This equates to an annualized yield of 9.1 per cent. The occupancy rate was 91 per cent, down slightly from 92.9 per cent year-over-year, and the REIT's debt-to-gross book value was 70.7 per cent at the end of the third-quarter.īTB will be reporting fourth-quarter results after the market closes on Monday March 21.īTB pays unitholders a monthly distribution of 3.5 cents per unit, or 42 cents per year. Funds from operations was 12.5 cents per unit, up from 11.3 cents per unit reported during the same period last year, and marginally above the consensus forecast of 11.8 cents. Last quarter, BTB's same-property net operating income (NOI) increased 0.5 per cent.
As of the end of the third-quarter, the top 10 tenants represented 19.5 per cent of revenue, and the top three clients were Societe quebecoise des infrastructures (SQI), Proprietes Shoppers Inc., and Atis Portes et Fenetres Corp. The Trust's tenants are well diversified with no single tenant representing more than 5 per cent of revenue. Prior to that, in August of 2015, BTB announced the purchase of two office buildings in Ottawa, close to the Ottawa International Airport. Last month, BTB announced the purchase of an office building in downtown Montreal.
The Trust has been steadily acquiring properties. 30, the Trust owned 75 properties in Quebec and eastern Ontario. BTB is a REIT holding a portfolio of commercial, office, industrial, and general-purpose properties that are concentrated in the province of Quebec.