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Name | Symbol | Market | Type |
---|---|---|---|
BTB Real Estate Investment Trust | TSX:BTB.UN | Toronto | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.25 | 3.24 | 3.24 | 0 | 13:00:17 |
MONTRÉAL, May 10, 2021 /CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "REIT") releases today its financial results for the first quarter ended March 31st, 2021 compared to the first quarter of 2020 and announces the following highlights and information:
HIGHLIGHTS OF THE FIRST QUARTER ENDED MARCH 31ST, 2021
A MESSAGE FROM MICHEL LÉONARD, PRESIDENT AND CHIEF EXECUTIVE OFFICER
"We can see the "light at end of the Covid tunnel" and it will be beneficial to us all. As Canadians receive the vaccine, the first and second doses, the markets will progressively reopen as will the economy. We will be able to reexperience restaurants, bars, and cinemas, be able to travel to exotic locations. It is coming soon and confidence in the different segments of real estate will abound. In our recent lease negotiations, we could already see tenants' confidence increasing, the desire to go back to office spaces, signing long term lease renewals and securing office and retail locations.
Over the past year we solidified our foundations, and we are embarking in our second quarter with a lot of optimism. We look forward to continuing our rent collection efforts in order to protect our collection rate which is established at 99.6%.
For the quarter, our recurring FFO payout ratio stood at 84% while our AFFO payout ratio is 87.4 %, recording our best performance for the past couple of years.
Our ability to adapt and embrace change has been a determining factor in our resiliency throughout the past year and we are prepared to embrace the changes and opportunities that have been made available to us. To capitalize on these opportunities, we have decided to adopt a positive and opportunistic outlook for the coming year, leaving the past fifteen months' events behind us.
With this, we are ready to embark on BTB's growth plan for the upcoming years."
SUBSEQUENT EVENTS
SUMMARY OF OTHER SIGNIFICANT HIGHLIGHTS AS AT MARCH 31ST, 2020
FINANCIAL INFORMATION
The following two tables summarize our results for the quarters ended March 31st 2021 and 2020.
Quarterly Results Information
Quarters ended March 31st, | Quarter | ||
(in thousands of dollars, except for ratios and per unit data) | 2021 | 2020 | ∆% |
$ | $ | ||
Financial information | |||
Rental revenue | 23,532 | 23,868 | (1.4) |
Net operating income (1) | 12,414 | 12,766 | (2.8) |
Net income (loss) and comprehensive income (loss) | 2,510 | (5,587) | 144.9 |
Net property income from the same-property portfolio (1) | 7,530 | 7,549 | (0.3) |
Cash flows from operating activities (IFRS) | 13,149 | 10,674 | 23.2 |
Distributions | 4,828 | 6,618 | (27.0) |
Recurring funds from operations (FFO) (1) | 5,730 | 6,277 | (8.7) |
Recurring adjusted funds from operations (AFFO) (1) | 5,506 | 5,517 | (0.2) |
Total assets | 923,854 | 943,283 | (2,1) |
Mortgage debt ratio | 52,5% | 52,8% | (0,6) |
Weighted average interest rate on mortgage debt | 3,56% | 3,71% | (4,0) |
Market capitalization | 272,807 | 197,491 | 38.1 |
Financial information per unit | |||
Net income and comprehensive income | 3.9¢ | (8.9)¢ | 143.8 |
Distributions | 7.5¢ | 10.5¢ | (28.6) |
Recurring FFO(1) | 8.9¢ | 10.0¢ | (11) |
Recurring AFFO(1) | 8.6¢ | 8.8¢ | (2.3) |
(1) | Non IFRS financial measures |
Quarters ended March 31, | Quarter | |
2021 | 2020 | |
$ | $ | |
Cash flows from operating activities (IFRS) | 13,149 | 10,674 |
Leasing payroll expenses | 219 | 157 |
Transaction costs on purchase and disposition of investment properties and early repayment fees | — | (859) |
Adjustments for changes in other working capital items | (1,263) | 1,352 |
Interest expenses | 134 | 113 |
Financial income | (5,791) | (5,927) |
Provision for non-recoverable capital expenditures | (471) | (477) |
Provision for non-recovered rental fees | (375) | (345) |
Other items | (96) | (79) |
AFFO(1) | 5,506 | 4,609 |
Non-recurring item | ||
Transaction costs on purchase and disposition of investment properties, early repayment fees and prepayment penalties | — | 908 |
Recurring AFFO(1) | 5,506 | 5,517 |
(1) | Non IFRS financial measures |
NON-IFRS FINANCIAL MEASURES
Net operating income, net operating income of the same-property portfolio, funds from operations and adjusted funds from operations are not measures recognized by International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures
QUARTERLY CALL INFORMATION
Management will hold a conference call on Tuesday, May 11th, 2021 at 10 am, Eastern Standard Time, to present BTB's financial results and performance for the first quarter of 2021.
DATE : | Tuesday, May 11th, 2021 |
TIME : | 10 am, EST |
DIAL : | Toronto and over-seas: 1-416-764-8688 |
North America (toll free): 1-888-390-0546 | |
WEB : | https://produceredition.webcasts.com/starthere.jsp?ei=1453485&tp_key=22eaff9898 |
VISUAL : | A presentation will be uploaded on BTB's website prior to the call https://www.btbreit.com/investor-relations-2/annual-meeting-presentations/ |
The media and all interested parties may attend the call-in listening mode only.
Conference call operators will coordinate the question and answer period (from analysts only) and will instruct participants regarding the procedures during the call.
The audio recording of the conference call will be available by via playback until May 18th, 2021 by dialing: 1-416-764-8677 (local) or, 1-888-390-0541 (toll-free) and by entering the following access code: 861340 #.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
ABOUT BTB
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As at May 10th, 2021, BTB owns 64 retail, office and industrial properties for a total leasable area of approximately 5.3 million sq.ft. and an approximate total asset value as of March 31st, 2021 of approximately of $924 million.
BTB'S OBJECTIVES
(1) Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders.
(2) Grow the REIT's assets through internal growth and accretive acquisitions in order to increase distributable income and therefore fund distributions.
(3) Optimize the value of its assets through the dynamic management of its properties in order to maximize the long-term value of its properties and therefore, its units.
BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 3%.
For more detailed information, visit BTB's website at www.btbreit.com.
SOURCE BTB Real Estate Investment Trust
Copyright 2021 Canada NewsWire
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