BTB Q3 2025 Results: Resilient Operational Performance with Lease Renewal Spreads Climbing by 14.5%

BTB Q3 2025 Results: Resilient Operational Performance with Lease Renewal Spreads Climbing by 14.5% Canada NewsWire MONTRÉAL, Nov. 3, 2025 MONTRÉAL, Nov. 3, 2025 /CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB", the "REIT" or the "Trust") announced today its financial results for the third quarter of 2025 ended September 30, 2025 (the "Third Quarter"). "The third quarter reflected BTB's continued growth in rental income, stronger operating results, and sustained leasing momentum across our portfolio" says Michel Léonard, President and CEO of BTB. "Our leasing activities delivered healthy results, with 151,956 square feet of lease renewals and 128,679 square feet of new leases concluded during the quarter. The increase in the average rent renewal rate was 14.5% this quarter. For the nine-month period of 2025, the increase in the average rent renewal rate was 11.3%. Occupancy stood at 91.5% this quarter, an increase of 30 basis points from the previous quarter, reflecting the positive impact of our strategic leasing initiatives. Compared to the same quarter last year, occupancy decreased by 80 basis points, primarily due to the known departure of an industrial tenant in Edmonton, for which leasing efforts are already ongoing. Our AFFO adjusted per unit¹ rose to 10.1¢ for the quarter, up 4.1% from the same period last year. For the nine-month period of the year, it reached 29.9¢ per unit, marking a 6.8% increase from the same period last year. Both these increases highlight our efficient and disciplined approach to capital management. Rental revenue for Q3 reached $32.9M, up by 1.1% from the same quarter last year. Cash net operating income (Cash NOI)1 grew by 4.2% compared to the same quarter of 2024, totalling $20.1M. This positive increase is driven by higher rent in lease renewals, operational efficiencies, and a $1.1M lease cancellation payment received from an industrial tenant with a planned departure at the end of the first quarter of 2026. We also continued our portfolio optimization strategy with the sale, in July 2025, of an office property in Quebec City, Province of Québec, for total gross proceeds of $10.5M, excluding transaction costs and adjustments. Subsequently to the quarter, we disposed of a small retail property located in Terrebonne, Québec, in which the Trust held a 50% interest, for total gross proceeds of $3.1M, excluding transaction costs and adjustments.  We remain focused on stability and long-term value creation for our portfolio, while maintaining an opportunistic view to navigate the current economic environment. With healthy fundamentals and a strong leasing pipeline, we enter the final quarter in a solid position, reflecting the ongoing resilience of our portfolio." SUMMARY OF SIGNIFICANT ITEMS AS AT SEPTEMBER 30, 2025 Total number of properties: 73 Total leasable area: 6.0 million square feet Total asset value: $1.3 billion Market capitalization:$330 million (unit trading price of $3.74 as at September 30, 2025) OPERATIONAL HIGHLIGHTS Periods ended September 30 Quarter 2025 2024 Occupancy – committed (%) 91.5 92.3 % Signed new leases (in sq.ft.) 128,679 18,713 Renewed leases at term (in sq.ft.) 89,995 47,109 Renewal rate (%) 41.0 % 58.4 % Early lease renewals (in sq.ft.) 61,961 207,803 Increase in average lease renewal rate 14.5 % 2.4 % During the quarter, the Trust total leasing activity was 280,635 square feet, thereby completing lease renewals totaling 151,956 square feet and new leases totaling 128,679 square feet. The increase in the average lease renewal rental rate for the current quarter was 14.5%. For the nine-month period of the year, the increase in the average rent renewal rate was 11.3%. The occupancy rate of the portfolio stood at 91.5%, a 30 basis points increase compared to the prior quarter and an 80 basis points decrease compared to the same period in 