MONTRÉAL, May 9, 2022
/CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN)
("BTB" or the "REIT") releases today its financial
results for the first quarter of the year 2022, compared to the
same period of 2021, and announces the following highlights and
information.
Acquisitions concluded during 2021 made a notable
contribution to the first quarter of 2022. Overall, BTB's revenues
increased by 23.5% and the net operating income by 33%,
demonstrating another quarter with solid results.
- Net income and comprehensive income: Totalled
$6.4M for the quarter compared to
$2.5M for the same period in 2021,
representing an increase of $3.9M
that can be attributed to the acquisitions concluded in 2021.
- Rental revenue: Stood at $29.1M, which represents an increase of 23.5%
compared to the same quarter of 2021.
- Net Operating Income (NOI): Was $16.2M for the quarter which represents an
increase of 30.8% compared to the same quarter of 2021.
- Recurring FFO payout ratio1: Was 70.2%
for the quarter compared to 84.0% for the same period in 2021.
- Recurring FFO1: Was 10.7¢ per unit for the
quarter compared to 8.9¢ per unit for the same period in 2021. FFO
was positively impacted by the acquisitions concluded in 2021, the
improvement of occupancy rates across all business segments, the
increase in average renewal rates and reduced provision for credit
losses
- Recurring AFFO payout ratio1: Was at 76.8%
for the quarter compared to 87.4% for the same period in 2021
- Recurring AFFO1: Was 9.7¢ per unit for the
quarter compared to 8.6¢ per unit for the same period in 2021. The
increase for the quarter is mainly due to acquisitions concluded in
2021.
- Acquisitions: On January
7th, 2022, BTB acquired two Class A office
properties, located at 979 and 1031 Bank Street in Ottawa, Ontario, representing a total leasable
area of 116,226 sq. ft. for a total consideration of $38.1M, excluding transaction costs and
adjustments. The revenue from this acquisition contributed to the
Q1 financial results.
- Dispositions: On January
27th, 2022, BTB disposed of four industrial
properties located on Boundary Road and Marleau Avenue in
Cornwall, Ontario for total
proceeds of $26M, excluding
transaction costs and adjustments.
- Leasing Activity: BTB experienced strong leasing
activity during the quarter. At the end of Q1 2022, the occupancy
rate was at 93.1%.
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i.
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Lease renewals:
175,484 sq. ft. of leases were renewed of which, 119,138 sq. ft.
were renewed before the end of their term and
56,346 sq. ft. were renewed in anticipation of the end of their
term for the years 2023 and after. 51.9% of lease renewals were
concluded in the
off-downtown core segment.
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ii.
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New leases:
17,560 sq. ft. were leased to new tenants in the off-core office
properties segment. Rental rates for this segment increased by
19.6% during Q1 2022.
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- Same-property NOI1:Increased by 2% for
Q1 of 2022 compared to the same period in 2021, mainly due to a
combination of important leasing efforts made during previous
quarters, resulting in an increase of the occupancy rate compared
to the same quarter last year and an increase in the average lease
renewal rate.
- Debt metrics: BTB concluded the quarter with a total
debt ratio1 of 60.3%, impacted by the temporary use of
its acquisition credit facility, however, recording an improvement
of 0.2% compared to the previous quarter. Following the completion
of the bought deal on March
30th, 2022, the REIT repaid, on April 5th, 2022, the revolving credit
facility by an amount of $30.9M,
which reduced the total debt ratio to 58.6%.
- Liquidity position: BTB concluded the quarter with a
cash position of $40.7M and has a
total of $47.7M available on its two
credit facilities2.
- Bought deal public offering: BTB issued 9,584,100
trust units at a price of
$4.20 per unit for gross proceeds of
approximately $40.3M. The offering
closed on March 30th,
2022.
- Collection rate: BTB collected 96.1% of invoiced rent
during Q1 2022, demonstrating the strong fundamentals of its
properties. The slight decrease in the collection rate was caused
by the issuance of the year end reconciliation invoices to its
tenants that the Trust didn't yet collect (timing effect). BTB's
portfolio continued to show positive results through all asset
classes and geographies.
__________________________
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1
Non-IFRS financial measure. See Appendix 1.
2 Credit facilities is a term used that reconciles with
the bank loans as presented and defined in the Trust's consolidated
financial statements.
