Education
About Us
Working with TipRanks
Follow Us
BTB REIT Un (TSE:BTB.UN)
TSX:BTB.UN
Earnings Data
Report Date
May 11, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.09Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call reflects a generally constructive operating backdrop: strong leasing activity, notable rent renewal increases (10.6% year), key new lease wins with no downtime, a year-over-year increase in annual cash NOI (1.9%) and a small rise in AFFO per unit. The balance sheet posture improved with lower mortgage and total debt ratios and >$30 million in liquidity. Short-term challenges include a modest Q4 revenue/NOI decline, several sizable vacancies (notably a 132k sq ft position in Montreal), quarter-over-quarter FFO/AFFO softness, and exposure to near-term refinancing given a 2.3-year average mortgage term. On net, the positive leasing momentum, rent gains, annual cash flow improvements and stronger liquidity/credit metrics outweigh the near-term operational headwinds, supporting an overall positive view heading into 2026.Company Guidance
Portfolio Size and Appraisals
BTB owns $1.2 billion of real estate; 58% of properties were externally appraised in 2025. The weighted average cap rate remained stable at 6.7% year-over-year.
Strong Leasing Activity and Rent Growth
Total leasing activity for the year totaled ~742,162 sq ft (approx. 474k sq ft renewals and ~268k sq ft new leases). Average rent increases on renewals were +10.6% for the year (6.7% for the quarter). Suburban office renewal rents increased ~12.4% for the year and necessity-based retail increased ~6.4% for the year.
Notable New Leases and Tenant Expansions
Key new leases included Kraft Heinz (80,000 sq ft, Industrial, Montreal), Value Village (30,000 sq ft, Necessity Retail, Montreal) and XCMG Canada (30,000 sq ft, Industrial, Edmonton). Several existing tenants expanded (e.g., Government of Canada +14,000 sq ft). These replacements had no downtime and increased NOI at those properties.
Improved Annual Cash NOI and AFFO
For the full year, cash NOI increased by 1.9% and adjusted AFFO per unit increased to $0.388 (up $0.007 vs prior year). The AFFO adjusted payout ratio improved modestly to ~77% for the year (down 1.4 percentage points vs 2024).
Debt Metrics and Liquidity
Mortgage debt ratio lowered to ~51.3% and total debt ratio lowered to ~57%. Weighted average mortgage term 2.3 years and average interest rate 4.5%. Cash on hand was over $5 million and $25 million available under credit facilities, for total liquidity > $30 million.
Capital Recycling and Dispositions
Disposed of 3 non-core assets during 2025 for gross proceeds of almost $20 million and net proceeds close to $14 million, supporting portfolio focus on industrial and higher-return assets.
ESG Progress
Released second ESG report in June 2025 and obtained 13 BOMA BEST certifications for properties in Quebec, demonstrating ongoing ESG activity and certifications.
TSE:BTB.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:BTB.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | C$4.26 | C$4.24 | -0.45% |
Nov 03, 2025 | C$3.79 | C$3.68 | -2.83% |
Aug 04, 2025 | C$3.48 | C$3.44 | -1.09% |
May 05, 2025 | C$3.15 | C$3.20 | +1.49% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does BTB REIT Un (TSE:BTB.UN) report earnings?
BTB REIT Un (TSE:BTB.UN) is schdueled to report earning on May 11, 2026, After Close (Confirmed).
What is BTB REIT Un (TSE:BTB.UN) earnings time?
BTB REIT Un (TSE:BTB.UN) earnings time is at May 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:BTB.UN EPS forecast?
Currently, no data Available