PROREIT ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 2025
First Quarter of Fiscal 2025 Highlights
Net operating income (NOI) increased by 0.3% in Q1, despite owning eight fewer properties, compared to the same period last year
Same Property NOI* was up 5.0% in Q1 year-over-year
53.3% of 2025 gross leasable area ("GLA") renewed at average spread of 34.1% and 47.3% of 2026 GLA renewed at 34.4% average spread
Occupancy rate at 97.7% at March 31, 2025 (including committed space)
Total debt to total assets of 49.3% at March 31, 2025, compared to 50.0% at December 31, 2024
Adjusted Debt to Annualized Adjusted EBITDA Ratio* of 9.0x at March 31, 2025, compared to 9.3x at December 31, 2024
Adjusted Debt to Gross Book Value* of 49.5% at March 31, 2025, compared to 50.3% at December 31, 2024
Previously announced agreement to acquire six industrial properties in Winnipeg for aggregate purchase price of $96.5 million to be satisfied in part by the issuance of $40 million of units at a price of $6.20 per unit; establishing strategic relationship with Parkit Enterprise Inc. ("Parkit")
Previously announced sale of one 50%-owned property for gross proceeds of $5.4 million (PROREIT's share) and sale of two 100%-owned non-core properties for total gross proceeds of $7.0 million
"Our 2025 first quarter results reflect our focus on driving growth and maintaining a resilient balance sheet," said Gordon Lawlor, President and Chief Executive Officer of PROREIT.
"Same Property NOI* across our portfolio increased by 5.0% year-over-year, led by the continued performance of our industrial assets, which delivered 5.9% growth. We are pleased with our leasing momentum, having renewed 53.3% of 2025 GLA at an average spread of 34.1% and 47.3% of 2026 GLA at an average spread of 34.4%. These results highlight the embedded value of our portfolio and the quality of the markets in which we operate.
"Subsequent to quarter-end, we announced an agreement to acquire six institutional-quality industrial properties in Winnipeg for a total purchase price of $96.5 million, while forming a strategic relationship with Parkit by issuing $40 million of equity to Parkit. This accretive transaction will increase our industrial exposure to 88% of GLA and 83% of base rent, further advancing our strategy to scale our industrial platform in high-performing secondary markets in Canada.
"During the quarter, we also sold three non-core properties for total gross proceeds of $12.4 million, in line with our disciplined capital recycling strategy enabling us to reallocate capital to higher-conviction opportunities in the light industrial sector. At the same time, we continued to manage our debt prudently, maintaining balance sheet flexibility.
"With 52.4% of our base rent coming from the Atlantic region, we are pleased to see Halifax continue to lead in Canada, recording the largest year-over-year increase in rental rates at 19.4% 1.
"Looking ahead, we remain focused on expanding our industrial platform, by targeting small- and mid-bay properties in strong secondary markets in Canada. Backed by a high-quality portfolio, active asset management and disciplined capital deployment, we are well positioned to generate sustainable long-term value for our unitholders," concluded Mr. Lawlor.
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
March 31
2025
3 Months
Ended
March 31
2024
Financial data
Property revenue
$25,737
$25,702
Net operating income ("NOI")
$14,870
$14,822
Same Property NOI (1)
$14,056
$13,383
Net income (loss) and comprehensive income (loss)
$15,033
$(9,452)
Net income (loss) and comprehensive income (loss) per Unit - Basic (2)
$0.2479
$(0.1560)
Net income (loss) and comprehensive income (loss) per Unit - Diluted (2)
$0.2462
$(0.1549)
Total assets
$1,005,147
$1,001,575
Total debt
$495,048
$493,624
Total debt to total assets
49.3 %
49.3 %
Adjusted Debt to Gross Book Value (1)
49.5 %
49.5 %
Interest Coverage Ratio (1)
2.6x
2.5x
Debt Service Coverage Ratio (1)
1.6x
1.6x
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1)
9.0x
9.0x
Weighted average interest rate on mortgage debt
3.91 %
3.89 %
Net cash flows provided from operating activities
$ 7,440
$ 9,743
Funds from Operations (FFO) (1)
$ 7,900
$ 7,722
Basic FFO per unit (1)(2)
$0.1303
$0.1274
Diluted FFO per unit (1)(2)
$0.129
$0.1266
Adjusted Funds from Operations (AFFO) (1)
$ 7,270
$ 7,441
Basic AFFO per unit (1)(2)
$0.1199
$0.1228
Diluted AFFO per unit (1)(2)
$0.1191
$0.1220
AFFO Payout Ratio – Basic (1)
93.8 %
91.6 %
AFFO Payout Ratio – Diluted (1)
94.5 %
92.2 %
(1)
Represents a non-IFRS measure. See "Non-IFRS Measures".
(2)
Total basic units consist of trust units and Class B LP Units (as defined herein). Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long-term incentive plan.
At March 31, 2025, PROREIT owned 112 investment properties (including a 50% ownership interest in 41 investment properties), compared to 120 investment properties (including a 50% ownership interest in 42 investment properties) at March 31, 2024.
At March 31, 2025, total assets amounted to $1.01 billion, compared to $1.0 billion as at March 31, 2024.
For the first quarter ended March 31, 2025:
Property revenue amounted to $25.7 million in Q1 2025, a slight increase compared to the same prior year period. The increase is mainly due to the contractual increases in rent and higher rental rates on lease renewals and new leases, partially offset by the impact of the net decrease in the number of properties in the portfolio.
Net operating income (NOI) amounted to $14.9 million for the quarter, compared to $14.8 million in Q1 2024, an increase of 0.3%, which was mainly driven by the same factors impacting property revenue described above.
Same Property NOI*, which represented 111 properties out of the 112 properties in the portfolio, reached $14.1 million for the quarter, an increase of $0.7 million or 5.0%, compared to the same quarter last year. The increase was largely a result of contractual increases in rent and higher rental rates on lease renewals and new leases, partially offset by a decrease in occupancy. Notably, Same Property NOI* for industrial assets rose by $0.6 million or 5.9% for the quarter, compared to the same period in 2024.
