Strategy and Objectives

BTB is an unincorporated open-ended real estate investment trust governed under the laws of the Province of Québec pursuant to its Contract of Trust.

The objectives of the REIT are: (i) to generate stable cash distributions on a tax efficient basis from investments in a diverse portfolio of income producing commercial properties, with an initial focus in Québec; (ii) to expand the real estate asset base of the REIT and ensure its income available for distribution through an accretive acquisition program; and (iii) to enhance the value of the REIT’s assets and maximize long-term Unit value through the active management of its assets.

BTB believes that income-producing, mid-market office, retail and industrial property represent a favorable risk/return investment environment. By concentrating on both primary and secondary markets, BTB believes it will be generate greater opportunities to make accretive acquisitions that will contribute to attractive yields for Unitholders.

BTB has a strong executive team, including management and Trustees, with a breadth of experience in all facets of office, retail and industrial real estate including acquisitions, asset management, development, property management and lease administration. In addition, management and the Trustees of the REIT have well established relationships with property owners in various sectors, particularly in geographical markets in Ontario and Quebec. These relationships have allowed, and are expected to continue to allow, the REIT to identify and complete acquisitions, in certain instances, through off-market transactions with little or no competition which may be completed at a favorable valuation for Unitholders. The current geographic focus allows BTB to concentrate on sourcing new acquisitions in a well-defined and targeted geographical area.

Management of BTB believes that there are a significant number of acquisition opportunities in its target markets, which management of the REIT believes can be purchased at attractive capitalization rates. Management regularly reviews the REIT’s property portfolio and, based on experience and market knowledge, assesses ongoing opportunities.