MONTREAL, Nov. 15, 2011 /CNW Telbec/ - The trustees of BTB Real Estate
Investment Trust (TSXV: BTB.UN) ("BTB" or the "Trust") release today
the financial results for the third quarter ended September 30, 2011
and the following highlights:
$23 million public offering of Series D 7.25% convertible debentures
maturing on July 31, 2018, providing a net capital contribution of
$21.5 million which was used to repay all Series A 8% debentures
maturing on October 3, 2011.
Acquisition of a 50% interest in a 17,100 square-foot property for $2.2
million. The property is fully leased under a residual 7-year lease
with the Pharmaprix/Shoppers chain.
12th consecutive quarter in which the weighted average rate on mortgage
loans payable remained stable or declined, with a decrease from 6.15%
in the third quarter of 2007 to 5.42% in the third quarter of 2011.
Refinancing of Complexe Lebourgneuf Phase 1 in Québec City, for $28
million, at a rate of 3.6% for five years, providing a net capital
contribution of $3.5 million.
Rental income increase from $9.2 million in the third quarter of 2010 to
$10.5 million in the third quarter of 2011 and net operating income
(NOI) increased from $5.4 million to $5.9 million.
Decrease of the mortgage debt ratio from 69.5% as at December 31, 2010
to 56.8% as at September 30, 2011.
Shareholders' equity increase from $33.7 million as at December 31, 2010
to $74 million as at September 30, 2011.
Repayment in full of the Series A 8% debentures in the amount of $12.9
million, with the proceeds of Series D 7.25% debentures.
Acquisition of two industrial properties of 60,000 and 154,000 square
feet respectively, at a cost of $12.2 million, fully leased to a major
Canadian doors and windows manufacturer. These properties will generate
annual NOI of $1.1 million. The Trust expects the properties to yield
annualized FFO of almost $800,000, or more than 1¢ per unit.
Management will also hold a conference call to present BTB's financial
results and performance for the three-month period ended September 30,
Wednesday, November 16, 2011
9:15 a.m. (Eastern Standard Time)
1-416-644-3425 (from Toronto and overseas) access code 4486992#
1‑800‑732‑1073 (from North America) toll free, access code 4486992#. To
ensure your participation, please dial in fifteen minutes prior to the
start of the conference call.
Conference call operators will coordinate the question and answer
period, and will instruct participants regarding the procedures for the
About BTB Real Estate Investment Trust
BTB is a growth-oriented real estate investment trust listed on the TSX
Venture Exchange. Its total assets are more than $360M, its real estate
portfolio constitutes 52 properties totaling more than 3.1M square
feet. Its objective is to provide unitholders with stable cash
distributions from investments in good quality 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE BTB REAL ESTATE INVESTMENT TRUST
For further information:
| Mr. Michel Léonard |
President and Chief Executive Officer
514-286-0188, ext. 228
| Mr. Benoit Cyr |
Vice-President and Chief Financial Officer
514-286-0188, ext. 230