FFO* was $7.9 million for the quarter, up $0.2 million or 2.3% from $7.7 million in Q1 2024. The increase was mainly driven by lower debt settlement costs, lower general and administrative expenses costs related to the timing of certain salary expenses, and higher contractual base rents due to higher rental rates on renewals and new leases, despite owning eight fewer properties compared the same period in 2024.
AFFO Payout Ratio – Basic* stood at 93.8% for the quarter, compared to 96.1% in Q4 2024 and to 91.6% in Q1 2024. The year-over-year increase was primarily driven by an increase in stabilized leasing costs and maintenance capital expenditures.
Sustained Operating Environment
As of March 31, 2025, PROREIT's portfolio comprised 112 investment properties, totalling 6.0 million square feet of GLA, with a weighted average lease term to maturity (WALT) of 4.5 years, compared to 3.9 years at the same date last year.
The occupancy rate of the portfolio remains strong at 97.7% as at March 31, 2025, including committed space.
As of the date of this press release, approximately 53.3% of GLA maturing in 2025 has been renewed at 34.1% positive average spread, and approximately 47.3% of GLA maturing in 2026 has been renewed at 34.4% positive average spread.
The industrial segment accounted for 86.5% of GLA and 81.8% of base rent at March 31, 2025.
Portfolio Transactions
In the first quarter of 2025, PROREIT completed the sales of three properties, as follows:
On February 7, 2025, PROREIT completed the sale of a 50% co-ownership industrial property located at 10 Vidito Drive in Dartmouth, Nova Scotia totalling approximately 62,000 square feet for gross proceeds of $10.8 million (excluding closing costs). PROREIT's 50% share of the gross proceeds was $5.4 million (excluding closing costs). The net proceeds of the sale were used to repay approximately $2.4 million of a related mortgage, with the balance used for general business and working capital purposes.
On March 6, 2025, PROREIT completed the sale of a non-core retail property located at 8934-8944 Commercial Street in New Minas, Nova Scotia totalling approximately 52,000 square feet for gross proceeds of $5.9 million (excluding closing costs). The net proceeds of the sale were used to partially repay approximately $4.0 million in a related mortgage maturing in July 2028, with the balance used for general business and working capital purposes.
On March 12, 2025, PROREIT completed the sale of a non-core retail property located at 1118 Canyon Street in Creston, British Columbia, totalling approximately 5,200 square feet for gross proceeds of $1.1 million (excluding closing costs). Proceeds from the sale were used to partially repay approximately $0.7 million in a related mortgage maturing in January 2033, with the balance used for general business and working capital purposes.
On May 13, 2025, subsequent to quarter-end, PROREIT announced that it had entered into an agreement to acquire a portfolio of six industrial properties in Winnipeg, Manitoba, comprising a total of 678,177 square feet of GLA, from Parkit (TSX.V:PKT), for an aggregate purchase price of approximately $96.5 million (the "Transaction").
The purchase price is expected to be satisfied with approximately $63 million from a 3-year secured non-revolving credit facility at an anticipated fixed swap rate of approximately 4.4% and the issuance of $40 million of a combination of trust units and Class B LP Units to Parkit at a price of $6.20 per unit, with the balance expected to be used to repay a portion of indebtedness outstanding under the REIT's existing credit facilities and for general business purposes.
As part of the Transaction, PROREIT and Parkit will also enter into an investor rights agreement, providing among other things, the right for Parkit to nominate one trustee to PROREIT's board. Parkit's initial nominee will be Steven Scott, who currently serves as Chairman of Parkit.
The Transaction is expected to be accretive to 2025 consensus AFFO per unit and is anticipated to close in the second quarter of 2025, subject to customary closing conditions, including Toronto Stock Exchange and TSX Venture Exchange approval.
Portfolio Pro Forma the Transaction
Upon completion of the Transaction, PROREIT's portfolio will be comprised of 118 properties representing approximately 6.7 million square feet of GLA and $1.1 billion of total assets, with a WALT of approximately 4.5 years. The Transaction will increase PROREIT's exposure to the industrial segment to approximately 88% by GLA and 83% by base rent.
Financial Position
Total debt (current and non-current) was $495.0 million at March 31, 2025, compared to $498.6 million at December 31, 2024, and to $493.6 million at March 31, 2024.
At March 31, 2025, mortgage maturities amounted to $41.9 million for 2025 and $142.8 million for 2026, with a weighted average interest rate on these expiring maturities of 4.8% for 2025 and 3.7% for 2026.
On March 28, 2025, PROREIT received $12 million in incremental financing for an Ontario industrial property from its current lender at an annual rate of 4.98% and maturing in September 2026, consistent with the original mortgage maturity.
Total debt to total assets was 49.3% at March 31, 2025, compared to 50.0% at December 31, 2024 and to 49.3% at March 31, 2024.
Adjusted Debt to Gross Book Value* was 49.5% at March 31, 2025, compared to 50.3% at December 31, 2024 and to 49.5% at March 31, 2024.
Adjusted Debt to Annualized Adjusted EBITDA Ratio* of 9.0x at March 31, 2025, compared to 9.3x at December 31, 2024 and to 9.0x at March 31, 2024.
Distributions
Distributions to unitholders of $0.0375 per trust unit of the REIT were declared monthly during the three months ended March 31, 2025, representing distributions of $0.45 per unit on an annual basis. Equivalent distributions are paid on the Class B limited partnership units of PRO REIT Limited Partnership ("Class B LP Units"), a subsidiary of the REIT.
On April 22, 2025, PROREIT announced a cash distribution of $0.0375 per trust unit for the month of April 2025. The distribution is payable on May 15, 2025, to unitholders of record as at April 30, 2025.
