BTB Real Estate Investment Trust announces today its financial results for
the first quarter ended March 31, 2010

MONTREAL, May 31 /CNW Telbec/ - The trustees of BTB Real Estate Investment Trust (TSX-V: BTB.UN) ("BTB" or the "Trust") announce today the first quarter financial results for the period ended March 31, 2010 and the following highlights:

    
    - Slight increase in the occupancy rate compared to the first quarter of
      2009 while the occupancy rate remained the same compared to the fourth
      quarter of 2009.

    - Excluding the operations of the property under development, the
      revenues from the same property portfolio were maintained (+0.4%).

    - Began the investments on the redevelopment of the property located at
      3781 Des Sources Blvd. in order to accommodate during the second
      quarter of 2010 a Pharmaprix store of the Shoppers Drug Mart chain.

    - Average increase of 5.0% of expired and renewed leases in the first
      quarter of 2010.

    - Implementation of an acquisition line of credit in the amount of 25
      million $ with Firm Capital Mortgage Fund Inc.

    - Closing of the acquisition of Cagim Real Estate Corporation ("Cagim")
      at a price of $1.05 per share, adding thereby more than 600,000 square
      feet of leasable area.  The acquisition cost of the properties was 47.8
      million $ and the value of the assumed hypothecs was 27 million $.
      BTB's portfolio is now composed of 49 properties and 2,872,000 square
      feet of leasable area.
    

Even though income has slightly decrease compared with that of the first quarter of 2009, mainly due to major improvement work on one of its buildings, the Trust pursued the consolidation of its operations and the improvement of its real estate portfolio by signing leases with quality tenants. Management has concentrated its efforts in the negotiation and the closing of the acquisition of Cagim.

"The Trust aims to resume its growth by acquisitions. It has set up an acquisition line of credit with Firm Capital Mortgage Fund Inc. that has allowed it to purchase Cagim, a corporation from Québec City holding $48 million in assets and 600,000 square feet of leasable area. After this acquisition, the Trust now holds more than $280 million in assets and about three million square feet of leasable area. Results have been stable and predictable for the first quarter. The redevelopment of the Pharmaprix building is proceeding and our new client anticipates moving in on July 8, 2010" stated Mr. Michel Léonard, President and Chief Executive Officer of BTB.

The Trust presents below the balance sheets as at March 31, 2010 and December 31, 2009 and the statements of income, and cash flows for the quarters ended on March 31, 2010 and 2009. These tables are extracted from the audited financial statements and should be read together with the accompanying notes.

    
    BTB REAL ESTATE INVESTMENT TRUST
    Interim Consolidated Balance Sheets
    (Unaudited)

    March 31, 2010, with comparative figures as of December 31, 2009
    (in thousands of dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                    2010                2009
    -------------------------------------------------------------------------

    Assets

    Income producing properties
      Buildings                                $ 162,362           $ 163,437
      Land                                        39,676              39,676
      Intangible assets                            7,503               8,252
      -----------------------------------------------------------------------
                                                 209,541             211,365

    Property under development                     5,097               4,224
    Fixed assets                                      26                  29
    Capitalized charges and other assets           3,718               2,821
    Prepaid expenses                               1,756               1,883
    Accounts receivable                            2,198               1,570
    Cash and cash equivalents                        366                 376

    -------------------------------------------------------------------------
                                               $ 222,702           $ 222,268
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Unitholders' Equity

    Mortgage loans                             $ 144,454           $ 144,950
    Convertible debentures                        23,781              23,544
    Bank loans                                     2,315                 720
    Accounts payable and accrued liabilities       7,004               6,092
    Distributions payable to unitholders             226                 226
    -------------------------------------------------------------------------
                                                 177,780             175,532

    Unitholders' equity                           44,922              46,736
    -------------------------------------------------------------------------
                                               $ 222,702           $ 222,268
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to unaudited interim consolidated financial
    statements.
    
