MONTRÉAL, Feb. 24, 2022 /CNW
Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN)
("BTB" or the "REIT") releases today its financial
results for the fourth quarter and year ended December 31st, 2021, compared to the
same periods of 2020, and announces the following highlights and
information:
- BTB again repeats a solid performance during the fourth
quarter: BTB's portfolio continued to show significant
improvement across all asset classes and geographic regions. The
fourth quarter's financial performance was not impacted by the
COVID-19 pandemic. With a solid foundation, BTB has embarked on a
growth plan.
- $183M of acquisitions
concluded in 2021: the past year was marked by a series of
acquisitions and an expansion to Western
Canada:
-
- June 29th, 2021 (Q2):
Acquisition of an inustrial property of 99,000 sq.ft. located at
6000 Kieran Street, Montréal, Québec for a total consideration of
$15M.
- November 8th,
2021(Q4): Acquisition of two life-science and high-tech office
properties for a total of 237,978 sq.ft. located at 2344 and 2600
boulevard Alfred-Nobel, Montréal, Québec for a total consideration
of $74M.
- December 24th,
2021(Q4): Acquisition of a 421,293 sq.ft. portfolio in Western Canada consisting of 9 industrial
properties and 1 office property located in Edmonton, Alberta and Saskatoon, Saskatchewan for a total
consideration of $94M.
- Same-property portfolio NOI (1):
increased by 6.9% compared to Q4 2020, due to additional
recovery efforts, lower pandemic-related charges and a combination
of higher occupancy rates and an increase in the average lease
renewal rate.
- Leasing Activity: BTB remained active in its lease
renewal and leasing activity throughout the quarter and the year as
the total leasing activity totaled 803,561 sq.ft. resulting
in a 93.4% occupancy rate.
|
_____________________
|
|
(1) Non-IFRS
financial measure. See Appendix 1.
|
-
- Q4 2021: 378,341 sq.ft. of leases expiring in the
quarter and in anticipation of their term ending in years 2022 and
later were renewed. BTB also concluded 77,049 sq.ft. of new
leases during the quarter.
- For the year ended 2021: a total of leases representing
621,286 sq.ft. were renewed with existing tenants and
182,275 sq.ft. were leased to new tenants.
- Rent Collection Rate: BTB collected 98.0% of
rents during Q4 2021 and 99.1% of cumulative rents for the
year ended 2021.
- Funds From Operations (FFO) (1): was
positively impacted in Q4 2021 by increased recoveries, reduced
provisions for credit losses, an improvement in the occupancy rate
across all property segments and an increase in average renewal
rates.
-
- Q4 2021: Recurring FFO (1) of 11.0
¢ per unit compared to 9.9 ¢ per unit in Q4 2020, and the
recurring FFO payout ratio (1) stood at 68.0% for
the quarter, compared to 75.5% in Q4 2020.
- For the year ended 2021: Recurring FFO
(1) for the year stood at 42.1¢ compared to 38.3¢
for the year ended 2020 and the recurring FFO payout ratio
(1) stood at 71.2% for the year compared to 88.7%
in 2020.
- Adjusted Funds From Operations (AFFO)
(1):
-
- Q4 2021: Recurring AFFO (1) of 9.4
¢ per unit compared to 9.8 ¢ per unit in Q4 2020 and
the recurring AFFO payout ratio (1) stood at 80.0
% for the quarter compared to 76.3 % in Q4 2020.
- For the year ended 2021: Recurring AFFO
(1) for the year stood at 38.5¢ for the year,
compared to 35.0¢ in 2020 and the recurring AFFO payout ratio
(1) stood at 77.9% for the year, compared to
97.1% in 2020.
- Net Income & Comprehensive Income: totalled
$23.2M for the quarter
compared to $3.9M in Q4 2020,
representing an increase of $19.3M, which is attributable to:
-
- Increase in the fair value of investment
properties: by $19.6M
compared to $2.1M in 2020;
- Increase in NOI: by approximately $2.0M.