Strategy
PROREIT remains focused on the successful execution of its strategy for growth by expanding the portfolio organically and through disciplined acquisition, while optimizing its balance sheet and capital allocation. Management continues to evaluate acquisition opportunities under strict criteria, while also implementing its capital recycling program to move assets away from non-core properties to increase holdings in quality light industrial properties in strong secondary markets. In the medium-term, PROREIT is targeting a goal of $2 billion in assets, 90% industrial base rent and 45% Adjusted Debt to Gross Book Value* in the next three to five years. These targets are based on the REIT's current business plan and strategies and are not intended to be a forecast of future results. See "Forward-Looking Statements".
Investor Conference Call and Webcast Details
PROREIT will hold a conference call to discuss its first quarter results for Fiscal 2025 on May 15, 2025 at 9:00 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1-800-990-4777 or 514-400-3794, conference id: 80408.
A recording of the call will be available until May 22, 2025 by dialing 1-888-660-6345 or 1-289 819-1450 and using access code: 80408 #
The conference call will also be accessible via live webcast on PROREIT's website at www.proreit.com or at https://app.webinar.net/Xb5ml8yGe4r
Annual Meeting of Unitholders
PROREIT will host its annual meeting on June 3, 2025 at 11:00am (EDT) in Montréal, Québec at the Le Germain Hotel at 2050 Mansfield Street in the Pavillon Room. An audio webcast of the meeting will also be available at https://app.webinar.net/9wPpoGrWYa2. Additional information regarding the meeting is contained in the REIT's information circular, which has been prepared in connection with the meeting and is available on PROREIT's website in the Investors section under Annual Meeting and at www.sedarplus.ca.
PROREIT (TSX: PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets.
For more information on PROREIT, please visit the website at: https://proreit.com.
Non-IFRS Measures
PROREIT's consolidated financial statements are prepared in accordance with International Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration, in part, to certain non-IFRS financial measures, non-IFRS ratios and other specified financial measures (collectively, "non-IFRS measures"). Without limitation, measures followed by the suffix "*" in this press release are non-IFRS measures.
As a complement to results provided in accordance with IFRS, PROREIT discloses and discusses in this press release (i) certain non-IFRS financial measures, including: Adjusted Debt, adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"); adjusted funds from operations ("AFFO"); annualized adjusted earnings before interest, tax, depreciation and amortization ("Annualized Adjusted EBITDA"); funds from operations ("FFO"); gross book value ("Gross Book Value"); and Same Property NOI and (ii) certain non-IFRS ratios, including: Adjusted Debt to Annualized Adjusted EBITDA Ratio; Adjusted Debt to Gross Book Value; AFFO Payout Ratio – Basic; AFFO Payout Ratio – Diluted; Basic AFFO per Unit; Diluted AFFO per Unit; Basic FFO per Unit; Diluted FFO per Unit; Debt Service Coverage Ratio; and Interest Coverage Ratio. These non-IFRS measures are not defined by IFRS and do not have a standardized meaning under IFRS. PROREIT's method of calculating these non-IFRS measures may differ from other issuers and may not be comparable with similar measures presented by other income trusts or issuers. PROREIT has presented such non-IFRS measures and ratios as management believes they are relevant measures of PROREIT's underlying operating and financial performance. For information on the most directly comparable financial measure disclosed in the primary financial statements of the REIT, composition of the non-IFRS measures, a description of how PROREIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non-IFRS Measures" section of PROREIT's management's discussion and analysis for the three months ended March 31, 2025, dated May 14, 2025, available on PROREIT's SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income, cash flows provided by operating activities, cash and cash equivalents, total assets, total equity, or comparable metrics determined in accordance with IFRS as indicators of PROREIT's performance, liquidity, cash flow and profitability.
Table 3 - Reconciliation of Same Property NOI to net operating income (as reported in the consolidated financial statements)
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 4 – Summary of Same Property NOI by asset class
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 5 - Reconciliation of AFFO and FFO to net income and comprehensive income
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
March 31
2025
3 Months
Ended
December 31
2024
3 Months
Ended
March 31
2024
Net income (loss) and comprehensive income (loss) for the period
$15,033
$1,879
$(9,452)
Add:
Long-term incentive plan
(104)
(669)
1,206
Distributions - Class B LP Units
135
134
152
Fair value adjustment - investment properties
(6,822)
6,665
13,275
Fair value adjustment - Class B LP Units
(264)
(742)
975
Fair value adjustment - derivative financial instrument
(139)
(509)
1,505
Amortization of intangible assets
61
61
61
FFO (1)
$ 7,900
$6,819
$ 7,722
Deduct:
Straight-line rent adjustment
$(159)
$(139)
$(142)
Maintenance capital expenditures
(114)
(87)
(63)
Stabilized leasing costs
(1,028)
(922)
(888)
Add:
Long-term incentive plan
149
655
152
Amortization of financing costs
359
346
389
Accretion expense - Convertible Debentures
94
94
93
Debt settlement costs
69
332
178
AFFO (1)
$ 7,270
$ 7,098
$ 7,441
Basic FFO per unit (1)(2)
$0.1303
$0.1125
$0.1274
Diluted FFO per unit (1)(2)
$0.1294
$0.1113
$0.1266
Basic AFFO per unit (1)(2)
$0.1199
$0.1171
$0.1228
Diluted AFFO per unit (1)(2)
$0.1191
$0.1159
$0.1220
Distributions declared per Unit and Class B LP Unit
$0.1125
$0.1125
$0.1125
AFFO Payout Ratio – Basic (1)
93.8 %
91.6 %
91.6 %
AFFO Payout Ratio – Diluted (1)
94.5 %
97.1 %
92.2 %
Basic weighted average number of units (2)(3)
60,634,909
60,634,909
60,606,896
Diluted weighted average number of units (2)(3)
61,060,134
61,251,790
61,015,319
(1)
Represents a non-IFRS measure. See "Non-IFRS Measures".