2024. The decrease in the occupancy rate is primarily due to the planned departure of an industrial tenant that occupied 24,014 square feet located in Edmonton, Alberta. The Trust has already retained the services of a national commercial brokerage firm specialized in the industrial sector to lease the property. FINANCIAL RESULTS HIGHLIGHTS Periods ended September 30 Quarter (in thousands of dollars, except for ratios and per unit data) 2025 2024 $ $ Rental revenue 32,876 32,505 Net operating income (NOI) 19,866 18,753 Cash net operating income (Cash NOI) (1) 20,128 19,313 Net income and comprehensive income 9,501 5,470 Adjusted net income (1) 8,459 7,690 Cash NOI from the same-property portfolio (1) 19,967 19,165 FFO Adjusted (1) 10,204 9,426 Payout ratio on FFO adjusted (1)  65.2 % 70.3 % AFFO Adjusted (1) 8,993 8,581 Payout ratio on AFFO adjusted (1)  74.3 % 77.2 % Weighted average number of units and Class B LP units outstanding (000) 88,966 88,321 FINANCIAL RESULTS PER UNIT Net income and comprehensive income 10.7¢ 6.2¢ Adjusted net income (1) 9.5¢ 8.7¢ Distributions 7.5¢ 7.5¢ FFO Adjusted (1) 11.5¢ 10.7¢ AFFO Adjusted (1) 10.1¢ 9.7¢ Rental revenue: Stood at $32.9 million for the quarter, which represents an increase of $0.4 million or 1.1% compared to the same quarter of 2024. For the nine-month period of the year, rental revenue totalled $97.8 million, representing an increase of $0.4 million or 0.5% compared to the same period in 2024. Net operating income (NOI): Totalled $19.9 million for the quarter, which represents an increase of 5.9% compared to the same quarter of 2024. For the nine-month period of the year, the NOI totalled $56.8 million which represents an increase of 1.5% compared to the same period in 2024. Cash net operating income (Cash NOI) (1): Totalled $20.1 million for the quarter, which represents an increase of $0.8 million or 4.2% compared to the same quarter of 2024. For the nine-month period of the year, the Cash NOI totalled $59.8 million, which represents an increase of $2.5 million or 4.3% compared to the same period in 2024. The recorded increase is driven by (1) a payment received of $1.1 million triggered by a lease cancellation notice received from an industrial tenant with a planned departure at the end of the first quarter of 2026, (2) a partial lease cancellation payment of $1.0 million recorded in the first quarter of the year from a tenant in the suburban office segment, which space has already been re-leased by the Trust, and (3) operating improvements, new leases concluded, higher lease renewal rental rates, and increases in rental spreads for in-place leases representing an increase of $0.4 million. Net income and comprehensive income: Totalled $9.5 million for the quarter, which represents an increase of 73.7% or $4.0 million compared to the same quarter of 2024. For the nine-month period of the year, net income and comprehensive income totalled $23.3 million, representing an increase of 17.1% or $3.4 million compared to the same period of 2024. Cash same-property NOI (1): For the quarter, the cash same-property NOI increased by 4.2% compared to the same period in 2024. For the nine-month period, the cash same-property NOI increased by 3.7% compared to the same period in 2024. FFO adjusted per unit (1): Was 11.5¢ per unit for the quarter compared to 10.7¢ per unit for the same period in 2024, representing an increase of 0.8¢ per unit. For the nine-month period of the year, the FFO adjusted was 30.9¢ per unit compared to 31.3¢ per unit for the same period in 2024, representing a decrease of 0.4¢ per unit. The decrease was caused by the previously reported 2 non-cash straight-line lease adjustments totalling $1.8 million recorded in the second quarter of 2025, namely : (1) an adjustment of $1.6 million due to the 2 year term lease negotiated with the group of investors who purchased Lion Electric; and, (2) an adjustment of $0.2 million due to the early departure of