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A MESSAGE FROM MICHEL LÉONARD,
PRESIDENT, AND CHIEF EXECUTIVE OFFICER
The first quarter of 2022 shows solid results. We note the
strong contribution from our 2021 acquisitions which are reflected
in our first quarter results. Our revenue increased by 23% and net
operating income by 33%. Our robust results support our growth and
expansion strategy. BTB's portfolio continues to show stability
across all its asset classes and geographies with an occupancy rate
of 93.1% at the end of the first quarter. We're continuing to push
forward with our business strategies and subsequent
acquisitions.
SUBSEQUENT EVENTS
New acquisition of an industrial building: On
April 5th, 2022, BTB
concluded the acquisition of an industrial property located at 1100
Algoma Road in Ottawa, Ontario.
Acquired for the purchase price of $12.5M, excluding transaction costs and
adjustments. This acquisition was funded from the existing undrawn
capacity on the REIT's credit facilities and available liquidity.
The property increased the total leasable area by
46,400 sq. ft and is 100% occupied.
SUMMARY OF SIGNIFICANT ITEMS AS AT MARCH 31st, 2022
- Total number of properties: 73
- Total leasable area: approximately 5.7 million sq.
ft.
- Total asset value: $1,183
million
- Market capitalization: $360
million
FINANCIAL INFORMATION
The following two tables summarize our results for the quarters
ended
March 31, 2022, and 2021.
Quarterly Financial Results
Quarters ended March
31st
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Quarter
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(In thousands of
dollars, except for ratios and per unit data)
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2022
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2021
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∆%
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$
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$
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FINANCIAL
INFORMATION
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Rental
revenue
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29,068
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23,532
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23.5
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Net operating
income
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16,234
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12,414
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30.8
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Net income and
comprehensive income
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6,449
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2,510
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156.9
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Net property income
from the same property
portfolio
1
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12,281
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12,036
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2.0
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Distributions
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5,851
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4,828
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21.2
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Recurring funds from
operations (FFO) 1
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8,317
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5,730
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45.1
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Recurring adjusted
funds from operations (AFFO) 1
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7,602
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5,506
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38.1
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Cash flow from
operating activities
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11,404
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13,149
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(13.3)
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Total assets
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1,182,836
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923,854
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28.0
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Mortgage debt
ratio 1
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56.8%
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52.5%
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4.3%
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Weighted average
interest rate on mortgage debt
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3.7%
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3.6%
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0.1%
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Market
capitalization
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360,140
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272,807
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32.0
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FINANCIAL
INFORMATION PER UNIT
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Net income and
comprehensive income
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8.3¢
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3.9¢
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4.4¢
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Distributions
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7.5¢
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7.5¢
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-
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Recurring FFO
1
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10.7¢
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8.9¢
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1.8¢
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Recurring AFFO
1
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9.7¢
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8.6¢
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1.1¢
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1 Non-IFRS financial measure. See
Appendix 1.
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Reconciliation of Cash Flows from Operating Activities and
Adjusted Funds from Operations (AFFO) 1
Quarters ended March
31st
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Quarter
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(In thousands of
dollars, except per unit data)
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2022
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2021
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$
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$
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CASH FLOWS FROM
OPERATING ACTIVITIES
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11,404
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13,149
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Leasing payroll
expenses
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221
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219
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Transaction costs on
purchase and disposition of investment properties and early
repayment fees
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(753)
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-
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Adjustments for changes
in other working capital items
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3,774
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(1,263)
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Financial
income
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145
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134
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Interest
expenses
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(6,904)
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(5,791)
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Provision for
non-recoverable capital expenditures
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(581)
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(471)
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Provision for
non-recovered rental fees
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(375)
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(375)
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Accretion of
non-derivative liability component of convertible
debentures
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(82)
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(96)
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AFFO
1
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6,849
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5,506
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NON-RECURRING
ITEM
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Transaction costs on
purchase and disposition of investment properties and early
repayment fees
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753
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-
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RECURRING AFFO
1
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7,602
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5,506
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1 Non-IFRS financial measure. See
Appendix 1.
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QUARTERLY CALL INFORMATION
Management will hold a conference call on Tuesday,
May 10th, 2022, at
9 am, Eastern Time, to present BTB's
financial results and performance for the first quarter of
2022.
DATE:
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Tuesday, May
10th, 2022
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TIME:
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9 am, Eastern
Time
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DIAL:
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Toronto and over-seas:
1-416-764-8688
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North America
(toll-free):
1-888-390-0546
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WEB:
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https://produceredition.webcasts.com/starthere.jsp?ei=1543285&tp_key=a8067e7f09
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VISUAL:
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A presentation will be
uploaded on BTB's website prior to the call
https://www.btbreit.com/investor-relations-2/annual-meeting-presentations/
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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 via
playback until
May 17th, 2022, by
dialing: 1 416 764-8677 (local) or, 1 888 390-0541 (toll-free) and
by entering the following access code: 159528 #
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 owns 73
properties, representing a total leasable area of approximately
5.7M square feet and a total
asset value that surpasses $1.183B.
