BTB REIT (TSX:BTB) reported first-quarter financial results on Wednesday.
The transcript from the company’s first-quarter earnings call has been provided below
The full earnings call is available at https://app. Summary BTB.UN reported a portfolio of 6 million square feet across 74 properties, with an asset value of $1.3 billion. The company is shifting focus from office to industrial properties, acquiring three industrial properties in Alberta and selling an office property in Quebec City.
Occupancy rate stands at nearly 92%, with 206,000 square feet in new leases and renewals signed in Q1. Rental revenue decreased by 7.1% compared to the same quarter last year, partly due to a lease cancellation payment affecting prior year results. Net Operating Income (NOI) and Cash NOI both decreased by over 10%, driven by tenant departures and free rent granted to new tenants.