- Rental Revenue and Net Operating Income (NOI): stood at
respectively
$26.8M and $14.8M for the quarter, representing a
respective increase of 19.3% and 15.7%, compared to
Q4 2020. For the year ended 2021, rental revenue stood at
$100.3M, and NOI stood at
$56.3M, representing a
respective increase of 7.9% and 9.9%.
|
_____________________
|
|
(1) Non-IFRS
financial measure. See Appendix 1.
|
- Total Debt
Ratio (1): BTB concluded the
year with a total debt ratio (1) of 60.5%,
recording a temporary regression of 1.1% compared to the same
quarter last year. This impact is attributable to the Q4 2021
acquisitions that were financed with long-term debt, cash on
hand and existing credit facilities.
The Trust used the net proceeds from the disposition of the
Cornwall properties (transaction
announced in December 2021 and
concluded in January 2022) to
partially pay down the outstanding amount on its credit facilities
and therefore, reduce the total debt ratio.
- Cash position: BTB concluded the year with a cash
position of $7.2M and has a
total of $48M available on the
credit facilities.
A MESSAGE FROM MICHEL LÉONARD,
PRESIDENT AND CHIEF EXECUTIVE OFFICER
"BTB has delivered yet another remarkable quarter. As a matter
of fact, the best in the last 7 quarters, demonstrating our robust
fundamentals, marking a fabulous achievement for our
15th anniversary. Our leasing spreads have been
strong as both rental and occupancy rates were up notably. SPNOI
(1) increased 6.9% year -over-year. We concluded a total
of more than 800,000 square feet of leasing transactions from
renewals to new leases, another material achievement for BTB. Large
necessity-based retailers renewed their leases on a long-term
basis, also showing their desire to maintain their locations in
BTB's portfolio. Property performance metrics are also definitely
improving. Our 2021 acquisitions, totalling almost $200M of fair value, have resulted in a higher
quality portfolio that has proven its strength, battling against
COVID-19."
SUBSEQUENT EVENTS
- Acquisition of 979 & 1031 Bank Street, Ottawa, Ontario: On January 7th, 2022, BTB concluded the
acquisition of two class A office properties located at 979 Bank
Street and 1031 Bank Street in the Glebe borough of Ottawa, Ontario. Acquired for the aggregate
purchase price of $38.1M
(excluding transaction costs), this acquisition was funded from the
existing undrawn capacity on BTB's credit facility and available
liquidity. These two properties increase BTB's total leasable area
by 116,226 sq. ft.
- Disposition of the Cornwall Portfolio: On January 27th, 2022, BTB concluded the
disposition of four industrial properties located at 705, 725 and
805 Boundary Road and 2901 Marleau Avenue in Cornwall, Ontario, for an aggregate sale price
of $26M (excluding transaction
costs and adjustments). Following the reimbursement of its
mortgages on the properties, BTB received net proceeds of
approximately $19M. The disposition
of the four properties decreased the total number of properties
owned by BTB to 73 and decreased the total leasable area by 450,776
sq.ft.
|
_____________________
|
|
(1) Non-IFRS
financial measure. See Appendix 1.
|
- Conditional development agreement: BTB has entered into
a conditional agreement to develop a residential component on one
of its retail sites where approximately 900 residential units could
be built, thereby unlocking approximately $30M of proceeds. The conditional agreement is,
inter alia, subject to a zoning change.
OTHER SIGNIFICANT HIGHLIGHTS AS DECEMBER 31st, 2021
- Total number of properties: 75
- Total leasable area: approximately 6.0 million sq.
ft.
- Total asset value: $1.1B
- Market capitalization: $302M
FINANCIAL INFORMATION
The following two tables summarize our results for the quarters
and years ended December
31st, 2021, and 2020.
