Welcome!

News Feed Item

Solid second quarter results and announced a 5% increase in distributions

MONTRÉAL, Aug. 11, 2014 /CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") releases today its financial results for the second quarter ended June 30, 2014, and announces the following highlights:

Highlights of the Second Quarter 2014 vs 2013

Improvement of:

  • the payout ratio from 76.7% to 75.8%
  • the AFFO payout ratio from 92.8% to 88.0%
  • the mortgage loan to value ratio from 60.5% to 56.1%
  • the weighted average interest rate on mortgage loans from 4.67% to 4.23%

Increase of:

  • 2.4% of rental income
  • 4.2% of net operating income
  • 5.4% of distributable income – from 13.0¢ to 13.7¢ per unit
  • 8.3% of FFO – from 12.0¢ to 13.0¢ per unit
  • 9.3% of AFFO – from 10.8¢ to 11.8¢ per unit

Significant leasing activities

  • 191,000 square feet leased or renewed during the quarter, with an increase of 3.36% for lease renewals
  • Occupancy increases from 91.6% to 92.8%

Acquisition

  • On May 26, 2014, the Trust acquired a major retail complex in Saint-Jean-sur-Richelieu with 226,000 square feet of leasable area leased to well known national retailers such as Pharmaprix (Shoppers), Maxi (Loblaws) and Dollarama, as well as a Quebec Government medical clinic, for an acquisition price of $31.6 million.

Financing activities

  • On May 26, 2014, the Trust secured a mortgage in the amount of $20.5 million, bearing interest at the rate of 4.40% for a 10-year term, to finance the above-mentioned acquisition.
  • On June 18, 2014, the Trust issued 4,836,000 units at a price of $4.55 per unit, and on June 30, 2014, it closed the over-allotment option for 600,000 additional units at a price of $4.55 per unit for total net proceeds of $23.4 million, net of underwriters' fees.
  • The Trust secured an acquisition line of credit for $15 million with Laurentian Bank of Canada, bearing interest at prime plus 3.25%. This new acquisition line replaces the previous line and, if used, will produce a 2% interest cost saving.

Subsequent event as at June 30, 2014

  • The Board of Trustees voted in favor of a 5% increase in the distribution payable as of September 15, 2014, or from 40¢ to 42¢ per unit on an annualized basis.

"During the second quarter, BTB saw an improvement in its fundamentals and its AFFO reached 88%. In addition, strong activity in lease renewals and new leases marqued this quarter. BTB's other ratios and results continued to improve over those of the preceding quarters. Based on its performance, the board of trustees of BTB voted to increase by 5% the distributions payable to its unitholders in recognition of their support", stated Michel Léonard, President and Chief Executive Officer.

On Tuesday August 12, 2014, at 10:00 a.m. (ET) management will hold a conference call to discuss BTB's financial results and performance for the second quarter ended June 30, 2014.

DATE:

Tuesday, August 12, 2014



TIME:

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



DIAL:

1-647-427-7450 (from Toronto and overseas) access code 81476079# 1‑888‑231-8191 (from North America) toll free, access code 81476079#. To ensure your participation, please dial in fifteen minutes prior to the start of the conference call.



WEBCAST:

http://www.newswire.ca/en/webcast/detail/1391914/1544500



REPLAY:

From Tuesday August 12, 2014, 1:00 p.m. until 11:59 p.m. on August 18, 2014, dial 1‑416‑849‑0833 conference ID number 81476079#, or dial toll free 1‑855‑859-2056 conference ID number 81476079#.

 

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.

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. Today, BTB owns 70 commercial, office and industrial properties for a total leasable area of approximately 4.8 million square feet. BTB's asset value is in excess of $580M. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.

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 5%.

SOURCE BTB Real Estate Investment Trust

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.