an industrial tenant, Big Rig Trailers, in Edmonton, which property was rapidly entirely re-leased, on a long-term basis, to XCMG Canada Ltd. AFFO adjusted per unit (1): Was 10.1¢ per unit for the quarter compared to 9.7¢ per unit for the same period in 2024, representing an increase of 0.4¢ per unit or 4.1%. For the nine-month period of the year, the AFFO adjusted per unit was 29.9¢ per unit compared to 28.0¢ per unit for the same period in 2024, representing an increase of 1.9¢ per unit or 6.8%. The nine-month period increase is explained by (1) the previously outlined $2.5 million increase in Cash NOI, (2) a $0.3 million increase in administrative expenses and, (3) a 0.6$ million increase in the net financial expenses before fair value adjustments AFFO adjusted payout ratio (1): Was 74.3% for the current quarter compared to 77.2% for the same period in 2024. For the nine-month period of the year, the AFFO adjusted payout ratio was 75.3% compared to 80.3% for the same period in 2024, a decrease of 5.0%. Dispositions: On July 11, 2025, the Trust disposed of an office property located at 1170, Lebourgneuf Blvd., in Quebec City, for total gross proceeds of $10.5 million, excluding transaction costs and adjustments. 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 5.0%. On October 30, 2025, the Trust disposed of its 50% interest in a small retail property located at 5791 Laurier Blvd, Terrebonne, for total gross proceeds of $3.1 million, excluding transaction costs and adjustments. _____________________ (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.   BALANCE SHEET AND LIQUIDITY HIGHLIGHTS Periods ended September 30 Quarters (in thousands of dollars, except for ratios and per unit data) 2025 2024 $ $ Total assets 1,255,512 1,243,918 Total debt ratio (1) 56.8 % 58.3 % Mortgage debt ratio (2) 51.2 % 52.5 % Weighted average interest rate on mortgage debt 4.39 % 4.33 % Market capitalization 330,125 316,841 NAV per unit (1) 5.60 5.43 Debt metrics: BTB ended the quarter with a total debt ratio (1) of 56.8%, recording a decrease of 110 basis points compared to December 31, 2024. The Trust ended the quarter with a mortgage debt ratio (2) of 51.2%, a decrease of 160 basis points compared to December 31, 2024. Liquidity position: The Trust held $5.5 million of cash and cash equivalent at the end of the quarter and $25.4 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, November 4, 2025, at 9 a.m., Eastern Time, to present BTB's financial results and performance for the third quarter of 2025. DATE:  Tuesday November 4, 2025 TIME:  9:00 a.m., Eastern Time URL ENTRY:  https://emportal.ink/42y0h3b CONFERENCE CALL:  Toronto: (+1) 289-819-1299  Montréal: (+1) 514-400-3794  North America: 1-800-990-4777 (toll-free) WEB:  https://app.webinar.net/BZnYjblVpyL PRESENTATION: A presentation will be uploaded to BTB's website prior to the call https://www.btbreit.com/investors/presentations#quarterly-meeting-presentation 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 November 11, 2025, by dialing (+1) 289-819-1450 (local) or 1-888-660-6345 (toll-free) and by entering the following access code: 93267 # 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 6.0 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 Adjusted net income Adjusted net income is a non-IFRS financial measure that starts with net income and comprehensive income and removes the effects of: (i) fair value adjustment of investment properties; (ii) fair value adjustment of derivative financial instruments; (iii) fair value adjustment of Class B LP units; and (iv) transaction costs incurred for acquisitions and dispositions of investment properties and early repayment fees. The Trust considers this to be a useful measure of operating performance, as fair value adjustments can fluctuate widely with the real estate market and transaction costs are non-recurring in nature. NON-IFRS MEASURE DEFINITION Cash Net Operating Income Cash net operating