BTB Real Estate Investment Trust announces today its 2009 fourth quarter
financial and fiscal year-end results

MONTREAL, April 26 /CNW Telbec/ - The trustees of BTB Real Estate Investment Trust (TSX-V: BTB.UN) ("BTB" or the "Trust") announce today the 4th quarter financial and fiscal year end results for the period ended December 31, 2008 and the following highlights:

    
    2009 A YEAR OF CONSOLIDATION
    ----------------------------

    - Stabilization of the financial position: first year since inception in
      which funds from operations (FFO) cover distributions

    - Increase of : - 8.7% of the Operating Income(1)
                    - 9,6% of the Net Operating Income (NOI)
                    - 48% of the EBTD
                    - 18% of the EBITDA
                    - 24% of the FFO

    - 12% reduction of real estate management fees and administrative costs:
      $1.732M (2009) vs $1.963M (2008)

    - Renewal of important leases: - Hydro-Québec (for 10 years - Complexe de
                                     Léry)
                                   - CSST (for 10 years - Saint-Jean-sur-
                                     Richelieu)
                                   - SIQ (for 5 years - Montréal)

    - Redevelopment of an important space: lease of 18,000 to Pharmaprix -
      Shoppers Drug Mart (Dollard-des-Ormeaux)
    

BTB READY FOR THE ECONOMIC REVIVAL

    
    - Execution of a $25M acquisition credit line

    - Take-over bid on the shares of Cagim Real Estate Corporation, owner of
      $48M real estate portfolio and substantial liquidity
    

With its growth being slowed down by the financial crisis, BTB Real Estate Investment Trust consolidated its activities in 2009 by internalizing most of its building management, thereby improving its operational ratios, providing a tighter control of its real estate operating expenses as well as lowering its administrative costs. Funds from operations in 2009 have for the first time exceeded distributions paid to Unitholders, thereby preserving liquidity.

The Trust is also pleased to announced the renewal of the lease with Hydro-Québec in Trois-Rivières for 10 years, as well as the renewal of the leases with Société immobilière du Québec and other paragovernmental organizations. Finally, the Trust commenced the redevelopment of a building in Montréal in order to welcome in June a Pharmaprix / Shoppers Drug Mart pharmacy.

"As was the case for many small REITs, the financial crisis has been a major obstacle to BTB's development. Throughout 2009, our efforts were dedicated to the stabilization of our financial position and to put BTB in a situation where it will benefit from the economic revival. We now have many business opportunities, such as Cagim, and aim to achieve growth and efficiency as envisaged under our initial business plan" stated Michel Léonard, President and Chief Executive Officer of BTB.

The Trust presents below the balance sheets as at December 31, 2009 and 2008 and the statements of income, and cash flows for the years then ended. These tables are extracted from the Audited Financial Statements and should be read together with the accompanying notes.

    
    (1) 8.7% increase in rental income form income producing building
        ($30,325M vs $27,906M)


    BTB REAL ESTATE INVESTMENT TRUST
    Consolidated Balance Sheets

    December 31, 2009 and 2008
    (in thousands of dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                            2009        2008
    -------------------------------------------------------------------------

    Assets

    Income producing properties
      Buildings                                        $ 163,437   $ 169,964
      Land                                                39,676      41,516
      Intangible assets                                    8,252      10,906
      -----------------------------------------------------------------------
                                                         211,365     222,386

    Property under development                             4,224           -
    Fixed assets                                              29          41
    Capitalized charges and other assets                   2,821       1,906
    Prepaid expenses                                       1,883       1,460
    Accounts receivable                                    1,570       1,566
    Cash and cash equivalents                                376         357

    -------------------------------------------------------------------------
                                                       $ 222,268   $ 227,716
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Unitholders' Equity

    Mortgage loans                                     $ 144,950   $ 146,771
    Convertible debentures                                23,544      22,621
    Bank loans                                               720         400
    Accounts payable and accrued liabilities               6,092       5,139
    Distributions payable to unitholders                     226         445
    -------------------------------------------------------------------------
                                                         175,532     175,376

    Unitholders' equity                                   46,736      52,340

    -------------------------------------------------------------------------
                                                       $ 222,268   $ 227,716
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Approved by the Board