(2)
FFO and AFFO per unit is calculated as FFO or AFFO, as the case may be, divided by the total of the weighted average number of basic or diluted units, as applicable, added to the weighted average number of Class B LP Units outstanding during the period.
(3)
Total basic units consist of Units and Class B LP Units. Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long-term incentive plan.
Table 6 - Reconciliation of Adjusted EBITDA to net income (loss) and comprehensive income (loss)
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 7 - Calculation of Adjusted Debt
(CAD $ thousands)
March 31
2025
December 31
2024
March 31
2024
Debt (non-current and current portion) as reported in the financial statements
$495,048
$498,571
$493,624
Reconciling items:
Unamortized financing costs
3,777
4,030
4,721
Cumulative accretion expense - Convertible Debentures (1)
(687)
(591)
(310)
Cumulative fair value adjustment - derivative financial instrument (1)
1,565
1,426
(918)
Adjusted Debt (2)
$499,703
$503,436
$497,117
(1)
Represents the cumulative amounts since issuance of the Convertible Debentures on May 26, 2023.
(2)
Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 8 - Calculation of Adjusted Debt to Annualized Adjusted EBITDA Ratio
(CAD $ thousands)
3 Months
Ended
March 31
2025
3 Months
Ended
December 31
2024
3 Months
Ended
March 31
2024
Adjusted Debt (1)
$499,703
$503,436
$497,117
Adjusted EBITDA (1)
$13,866
$13,575
$13,851
Annualized Adjusted EBITDA (1)
$55,464
$54,300
$55,404
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1)
9.0x
9.3x
9.0x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 9 - Calculation of the Interest Coverage Ratio
(CAD $ thousands)
3 Months
Ended
March 31
2025
3 Months
Ended
December 31
2024
3 Months
Ended
March 31
2024
Adjusted EBITDA (1)
$13,866
$13,575
$13,851
Interest expense
$ 5,415
$ 5,514
$ 5,474
Interest Coverage Ratio (1)
2.6x
2.5x
2.5x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 10 - Calculation of the Debt Service Coverage Ratio
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 11 - Calculation of Gross Book Value and Adjusted Debt to Gross Book Value
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
Mar 31
2025
3 Months
Ended
Dec 31
2024
3 Months
Ended
Sep 30
2024
3 Months
Ended
Jun 30
2024
3 Months
Ended
Mar 31
2024
3 Months
Ended
Dec 31
2023
3 Months
Ended
Sep 30
2023
3 Months
Ended
Jun 30
2023
Total assets, including investment properties stated at fair value
$ 1,005,147
$ 997,762
$ 1,003,747
$ 990,199
$ 1,001,575
$ 1,034,591
$ 1,047,114
$ 1,057,548
Accumulated depreciation on property and equipment and intangible assets
4,230
4,011
3,867
3,649
3,409
3,201
3,619
3,451
Gross Book Value (1)
$ 1,009,377
$ 1,001,773
$ 1,007,614
$ 993,848
$ 1,004,984
$ 1,037,792
$ 1,050,733
$ 1,060,999
Debt (non-current and current portion)
495,048
498,571
501,064
486,646
493,624
515,257
519,075
534,394
Unamortized financing costs
3,777
4,030
4,369
4,541
4,721
5,108
5,430
5,701
Cumulative accretion expense - Convertible Debentures
(687)
(592)
(498)
(404)
(310)
(217)
(124)
(19)
Cumulative fair value adjustment - derivative financial instrument
1,565
1,426
917
1,602
(918)
587
1,127
(21)
Adjusted Debt (1)
$ 499,703
$ 503,435
$ 505,852
$ 492,385
$ 497,117
$ 520,735
$ 525,508
$ 540,055
Adjusted Debt to Gross Book Value (1)
49.5 %
50.3 %
50.2 %
49.5 %
49.5 %
50.2 %
50.0 %
50.9 %
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements pertaining to the execution by PROREIT of its growth strategy, the future financial and operating performance of PROREIT, the expected closing of the Transaction and the timing thereof, the financing of the Transaction and the use of the proceeds of the financing, the impact of the Transaction on the portfolio of the REIT and AFFO, the entering into of an investor rights agreement, and the medium-term goals of the REIT. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.
The medium-term goals of the REIT disclosed under "Strategy" are based on the REIT's current business plan and strategies and are not intended to be a forecast of future results. The medium-term goals contemplate the REIT's historical growth and certain assumptions including but not limited to (i) current global capital market conditions, (ii) access to capital, (iii) interest rate exposure, (iv) availability of high-quality industrial properties for acquisitions, (v) dispositions of retail and office properties, and (vi) capacity to finance acquisitions on an accretive basis.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three months ended March 31, 2025, which are available under PROREIT's profile on SEDAR+ at www.sedarplus.ca.
