BTB Announces Resilient Q2 Operational Results with Growth in the Rental Renewal Spread, Reaching 4.8% Français
"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 sq.ft.)
49,809
40,080
Renewed leases at term (in sq.ft.)
81,622
158,445
Renewal rate (%)
46.1 %
88.7 %
Early lease renewals (in sq.ft.)
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 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
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
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Prime Minister Carney announces new measures to transform Canada's softwood lumber industry
West Kelowna, BC, Aug. 5, 2025 /CNW/ - The global trade landscape has fundamentally changed. To meet this moment, Canada's new government is developing a comprehensive industrial strategy. It will invest in domestic production, develop Canadian expertise, support our companies to retool and reinvest, and help industries pivot to a growing Canadian market and those of new, reliable trading partners around the world. As part of that strategy, the Prime Minister, Mark Carney, today announced a series of new measures to help the softwood lumber industry transform to remain competitive. These measures will help unlock the full potential of the industry as we scale up housing and major infrastructure construction and drive long-term economic growth, rooted in Canadian resources and innovation. Canada's new government will: Provide up to $700 million in loan guarantees to address the immediate pressures facing the softwood lumber sector. This will ensure companies have the financing and credit support they need to maintain and restructure their operations during this period of transformation. Invest $500 million to supercharge product and market diversification to make the industry more competitive for the long-term. As technology changes the way we build and demand grows for softwood lumber, this will increase domestic processing and value-added production. This investment will also include initiatives that support Indigenous-led forestry business development and diversification. Build Canadian by prioritizing Canadian materials in construction and changing federal procurement processes to require companies contracting with the federal government to source Canadian lumber. As the government delivers on its mandate to build major infrastructure projects faster and to increase the pace of homebuilding to nearly 500,000 new homes per year over the next decade, we will ensure Canadian lumber and other Canadian materials are prioritized in that construction. Once established, Build Canada Homes will provide financing to innovative private sector home builders in Canada that use Canadian technologies and resources, like mass timber and softwood lumber. Diversify international markets for Canada's sustainably sourced forest products. We will launch a new initiative to diversify exports of Canadian wood products, including the reinvigoration of federal programming to expand offshore markets for sustainable, innovative, high-quality products. In fast-growing regions with rising demand for housing and other buildings, we will promote Canadian lumber as an affordable, sustainable solution. Provide $50 million for upskilling, reskilling, and income supports for more than 6,000 affected softwood lumber workers through the Labour Market Development Agreements. This investment builds on temporary enhancements to the Employment Insurance (EI) program and the EI Work-Sharing program. Through this investment, we will equip workers with the tools and training they need to stay competitive – helping them adapt to new technologies, strengthen their expertise, and excel in changing industries. Canada's economy is shifting from reliance to resilience. During this time of transformation, these measures will ensure Canada's softwood lumber industry and workers are able to adapt and emerge even stronger. Quotes "The forest sector is a pillar of Canada's economy. As we shift from reliance to resilience, Canada's new government will ensure the industry can transform to seize new opportunities in Canadian and international markets. In the face of a changing global landscape, we are focused on what we can control – building Canada strong with Canadian expertise, using Canadian lumber." — The Rt. Hon. Mark Carney, Prime Minister of Canada "Canada's forestry sector is a cornerstone of our economy. It supports nearly 200,000 good jobs in both urban and rural communities and accounts for billions in contribution to Canada's GDP and exports every year. Through the actions announced today and existing supports, we are committed to protecting this key industry and the workers who power it." — The Hon. François-Philippe Champagne, Minister of Finance and National Revenue "Today's announcement showcases the Government of Canada's steadfast commitment to supporting the Canadian economy and the workers who keep it strong. By bolstering this key industry and ensuring resilient supply chains, we stand with the industry, its workers, and communities to keep Canada a trusted global trade partner." — The Hon. Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions "The world is changing, and Canada must be ready to meet the challenges of our times. That's why the government is taking action to support the workers and industries that build Canada – day in and day out. By strengthening what we have here at home and standing up for Canada, we're making sure our country stays strong, competitive, and ready to lead." — The Hon. Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario "Canada's natural resources are not only a cornerstone of our national identity – they are the foundation of our economy. Protecting and modernizing our resource industries in the face of tariffs and global uncertainty is critical to safeguarding Canadian jobs and communities and ensuring a prosperous and strong future." — The Hon. Tim Hodgson, Minister of Energy and Natural Resources Quick facts Canada's forest sector is a major economic driver, supporting nearly 200,000 workers, including over 11,000 Indigenous Peoples, and contributing more than $20 billion to our GDP. In 2024, 66% of Canada's total softwood lumber production was exported, and of that, nearly 90% was exported to the U.S. On July 25, 2025, the U.S. Department of Commerce doubled duties on softwood lumber products from Canada, with further increases expected later this month. New and innovative forest products such as engineered timber, biofuels, and forest product-based biodegradable packaging materials are helping Canada reach net-zero by 2050 and enabling more sustainable, efficient housing solutions. Canada's new government will double the pace of homebuilding to almost 500,000 new homes a year over the next decade. That alone will double the use of Canadian softwood lumber in residential construction – an increase of almost 2 billion board feet – and it will double demand for structural panels – an increase of almost 1 billion square feet. Build Canada Homes, once established, will prioritize the use of Canadian-made materials – including lumber – to accelerate housing construction while supporting Canadian workers and industries. This document is also available at
Cision Canada
a few seconds ago
- Cision Canada
Replenish Nutrients Announces Beiseker Facility Update Français
OKOTOKS, AB, Aug. 5, 2025 /CNW/ - Replenish Nutrients Holding Corp. (CSE: ERTH) (OTC: VVIVF) ("Replenish" or the "Company"), is pleased to announce the completion of the first phase of commissioning at its Beiseker granulation facility and expected run-rate financial results once operations reach full capacity. Beiseker Granulation Facility Update Replenish is pleased to announce that it has completed the first phase of commissioning at the Beiseker facility whereby the majority of the interior construction at the facility has been completed and the facility has begun producing initial production runs of the Company's proprietary granulated fertilizer. Ongoing refinement to the commissioning production runs will continue in the coming weeks to ensure all quality specifications and production efficiencies are met. Subsequent commissioning activities will include completing final interior and exterior construction at the facility as well as ramping production throughput capacity up to the full 2,000 metric tonnes per month as previously guided. Forward Guidance As is standard in the agriculture industry, fertilizer pricing responds to changes in global, North American and regional ag commodity markets, however the Company expects to generate pricing for its granulated fertilizer that will range from $550 to over $650 per metric tonne depending on market conditions and the specific product being sold. The Company also expects to consistently generate gross profit margins on granulated fertilizer over 30% upon reaching consistent full-scale production and sales cycles. These run-rate margins and cash flows are expected to result in annualized free cash flow for the consolidated Company going forward. In turn, this will allow the Company to not only obtain lower debt financing rates on its current debt, but also allow the Company to unlock further favourable debt and equity financing for the Company's future projects. Track Record of Innovation and Development Reflecting back over the past several years, Replenish has truly been a remarkable story in an agriculture sector that has traditionally been very slow to evolve and innovate and has been dominated by very large incumbents. Sustainable and regenerative agriculture has become a key theme in the sector in recent years as the world looks to decarbonize and Replenish is excited to play an important part in a story that has brought much needed innovation and development in the sector. Despite operating in a highly competitive market, Replenish has: Established key supply chains for the inputs to its products; Developed and patented a unique and innovative product that can fully replace or be used alongside conventional fertilizer products with proven lower carbon emission rates and a zero-chemical and zero-waste manufacturing process; Developed, planned, designed and partially financed three major projects at Beiseker, DeBolt and Bethune Studied, proved and published numerous independently verified field trial data demonstrating product efficacy in-line or better than conventional fertilizer while also demonstrating quantifiable increases in biological activity in the soil contributing to plant health and resilience; Established meaningful sales and distribution channels across Western Canada and the US Pacific Northwest covering well over a million acres of farmland as well as numerous golf courses and home lawns and gardens; Developed and closed key debt and equity financing arrangements and relationships to support its current and future development opportunities and restructured over $2 million of discretionary costs out of the business. Unlocking Future Growth Despite operating in the always difficult micro-cap public company space, Replenish has accomplished a lot over the past number of years and is excited to take these final steps in its evolution to full commercialization at