BTB Establishes $30,000,000 At-the-Market Equity Program

• BTB Real Estate Investment Trust established a $30,000,000 At-the-Market (ATM) equity program on May 14, 2026.
• The program allows for periodic issuance and sale of trust units from treasury at prevailing market prices via the TSX.
• Net proceeds are designated for debt repayment, working capital, acquisitions, development activity, and general corporate purposes.
• National Bank Capital Markets and Canaccord Genuity act as agents with a 2.0% commission on gross proceeds.
• The program is linked to the Base Shelf Prospectus dated December 19, 2025.
• This follows the Q1 2026 earnings release (May 12) where management explicitly stated an intention to establish this program during Q2 2026.

• The ATM program is not a surprise; it was forecasted in the immediately preceding Q1 results, classifying it as routine rather than material news.
• While equity issuance dilutes existing shareholders, the capital raises liquidity and allows for debt repayment, which is prudent given the high AFFO payout ratio of 87.2% reported in Q1.
• The decline in Net Operating Income (NOI) by 10.3% year-over-year suggests organic cash flow pressure, making external capital necessary to maintain operations or fund acquisitions without increasing leverage further.
• Strategic investor Ewing Morris holds approximately 9.85% of the company; dilution from this program may impact their position but aligns with long-term value creation goals stated in their tender offer completion.
• The market likely priced in this financing need during the Q1 earnings release, minimizing immediate price volatility upon announcement.

• BTB Real Estate Investment Trust is a Canadian REIT focused on industrial, office, and retail properties with a strategic repositioning toward industrial assets.
• Flagship development involves acquiring fully leased industrial properties in Alberta (e.g., Leduc) to enhance geographic diversification near the Edmonton International Airport.
• The portfolio includes mixed-use office properties in Quebec City which are being disposed of to optimize asset mix.
• Current occupancy stands at 91.8% as of Q1 2026, with leasing activity totaling over 200,000 sq. ft. for the quarter.