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    Real Estate

  3. •

    REIT - Diversified
BTB Real Estate Investment Trust

BTB Real Estate Investment Trust

BTB-UN.TO
BTB Real Estate Investment TrustCA flagToronto Stock Exchange
3.73
CAD
-0.07
- -
329.94MMarket Cap
BTB Real Estate Investment Trust
BTB-UN.TO
(Toronto Stock Exchange)

Recent

price

3.73

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
4.84
3.03
2.58
2.46
2.14
2.12
1.9
1.74
1.68
1.58
1.48
1.4
1.43
1.48
1.48
1.47
1.47
Revenue per Share
1.08
0.54
0.96
0.71
0.41
0.25
0.57
0.65
0.79
0.88
0.05
0.58
0.46
0.42
0.44
0.25
0.43
Basic EPS, GAAP
2.06
1.3
1.08
1.24
1.16
1.11
1.03
0.88
0.85
0.8
0.73
0.79
0.79
0.82
0.75
0.8
0.78
Free Cash Flow per Basic Share
0.21
0.4
0.36
0.36
0.36
0.37
0.37
0.37
0.37
0.37
0.31
0.26
0.26
0.26
0.26
0.3
0.27
Dividend per Share
11.28
6.74
6.68
5.13
4.58
3.84
5.52
5.7
3.16
2.88
2.44
2.44
2.32
2
1.71
1.42
1.56
Book Value per Share
5.19
5.59
6.68
5.93
5.65
5.06
5.52
5.7
5.72
6.03
5.45
5.65
5.54
5.54
5.62
5.56
5.6
Tangible Book Value per Share
7
14
19
26
31
34
39
44
52
59
63
72
83
86
88
88
89
Basic Weighted Avg Shares
35
41
48
63
67
73
73
76
87
94
93
100
119
128
130
130
130
Sales/Revenue/Turnover
55.95
46.66
48.79
49.66
50.28
51.1
50.43
47.45
48.88
48.48
47.88
49.32
52.72
53.11
50.46
50.04
50.39
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
8
7
18
18
13
9
22
28
41
52
3
42
38
37
39
22
38
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
22.29
17.97
37.34
28.93
19.18
11.89
30.1
37.05
47.28
55.43
3.14
41.43
31.93
28.63
29.79
17.19
29.3
Profit Margin (%)
-2
-1
1
1
-1
-5
-3
-10
-76
-100
-123
-99
-98
-165
-133
-213
-70
Working Capital
227
265
366
379
395
445
432
495
465
472
433
597
606
564
603
505
657
LT Debt
56
77
125
153
178
174
213
249
298
356
342
404
462
478
494
491
496
Total Equity
7.43
5.98
5.65
6.17
6.12
6.25
5.86
5.2
5.42
5.19
4.92
4.99
5.61
5.77
5.4
5.34
5.4
Return on Invested Capital (%)
8.94
7.28
8.64
7.97
6.36
5.55
7.04
6.92
8.94
10.78
3.87
8.43
7.85
7.99
8.5
6.85
8.61
Return on Capital (%)
19.11
8.61
16.56
14.3
9.34
6.28
12.8
12.2
19.99
30.98
1.8
25.37
20.74
19.98
23.97
16.24
25.4
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
132
119
74
LT Borrowings
595
610
648
LT Finance Leases
9
9
9
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
88
88
88
Market Capitalization
296
300
322

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
21
29
32
Cash, Cash Equivalents & STI
2
5
6
Accounts Receivable, Net
2
4
4
Inventories
- -
- -
- -
Total Current Liabilities
153
142
102
Payables & Accruals
21
23
27
ST Debt
132
119
74
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.3%
7.73%
-0.67%
Free Cash Flow
6.73%
9.39%
6.71%
Net Income, GAAP
143.56%
255.07%
-42.26%
Sales/Revenue/Turnover
6.14%
7.16%
0.08%
Total Cash Common Dividend
7.96%
6.71%
14.25%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
33
32
33
33
130
2025
34
31
32
- -
130
2026
32
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
0.08
0.06
0.21
0.44
2025
0.09
0.07
-0.01
- -
0.25
2026
0.09
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.06
0.06
0.06
0.07
0.26
2025
0.07
0.08
0.08
- -
0.3
2026
0.08
- -
- -
- -
- -
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Business
BTB Real Estate Investment Trust (TSX: BTB-UN) owns and manages a diversified portfolio of industrial, suburban office, and necessity-based retail properties across Canada; the portfolio totals 73 properties with approximately 6.1 million square feet of leasable area, emphasizing high-occupancy assets, BOMA BEST certification on 37% of eligible space, and LEED certification on four buildings. Founded in 2006 and headquartered in Montreal, Quebec, BTB focuses on generating stable monthly cash distributions to unitholders through rental income primarily from its three operating segments, with suburban office contributing the majority of revenue; it targets eastern Canada while operating nationally, serving tenants such as BBA, Gallagher, and national retailers via long-term leases. Recent developments include the completion of its inaugural ground-up development, the Winners/HomeSense store in Lévis set to commence operations in February 2025 on schedule and within budget; redemption of Series G debentures totaling $24 million in 2024 and Series H convertible debentures via Series I unsecured subordinated debentures issued in February 2025 at 7.25% interest; resilient Q3 2025 operational performance with 14.5% lease renewal spreads and rental income growth; and acknowledgment of a revised takeover offer from Ewing Morris Fleetwood LP at $4.10 per unit expiring October 15, 2025, with no board recommendation.