BTB Real Estate Investment Trust announces today the financial results of its 2009 first quarter



    MONTREAL, May 25 /CNW Telbec/ - The Trustees of BTB Real Estate
Investment Trust (TSX-V: BTB.UN) ("BTB" or the "Trust") announce today the
financial results for the first quarter ended March 31, 2009 and the following
highlights:

    
    2009 FIRST QUARTER HIGHLIGHTS

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    - AN INCREASE OF 28.5% TO $7.5 MILLION IN OPERATING INCOME COMPARED TO
      THE FIRST QUARTER OF 2008 AS A RESULT OF THE ACQUISITIONS COMPLETED IN
      2008 AND THE INCREASE OF THE SAME-PROPERTY PORTFOLIO.

    - AN INCREASE OF 28.1% IN THE NET OPERATING INCOME (NOI) TO $4.1 MILLION,
      CREATING A PROFIT MARGIN OF 55.1%.

    - THE SAME-PROPERTY PORTFOLIO GENERATED AN INCREASE OF 4.1% IN OPERATING
      INCOME AND OF 6.7% IN NOI.

    - EBDT OF 736$ AND EBITDA OF $3,697, OR 2.2 CENTS AND 11.0 CENTS PER
      UNIT, RESPECTIVELY.

    - AFFO OF $1,099, OR 3.3 CENTS PER UNIT AFTER TAKING INTO ACCOUNT A
      RESERVE FOR CAPEX AND FOR LEASING FEES OF $209. WITH DISTRIBUTIONS OF
      2.7 CENTS PER UNIT FOR THE FIRST QUARTER, AND OF 2.0 CENTS FOR THE
      FOLLOWING QUARTERS, BTB EXPECTS THAT THE DISTRIBUTIONS WILL BE COVERED
      AT 150% BY THE AFFO.

    - RENEWAL TO DATE OF 43% OF ALL THE LEASES EXPIRING IN 2009, WITH AN
      AVERAGE INCREASE OF 5.7%.

    - DISTRIBUTABLE INCOME OF $815 AND CASH FLOW OF $1,070, RESPECTIVELY
      2.4 CENTS AND 3.2 CENTS PER UNIT, A LIGHT DECREASE COMPARED TO THE
      CORRESPONDING QUARTER OF 2008, MAINLY DUE TO THE INCREASE IN THE
      VACANCY RATE. WITH QUARTERLY DISTRIBUTIONS OF 2.0 CENTS PER UNIT ON THE
      CURRENT BASIS, THE TRUST EXPECTS TO GENERATE SUBSTANTIAL CASH FLOWS.

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    Mr. Michel Léonard, President and Chief Executive Officer of BTB stated:
"It is the first quarter where BTB can compare its results on the basis of a
same-property portfolio. Our investors, as well as the Trustees, are pleased
to note that BTB's internal growth is substantial. Indeed, although the
vacancy rate slightly decreased, BTB registered an increase of 4.1% of its
operating income on the basis of a same-property portfolio and an increase of
6.7% of the NOI of the same-property portfolio. We are very enthusiastic about
this situation and the future outlook of BTB"

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

    March 31, 2009, with comparative figures as of December 31, 2008
    (in thousands of dollars)

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                                                            2009        2008
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    Assets

    Income-producing properties
      Buildings                                        $ 168,871   $ 169,964
      Land                                                41,516      41,516
      Intangible assets                                   10,158      10,906
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                                                         220,545     222,386

    Tangible fixed assets                                     41          41
    Deferred charges and other assets                      1,925       1,906
    Prepaid expenses                                       2,055       1,460
    Accounts receivable                                    1,860       1,566
    Cash and cash equivalents                                343         357

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                                                       $ 226,769   $ 227,716
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    Liabilities and unitholders' equity

    Mortgage loans                                     $ 146,408   $ 146,771
    Convertible debentures                                22,847      22,621
    Bank loans                                               840         400
    Accounts payable and accrued liabilities               5,794       5,139
    Distributions payable to unitholders                     225         445
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                                                         176,114     175,376

    Unitholders' equity                                   50,655      52,340

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                                                       $ 226,769   $ 227,716
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    See accompanying notes to unaudited interim consolidated financial
    statements.

    Approved by the Board

    Michel Léonard, Trustee
    --------------

    Jocelyn Proteau, Trustee
    ---------------


    BTB REAL ESTATE INVESTMENT TRUST
    Interim Consolidated Statement of Earnings
    (Unaudited)

    Three-month period ended March 31, 2009, with comparative figures for the
    three-month period ended March 31, 2008
    (in thousands of dollars)

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                                                            2009        2008
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    Operating revenues:
      Rental revenue from income-producing
       properties                                      $   7,474   $   5,818

    Operating expenses:
      Operating costs                                      1,315       1,030
      Property taxes and utilities                         2,042       1,568
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                                                           3,357       2,598

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    Operating income before the undernoted items           4,117       3,220

    Interest on loans                                      2,674       1,914
    Amortization of financing costs                          188         110
    Amortization of buildings and improvements             1,086         875
    Amortization of intangible and other assets              522         428
    Amortization of deferred leases cost                      64          28
    Interest accretion expenses on convertible
     debentures                                              101          65
    Interest income                                           (2)        (21)
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                                                           4,633       3,399

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    Loss from real estate assets                             516         179

    Trust-related administrative expenses                    250         207
    Property management expenses                             170         105
    Unit-based compensation                                    6          18

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    Operating loss before income taxes and
     discontinued operations                                 942         509

    Future income taxes                                     (107)       (300)

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    Net loss and comprehensive income                  $     835   $     209
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    Loss per unit basic and diluted                    $   0.025   $   0.006
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    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, 2009, with comparative figures for
    the three-month period ended March 31, 2008
    (in thousands of dollars)

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                                                            2009        2008
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    Cash flows from operating activities:
      Net loss                                         $    (835)  $    (209)
      Net change in non-cash items:
        Amortization of income-producing properties        1,086         875
        Interest and accretion expense on convertible
         debentures                                          101          65
        Amortization of financing costs                      188         110
        Amortization of intangible assets and
         liabilities                                         518         427
        Amortization of straight-line lease adjustment       (81)       (102)
        Amortization of off market value attributable
         to leases                                           228         327
        Amortization of deferred leases cost                  64          28
        Unit option-based compensation expenses                6          18
        Property management expenses                         136         105
        Future income taxes                                 (107)       (300)
        Amortization of fixed assets                           4           1
      Net change in non-cash operating working
       capital items                                        (238)       (115)
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                                                           1,070       1,230

    Cash flows from financing activities:
      Net proceeds from issuance of convertible
       debentures                                              -      11,825
      Mortgage loans, net of financing costs                  64       3,708
      Reimbursement of mortgage loans                       (479)       (100)
      Bank loans                                             440      (3,320)
      Net proceeds from issuance of units                     11          18
      Distributions to unitholders                        (1,116)     (2,288)
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                                                          (1,080)      9,843

    Cash flows from investing activities:
      Additions to income-producing properties                (4)    (16,687)
      Additions to tangible fixed assets                      (2)        (28)
      Deposits                                                 2           -
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                                                              (4)    (16,715)

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    Net change in cash and cash equivalents                  (14)     (5,642)

    Cash and cash equivalents, beginning of period           357       6,171

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    Cash and cash equivalents, end of period           $     343   $     529
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For further information:

For further information: Mr. Mathieu Claise, 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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