    
    BTB REAL ESTATE INVESTMENT TRUST
    Interim Consolidated Statement of Earnings
    (Unaudited)
    Three-month period ended March 31, 2010, with comparative figures for the
    three-month period ended March 31, 2009
    (in thousands of dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                    2010                2009
    -------------------------------------------------------------------------
    Operating revenues:
      Rental revenue from income-producing
       properties                                $ 7,400             $ 7,474
    Operating expenses:
      Operating costs                              1,343               1,315
      Property taxes and utilities                 2,151               2,042
      -----------------------------------------------------------------------
                                                   3,494               3,357

    -------------------------------------------------------------------------
    Operating income before the
     undernoted items                              3,906               4,117

    Interest on loans                              2,620               2,674
    Amortization of financing costs                  216                 188
    Amortization of buildings and improvements     1,083               1,086
    Amortization of intangible and other assets      534                 522
    Amortization of deferred leases cost             118                  64
    Interest accretion expenses on convertible
     debentures                                      112                 101
    Interest income                                   (1)                 (2)
    -------------------------------------------------------------------------
                                                   4,682               4,633

    -------------------------------------------------------------------------
    Loss from real estate assets                     776                 516

    Trust-related administrative expenses            361                 250
    Property management expenses                       -                 170
    Unit-based compensation                            6                   6

    -------------------------------------------------------------------------
    Operating loss before income taxes
     and discontinued operations                   1,143                 942

    Future income taxes                                -                (107)

    -------------------------------------------------------------------------
    Net loss and comprehensive income            $ 1,143               $ 835
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss per unit basic and diluted              $ 0.034             $ 0.025
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to unaudited interim consolidated financial
    statements.
    
    
    BTB REAL ESTATE INVESTMENT TRUST
    Interim Consolidated Statement of Cash Flows
    (Unaudited)

    Three-month period ended March 31, 2010, with comparative figures for the
    three-month period ended March 31, 2009
    (in thousands of dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                    2010                2009
    -------------------------------------------------------------------------

    Cash flows from operating activities:
      Net loss                                  $ (1,143)             $ (835)
      Net change in non-cash items:
        Amortization of income-producing
         properties                                1,083               1,086
        Interest and accretion expense on
         convertible debentures                      112                 101
        Amortization of financing costs              216                 188
        Amortization of intangible assets and
         liabilities                                 529                 518
        Amortization of straight-line lease
         adjustment                                  (85)                (81)
        Amortization of off market value
         attributable to leases                      217                 228
        Amortization of deferred leases cost         118                  64
        Unit option-based compensation expenses        6                   6
        Property management expenses                   -                 136
        Future income taxes                            -                (107)
        Amortization of fixed assets                   5                   4
        ---------------------------------------------------------------------
                                                   1,058               1,070

      Net change in non-cash operating working
       capital items                                 487                (153)
      -----------------------------------------------------------------------
                                                   1,545               1,155

    Cash flows from financing activities:
      Mortgage loans, net of financing costs        (131)                 64
      Reimbursement of mortgage loans               (547)               (479)
      Bank loans                                   1,595                 440
      Net proceeds from issuance of units              -                  11
      Distributions to unitholders                  (677)             (1,116)
      -----------------------------------------------------------------------
                                                     340              (1,080)

    Cash flows from investing activities:
      Additions to income-producing properties      (818)                 (4)
      Additions to tangible fixed assets              (2)                 (2)
      Capitalize leasing costs                      (428)                (85)
      Deposits                                      (587)                  2
      -----------------------------------------------------------------------
                                                  (1,895)                (89)

    -------------------------------------------------------------------------
    Net change in cash and cash equivalents          (10)                (14)

    Cash and cash equivalents, beginning of period   376                 357

    -------------------------------------------------------------------------
    Cash and cash equivalents, end of period       $ 366               $ 343
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to unaudited interim consolidated financial
    statements.
    
    
    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: Mr. Maxime Couture, Optimum Public Relations, (418) 521-3770; 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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