Canada's BTB Real Estate reports decline in Q4 AFFO per unit

Overview

• Canada real estate trust's Q4 rental revenue fell slightly yr/yr

• Q4 AFFO adjusted per unit fell 12.9% yr/yr

• Occupancy rate fell to 91.3% at year-end due to vacant industrial properties

Outlook

• BTB expects to lease its vacant industrial properties in 2026

Result Drivers

• RENT RENEWAL RATES - Co reported a 10.6% increase in average rent renewal rates for the year, indicating strong asset performance

• LEASING ACTIVITY - BTB concluded new leases and renewals totaling over 742,000 sq.ft., representing 12.4% of portfolio

• OCCUPANCY RATE - Occupancy fell to 91.3% due to two vacant industrial properties

Company press release: ID:nCNWdTNtBa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for BTB Real Estate Investment Trust is C$4.00, about 6.3% below its February 24 closing price of C$4.27

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

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