Quarterly and Annual Financial Results
|
|
|
|
Periods ended
December 31st
|
Quarter
|
Annual
|
|
(in thousands of
dollars, except for ratios and per
unit
data)
|
2021
|
2020
|
∆
|
2021
|
2020
|
∆
|
|
$
|
$
|
%
|
$
|
$
|
%
|
|
Financial
information
|
|
|
|
|
|
|
|
Rental
income
|
26,789
|
22,455
|
19.3
|
100,343
|
92,969
|
7.9
|
|
Net operating
income
|
14,776
|
12,767
|
15.7
|
56,336
|
51,260
|
9.9
|
|
Net income (net loss)
and comprehensive income
|
23,219
|
3,850
|
503.1
|
41,568
|
2,919
|
1,324.0
|
|
Net operating income
from the same-property
portfolio
(1)
|
13,278
|
12,667
|
4.8
|
54,184
|
50,679
|
6.9
|
|
Distributions
|
5,578
|
4,778
|
16.7
|
21,464
|
21,513
|
(0.2)
|
|
Recurring funds from
operations (FFO) (1)
|
8,194
|
6,322
|
29.6
|
30,144
|
24,229
|
24.4
|
|
Recurring adjusted
funds from
operations (AFFO)
(1)
|
6,962
|
6,253
|
11.3
|
27,568
|
22,145
|
24.5
|
|
Cash flow from
operating activities
|
25,137
|
15,954
|
57.6
|
56,538
|
46,145
|
22.5
|
|
Total
assets
|
|
|
|
1,129,901
|
926,666
|
21.9
|
|
Total debt ratio
(1)
|
|
|
|
60.5%
|
59.4%
|
1.1%
|
|
Weighted average
interest rate on mortgage debt
|
|
|
|
3.49%
|
3.57%
|
(0.08)%
|
|
Market
capitalization
|
|
|
|
302,438
|
223,941
|
34.1
|
|
Financial
information per unit
|
|
|
|
|
|
|
|
Net income and
comprehensive income
|
31.2¢
|
6.1¢
|
25.1¢
|
58.1¢
|
4.6¢
|
53.5¢
|
|
Distributions
|
7.5¢
|
7.5¢
|
(0.0)¢
|
30.0¢
|
34.0¢
|
(4.0)¢
|
|
Recurring FFO
(1)
|
11.0¢
|
9.9¢
|
1.1¢
|
42.1¢
|
38.3¢
|
(3.8)¢
|
|
Recurring AFFO
(1)
|
9.4¢
|
9.8¢
|
(0.4)¢
|
38.5¢
|
35.0¢
|
(3.5)¢
|
|
|
(1) Non-IFRS
financial measure. See Appendix 1.
|
Reconciliation of Cash Flows From Operating Activities and
Adjusted Funds From Operations (AFFO) (1)
|
|
|
|
Periods ended
December 31st
|
Quarter
|
Annual
|
|
(in thousands of
dollars, except per unit data)
|
2021
|
2020
|
2021
|
2020
|
|
$
|
$
|
$
|
$
|
|
Cash flows from
operating activities
|
25,137
|
15,954
|
56,538
|
46,145
|
|
Leasing payroll
expenses
|
208
|
146
|
784
|
616
|
|
Transaction costs on
purchase and disposition of investment properties and early
repayment fees
|
(109)
|
-
|
(297)
|
(1,790)
|
|
Adjustments for
changes in other working capital items
|
(11,604)
|
(3,518)
|
(3,934)
|
1,465
|
|
Financial
income
|
158
|
208
|
739
|
564
|
|
Interest
expenses
|
(5,940)
|
(5,895)
|
(22,693)
|
(23.467)
|
|
Provision for
non-recoverable capital expenditures (1)
|
(539)
|
(445)
|
(2,007)
|
(1,855)
|
|
Provision for
non-recovered rental fees (1)
|
(375)
|
(375)
|
(1,500)
|
(1,500)
|
|
Other
items
|
(84)
|
(263)
|
(360)
|
(263)
|
|
AFFO
(1)
|
6,853
|
5,813
|
27,271
|
19,915
|
|
Non-recurring
item
|
|
|
|
|
|
Transaction costs on
purchase and disposition
of investment
properties and early repayment fees
|
109
|
440
|
297
|
2,230
|
|
Recurring AFFO
(1)
|
6,962
|
6,253
|
27,568
|
21,145
|
|
|
(1) Non-IFRS
financial measure. See Appendix 1.
|
QUARTERLY CALL INFORMATION
Management will hold a conference call on Friday, February 25th, 2022, at
10 am, Eastern Time, to present BTB's
financial results and performance for the fourth quarter of
2021.