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SINGAPORE, Aug. 4, 2025 /CNW/ -- Global digital asset technology solutions provider ChainUp today announced its flagship event, "The ATH Night: Unlocking Infinite B2B Digital Assets Growth" on 30 September 2025, at Lantern Singapore. This exclusive networking gathering is set to be Singapore's most impactful pre-TOKEN2049 event, designed to foster high-value B2B connections among the industry's key stakeholders. Building on the proven success of last year's event, which attracted over 2,000 registrations with 80% comprising senior executives, "The ATH Night" returns to provide a focused platform for C-suite professionals, founders, investors, and innovators to engage and collaborate ahead of the highly anticipated TOKEN2049 conference. "As we celebrate our 8th anniversary, this year's 'The ATH Night' stands as a direct reflection of our commitment to building a thriving digital asset ecosystem", said Sailor Zhong, Founder & CEO of ChainUp, "We've designed this event to be the go-to platform for B2B leaders to truly connect, spark vital ideas, and together, drive our industry forward." Event Details: Event Name: The ATH Night - Unlocking Infinite B2B Digital Assets Growth Date: 30 September 2025, Tuesday Time: 8:00 PM - 11:00 PM SGT Venue: Lantern Singapore (@The Fullerton Bay Hotel) Register here: Attendees of "The ATH Night" can expect: Exclusive access: Connect directly with top-tier decision-makers and influential thought leaders across the Web3, digital asset, and blockchain sectors. Iconic atmosphere: Experience an evening of curated networking set against the backdrop of the Marina Bay waterfront. Celebratory giveaways: In celebration of ChainUp's 8th anniversary, attendees will have a special opportunity to win a selection of highly sought-after tech gadgets and other prizes. Attendance is curated to ensure a high-quality networking experience, and space is limited. For companies interested to elevate your brand's visibility and align with this premier event, reach out to [email protected] for sponsorship opportunities. For registration and further information, please visit: About ChainUp ChainUp, a leading global provider of digital asset solutions, empowers businesses to navigate the complexities of this evolving ecosystem. Founded in 2017 and headquartered in Singapore, ChainUp serves a diverse clientele, from Web3 companies to established financial institutions. ChainUp's comprehensive suite of solutions includes crypto exchange solutions, liquidity as-a-service, custody services, MPC wallet-as-a-service, KYT crypto tracing analytics tool, asset tokenization, crypto asset management, and Web3 infrastructure such as mining, staking, and blockchain APIs. For more information, visit:
Cision Canada
4 hours ago
- Cision Canada
BTB Announces Resilient Q2 Operational Results with Growth in the Rental Renewal Spread, Reaching 4.8% Français
MONTRÉAL, Aug. 4, 2025 /CNW/ - BTB Real Estate Investment Trust (TSX: (" BTB", the " REIT" or the " Trust") announced today its financial results for the second quarter of 2025 ended June 30, 2025 (the " Second Quarter"). "BTB's performance in the second quarter of 2025 highlights our leasing efforts, improved cash flow, and strengthened financial metrics. The quality of our assets underpins our steady progress" says Michel Léonard, President and CEO of BTB. "Our rental revenue totaled $30.5M for the quarter, a decrease of $1.7M or 5.3% compared to the same quarter last year, primarily due to two non-cash straight-line rent adjustments totaling $1.8M. Cash net operating income (Cash NOI) 1 continues to show growth, totaling $19.5M for the quarter, an increase of 0.5% compared to the same quarter last year. For the six-month period, the Cash NOI 1 reached $39.7M, an increase of $1.7M or 4.4% compared to the same period in 2024. Our AFFO adjusted 1 was 9.5¢ per unit, up slightly from 9.4¢ a year ago, and 19.8¢ per unit for the six-month period, representing an increase of 1.5¢ from the comparable period in 2024. Leasing momentum continues as we completed 122,815 square feet of lease renewals and secured 49,809 square feet of new leases during the quarter. The occupancy rate at the end of the quarter stood at 91.2%, still reflecting the impact of the announced industrial tenant bankruptcy in 2024. When factoring in the post-quarter sale of our property located at 1170 Lebourgneuf Blvd. in Quebec City, occupancy improved to 92.0%, representing an increase of 80 basis points. The increase in the average rent renewal rate was 4.7% this quarter and 4.8% over the first six-month period of the year, mainly supported by the necessity-based retail and suburban office segments, which accounted for 58% and 38% of lease renewals respectively. We continue to show positive momentum." SUMMARY OF SIGNIFICANT ITEMS AS AT JUNE 30, 2025 Total number of properties: 74 Total leasable area: 6.1 million square feet Total asset value: $1.3 billion Market capitalization: $321 million (unit trading price of $3.64 as at June 30, 2025) OPERATIONAL HIGHLIGHTS Periods ended June 30 Qua rter 2025 2024 Occupancy – committed (%) 91.2 % 94.6 % Signed new leases (in 49,809 40,080 Renewed leases at term (in 81,622 158,445 Renewal rate (%) 46.1 % 88.7 % Early lease renewals (in 41,193 58,160 Increase in adverage lease renewal rate 4.7 % 5.7 % BTB completed lease renewals totaling 122,815 square feet and new leases totaling 49,809 square feet. The increase in the average rent renewal rate for the current quarter was 4.7%. For the six-month period, the increase in the average rent renewal rate was 4.8%. The occupancy rate stood at 91.2%, a 130 basis points decrease compared to the prior quarter and a 340 basis points decrease compared to the same period in 2024. The decrease in the occupancy rate is primarily due to the bankruptcy of a previously reported tenant. Taking into account the post-quarter sale of the office property located at 1170 Lebourgneuf Blvd., in Quebec City, the occupancy rate of the portfolio would be 92.0%, or an increase of 80 basis points. FINANCIAL RESULTS HIGHLIGHTS Periods ended June 30 Qua rter (in thousands of dollars, except for ratios and per unit data) 2025 2024 $ $ Rental revenue 30,513 32,218 Net operating income (NOI) 17,129 18,856 Cash net operating income (Cash NOI) (1) 19,465 19,377 Net income and