The earnings call highlighted strong leasing and financial performance with significant increases in rental spreads and improvements in payout ratios. However, challenges in industrial vacancies and impacts from lease cancellations were noted. The overall sentiment leans towards positive due to the outweighing highlights.

Company Guidance

During the BTB Real Estate Investment Trust's Q3 2025 conference call, management provided comprehensive guidance on various metrics. The portfolio size was reported at 6 million square feet, with lease renewals and new leases totaling 280,000 square feet. The fair value of investment properties was $1.2 billion, and the occupancy rate stood at 91.5%. The portfolio composition included 41% suburban office properties, 36% industrial properties, and 23% necessity-based retail. Notable transactions included the disposal of a Quebec City property for $10.5 million and a small retail property in Terrebonne for $3.1 million. Financially, the rental revenue for the quarter was $32.9 million, a 1.1% increase from the previous year. NOI and cash NOI saw increases of 5.9% and 4.2%, respectively. FFO adjusted per unit rose by 7.5% to $0.115, and AFFO adjusted per unit increased by 4.1% to $0.101. The AFFO payout ratio improved to 74.3%. The weighted average cap rate remained stable at 6.7%, and the total debt ratio was 56.8%. The call emphasized strong leasing efforts and financial resilience, with management highlighting a 14.5% increase in rental spreads and a robust leasing activity covering 10% of the portfolio.

Strong Leasing Activity

Total leasing activity reached 280,000 square feet for the quarter, with notable new lease agreements, including an 80,000 square feet lease with Kraft-Heinz and a 10-year lease with SFL Gestion de Patrimoine.

Significant Increase in Rental Spreads

Achieved a 14.5% increase in renewal rates, the highest spread compared to previous years, with a 15.4% increase in suburban office and 8.3% in necessity-based retail segments.

Positive Financial Performance

Rental revenue increased by 1.1%, NOI by 5.9%, and cash NOI by 4.2% compared to the same quarter last year. FFO adjusted per unit increased by 7.5%, with AFFO adjusted per unit up by 4.1%.

Improved AFFO Payout Ratio

AFFO adjusted payout ratio improved to 74.3% from 77.2% last year, indicating better financial health and efficiency.

BTB REIT (TSE:BTB.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:BTB.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 02, 2026	2025 (Q4)	- / -	0.213	―	―	―
Nov 03, 2025	2025 (Q3)	- / 0.11	0.062	72.58% (+0.04)	―	―
Aug 04, 2025	2025 (Q2)	- / 0.07	0.083	-15.66% (-0.01)	―	―
May 05, 2025	2025 (Q1)	- / 0.09	0.082	4.88% (<+0.01)	―	―
Feb 24, 2025	2024 (Q4)	- / 0.21	0.02	965.00% (+0.19)	―	―
Nov 04, 2024	2024 (Q3)	- / 0.06	0.175	-64.57% (-0.11)	―	―
Aug 05, 2024	2024 (Q2)	- / 0.08	0.125	-33.60% (-0.04)	―	―
May 06, 2024	2024 (Q1)	- / 0.08	0.102	-19.61% (-0.02)	―	―
Feb 26, 2024	2023 (Q4)	- / 0.02	0.021	-4.76% (>-0.01)	―	―
Nov 06, 2023	2023 (Q3)	- / 0.17	0.137	27.74% (+0.04)	―	―

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
Nov 03, 2025	C$3.88	C$3.77	-2.84%
May 05, 2025	C$3.23	C$3.27	+1.24%
Feb 24, 2025	C$3.16	C$3.16	0.00%
Nov 04, 2024	C$3.25	C$3.36	+3.38%

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 Mar 02, 2026, After Close (Confirmed).

What is BTB REIT Un (TSE:BTB.UN) earnings time?

BTB REIT Un (TSE:BTB.UN) earnings time is at Mar 02, 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.

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