|
DATE :
|
Friday, February
25th, 2022
|
|
|
|
TIME :
|
10 am, Eastern
Time
|
|
|
|
DIAL :
|
Toronto and
over-seas: 1-416-764-8688
|
|
North America (toll
free): 1-888-390-0546
|
|
|
|
WEB :
|
https://produceredition.webcasts.com/starthere.jsp?ei=1524814&tp_key=f13eaf04f7
|
|
|
|
VISUAL
:
|
A presentation will
be uploaded on BTB's website prior to the call
|
|
|
|
https://www.btbreit.com/investor-relations-2/annual-meeting-presentations/
|
The media and all interested parties may attend the call-in
listening mode only.
Conference call operators will coordinate the
question-and-answer period (from analysts only) and will
instruct participants regarding the procedures during the call.
The audio recording of the conference call will be available by
via playback until March
4th, 2022, by dialing: 1-416-764-8677
(local) or, 1-888-390-0541 (toll-free) and by entering
the following access code: 393076 #.
ABOUT BTB
BTB is a real estate investment trust listed on the Toronto
Stock Exchange. BTB is a property owner active in eastern and
western Canada and as of the
date of this press release, owns 73 properties,
representing a total leasable area of approximately 5.7
million square feet and a total asset value that surpasses
$1.1 billion.
BTB'S OBJECTIVES
- Generate stable monthly cash distributions that are
reliable and fiscally beneficial to unitholders.
- Grow the Trust's assets through internal growth and accretive
acquisitions to fund distributions.
- Optimize the value of its assets through dynamic management of
its properties in order to maximize the long-term value of its
properties.
BTB offers a distribution reinvestment plan to unitholders
whereby the participants may elect to have their monthly cash
distribution reinvested in additional units of BTB at a price based
on the weighted average price for BTB's Units on the Toronto Stock
Exchange for the five trading days immediately preceding the
distribution date, discounted by 3%.
For more detailed information, visit BTB's website at
www.btbreit.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with
respect to BTB. These statements generally can be identified by use
of forward-looking words such as "may", "will", "expect",
"estimate", "anticipate", "intends", "believe" or "continue" or the
negative thereof or similar variations. The actual results and
performance of BTB could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market factors, competition, changes
in government regulation and the factors described from time to
time in the documents filed by BTB with the securities regulators
in Canada. The cautionary
statements qualify all forward-looking statements attributable to
BTB and persons acting on their behalf. Unless otherwise stated or
required by applicable law, all forward-looking statements speak
only as of the date of this press release.
APPENDIX 1: RECONCILIATION OF NON-IFRS MEASURES
Non-IFRS Financial Measures
Certain terms used in this press release are listed and defined
in the table hereafter, including any per unit information if
applicable, are not measures recognized by International Financial
Reporting Standards ("IFRS") and do not have standardized meanings
prescribed by IFRS. Such measures may differ from similar
computations as reported by similar entities and, accordingly, may
not be comparable to similar measures. Explanations on how these
non-IFRS financial measures provide useful information to investors
and additional purposes, if any, for which the Trust uses these
non-IFRS financial measures, are also included in the table
hereafter.
Securities regulations require that non-IFRS financial measures
be clearly defined and that they not be assigned greater weight
than IFRS measures. The referred non-IFRS financial measures, which
are reconciled to the most similar IFRS measure in the table
thereafter if applicable, do not have a standardized meaning
prescribed by IFRS and these measures cannot be compared to similar
measures used by other issuers.
|
NON-IFRS
MEASURES
|
DEFINITION
|
|
|
|
Same-property
NOI
|
Same-property NOI is
a non-IFRS financial measure defined as net operating income
("NOI") for the properties that the Trust owned and operated for
the entire duration of both the current year and the previous year.
The most directly comparable IFRS measure to same-property NOI is
Operating Income.
|
|
|
|
Funds From
Operations (FFO)
& Recurring FFO
|
FFO is a non-IFRS
financial measure used by most Canadian real estate investment
trusts based on a standardized definition established by REALPAC in
its February 2019 White Paper ("White Paper"). FFO is defined as
net income and comprehensive income less certain adjustments, on a
proportionate basis, including: (i) fair value adjustments on
investment properties, class B LP units and derivative financial
instruments; (ii) amortization of lease incentives; (iii)
incremental leasing costs; and (iv) distribution on class B LP
units. FFO is reconciled to net income and comprehensive income,
which is the most directly comparable IFRS measure. FFO is also
reconciled with the cash flows from operating activities, which is
an IFRS measure.
