The following is a summary of the BTB Real Estate Investment Trust (BTBIF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BTB reported Q1 rent revenue of $32.6 million, a 3.7% increase excluding a one-time revenue adjustment taken in Q1 2023.

• Same property Net Operating Income (NOI) grew by 4.7% to $17 million year-over-year.

• Adjusted Funds From Operations (AFFO) per unit increased by $0.02 to $8.9 cents.

• Distribution remained at $0.30 and AFFO payout ratio for the quarter was 83.9%.

• Increase in interest income was observed, 50% of which can be attributed to swap-related activities and remaining to a finance lease receivable.

• Debt maturities of $113.4 million are due, with an expected refinancing amount of $50 - $60 million at rates between 1.5% - 2% in Q3, Q4.

Business Progress:

• The firm achieved an occupancy rate of 94.5%, marking a record high with renewal rates averaging 8.4% during the quarter.

• BTB disposed of two small suburban office properties, aligning with their plan to focus on the industrial segment.

• The Trust is investing in three sites for densification, anticipating changes in zoning within the year.

• New developments, such as the construction of a store adjacent to their Walmart, are expected to start paying rent in 2025.

• BTB remains geographically diversified, having properties across several cities like Quebec City, Montreal, Ottawa, Saskatoon, and Edmonton.

• Changes in tenancy are likely to drive revenue significantly, as indicated by the move with an industrial lease that could increase leasing price.

• Also noteworthy is the company's focus on leasing efforts to improve its position and reach an occupancy rate of 92% in the suburban office environment. Ongoing negotiations with federal government tenants are expected to give a boost to these efforts.

More details: BTB REAL ESTATE INVESTMENT TRUST IR

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