comprehensive income 6,194 7,272 Adjusted net income (1) 5,751 7,897 Cash NOI from the same-property portfolio (1) 19,177 19,465 FFO Adjusted (1) 7,365 9,149 FFO adjusted payout ratio 90.6 % 72.2 % AFFO Adjusted (1) 8,423 8,230 AFFO adjusted payout ratio 79.2 % 80.2 % Weighted average number of units and Class B LP units outstanding (000) 88,946 88,032 FINANCIAL RESULTS PER UNIT Net income and comprehensive income 7.0¢ 8.3¢ Adjusted net income (1) 6.5¢ 9.0¢ Distributions 7.5¢ 7.5¢ FFO Adjusted (1) 8.3¢ 10.4¢ AFFO Adjusted (1) 9.5¢ 9.4¢ Rental revenue: Stood at $30.5 million for the quarter, which represents a decrease of $1.7 million or 5.3% compared to the same quarter of 2024. The decrease is driven by non-cash straight-line lease adjustments totalling $1.8 million namely : (1) following the purchase by a group of investors of Lion Electric, the trust negotiated a lease amendment for a term of two (2) years, causing a non-cash straight-line lease adjustment of the property of $1.6 million and, (2) the Trust recorded the early departure of an industrial tenant, Big Rig Trailers, in Edmonton causing a non cash straight-line lease adjustment of the property of $0.2 million, which property was rapidly entirely re-leased to XCMG Canada Ltd, with a long-term lease. For the six-month period, rental revenue totalled $64.9 million, representing an increase of $0.1 million or 0.1% compared to the same period in 2024. Excluding the above mentioned two non-cash straight-line lease adjustments, rental revenue for the quarter would have totalled $32.3 million, an increase of $0.1 million or 0.3% and for the six-month period, it would have totalled $66.7 million, representing an increase of $1.9 million or 2.9%. Net operating income (NOI): Totalled $17.1 million for the quarter, which represents a decrease of 9.2% compared to the same quarter of 2024. For the six-month period, the NOI totalled $37.0 million which represents a decrease of 0.7% compared to the same period in 2024. Both decreases are caused by the above-mentioned non-cash straight-line lease adjustments. Cash net operating income (Cash NOI) (1): Totalled $19.5 million for the quarter, which represents an increase of $0.1 million or 0.5% compared to the same quarter of 2024. For the six-month period, the Cash NOI totalled $39.7 million, which represents an increase of $1.7 million or 4.4% compared to the same period in 2024. The increase is driven by (1) a partial lease cancellation payment of $1.0 million received from a tenant leasing space in the suburban office segment, which space has already been re-leased by the Trust; (2) operating improvements, higher rent renewal rates, and increases in rental spreads for in-place leases representing an increase of $0.3 million; and (3) the previously announced lease with Winners/HomeSense which began to produce income as of February 25, 2025 ($0.4 million). Net income and comprehensive income: Totalled $6.2 million for the quarter, which represents a decrease of 14.8% or $1.1 million. For the six-month period, net income and comprehensive income totalled $13.8 million, representing a decrease of 4.3% or $0.6 million. Cash Same-Property NOI (1): For the quarter, the cash same-property NOI decreased by 1.5% compared to the same period in 2024. For the six-month period, the cash same-property NOI increased by 3.0%. FFO adjusted per unit (1): Was 8.3¢ per unit for the quarter compared to 10.4¢ per unit for the same period in 2024, representing a decrease of 2.1¢ per unit. For the six-month period, the FFO adjusted was 19.4¢ per unit compared to 20.6¢ per unit for the same period in 2024, representing a decrease of 1.2¢ per unit. The decrease is driven by the previously outlined 2 non-cash straight-line lease adjustments of $1.8 million. AFFO adjusted per unit (1): Was 9.5¢ per unit for the quarter compared to 9.4¢ per unit for the same period in 2024, representing an increase of 0.1¢ per unit or 1.1%. For the six-month period, the AFFO adjusted per unit was 19.8¢ per unit compared to 18.3¢ per unit for the same period in 2024, representing an increase of 1.5¢ per unit or 8.2%. The six-month period increase is explained by (1) the previously outlined $1.7 million increase in Cash NOI, (2) a $0.2 million decrease in administrative expenses and, (3) stability in the net financial expenses before non-monetary items. AFFO adjusted payout ratio (1): Was 79.2% for the current quarter compared to 80.2% for the same period in 2024. For the six-month period, the AFFO adjusted payout ratio was 75.8% compared to 82.0% for the same period in 2024, a decrease of 6.2%. Dispositions: On June 16, 2025, the Trust disposed of a small industrial property located at 3911 Millar Avenue, in Saskatoon, Saskatchewan, for total proceeds of $6.1 million, excluding transaction costs and adjustments. Subsequent to the quarter, more specifically on July 11, 2025, the Trust disposed of an office property located at 1170 Lebourgneuf Blvd., in Quebec City, for total proceeds of $10.5 million, excluding transaction costs and adjustments. In order to conclude the transaction, the Trust granted to the purchaser a balance of sale of $1.0 million, maturing on March 24, 2027, at an interest rate of 5%. BALANCE SHEET AND LIQUIDITY HIGHLIGHTS Periods ended June 30 Quarters (in thousands of dollars, except for ratios and per unit data) 2025 2024 $ $ Total assets 1,262,584 1,235,935 Total debt ratio (1) 57.1 % 58.1 % Mortgage debt ratio (2) 51.7 % 51.4 % Weighted average interest rate on mortgage debt 4.36 % 4.57 % Market capitalization 321,298 273,813 NAV per unit (1) 5.62 5.50 Debt metrics: BTB ended the quarter with a total debt ratio (1) of 57.1%, recording a decrease of 80 basis points compared to December 31, 2024. The Trust ended the quarter with a mortgage debt ratio (2) of 51.7%, a decrease of 110 basis points compared to December 31, 2024. Liquidity position: The Trust held $5.7 million of cash at the end of the quarter and $28.5 million is available under its credit facilities (3). _______________________________________ (1) Non-IFRS financial measure. See Appendix 1. The referred non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and these measures cannot be compared to similar measures used by other issuers. (2) This is a non-IFRS financial measure. 