Recurring FFO is also a
non-IFRS financial measure that starts with FFO and remove the
impact of non-recurring items such as transaction cost on
acquisitions and dispositions of investment properties and early
repayment fees.
The Trust believes FFO and
recurring FFO are key measures of operating performance and allow
the investors to compare its historical performance.
|
|
|
|
Adjusted Funds
From Operations (AFFO)
& Recurring AFFO
|
AFFO is a non-IFRS
financial measure used by most Canadian real estate investment
trusts based on a standardized definition established by REALPAC in
its February 2019 White Paper ("White Paper"). AFFO is defined as
FFO less: (i) straight-line rental revenue adjustment; (ii)
accretion of effective interest; (iii) amortization of other
property and equipment; (iv) unit-based compensation expenses; (v)
provision for non-recoverable capital expenditures; and (vi)
provision for unrecovered rental fees (related to regular leasing
expenditures). AFFO is reconciled to net income and comprehensive
income, which is the most directly comparable IFRS measure. AFFO is
also reconciled with the cash flows from operating activities,
which is an IFRS measure.
Recurring AFFO is also a
non-IFRS financial measure that starts with AFFO and remove the
impact of non-recurring items such as transaction costs on
acquisitions and dispositions of investment properties and early
repayment fees.
The Trust considers AFFO and
recurring AFFO to be useful measures of recurring economic earnings
and relevant in understanding its ability to service its debt, fund
capital expenditures and provide distributions to
unitholders.
|
|
|
|
FFO & AFFO
Payout Ratios
And
Recurring FFO &
Recurring AFFO Payout Ratios
|
FFO and AFFO payout
ratios and recurring FFO and recurring AFFO payout ratios are
non-IFRS financial measures. These payout ratios are calculated by
dividing the actual distributions per unit by FFO, AFFO and
recurring FFO and recurring AFFO per unit in each period.
The Trust considers these
metrics a useful way to evaluate its distribution paying
capacity.
|
|
|
|
Total Debt
Ratio
|
Total debt ratio is a
non-IFRS financial measure of the Trust financial leverage, which
is calculated by taking the total long-term debt less cash divided
by total gross value of the assets of the Trust less cash.
The Trust considers this
metric useful as it indicates its ability to meet its debt
obligations and its capacity for future additional
acquisitions.
|
|
|
|
Provision for
non-recoverable capital expenditures
|
In calculating AFFO,
the Trust deducts a provision for non-recoverable capital
expenditures to consider capital expenditures invested to
maintain the condition of its properties and to preserve
rental revenue.
The provision for
non-recoverable capital expenditures is calculated based on 2% of
rental revenues. This provision is based on management's assessment
of industry practices and its investment forecasts for the coming
years.
|
|
|
|
Provision for
unrecovered rental fees
|
The Trust also
deducts a provision for unrecovered rental fees in the amount of
approximately 25¢ per sq. ft. on an annualized basis. Even though
quarterly rental fee disbursements vary significantly from one
quarter to another, management considers that this provision fairly
presents, in the long term, the average disbursements not recovered
directly in establishing the rent that the Trust will undertake.
These disbursements consist of inducements paid or granted when
leases are signed that are generally amortized over the term of the
lease and are subject to an equivalent increase in rent per square
foot, and of brokerage commissions and leasing payroll
expenses.
|
|
|
|
Total long-term
debt less cash and cash equivalents
|
This is a non-IFRS
financial measure. Long-term debt less cash and cash equivalent is
a non-IFRS financial measure, calculated as total of: (i) fixed
rate mortgage loans payable; (ii) floating rate mortgage loans
payable; (iii) Series G debenture capital amount; (iv) Series F
debenture capital adjusted with non-derivative component less
conversion options exercised by holders; and (v) credit facilities,
less cash and cash equivalents. The most directly comparable IFRS
measure to net debt is debt.
|
|
|
|
Total gross value
of the assets of the Trust less cash and cash
equivalent
|
This is a non-IFRS
financial measure. Gross value of the assets of the Trust less cash
and cash equivalent ("GVALC") is a non-IFRS financial measure
defined as the Trust total assets adding the cumulated amortization
property and equipment and removing the cash and cash equivalent.
