BTB Real Estate Investment Trust

BTB Real Estate Investment Trust

BTBIF
BTB Real Estate Investment TrustUS flagOther OTC
2.70
USD
- -
- -
238.66MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
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
Basic EPS, GAAP
0.71
0.41
0.25
0.57
0.65
0.79
0.88
0.05
0.58
0.46
0.42
0.44
- -
0.43
Free Cash Flow per Basic Share
1.24
1.16
1.11
1.03
0.88
0.85
0.8
0.73
0.79
0.79
0.82
0.75
- -
0.78
Dividend per Share
0.36
0.36
0.37
0.37
0.37
0.37
0.37
0.31
0.26
0.26
0.26
0.26
- -
0.27
Book Value per Share
5.13
4.58
3.84
5.52
5.7
3.16
2.88
2.44
2.44
2.32
2
1.71
- -
1.56
Tangible Book Value per Share
5.93
5.65
5.06
5.52
5.7
5.72
6.03
5.45
5.65
5.54
5.54
5.62
- -
5.6
Basic Weighted Avg Shares
26
31
34
39
44
52
59
63
72
83
86
88
- -
89
Sales/Revenue/Turnover
63
67
73
73
76
87
94
93
100
119
128
130
130
130
Operating Margin (%)
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
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
18
13
9
22
28
41
52
3
42
38
37
39
22
38
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
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
Working Capital
1
-1
-5
-3
-10
-76
-100
-123
-99
-98
-165
-133
-213
-70
LT Debt
379
395
445
432
495
465
472
433
597
606
564
603
505
657
Total Equity
153
178
174
213
249
298
356
342
404
462
478
494
491
496
Return on Invested Capital (%)
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 Capital (%)
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 Common Equity (%)
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

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
298
306
319

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
- -
- -
2026
- -
- -
- -
- -
- -

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
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Michel Leonard
Full Time Employees
81
Sector
Real Estate
Industry
REIT - Diversified
Address
1411 Crescent Street Montreal QC Canada H3G 2B3
IPO Date
Dec 31, 2010
Business
BTB Real Estate Investment Trust (TSX: BTB.UN; OTC: BTBIF) is an open-ended real estate investment trust founded in 2006 and headquartered at 1411 Crescent Street, Suite 300, Montreal, Quebec, Canada. BTB owns and manages a diversified portfolio of approximately 73 industrial, suburban office, and necessity-based retail properties across Canada, totaling around 6.0 million square feet of leasable area with an asset value exceeding $1.2 billion; its properties serve a range of tenants including engineering firms such as BBA and Orthogone, professional services providers like Demers Beaulne and Gallagher, industrial companies like Giatec Scientific and Amylior, and necessity retailers such as Groupe Épicia and Koh Tao Bistro Grill Oriental. The trust offers a distribution reinvestment plan allowing unitholders to reinvest monthly cash distributions in additional units at a 3% discount to the weighted average trading price. In recent developments, BTB reports resilient Q3 2025 operational performance with rental income growth of 4.2% year-over-year to $20.1 million, driven by a 14.5% average lease renewal rental rate increase on 151,956 square feet renewed and 128,679 square feet of new leases, plus a $1.1 million lease cancellation payment from an industrial tenant; the trust completed its first ground-up development for Winners/HomeSense in 2024, enhancing retail segment income as of early 2025, while sustaining high occupancy at 92.3% and addressing mini-tender offers from Ewing Morris Fleetwood LP.

Company News

APIChat
  • BTB Real Estate Investment Trust Q1 Earnings Call Highlights

  • BTB Real Estate Investment Trust (BTB.UN:CA) Q1 2026 Earnings Call Transcript

  • BTB Real Estate Investment Trust (BTB.UN:CA) Q4 2025 Earnings Call Transcript

  • BTB Real Estate Investment Trust (BTB.UN:CA) Q3 2025 Earnings Call Transcript

  • Ewing Morris Announces Successful Completion of its Offer for Units of BTB Real Estate Investment Trust

  • Ewing Morris Announces Best and Final Revised All-Cash Offer to Acquire up to 8,000,000 Units of BTB Real Estate Investment Trust

  • Ewing Morris Announces Premium All-Cash Offer to Acquire Units of BTB Real Estate Investment Trust

  • BTB Real Estate Investment Trust (BTBIF) Q2 2025 Earnings Call Transcript

  • BTB Real Estate Investment Trust (BTBIF) Q1 2025 Earnings Call Transcript

  • BTB REIT: A Look At The 7.25% Debentures

  • BTB Real Estate Investment Trust (BTBIF) Q4 2024 Earnings Call Transcript

  • BTB REIT: High Yielder Is Convincing Skeptics

  • BTB Real Estate Investment Trust (BTBIF) Q3 2024 Earnings Call Transcript

  • BTB REIT: Solid Performance From 9.5% Yielder

  • BTB REIT: 9% Yielder Hits Our Price Target (Rating Downgrade)

  • BTB Real Estate Investment Trust (BTBIF) Q1 2024 Earnings Call Transcript

  • BTB REIT: 10% Yield And Modest Upside

  • BTB Real Estate Investment Trust (BTBIF) Q4 2023 Earnings Call Transcript

  • BTB REIT: Debentures Offer Low Risk Play For A 10% Yield (Rating Upgrade)

  • BTB Real Estate Investment Trust (BTBIF) Q3 2023 Earnings Call Transcript