now constituting 36.6% up from 20% in 2021.

• Disposed of two and currently have two more suburban office properties under contract.

• Progress on construction and upcoming opening of a new Winners store in Lévis.

• Shift towards higher density development opportunities in proximity to new LRT stations in Ottawa.

Opportunities:

• Geographic and portfolio diversification continues, with ongoing investments in densification and higher density zoning changes like the one expected in Ottawa.

• Development opportunity with the upcoming zoning regulation vote that may allow for increased density at a major property.

Risks:

• Continued decrease in occupancy rates due in part to the bankruptcy of Nuera Air, leaving a significant industrial property vacant.

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