From the Wires
Profitability still improving: BTB generates funds from operations greater than distributions
Nov. 12, 2012 05:28 PM
MONTREAL, Nov. 12, 2012 /CNW Telbec/ - BTB Real Estate Investment Trust
(TSX: BTB.UN) ("BTB") releases today the financial results for the third quarter ended
September 30, 2012, and the following highlights:
THIRD QUARTER 2012 HIGHLIGHTS
Increase of:
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4.5% in the average rate of expired and renewed leases
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168% in recurring net income and 29% on a unit basis
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207% in FFO and 60% on a unit basis
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180% in AFFO and 39% on a unit basis
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19.8% in net operating income
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15.0% in rental income
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0.2% in the occupancy rate
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On September 24, 2012, acquisition of an additional 50% interest in
Complexe Lebourgneuf Phase 2 for $12.1 million.
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SUBSEQUENT EVENTS
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In October 2012, BTB renegotiated and extended its acquisition line of
credit of $12 million on more favourable terms.
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On October 15, 2012, the Trust acquired an office building located in
Ottawa, Ontario for a purchase price of $6.6 million. The
31,463-square-foot building is fully leased. The main tenants are TD
Bank and the LCBO. The acquisition of this property was financed by a
new $4.3 million mortgage loan, at an interest rate of 3.25%, maturing
in 2017.
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On October 31, 2012, BTB refinanced properties subject to two mortgage
loans totalling $41 million and bearing interest at 6.17% by securing a
new $43 million loan, at an interest rate of 4.11%, maturing in 2017,
on seven properties owned by the Trust. This new mortgage loan will
generate annual interest savings of more than $0.8 million.
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On November 1, 2012, the Trust acquired a 50% interest in two commercial
retail and office buildings located in Gatineau, Québec, for $6.1
million. The total rentable area of these properties is 74,425 square
feet and they are fully leased. The tenants are a restaurant of the
"Houston" chain, a "L'Aubainerie" store and federal government
offices. This acquisition was financed by a new mortgage loan of
$4.2 million at an interest rate of 3.18%, maturing in 2017.
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On November 5, 2012, the Trust acquired an industrial building located
in Ingersoll, Ontario for a purchase price of $10.3 million. This
200,000-square-foot property is fully leased to Hercules Tire & Rubber
Company, a subsidiary of an American multinational. As part of this
transaction BTB assumed a $6.6 million mortgage loan, bearing interest
at 6.14%, maturing in 2014.
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"BTB continued its growth through accretive acquisitions resulting in a
20% increase of our net operating results compared to the same period
last year. Furthermore, BTB's team achieved a 4.5% increase in the
average rate of lease renewals."
Management will hold a conference call on November 13, 2012 at 10:00
a.m. (ET) to discuss BTB's financial results and performance for the
three-month period ended on September 30, 2012.
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DATE :
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Tuesday, November 13, 2012
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TIME :
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10:00 a.m. (Eastern Standard Time)
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DIAL :
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1-647-427-7450 (from Toronto and overseas) access code 65007728#
1-888-231-8191 (from North America) toll free, access code 65007728#.
To ensure your participation, please dial in fifteen minutes prior to
the start of the conference call.
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REPLAY :
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From 1:00 p.m. Tuesday November 13, 2012, until 11:59 p.m. November 20,
2012, dial 1-416-849-0833 conference ID number 65007728#, or dial toll
free 1-855-859-2056 conference ID number 65007728#.
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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 and its objective is to provide
unitholders with stable cash distributions from investments in a
quality portfolio of office, industrial, commercial and retail
properties predominantly located in the province of Québec. 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.
BTB offers a distribution reinvestment plan to unitholders where by the
participants may elect to have their monthly cash distribution
reinvested in additional units of BTB.
SOURCE BTB REAL ESTATE INVESTMENT TRUST
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