BTB REIT Will Soon be Traded on the TSX

BTB Real Estate Investment Trust Announces Conditional Approval of Graduation to TSX

BTB Real Estate Investment Trust   announced that it has received conditional approval to list its securities on the Toronto Stock Exchange (TSX) at which point such securities will no longer be listed on the TSX Venture Exchange.  The approval is conditional upon BTB fulfilling the conditions of the approval.  BTB expects that it will receive final listing approval shortly.
 

BTB Real Estate Investment Trust continues on its growth strategy and profitability increase

The Trustees of BTB Real Estate Investment Trust (TSXV: BTB.UN) ("BTB") release today the financial results for the first quarter ended March 31, 2012 and the following highlights:

First quarter 2012 Highlights

    Increase of:

    13% in rental income from $9.7 million to $11.0 million
    13% in net operating income (NOI) from $5.1 million to $5.7 million
    79% in distributable income from $0.7 million to $1.2 million
    300% in funds from operations (FFO) from $297,000 to $867,000
    218% in adjusted funds from operations (AFFO) from $412,000 to $899,000

    Improvement:

    of 2.4% in debt ratio
    of 36 basis points in the average mortgage loan rate
    of occupancy rate from 90.1% to 91.0%

    Decrease of:

    9% in interest expense on mortgage loans in same-property portfolio

    On February 16, 2012, closing of a distribution of 18,750,750 units for gross proceeds of $17.3 million.

    On March 28, 2012, 2.5 million warrants were exercised for a capital contribution of $1.9 million.

    Bringing into operation and official inauguration of Phase 2 of Complexe Lebourgneuf on March 28, 2012.

SUBSEQUENT EVENTS

    On April 19, 2012, three industrial properties were acquired in the Greater Montreal area at a total cost of $14.7 million, providing over 166,000 square feet of leasable area.

    On May 1, 2012, a $10.5 million mortgage financing agreement was entered into at a rate of 4.2% for a five-year term on property acquired on April 19, 2012.

    On May 8, 2012, an office building was acquired in the Greater Ottawa area at a cost of $14.1 million, which has approximately 54,000 square feet of leasable area. A mortgage financing agreement of $9.5 million was entered into at a rate of 4.2% for a five-year term upon acquisition of this property.

"BTB's acquisitions bear fruit and contribute remarkably well to BTB's important growth in its operating ratios.  The 79% increase in distributable income is noteworthy thus ensuring an increase in BTB's profitability" stated Michel Léonard, President and Chief Executive Officer of BTB.

 

on May 16, 2012