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BTB Real Estate Investment Trust announces today its financial results for the first quarter ended March 31, 2010

^{Published on 2010-05-31 04:05:23 - Market Wire}
 

 - Slight increase in the occupancy rate compared to the first quarter of 2009 while the occupancy rate remained the same compared to the fourth quarter of 2009. - Excluding the operations of the property under development, the revenues from the same property portfolio were maintained (+0.4%). - Began the investments on the redevelopment of the property located at 3781 Des Sources Blvd. in order to accommodate during the second quarter of 2010 a Pharmaprix store of the Shoppers Drug Mart chain. - Average increase of 5.0% of expired and renewed leases in the first quarter of 2010. - Implementation of an acquisition line of credit in the amount of 25 million $ with Firm Capital Mortgage Fund Inc. - Closing of the acquisition of Cagim Real Estate Corporation ("Cagim") at a price of $1.05 per share, adding thereby more than 600,000 square feet of leasable area. The acquisition cost of the properties was 47.8 million $ and the value of the assumed hypothecs was 27 million $. BTB's portfolio is now composed of 49 properties and 2,872,000 square feet of leasable area. 

 BTB REAL ESTATE INVESTMENT TRUST Interim Consolidated Balance Sheets (Unaudited) March 31, 2010, with comparative figures as of December 31, 2009 (in thousands of dollars) ------------------------------------------------------------------------- ------------------------------------------------------------------------- 2010 2009 ------------------------------------------------------------------------- Assets Income producing properties Buildings $ 162,362 $ 163,437 Land 39,676 39,676 Intangible assets 7,503 8,252 ----------------------------------------------------------------------- 209,541 211,365 Property under development 5,097 4,224 Fixed assets 26 29 Capitalized charges and other assets 3,718 2,821 Prepaid expenses 1,756 1,883 Accounts receivable 2,198 1,570 Cash and cash equivalents 366 376 ------------------------------------------------------------------------- $ 222,702 $ 222,268 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities and Unitholders' Equity Mortgage loans $ 144,454 $ 144,950 Convertible debentures 23,781 23,544 Bank loans 2,315 720 Accounts payable and accrued liabilities 7,004 6,092 Distributions payable to unitholders 226 226 ------------------------------------------------------------------------- 177,780 175,532 Unitholders' equity 44,922 46,736 ------------------------------------------------------------------------- $ 222,702 $ 222,268 ------------------------------------------------------------------------- ------------------------------------------------------------------------- See accompanying notes to unaudited interim consolidated financial statements. 

 BTB REAL ESTATE INVESTMENT TRUST Interim Consolidated Statement of Earnings (Unaudited) Three-month period ended March 31, 2010, with comparative figures for the three-month period ended March 31, 2009 (in thousands of dollars) ------------------------------------------------------------------------- ------------------------------------------------------------------------- 2010 2009 ------------------------------------------------------------------------- Operating revenues: Rental revenue from income-producing properties $ 7,400 $ 7,474 Operating expenses: Operating costs 1,343 1,315 Property taxes and utilities 2,151 2,042 ----------------------------------------------------------------------- 3,494 3,357 ------------------------------------------------------------------------- Operating income before the undernoted items 3,906 4,117 Interest on loans 2,620 2,674 Amortization of financing costs 216 188 Amortization of buildings and improvements 1,083 1,086 Amortization of intangible and other assets 534 522 Amortization of deferred leases cost 118 64 Interest accretion expenses on convertible debentures 112 101 Interest income (1) (2) ------------------------------------------------------------------------- 4,682 4,633 ------------------------------------------------------------------------- Loss from real estate assets 776 516 Trust-related administrative expenses 361 250 Property management expenses - 170 Unit-based compensation 6 6 ------------------------------------------------------------------------- Operating loss before income taxes and discontinued operations 1,143 942 Future income taxes - (107) ------------------------------------------------------------------------- Net loss and comprehensive income $ 1,143 $ 835 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Loss per unit basic and diluted $ 0.034 $ 0.025 ------------------------------------------------------------------------- ------------------------------------------------------------------------- See accompanying notes to unaudited interim consolidated financial statements. 

 BTB REAL ESTATE INVESTMENT TRUST Interim Consolidated Statement of Cash Flows (Unaudited) Three-month period ended March 31, 2010, with comparative figures for the three-month period ended March 31, 2009 (in thousands of dollars) ------------------------------------------------------------------------- ------------------------------------------------------------------------- 2010 2009 ------------------------------------------------------------------------- Cash flows from operating activities: Net loss $ (1,143) $ (835) Net change in non-cash items: Amortization of income-producing properties 1,083 1,086 Interest and accretion expense on convertible debentures 112 101 Amortization of financing costs 216 188 Amortization of intangible assets and liabilities 529 518 Amortization of straight-line lease adjustment (85) (81) Amortization of off market value attributable to leases 217 228 Amortization of deferred leases cost 118 64 Unit option-based compensation expenses 6 6 Property management expenses - 136 Future income taxes - (107) Amortization of fixed assets 5 4 --------------------------------------------------------------------- 1,058 1,070 Net change in non-cash operating working capital items 487 (153) ----------------------------------------------------------------------- 1,545 1,155 Cash flows from financing activities: Mortgage loans, net of financing costs (131) 64 Reimbursement of mortgage loans (547) (479) Bank loans 1,595 440 Net proceeds from issuance of units - 11 Distributions to unitholders (677) (1,116) ----------------------------------------------------------------------- 340 (1,080) Cash flows from investing activities: Additions to income-producing properties (818) (4) Additions to tangible fixed assets (2) (2) Capitalize leasing costs (428) (85) Deposits (587) 2 ----------------------------------------------------------------------- (1,895) (89) ------------------------------------------------------------------------- Net change in cash and cash equivalents (10) (14) Cash and cash equivalents, beginning of period 376 357 ------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 366 $ 343 ------------------------------------------------------------------------- ------------------------------------------------------------------------- See accompanying notes to unaudited interim consolidated financial statements. 

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