income ("Cash 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; (iv) leasing payroll expenses; (v) unit-based compensation; and (vi) 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 mortgage 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 mortgage 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 2025 2024 2024 2024 2024 2023 Q-3 Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 (in thousands of dollars, except for per unit) $ $ $ $ $ $ $ $ Net income and comprehensive income (IFRS) 9,501 6,194 7,608 18,847 5,470 7,272 7,153 1,734 Fair value adjustment on investment properties (1,269) (700) - (9,975) (283) - (6) 4,480 Fair value adjustment on Class B LP units 70 167 28 (174) 335 (21) 160 (42) Amortization of lease incentives 854 836 797 966 807 704 690 641 Fair value adjustment on derivative financial instruments 140 (176) 868 (760) 2,168 379 (325) 2,396 Leasing payroll expenses 482 525 466 739 535 433 591 401 Distributions – Class B LP units 52 52 52 52 52 53 52 52 Unit-based compensation (Unit price remeasurement) 357 201 61 (39) 342 63 409 (11) FFO (1) 10,187 7,099 9,880 9,656 9,426 8,883 8,724 9,651 Transaction costs on disposition of investment properties and mortgage early repayment fees 17 266 - - - 266 201 37 FFO Adjusted (1) 10,204 7,365 9,880 9,656 9,426 9,149 8,925 9,688 FFO per unit (1) (2) (3) 11.5¢ 8.0¢ 11.1¢ 10.9¢ 10.7¢ 10.1¢ 10.0¢ 11.1¢ FFO Adjusted per unit (1) (2) (4) 11.5¢ 8.3¢ 11.1¢ 10.9¢ 10.7¢ 10.4¢ 10.2¢ 11.1¢ FFO payout ratio (1) 65.2 % 94.0 % 67.4 % 68.8 % 70.0 % 74.3 % 75.2 % 67.5 % FFO Adjusted payout ratio (1) 65.2 % 90.6 % 67.4 % 68.8 % 70.3 % 72.2 % 73.5 % 67.2 % (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 2025 2024 2024 2024 2024 2023 Q-3 Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 (in thousands of dollars, except for per unit) $ $ $ $ $ $ $ $ FFO (1) 10,187 7,099 9,880 9,656 9,426 8,883 8,724 9,651 Straight-line rental revenue adjustment (592) 1,500 (381) (374) (247) (183) (394) (197) Accretion of effective interest 383 367 580 402 391 361 308 310 Amortization of other property and equipment 37 17 18 21 17 17 17 20 Unit-based compensation expenses (6) 159 133 247 19 (95) (9) 159 Provision for non-recoverable capital expenditures (1) (658) (610) (688) (654) (650) (644) (653) (639) Provision for unrecovered rental fees (1) (375) (375) (375) (375) (375) (375) (375) (375) AFFO (1) 8,976 8,157 9,167 8,923 8,581 7,964 7,618 8,929 Transaction costs on disposition of investment properties and mortgage early repayment fees 17 266 - - - 267 201 37 AFFO Adjusted (1) 8,993 8,423 9,167 8,923 8,581 8,231 7,819 8,966 AFFO per unit (1) (2) (3) 10.1¢ 9.2¢ 10.3¢ 10.1¢ 9.7¢ 9.1¢ 8.7¢ 10.2¢ AFFO Adjusted per unit (1) (2) (4) 10.1¢ 9.5¢ 10.3¢ 10.1¢ 9.7¢ 9.4¢ 8.9¢ 10.3¢ AFFO payout ratio (1) 74.3 % 81.8 % 72.7 % 74.5 % 76.8 % 82.9 % 86.2 % 72.9 % AFFO Adjusted payout ratio (1) 74.3 % 79.2 % 72.7 % 74.5 % 77.2 % 80.2 % 83.9 % 72.6 % (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 September 30 2024 and 2025 and December 31, 2024: (in thousands of dollars) September 30, 2025 December 31,  2024 September 30, 2024 $ $ $ Cash and cash equivalents (5,522) (2,471) (3,252) Mortgage loans outstanding (1) 648,403 665,607 655,686 Convertible debentures (1) 36,962 19,576 43,476 Credit facilities 34,144 44,298 28,171 Total long-term debt less cash and cash equivalents (2) (3) 713,987 727,010 724,081 Total gross value of the assets of the Trust less cash and cash equivalents (2) (4) 1,256,799 1,254,818 1,241,931 Mortgage debt ratio (excluding convertible debentures and credit facilities) (2) (5) 51.2 % 52.8 % 52.5 % Debt ratio – convertible debentures (2) (6) 2.9 % 1.6 % 3.5 % Debt ratio – credit facilities (2) (7) 2.7 % 3.5 % 2.3 % Total debt ratio (2) 56.8 % 57.9 % 58.3 % (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 Contact: FOR FURTHER QUESTIONS: Kassandra Antunes, Director of Marketing & Communications, (T) 514-286-0188 x236, (E) [email protected]