BTB Real Estate Investment Trust - Stable occupancy rate and increase in
operating revenues in the third quarter
HIGHLIGHTS ------------------------------------------------------------------------- ------------------------------------------------------------------------- - occupation rate maintained at 92,0% as at september 30, 2009. - rent average increase of 4.1 % for new leases in 2009. - during the 3rd quarter of 2009 : - distributable income of 3.4cents per unit, for a distribution of 2.0cents per unit - Stable funds from operations (FFO) at 3.5cents per unit - Stable adjusted FFO at 3.9cents per unit - EBTD at 3.6cents per unit - Renewal of 73% of all the leases expiring in 2009 and entering into 36 new leases for nearly 100,000 square feet - compared to the 3rd quarter of 2008, increase of: - 6.0% of operating income - 1.4% of operating income of same-property portfolio - 8.0 % of net operating income (NOI) - 1.4% of NOI of same-property portfolio ------------------------------------------------------------------------- -------------------------------------------------------------------------
"We are pleased to see that in this unstable economic period, the Trust pursued the growth of its activities and was able to maintain an occupancy rate of 92% during the last quarters. Operating income and net operating income (NOI) increased by 6% and 8% respectively during the third quarter of 2009 compared to the same quarter in 2008. Also, on the basis of a same-property portfolio, for the nine-month period of 2009, operating income and NOI increased by 2.2% and 3.2% respectively, demonstrating the quality of our buildings and stability of our tenants" said
BTB continued to increase operating revenues. In comparison with the corresponding quarter in 2008, operating revenues grew by 6.0% for the third quarter of 2009 and as compared to the same nine-month period in 2008, the operating revenues grew by 13.2% for the ninth-month period ended
BTB's net operating income is 60.4% of operating revenues for the third quarter of 2009 compared to 57.9% for the corresponding quarter in 2008. In comparison to the same periods during fiscal 2008, the net profit increased by 8.0% for the third quarter of 2009 and by 14.0% for the nine-month period ended
In comparison with the corresponding periods of 2008, BTB increased its net operating income on a same property portfolio basis by 1.4% for the third quarter of 2009, and by 3.2% for the first nine-month period of 2009.
For the period ended
The AFFO for the third quarter was
Rental activity for the third quarter was very dynamic allowing the Trust to renew 73% of all the leases expiring in 2009, with an average rental increase of 4.1%. Also, the entering into new leases will bring new tenants in 2010 and will permit an improvement in the occupancy rate. The Trust leased 36 of its vacant spaces for 2009 representing an average net increase of 37% compared to the leases which expired in 2009.
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For further information: M. Michel Léonard, President and Chief Executive Officer, (514) 286-0188 ext. 228; M. Benoit Cyr, C.A., Vice-President and Chief Financial Officer, (514) 286-0188 ext. 230
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