The most directly comparable IFRS measure to GVALC is total
assets.
|
FUNDS FROM OPERATIONS (FFO) (1)
The following table provides a reconciliation of net income and
comprehensive income established in accordance with IFRS and FFO
(1) for the quarters and years ended December 31, 2021 and 2020:
|
|
|
|
Periods ended
December 31
(in thousands of
dollars, except for per unit)
|
Quarter
|
Year
|
|
2021
|
2020
|
2021
|
2020
|
|
$
|
$
|
$
|
$
|
|
Net income and
comprehensive income
|
23,219
|
3,850
|
41,568
|
2,919
|
|
Fair value adjustment
on investment properties
|
(19,571)
|
(2,130)
|
(19,571)
|
8,375
|
|
Fair value adjustment
on Class B LP units
|
21
|
242
|
231
|
(778)
|
|
Amortization of lease
incentives
|
858
|
794
|
3,292
|
3,068
|
|
Fair value adjustment
on derivative financial instruments
|
3,297
|
2,950
|
3,246
|
7,642
|
|
Leasing payroll
expenses
|
208
|
146
|
784
|
616
|
|
Distributions – Class
B LP units
|
30
|
30
|
108
|
157
|
|
Unit-based
compensation
|
|
|
|
|
|
(Unit price
remeasurement) (5)
|
23
|
-
|
189
|
-
|
|
FFO
(1)
|
8,085
|
5,882
|
29,847
|
21,999
|
|
Non-recurring
item
|
|
|
|
|
|
Transaction cost on
acquisitions and dispositions of investment properties and early
repayment fees
|
109
|
440
|
297
|
2,230
|
|
Recurring FFO
(1)
|
8,194
|
6,322
|
30,144
|
24,229
|
|
FFO per
unit (1)
(2) (3)
|
10.9¢
|
9.2¢
|
41.7¢
|
34.8¢
|
|
Recurring FFO per
unit (1)(2) (4)
|
11.0¢
|
9.9¢
|
42.1¢
|
38.3¢
|
|
FFO payout ratio
(1)
|
68.9%
|
81.1%
|
71.9%
|
97.7%
|
|
Recurring FFO payout
ratio (1)
|
68.0%
|
75.5%
|
71.2%
|
88.7%
|
|
|
___________________________
|
|
1.
|
This is a non-IFRS
financial measure.
|
|
2.
|
Including Class B LP
units.
|
|
3.
|
This is a non-IFRS
financial measure. The FFO per unit ratio is calculated by dividing
the FFO (1) by the Trust's unit outstanding at the end
of the period (including the Class B LP units at outstanding at the
end of the period).
|
|
4.
|
This is a non-IFRS
financial measure. The recurring FFO per unit ratio is calculated
by dividing the recurring FFO (1) by the Trust's unit
outstanding at the end of the period (including the Class B LP
units at outstanding at the end of the period).
|
|
5.
|
The impact of the
unit price remeasurement on the deferred unit-based compensation
plan has been considered in the calculation of the recurring FFO
(1) and AFFO (1) starting Q2 2021. As a
reference, the cumulative impact for the 12 months cumulative
period in 2020 was positive $373 (in thousands of dollars) or 0.1¢
per unit.