    (s) Michel Léonard , Trustee
    ------------------

    (s) Jocelyn Proteau , Trustee
    -------------------


    BTB REAL ESTATE INVESTMENT TRUST
    Consolidated Statements of Income and Comprehensive Income

    Years ended 31 December, 2009 and 2008
    (in thousands of dollars except for per unit amounts)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                            2009        2008
    -------------------------------------------------------------------------

    Operating revenues:
      Rental revenue from income producing properties  $  30,325   $  27,906

    Operating expenses:
      Operating costs                                      5,191       4,890
      Property taxes and utilities                         7,625       7,045
      -----------------------------------------------------------------------
                                                          12,816      11,935

    -------------------------------------------------------------------------
    Operating income from property before the
     undernoted items                                     17,509      15,971

    Interest expense                                      10,598       9,689
    Amortization of financing costs                          758         724
    Amortization of buildings and improvements             4,380       3,991
    Amortization of intangible and other assets            2,111       1,969
    Amortization of capitalized rental costs                 382         176
    Accretion of liability component of convertible
     debentures                                              424         357
    Interest income                                          (12)        (60)
    -------------------------------------------------------------------------
                                                          18,641      16,846

    -------------------------------------------------------------------------
    Operating losses from property                        (1,132)       (875)

    Write-off of pre-acquisition costs                         -         595
    Trust administration expenses                          1,562       1,321
    Property management expenses                             170         642
    Unit-based compensation                                   24          84

    -------------------------------------------------------------------------
    Losses before income taxes                            (2,888)     (3,517)

    Future income taxes (credits)                           (107)       (780)

    -------------------------------------------------------------------------
    Net loss and comprehensive income                  $  (2,781)  $  (2,737)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss per basic and diluted unit                    $   (0.08)  $   (0.08)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    BTB REAL ESTATE INVESTMENT TRUST
    Consolidated Statements of Cash Flows

    Years ended 31 December, 2009 and 2008
    (in thousands of dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                            2009        2008
    -------------------------------------------------------------------------

    Cash flow from operating activities:
      Net loss                                         $  (2,781)  $  (2,737)
      Net change in non-cash items:
        Amortization of income producing properties        4,380       3,991
        Amortization of intangible assets and liabilities  2,087       1,953
        Amortization of financing costs                      758         724
        Amortization of below-market leases                  494       1,200
        Amortization of deferred charges                     382         176
        Amortization of fixed assets                          24          16
        Amortization of straight-line lease adjustment      (284)       (418)
        Accretion of liability component of convertible
         debentures                                          424         357
        Property management expenses                         188         489
        Unit option-based compensation expenses               24          84
        Write-off of pre-acquisition costs                     -         595
        Future income taxes                                 (107)       (780)
        ---------------------------------------------------------------------
                                                           5,589       5,650

      Net change in non-cash working capital items           746         190
      -----------------------------------------------------------------------
                                                           6,335       5,840

    Cash flows from financing activities:
      Net proceeds from issuance of convertible debentures     -      11,725
      Mortgage loans, net of financing costs                  18      21,126
      Reimbursement of mortgage loans                     (2,056)     (3,669)
      Bank loans                                             320      (8,845)
      Net proceeds from issuance of units                      -          16
      Distributions to unitholders                        (3,147)     (6,572)
      -----------------------------------------------------------------------
                                                          (4,865)     13,781

    Cash flows from investment activities:
      Additions to income producing properties              (164)    (24,016)
      Additions to deferred charges and other assets      (1,275)     (1,370)
      Additions to fixed assets                              (12)        (49)
      -----------------------------------------------------------------------
                                                          (1,451)    (25,435)

    Net change in cash and cash equivalents                   19      (5,814)

    Cash balances at beginning of year                       357       6,171

    -------------------------------------------------------------------------
    Cash at end of year                                $     376   $     357
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    About BTB Real Estate Investment Trust
    --------------------------------------
    

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

SOURCE BTB Real Estate Investment Trust

For further information: For further information: Mrs. Marie-Ève Plamondon, Optimum Public Relations, (418)-521-3749; Mr. Michel Léonard, President Chief Executive Officer, (514) 286-0188, ext. 228; Mr. Benoît Cyr, C.A., Vice-President and Chief Financial Officer, (514)-286-0188, ext. 230


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