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BTB Real Estate Investment
BTB Real Estate Investment (BTB-UN) investor relations material
BTB Real Estate Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Portfolio totals 6 million sq ft across 73 properties, with a fair value of $1.2–$1.3B and 280,635 sq ft of new and renewed leases in Q3 2025.
Achieved resilient operational performance, with strong leasing momentum and a 14.5% increase in average rent renewal rates.
Disposed of two properties for $13.6M, including an office in Quebec City ($10.5M) and a 50% interest in a Terrebonne retail property ($3.1M).
Actively pursuing densification and zoning changes to add residential units in Montreal and Ottawa.
Portfolio occupancy at 91.5%, up 30 bps sequentially but down 80 bps year-over-year due to a planned industrial tenant departure.
Financial highlights
Rental revenue for Q3 2025 was $32.9M, up 1.1% year-over-year; NOI grew 5.9% to $19.9M; cash NOI increased 4.2% to $20.1M.
FFO adjusted per unit was 11.5¢, up 7.5%; AFFO adjusted per unit was 10.1¢, up 4.1% year-over-year.
AFFO payout ratio improved to 74.3% from 77.2% year-over-year.
Net income for Q3 was $9.5M, up 73.7% year-over-year.
Distribution per unit was 7.5¢ for the quarter.
Outlook and guidance
Management remains focused on stability, long-term value creation, and densification, with a strong leasing pipeline and healthy fundamentals.
Strategic plan targets increased industrial asset concentration and continued proactive leasing and asset management.
Expecting continued leasing momentum in suburban office and industrial segments, with positive trends into Q1 2026.
Anticipating closure of a Saint-Hilaire office asset sale before year-end; three other office buildings remain on the market.
Impact of lease cancellation income on Q3 NOI?
Outlook for office demand in Quebec City?
Strategy for remaining office assets on market?
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Next BTB Real Estate Investment earnings date
Q4 202525 Feb, 2026
BTB Real Estate Investment
Next BTB Real Estate Investment earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
BTB Real Estate Investment Trust is a Canada-based real estate investment trust (REIT) focused on owning, managing, and developing income-producing properties. The trust's portfolio includes office, retail, and industrial properties, primarily located in secondary markets across Quebec and Eastern Canada. The company is headquartered in Montreal, Quebec, and its units are listed on the Toronto Stock Exchange.
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