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 the
use of forward-looking words such as "may", "will", "expect",
"estimate", "anticipate", "intend", "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
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DEFINITION
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SAME-PROPERTY
NOI
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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.
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FUNDS FROM
OPERATIONS (FFO)
& RECURRING
FFO
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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 removes 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.
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ADJUSTED FUNDS FROM
OPERATIONS (AFFO) & RECURRING AFFO
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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 removes 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.
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FFO & AFFO
PAYOUT RATIOS
AND
RECURRING FFO &
RECURRING AFFO PAYOUT RATIOS
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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.
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TOTAL DEBT
RATIO
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The total debt ratio is
a non-IFRS financial measure of the Trust's financial leverage,
which is calculated by taking the total long-term debt less cash
divided by the 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.
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PROVISION
FOR
NON-RECOVERABLE
CAPITAL EXPENDITURES
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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.
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PROVISION FOR
UNRECOVERED RENTAL FEES
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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.
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TOTAL LONG-TERM DEBT
LESS CASH AND CASH EQUIVALENTS
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This is a non-IFRS
financial measure. Long-term debt less cash and cash equivalent is
a non-IFRS financial measure, calculated as the 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 fewer
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.
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TOTAL GROSS VALUE OF
THE ASSETS OF THE TRUST LESS CASH AND CASH
EQUIVALENT
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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's 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.
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NON-IFRS FINANCIAL MEASURES – QUARTERLY
RECONCILIATION
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 last eight quarters:
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2022
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2021
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2021
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2021
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2021
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2020
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2020
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2020
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Q-1
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Q-4
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Q-3
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Q-2
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Q-1
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Q-4
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Q-3
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Q-2
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(In thousands of
dollars, except for per unit)
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$
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$
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$
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$
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$
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$
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$
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$
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NET INCOME AND
COMPREHENSIVE INCOME
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6,449
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23,219
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8,678
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7,161
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2,510
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3,850
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5,757
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(1,101)
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Fair value adjustment
on investment properties
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(1,007)
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(19,571)
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-
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-
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-
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(2,130)
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-
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3,607
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Fair value adjustment
on Class B LP units
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66
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21
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(18)
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(52)
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280
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242
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(59)
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39
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Amortization of lease
incentives
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735
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858
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780
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777
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877
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794
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751
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771
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Fair value adjustment
on derivative financial instruments
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997
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3,297
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(2,598)
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733
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1,814
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2,950
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265
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330
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Leasing payroll
expenses
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221
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208
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173
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184
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219
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146
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176
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137
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Distributions – Class B
LP units
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26
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30
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22
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26
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30
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30
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30
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45
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Unit-based compensation
(Unit price remeasurement) 5
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77
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23
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(19)
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185
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-
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-
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-
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-
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FFO
1
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7,564
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8,085
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7,018
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9,014
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5,730
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5,882
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6,920
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3,828
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NON-RECURRING
ITEM
|
|
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|
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Transaction cost on
acquisitions and dispositions of investment properties and early
repayment fees
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753
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109
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-
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188
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-
|
440
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-
|
882
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RECURRING FFO
1
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8,317
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8,194
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7,018
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9,202
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5,730
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6,322
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6,920
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4,710
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FFO PER UNIT
1, 2, 3
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9.7¢
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10.9¢
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9.5¢
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12.3¢
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8.9¢
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9.2¢
|
10.9¢
|
6.1¢
|
RECURRING FFO PER
UNIT 1, 2, 4
|
10.7¢
|
11.0¢
|
9.5¢
|
12.5¢
|
8.9¢
|
9.9¢
|
10.9¢
|
7.5¢
|
FFO payout ratio
1
|
77.2%
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68.9%
|
79.0%
|
61.1%
|
84.0%
|
81.1%
|
68.6%
|
140.1%
|
Recurring FFO payout
ratio 1
|
70.2%
|
68.0%
|
79.0%
|
59.9%
|
84.0%
|
75.5%
|
68.6%
|
113.9%
|
1
|
This is a non-IFRS
financial measure.
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2
|
Including Class B LP
units.
|
3
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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 outstanding at the end of the period).