|
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(1)
The following table provides a reconciliation of FFO
(1) and AFFO (1) for the quarters and years
ended December 31, 2021 and 2020:
|
|
|
|
Periods ended
December 31
(in thousands of dollars, except for per unit)
|
Quarter
|
Year
|
|
2021
|
2020
|
2021
|
2020
|
|
$
|
$
|
$
|
$
|
|
FFO
(1)
|
8,085
|
5,882
|
29,847
|
21,999
|
|
Straight-line rental
revenue adjustment
|
(758)
|
108
|
(1,334)
|
(249)
|
|
Accretion of effective
interest
|
275
|
343
|
1,301
|
1,244
|
|
Amortization of other
property and equipment
|
22
|
23
|
87
|
100
|
|
Unit-based
compensation expenses
|
143
|
281
|
877
|
181
|
|
Provision for
non-recoverable capital expenditures (1)
|
(539)
|
(449)
|
(2,007)
|
(1,859)
|
|
Provision for
unrecovered rental fees (1)
|
(375)
|
(375)
|
(1,500)
|
(1,500)
|
|
AFFO
(1)
|
6,853
|
5,813
|
27,271
|
19,915
|
|
Non-recurring
item
|
|
|
|
|
|
Transaction costs on
purchase and disposition of investment properties and early
repayment fees
|
109
|
440
|
297
|
2,230
|
|
Recurring
AFFO (1)
|
6,962
|
6,253
|
27,568
|
22,145
|
|
AFFO per unit
(1) (2) (3)
|
9.2¢
|
9.1¢
|
38.1¢
|
31.5¢
|
|
Recurring AFFO per
unit (1) (2) (4)
|
9.4¢
|
9.8¢
|
38.5¢
|
35.0¢
|
|
AFFO payout ratio
(1)
|
81.3%
|
82.1%
|
78.7%
|
108.0%
|
|
Recurring AFFO payout
ratio (1)
|
80.0%
|
76.3%
|
77.9%
|
97.1%
|
|
|
_____________________________
|
|
1.
|
This is
a non-IFRS financial measure.
|
|
2.
|
Including Class B LP
units.
|
|
3.
|
This is a non-IFRS
financial measure. The AFFO per unit ratio is calculated by
dividing the AFFO (1) by the Trust's unit outstanding at
the end of the period (including the Class B LP units at
outstanding at the end of the period).
|
|
4.
|
This is a non-IFRS
financial measure. The recurring AFFO per unit ratio is calculated
by dividing the recurring AFFO (1) by the Trust's unit
outstanding at the end of the period (including the Class B LP
units at outstanding at the end of the period).
|
DEBT RATIOS (1)
The following table summarizes the Trust's debt ratios as at
December 31, 2021 and 2020:
|
|
|
|
(in thousands of
dollars)
|
December 31,
2021
|
December 31,
2020
|
|
$
|
$
|
|
Cash and cash
equivalents
|
(7,191)
|
(9,062)
|
|
Mortgage loans
outstanding (2) ([4]
|
607,038
|
486,242
|
|
Convertible
debentures (2)
|
44,564
|
53,385
|
|
Credit
facilities
|
35,468
|
15,300
|
|
Total long-term
debt less cash and cash equivalents
|
679,879
|
545,865
|
|
Total gross value of
the assets of the Trust
|
|
|
|
less cash and cash
equivalent (6)
|
1,123,702
|
918,508
|
|
Mortgage debt ratio
(excluding convertible debentures and
|
54.0%
|
52.9%
|
|
credit facilities)
(3)
|
|
|
|
Debt ratio –
convertible debentures (4)
|
4.0%
|
5.8%
|
|
Debt ratio – credit
facilities (5)
|
3.2%
|
1.7%
|
|
Total debt
ratio (6)
|
60.5%
|
59.4%
|
|
|
__________________________
|
|
1.
|
This is a non-IFRS
financial measure.
|
|
2.
|
Before unamortized
financing expenses and fair value assumption
adjustments.
|
|
3.
|
This is a non-IFRS
financial measure. Mortgage debt ratio is calculated by dividing
the mortgage loans outstanding by the total gross value of the
assets of the Trust less cash and cash equivalent.
|
|
4.
|
This is a non-IFRS
financial measure. Debt ratio – convertible debentures is
calculated by dividing the convertible debentures by the total
gross value of the assets of the Trust less cash and cash
equivalent.
|
|
5.
|
This is a non-IFRS
financial measure. Debt ratio – credit facilities is calculated by
dividing the credit facilities by the total gross value of the
assets of the Trust less cash and cash equivalent.
|
|
6.
|
This is a non-IFRS
financial measure.
|
SOURCE BTB Real Estate Investment Trust