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Increase in results for the third quarter 2015

Increase in results for the third quarter 2015

Montréal, Québec (November 3, 2015): BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB”) releases today its financial results for the third quarter ended September 30, 2015, and announces the following highlights:

HIGHLIGHTS OF THE THIRD QUARTER 2015

As at September 30, 2015

  • Recurring FFO distribution ratio is 84.0% (2014: 91.6%)
  • Recurring AFFO distribution ratio is 77.8% (2014: 96.1%)
  • Mortgage liability ratio is 57.3% (2014: 56.5%)

Increase

  • 2% in rental income
  • 6% in operating income
  • 2.1% in net property income from the same-property portfolio
  • 1% in recurring distributable income, from 12.4¢ to 15.3¢ per unit
  • 6% in FFO, from 11.3¢ to 12.5¢ per unit
  • 5% in recurring AFFO, from 10.8¢ to 13.5¢ per unit

Improvement

  • In the weighted average interest rate on mortgage debt from 4.13% to 3.93%
  • In the average maturity of mortgage loans from 4.7 years as at December 31, 2014 to 5.5 years as at September 30, 2015

Significant leasing activities

  • 124,000 square feet leased or renewed, with an increase in average rate of renewed leases of 5.6%
  • Occupancy rate at 91,0 % as at September 30, 2015

Subsequent event

  • Refinancing of two properties for a total amount of $7 million, at an interest rate of 3.77% maturing in 10 years, to reimburse two financings on these properties, one at 5.26% and the other at 4.0%.

BTB has continued to grow its property portfolio outside of Québec with the acquisition of two office buildings, rented out in their entirety to the federal government, in Ottawa, Ontario. These acquisitions and those completed since the beginning of the year have contributed to substantially improve our main performance indicators”, declared Michel Léonard, President and Chief Executive Officer.

Periods ended September 30(in thousands of dollars, except for ratios and per unit data)

 

Quarter
  2015 2014
$ $
Financial information  
Rental income 18,421 16,866
Net operating income(1) 10,958 9,643
Net property income from the same-property portfolio(1) 6,014 5,890
Recurring distributable income(1) 5,286 4,224
Distributions 3,628 3,514
Recurring funds from operations (FFO) (1) 4,321 3,838
Recurring adjusted funds from operations (AFFO)(1) 4,663 3,657
Total assets 650,005 592,191
Mortgage liability ratio 57.3 % 56.5 %
Weighted average interest rate on mortgage debt 3.93 % 4.13 %
Market capitalization 147,011 162,381
 
Financial information per unit  
Recurring distributable income 15.3¢ 12.4¢
Distributions 10.5¢ 10.3¢
Payout ratio on recurring distributable income 68.6% 83.2%
FFO 12.5¢ 11.3¢
Recurring AFFO 13.5¢ 10.8¢

(1)     Financial term not defined by IFRS

On Wednesday, November 4, 2015, at 10:00 a.m. (ET) management will hold a conference call to present BTB’s financial results and performance for the third quarter ended September 30, 2015:

DATE:              Wednesday, November 4, 2015

TIME:               10:00 a.m. (Eastern Standard Time)

DIAL:                1-647-427-7450 (from Toronto and overseas) access code 55623664#, 1?888?231-8191 (from North America) toll free, access code 55623664#.  To ensure your participation, please dial in fifteen minutes prior to the start of the conference call.

WEBCAST:       http://event.on24.com/r.htm?e=1063835&s=1&k=D15FB0576CD0F8309DAF09349D742264

REPLAY:          From Wednesday, November 4, 2015, 1:00 p.m. until 11:59 p.m. on November 11, 2015, dial 1?416?849?0833 conference ID number 55623664#, or dial toll free 1?855?859-2056 conference ID number 55623664#.

The media and all interested parties may attend the call in listening mode only.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

For further information, please contact:

Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188, ext. 228
Mr. Benoit Cyr
Vice-President and Chief Financial Officer
514-286-0188, ext. 230