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 equivalents. (3) Credit facilities is a term used that reconciles with the bank loans as presented and defined in the Trust's consolidated financial statements and accompanying notes. QUARTERLY CALL INFORMATION Management will hold a conference call on Tuesday, August 5, 2025, at 9 a.m., Eastern Time, to present BTB's financial results and performance for the second quarter of 2025. Interested parties are invited to access the call at least 5 minutes prior to the scheduled start of the call. Note that the call will be 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 August 12, 2025, by dialing (+1) 289-819-1450 (local) or 1-888-660-6345 (toll-free) and by entering the following access code: 05333 # ABOUT BTB BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 73 properties, representing a total leasable area of approximately 6.1 million square feet. People and their stories are at the heart of our success. For more detailed information, visit BTB's website at 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 MEASURE DEFINITION Cash Net Operating Income Cash net operating income ("NOI") is a non-IFRS financial measure defined as net operating income less: (i) lease incentive amortization; and (ii) straight-line lease adjustment. Cash NOI is reconciled to NOI, which is the most directly comparable IFRS measure. The Trust considers this to be a useful measure of operating performance and the profitability of it's portfolio by excluding non-cash items. Cash Same-Property NOI Cash same-property NOI is a non-IFRS financial measure defined as Cash 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 Cash NOI is Operating Income. The Trust believes this is a useful measure as Cash NOI growth can be assessed on its portfolio by excluding the impact of property acquisitions and dispositions of both the current year and previous year. The Trust uses the Cash same-property NOI to indicate the profitability of its existing portfolio operations and the Trust's ability to increase its revenues, reduce its operating costs and generate organic growth. NON-IFRS MEASURE DEFINITION Funds from Operations ("FFO") and FFO Adjusted 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 January 2022 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. FFO Adjusted 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 FFO Adjusted are key measures of operating performance and allow the investors to compare its historical performance. Adjusted Funds from Operations ("AFFO") and AFFO Adjusted 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 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. AFFO Adjusted 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 AFFO Adjusted 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. NON-IFRS MEASURE DEFINITION FFO and AFFO per unit and FFO adjusted and AFFO adjusted per unit FFO and AFFO per unit and FFO adjusted and AFFO adjusted per unit are non-IFRS financial measures used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its White Paper. These ratios are calculated by dividing the FFO, AFFO, FFO adjusted and AFFO adjusted by the Weighted average number of units and Class B LP units outstanding. The Trust believes these metrics to be key measures of operating performances allowing the investors to compare its historical performance in relation to an individual per unit investment in the Trust. FFO and AFFO payout ratios and FFO Adjusted and AFFO Adjusted payout ratios FFO and AFFO payout ratios and FFO Adjusted and AFFO Adjusted payout ratios are non-IFRS financial measures used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its White Paper. These payout ratios are calculated by dividing the actual distributions per unit by FFO, AFFO and FFO Adjusted and AFFO Adjusted 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. Total Mortgage Debt Ratio Mortgage debt ratio is a non-IFRS financial measure of the Trust financial leverage, which is calculated by taking the total mortgage 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 mortgage debt obligations and its capacity for future additional acquisitions. NON-IFRS MEASURE DEFINITION Interest Coverage Ratio Interest coverage ratio is a non-IFRS financial measure which is calculated by taking the Adjusted EBITDA divided by interest expenses net of financial income (interest expenses exclude early repayment fees, accretion of effective interest, distribution on Class B LP units, accretion of non-derivative liability component of convertible debentures and the fair value adjustment on derivative financial instruments and Class B LP units). The Trust considers this metric useful as it indicates its ability to meet its interest cost obligations for a given period. Debt Service Coverage Ratio Debt service coverage ratio is a non-IFRS financial measure which is calculated by taking the Adjusted EBITDA divided by the Debt Service Requirements, which consists of principal repayments and interest expenses net of financial income (interest expenses exclude early repayment fees, accretion of effective interest, distribution on Class B LP units, accretion of non-derivative liability component of convertible debentures and the fair value adjustment on derivative financial instruments and Class B LP units). The Trust considers this metric useful as it indicates its ability to meet its interest cost obligations for a given period. APPENDIX 2: 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: 2025 2025 2024 2024 2024 2024 2023 2023 Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 Q-3 (in thousands of dollars, except for per unit) $ $ $ $ $ $ $ $ Net income and comprehensive income (IFRS) 6,194 7,608 18,847 5,470 7,272 7,153 1,734 15,216 Fair value adjustment on investment properties (700) - (9,975) (283) - (6) 4,480 (6,481) Fair value adjustment on Class B LP units 167 28 (174) 335 (21) 160 (42) (159) Amortization of lease incentives 836 797 966 807 704 690 641 664 Fair value adjustment on derivative financial instruments (176) 868 (760) 2,168 379 (325) 2,396 (584) Leasing payroll expenses 525 466 739 535 433 591 401 359 Distributions – Class B LP units 52 52 52 52 53 52 52 56 Unit-based compensation (Unit price remeasurement) 201 61 (39) 342 63 409 (11) (87) FFO (1) 7,099 9,880 9,656 9,426 8,883 8,724 9,651 8,984 Transaction costs on disposition of investment properties and mortgage early repayment fees 266 - - - 266 201 37 