BTB Real Estate Investment Trust (TSX: BTB.UN)

Conference Call Presentation

For the quarter ended September 30, 2021

November 9, 2021

2600, Alfred-Nobel Boulevard, Saint-Laurent

7150 Alexander Fleming Street, St-Laurent

NON-IFRS MEASURES

BTB consolidated financial statements are prepared in accordance with IFRS. Consistent with BTB management framework, management uses certain financial measures to assess BTB financial performance, which are not generally accepted accounting principles (GAAP) under IFRS.

The following measures, net operating income (NOI), net operating income of the same-property portfolio (SPNOI), funds from operations (FFO), adjusted funds from operations (AFFO), adjusted net income and comprehensive income and net property income and per unit information, if applicable, are non-IFRS performance measures and do not have standardized meanings prescribed by IFRS.

These measures are used by BTB to improve the investing public's understanding of operating results and the Trust's performance. IFRS are International Financial Reporting Standards defined and issued by the IASB, in effect as at the date of this presentation. These measures cannot be compared to similar measures used by other issuers. However, BTB presents its FFO in accordance with the Real Property Association of Canada (REALPAC) White Paper on Funds from Operations, as revised in February 2019. Securities regulations require that these measures be clearly defined, that they be readily comparable to the most similar IFRS measures, and that they not be assigned greater weight than IFRS measures.

FORWARD-LOOKING STATEMENTS

From time to time, we make written or oral forward-looking statements within the meaning of applicable Canadian securities legislation. We may make forward-looking statements in this document, in other filings with Canadian regulators, in reports to unitholders and in other communications. These forward-looking statements may include statements regarding our future objectives, strategies to achieve our objectives, as well as statements with respect to our beliefs, outlooks, plans, objectives, expectations, forecasts, estimates and intentions. The words "may," "could," "should," "outlook," "believe," "plan," "forecast," "estimate," "expect," "propose," and the use of the conditional and similar words and expressions are intended to identify forward looking statements.

By their very nature, forward-looking statements involve numerous factors and assumptions, and are subject to inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors include general economic conditions in Canada and elsewhere, the effects of competition in the markets where we operate, the impact of changes in laws and regulations, including tax laws, successful execution of our strategy, our ability to complete and integrate strategic acquisitions successfully, potential dilution, our ability to attract and retain key employees and executives, the financial position of lessees, our ability to refinance our debts upon maturity, our ability to renew leases coming to maturity, and to lease vacant space, our ability to complete developments on plan and on schedule and to raise capital to finance our growth, as well as changes in interest rates. We caution that the foregoing list of important factors likely to affect future results is not exhaustive. When relying on forward-looking statements to make decisions with respect to BTB, investors and others should carefully consider these factors and other facts and uncertainties. Additional information about these factors can be found in the "Risks and Uncertainties" section of the MD&A.

BTB cannot assure investors that actual results will be consistent with any forward-looking statements and BTB assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances, except as required under applicable securities regulations.

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QUARTERLY HIGHLIGHTS

MICHEL LÉONARD

PRESIDENT & CEO

2344, Alfred-Nobel Boulevard, Saint-Laurent

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Highlights

BTB's portfolio continued to show stability through all asset

classes & geographies;

The industrial property acquired on June 29th (6000 Kieran in Montreal) had a positive impact on the third quarter results;

Active leasing activity with a total of 68K sq. ft., including 51K sq. ft. of leases renewed and 17K sq. ft. new leases;

Occupancy rate at 92.0% reasonably consistent with Q2 2021;

Successfully closed a new revolving credit facility of $35M$ with an additional option of $25M, this line complements the current facility;

On November 8th, 2021 BTB acquired two class A life- science and technology office buildings; the new properties will generate an additional FFO/AFFO of 4.1 ¢ / unit on an annualized basis.

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2250, Alfred-Nobel Boulevard, Saint-Laurent

Key Financial and Operational Metrics

5.4M sq. ft.

$924M

Leasable area

Investment properties

(+70K sq.ft. vs Q3 2020)

(+28M vs Q3 2020)

63 763 sq. ft.

92.0%

Renewals & new leases

Committed occupancy

(73.2% renewal rate)

(-0.2% vs Q2 2021)

99.2 %

55.8%

YTD rent collected

Total debt ratio

(99.1% Q3 2021)

(-0.2% vs Q2 2021;

Mortgage ratio at 52.6%)

9.5¢

77 %

FFO / Unit

YTD AFFO payout

($19M not invested in acquisition but

(down 28% vs Q3 2020 YTD)

soon to be as reported earlier)

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BTB'S

COMPETITIVE

ADVANTAGES

  • No enclosed malls
  • Portfolio diversification with good exposure to industrial & office markets
  • Largest tenants are investment grade
  • Core market presence

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BTB Real Estate Investment Trust published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 00:22:03 UTC.