BTB Real Estate Investment Trust : REIT Quarterly Presentation Q1 2021

BTB Real Estate Investment Trust (TSX: BTB.UN) Conference Call Presentation

For the quarter ended March 31, 2021

May 11, 2021

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

80 Aberdeen, Ottawa, Ontario

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Highlights

BTB continued to show stability through the diversity of its portfolio.

High rent collection rate (99.6%) and proactive lease renewal and leasing strategies, despite the current context of the COVID-19 pandemic.

BTB is reporting a reduction of the balance of receivables from $5.2M at the

end of Q4 2020 to $4.8M for the quarter.

No additional rent deferral agreements were negotiated with tenants, further ensuring future revenue.

The Trust's three largest tenants are the Government of Québec, the Government of Canada, and Walmart Canada Inc., representing respectively 7.3%, 6.2% and 3.0% of rental revenue.

Although the effect of the pandemic and the resulting government mandated restrictions have certainly impacted the retail industry in general, BTB had limited exposure to bankrupt tenants and tenants in restructuring procedures.

4	245 Menten Place, Ottawa, Ontario

Key financial and operational metrics (1)

91.7%

Committed occupancy as at April 30, 2021 (91.0% committed as at March 31, 2021, 90.8% in place)

5.9%

Increase in lease renewal rate

BTB'S

COMPETITIVE ADVANTAGES

50 445 sq. ft.	476 695 sq. ft.
Renewals & new leases	Available leasable area
8.9¢	58.9%
FFO / Unit	Total debt ratio

(Payout 84.0%)

52.8%	99.6%
NOI margin	Rent collection rate

1. The key metrics above result from the quarter ended March 31, 2021, unless if a different date is specified.

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• No enclosed malls
• Portfolio diversification with good exposure to industrial & office markets
• Largest tenants are investment grade
• Core market presence
• The Trust is currently working on a five-yeargrowth plan