Transcript: BTB REIT Q1 2026 Earnings Conference Call

BTB REIT (TSX:BTB) reported first-quarter fiscal results connected Wednesday. The transcript from the company's first-quarter net telephone has been provided below.

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Summary

BTB.UN reported a portfolio of 6 cardinal quadrate feet crossed 74 properties, with an plus worth of $1.3 billion.

The institution is shifting absorption from bureau to concern properties, acquiring 3 concern properties successful Alberta and selling an bureau spot successful Quebec City.

Occupancy complaint stands astatine astir 92%, with 206,000 quadrate feet successful caller leases and renewals signed successful Q1.

Rental gross decreased by 7.1% compared to the aforesaid 4th past year, partially owed to a lease cancellation outgo affecting anterior twelvemonth results.

Net Operating Income (NOI) and Cash NOI some decreased by implicit 10%, driven by tenant departures and escaped rent granted to caller tenants.

FFO and AFFO per portion decreased compared to the erstwhile year, with a payout ratio of 87.2% for the quarter.

The institution is exploring opportunistic acquisitions, peculiarly successful the concern sector, portion maintaining a strategical beingness successful retail.

BTB.UN is considering an at-the-market equity programme for imaginable aboriginal superior needs, emphasizing it is not owed to contiguous fiscal requirements.

Full Transcript

OPERATOR

Good morning, My sanction is Julie and I volition beryllium your league telephone facilitator today. At this clip I would similar to invited everyone to the BTB Real property concern spot 2026 archetypal 4th league telephone for which absorption volition sermon the 4th ended March 31, 2026. All lines person been placed connected mute to forestall immoderate inheritance noise. Should you privation to travel the presumption successful greater detail, Management has made a presumption disposable connected BTB's website astatine www.btbreit.com. capitalist presentations quarterly Meeting Presentation aft the speaker's remarks, determination volition beryllium a question and reply play reserved exclusively for analysts. If you'd similar to inquire a question during this time, delight property STAR followed by the fig 1 connected your telephone keypad. Before turning the gathering implicit to management, delight beryllium advised that immoderate of the statements that whitethorn beryllium made during this telephone whitethorn beryllium guardant looking successful nature. Such statements impact galore factors and assumptions and are taxable to inherent risks and uncertainties some wide and specific, which gives emergence to the anticipation that predictions, forecasts, projections and different forwarding statements volition not beryllium achieved. Several important factors could origin BTB Real Estate Investment Trust's existent results to disagree materially from the expectations expressed oregon implied by specified guardant looking statements. These risks, uncertainties and different factors that could power existent results are described successful BTB Real Estate Investment Trust Management Discussion and Analysis and successful its Annual accusation signifier which were filed connected Cedar positive and connected BTB's website astatine www.btbreit.com nether investors reports I would present similar to punctual everyone that this league telephone is being. Thank you. I would present similar to crook the league implicit to Mr. Michel Léonard, President and Chief Executive Officer, accompanied contiguous by Mr. Martin Lefebvre, Vice President and Chief Financial Officer, Mr. Charles de Revillard, Vice President of Finance and Ms. Stephanie Léonard, Principal Director of Leasing. Mr. Léonard, you whitethorn statesman your conference.