Q1 2026 BTB Real Estate Investment Trust Earnings Call Transcript

May 13, 2026 / 01:00 PM GMT

Release Date Price: C$3.67 (-4.68%)

Transcript

Key Points

Positve

BTB Real Estate Investment Trust (BTBIF) acquired three industrial properties in Edmonton, Alberta, expected to generate $2.5 million of NOI annually.
The company successfully increased its industrial property portfolio from 22% to 38% since 2021.
BTB Real Estate Investment Trust (BTBIF) achieved a 93.5% lease renewal rate for the quarter.
The company reported a 7.2% average increase in lease renewal rates across all segments.
BTB Real Estate Investment Trust (BTBIF) maintained a stable investment property value of $1.2 billion with a weighted average cap rate of 6.7%.

Negative

Rental revenue decreased by 7.1% compared to the same quarter last year.
NOI and cash NOI both decreased by over 10% compared to the same quarter last year.
The occupancy rate decreased by 70 basis points since Q1 2025.
The AFFO adjusted payout ratio increased by 14.5% from the same quarter last year, driven by a decrease in AFFO.
The total debt ratio stood at 58%, indicating a relatively high level of leverage.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BTB_u.TO - BTB Real Estate Investment Trust
Q1 2026 BTB Real Estate Investment Trust Earnings Call
May 13, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. My name is Julie, and I will be a conference call facilitator today. At this time, I would like to welcome everyone to the BTB Real Estate Investment Trust 2026 First Quarter Conference Call, for which management will discuss the quarter ended March 31st, 2026.

All lines have been placed on mute to prevent any background noise.

Should you wish to follow the presentation in greater detail, management has made a presentation available on BTB's website at www.btbbreathe.com/investor/presentations/quarterlymeetingpresentation.

After the speaker's remarks, there will be a question-and-answer period. Reserved exclusively for analysts.

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