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4
|
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 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 and
AFFO starting Q2 2021. As a reference, the cumulative impact for
the 12 months cumulative period in 2020 was positive $373 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 last eight
quarters:
|
2022
|
2021
|
2021
|
2021
|
2021
|
2020
|
2020
|
2020
|
Q-1
|
Q-4
|
Q-3
|
Q-2
|
Q-1
|
Q-4
|
Q-3
|
Q-2
|
(In thousands of
dollars, except for per unit)
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
FFO
1
|
7,564
|
8,085
|
7,018
|
9,014
|
5,730
|
5,882
|
6,920
|
3,828
|
Straight-line rental
revenue adjustment
|
(150)
|
(758)
|
(88)
|
(91)
|
(397)
|
108
|
(214)
|
1
|
Accretion of effective
interest
|
288
|
275
|
239
|
428
|
359
|
343
|
229
|
287
|
Amortization of other
property and equipment
|
30
|
22
|
23
|
27
|
15
|
23
|
29
|
24
|
Unit-based compensation
expenses
|
73
|
143
|
114
|
(24)
|
644
|
281
|
22
|
51
|
Provision for
non-recoverable capital expenditures
|
(581)
|
(539)
|
(478)
|
(519)
|
(471)
|
(449)
|
(472)
|
(461)
|
Provision for
unrecovered rental fees
|
(375)
|
(375)
|
(375)
|
(376)
|
(374)
|
(375)
|
(375)
|
(375)
|
AFFO
1
|
6,849
|
6,853
|
6,453
|
8,459
|
5,506
|
5,813
|
6,139
|
3,355
|
NON-RECURRING
ITEM
|
|
|
|
|
|
|
|
|
Transaction cost on
acquisitions and dispositions of investment properties and early
repayment fees
|
753
|
109
|
-
|
188
|
-
|
440
|
-
|
882
|
RECURRING AFFO
1
|
7,602
|
6,962
|
6,453
|
8,647
|
5,506
|
6,253
|
6,139
|
4,237
|
AFFO PER UNIT
1, 2, 3
|
8.8¢
|
9.2¢
|
8.7¢
|
11.5¢
|
8.6¢
|
9.1¢
|
9.7¢
|
5.3¢
|
RECURRING AFFO PER
UNIT 1, 2, 4
|
9.7¢
|
9.4¢
|
8.7¢
|
11.8¢
|
8.6¢
|
9.8¢
|
9.7¢
|
6.7¢
|
AFFO payout
ratio 1
|
85.3%
|
81.3%
|
85.9%
|
65.1%
|
87.4%
|
82.1%
|
77.4%
|
159.9%
|
Recurring AFFO payout
ratio 1
|
76.8%
|
80.0%
|
85.9%
|
63.7%
|
87.4%
|
76.3%
|
77.4%
|
126.6%
|
1
|
This is a non-IFRS
financial measure.
|
2
|
Including Class B LP
units.
|
3
|
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 outstanding at the end of the period).
|
4
|
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 outstanding at the end of
the period).
|
Debt Ratios 1
The following table summarizes the Trust's debt
ratios1 as at March 31,
2022, and 2021 and December 31,
2021:
(In thousands of
dollars)
|
March 31,
2022
|
December 31,
2021
|
March 31,
2021
|
|
$
|
$
|
$
|
Cash and cash
equivalents
|
(40,666)
|
(7,191)
|
(6,255)
|
Mortgage loans
outstanding 2
|
619,555
|
607,038
|
482,083
|
Convertible
debentures 2
|
43,569
|
44,564
|
50,124
|
Credit
facilities
|
35,318
|
35,468
|
15,000
|
TOTAL LONG-TERM DEBT
LESS CASH AND CASH EQUIVALENTS 1,
3
|
657,776
|
679,879
|
540,952
|
Total gross value of
the assets of the Trust less cash and cash equivalents
1, 4
|
1,091,245
|
1,124,690
|
918,519
|
Mortgage debt ratio
(excluding convertible debentures and credit facilities)
1, 5
|
56.8%
|
54.0%
|
52.5%
|
Debt ratio –
convertible debentures 1, 6
|
4.0%
|
4.0%
|
5.5%
|
Debt ratio – credit
facilities 1, 7
|
3.2%
|
3.2%
|
1.6%
|
Total debt ratio
1
|
60.3%
|
60.5%
|
58.9%
|
1
|
This is a non-IFRS
financial measure.
|
2
|
Before unamortized
financing expenses and fair value assumption
adjustments.
|
3
|
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 fewer 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.
|
4
|
Gross value of the
assets of the Trust less cash and cash equivalent is a non-IFRS
financial measure defined as the Trust's 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.
|
5
|
The 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.
|
6
|
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.
|
7
|
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.
|
SOURCE BTB Real Estate Investment Trust