46 FFO Adjusted (1) 7,365 9,880 9,656 9,426 9,149 8,925 9,688 9,030 FFO per unit (1) (2) (3) 8.0¢ 11.1¢ 10.9¢ 10.7¢ 10.1¢ 10.0¢ 11.1¢ 10.3¢ FFO Adjusted per unit (1) (2) (4) 8.3¢ 11.1¢ 10.9¢ 10.7¢ 10.4¢ 10.2¢ 11.1¢ 10.4¢ FFO payout ratio (1) 94.0 % 67.4 % 68.8 % 70.0 % 74.3 % 75.2 % 67.5 % 72.9 % FFO Adjusted payout ratio (1) 90.6 % 67.4 % 68.8 % 70.3 % 72.2 % 73.5 % 67.2 % 72.5 % (1) This is a non-IFRS financial measure, refer to appendix 1. (2) Including Class B LP units. (3) 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) The FFO Adjusted per unit ratio is calculated by dividing the FFO Adjusted (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). Adjusted Funds from Operations (AFFO) (1) The following table provides a reconciliation of FFO (1) and AFFO (1) for the last eight quarters: 2025 2025 2024 2024 2024 2024 2023 2023 Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 Q-3 (in thousands of dollars, except for per unit) $ $ $ $ $ $ $ $ FFO (1) 7,099 9,880 9,656 9,426 8,883 8,724 9,651 8,984 Straight-line rental revenue adjustment 1,500 (381) (374) (247) (183) (394) (197) (842) Accretion of effective interest 367 580 402 391 361 308 310 271 Amortization of other property and equipment 17 18 21 17 17 17 20 33 Unit-based compensation expenses 159 133 247 19 (95) (9) 159 184 Provision for non-recoverable capital expenditures (1) (610) (688) (654) (650) (644) (653) (639) (626) Provision for unrecovered rental fees (1) (375) (375) (375) (375) (375) (375) (375) (375) AFFO (1) 8,157 9,167 8,923 8,581 7,964 7,618 8,929 7,629 Transaction costs on disposition of investment properties and mortgage early repayment fees 266 - - - 267 201 37 46 AFFO Adjusted (1) 8,423 9,167 8,923 8,581 8,231 7,819 8,966 7,675 AFFO per unit (1) (2) (3) 9.2¢ 10.3¢ 10.1¢ 9.7¢ 9.1¢ 8.7¢ 10.2¢ 8.8¢ AFFO Adjusted per unit (1) (2) (4) 9.5¢ 10.3¢ 10.1¢ 9.7¢ 9.4¢ 8.9¢ 10.3¢ 8.8¢ AFFO payout ratio (1) 81.8 % 72.7 % 74.5 % 76.8 % 82.9 % 86.2 % 72.9 % 85.8 % AFFO Adjusted payout ratio (1) 79.2 % 72.7 % 74.5 % 77.2 % 80.2 % 83.9 % 72.6 % 85.3 % (1) This is a non-IFRS financial measure, refer to appendix 1. (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 at outstanding at the end of the period). (4) The AFFO Adjusted per unit ratio is calculated by dividing the AFFO Adjusted (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). APPENDIX 3: NON-IFRS FINANCIAL MEASURES – DEBT RATIOS Debt Ratios The following table summarizes the Trust's debt ratios as at June 30 2024 and 2025 and December 31, 2024: (in thousands of dollars) June 30, 2025 December 31, 2024 June 30, 2024 $ $ $ Cash and cash equivalents (5,677) (2,471) (857) Mortgage loans outstanding (1) 659,094 665,607 636,492 Convertible debentures (1) 36,816 19,576 43,375 Credit facilities 30,951 44,298 39,606 Total long-term debt less cash and cash equivalents (2) (3) 721,184 727,010 718,616 Total gross value of the assets of the Trust less cash and cash equivalents (2) (4) 1,263,906 1,254,818 1,236,326 Mortgage debt ratio (excluding convertible debentures and credit facilities) (2) (5) 51.7 % 52.8 % 51.4 % Debt ratio – convertible debentures (2) (6) 2.9 % 1.6 % 3.5 % Debt ratio – credit facilities (2) (7) 2.4 % 3.5 % 3.2 % Total debt ratio (2) 57.1 % 57.9 % 58.1 % (1) Before unamortized financing expenses and fair value assumption adjustments. (2) This is a non-IFRS financial measure, refer to appendix 1 (3) Long-term debt less free cash flow is a non-IFRS financial measure, calculated as total of: (i) fixed rate mortgage loans payable; (ii) floating rate mortgage loans payable; (iii) Series I debenture capital adjusted with non-derivative component less conversion options exercised by holders; and (iv) 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 ("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. (5) Mortgage debt ratio is calculated by dividing the mortgage loans outstanding by the GVALC. (6) Debt ratio – convertible debentures is calculated by dividing the convertible debentures by GVALC. (7) Debt ratio – credit facilities is calculated by dividing the credit facilities by the GVALC. SOURCE BTB Real Estate Investment Trust
Cision Canada
6 hours ago
- Cision Canada
LSL PHARMA GROUP ANNOUNCES THE COMPLETION OF EARLY REDEMPTION OF ALL 11% UNSECURED CONVERTIBLE DEBENTURES
BOUCHERVILLE, QC, Aug. 4, 2025 /CNW/ - LSL PHARMA GROUP INC. (TSXV: LSL) (" LSL Pharma" or the " Corporation"), a Canadian integrated pharmaceutical company, today announced that it has completed the early redemption and cancellation of all issued and outstanding 11.0% Unsecured Convertible Debentures (originally scheduled to mature on October 31, 2028) (the " Debentures"). Pursuant to the Company's announcement on July 2, 2025, Debenture holders were paid an aggregate amount of $3,505,098.08, representing (i) $3,288,000 as the principal amount of the Debentures, (ii) the early repayment premium pursuant to the trust indenture dated November 1, 2023 between the Corporation and the Trustee ,TSX Trust Company and (iii) all accrued and unpaid interest up to but excluding the Redemption Date. As a result of the early redemption, all Debentures, previously listed on the TSX Venture Exchange (" TSXV") under the symbol were delisted and have ceased trading on August 1, 2025, in accordance with TSXV policies. ABOUT LSL PHARMA GROUP INC. LSL Pharma Group Inc. is a Canadian integrated pharmaceutical company specializing in the development, manufacturing and commercialization of high-quality sterile ophthalmic pharmaceutical products, as well as pharmaceutical, cosmetic and natural health products in solid, semi-solid and liquid dosage forms. Companies forming part of LSL Pharma Group include Steri-Med Pharma Inc., LSL Laboratory Inc., Virage Santé Inc. and Dermolab Pharma Ltd. For further information, please visit our website at CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents. Readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that any of the events referred to in the forward-looking statements will transpire, and if any of them do, the actual results, performance or achievements of the Corporation may differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. The Corporation does not undertake to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) have reviewed or accept responsibility for the adequacy or accuracy of this release. SOURCE Groupe LSL PHARMA INC.