the Beiseker facility, unlocking run-rate annualized free cash flows and setting the Company up for significant growth and profitability going forward. The Company looks forward to providing further updates in the coming weeks and months as progress continues on its current and future development projects. "Our goal has always been to build a sustainable, profitable business that challenges the status quo of the fertilizer industry," said the Company's CEO Neil Weins. "Beiseker is more than a facility — it's a blueprint for what comes next." About Replenish Nutrients Replenish Nutrients (CSE: ERTH) (OTC: VVIVF) manufactures and sells proprietary fertilizer products containing essential macro and micro nutrients and biological material while using a proprietary zero-waste manufacturing process. To learn more about Replenish visit our website at Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to financial and operating results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "may", "would", "should", "could", "plans", "expects", "budget", "schedule", "estimates", "forecasts", "intends", "anticipates", "believes", and similar expressions, including variations thereof and negative forms. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; other risks inherent in the fertilizer industry and other risk factors disclosed in our public disclosure which can be found under our profile on SEDAR+ at Readers are cautioned that these risk factors should not be construed as exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Market Online
30 minutes ago
- The Market Online
Gold producers Alkane and Mandalay make merger official
Mandalay Resources (TSX:MND) and Alkane Resources (ASX:ALK) have finalized their merger of equals, with shares of the resulting company expected to trade under the Alkane name and ticker on the TSX by August 28 The transaction will allow Alkane to deliver an expected 160,000 ounces of gold equivalent in fiscal 2025, increasing to 180,000 ounces in 2026 Alkane Resources stock last traded at A$0.735 and has added 73.07 per cent year-over-year Mandalay Resources (TSX:MND) and Alkane Resources (ASX:ALK) have finalized their previously announced merger of equals, with shares of the resulting company expected to trade under the Alkane name and ticker on the TSX by August 28. This content has been prepared as part of a partnership with Mandalay Resources Corp. and Alkane Resources Limited, and is intended for informational purposes only. Mandalay shareholders will receive 7.875 Alkane shares for each Mandalay share held, granting them exposure to a gold and antimony producer operating in top jurisdictions, including: Mandalay's Costerfield mine in Victoria, Australia, which is guiding for production of up to 39,000 ounces of gold and 1,150 tons of antimony in 2025, with a life of mine currently estimated at 3.5 years. Mandalay's Björkdal mine in Skelleftea, Sweden, which is expected to yield up to 46,000 ounces of gold in 2025, with a life of mine estimated at 9 years. Alkane's Tomingley gold project in New South Wales, Australia, which produced 57,217 ounces in 2024 and is currently being developed to operate beyond 2030. The transaction will allow Alkane to deliver an expected 160,000 ounces of gold equivalent in fiscal 2025, increasing to 180,000 ounces in 2026, with approximately A$218 million in pro forma cash in the bank to pursue additional growth opportunities. The new board overseeing Alkane's growth includes three former Mandalay directors, Brad Mills, Frazer Bourchier and Dominic Duffy, two existing Alkane directors, Ian Gandel and Nic Earner, and a new independent chair, Andy Quinn, a chartered mining engineer and decorated investment banking and mining industry veteran. According to Tuesday's news release, Mandalay shares are scheduled to be delisted from the TSX on August 6. Investors have collected a 6.16 per cent return on the day, growing to 113.66 per cent year-over-year and 159.44 per cent since 2020, with shares last trading at C$5.08 as of 12:35 pm ET. Leadership insights 'This merger represents a significant step forward for both companies,' Nic Earner, Alkane's managing director and chief executive officer (CEO), said in a statement. 'By combining our complementary portfolios, we have created a stronger, more resilient platform with the scale and financial flexibility to pursue long-term growth. I am pleased to welcome our new shareholders and the Mandalay team as we move forward together, focused on delivering sustainable production and long-term value.' 'We are proud to have successfully completed this transaction,' added Frazer Bourchier, former president and CEO of Mandalay Resources, and new non-executive director of Alkane. 'With a diversified production base, broader exploration pipeline and enhanced trading liquidity, the combined company is well-positioned for a market re-rating. I sincerely thank our shareholders and the entire Mandalay team for their continued support, and I look forward to continuing to deliver shareholder value as a director of Alkane.' About Alkane Resources Alkane is growing into one of Australia's top gold and copper producers. The company has been in production since 2014 and has plans in place to extend operation to 2030 and beyond. Alkane Resources stock (ASX:ALK) last traded at A$0.735 and has added 73.07 per cent year-over-year. Join the discussion: Find out what investors are saying about these gold-producing stocks on the Mandalay Resources Corp. and Alkane Resources Limited Bullboards. Additionally, make sure to explore the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
