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Earnings

BTB Q4 & Year-End 2025 Results: Great leasing traction with Rent Renewal Rates Increase of 10.6% and leasing activity totalling 742,162 square feet for the year

By The Northwire Desk — AI Analysis Feb 24, 2026 · 20:00 BTB · 4.27
BTB · Price

Executive Summary

  • BTB Real Estate Investment Trust reported Q4 2025 and full‑year 2025 results, showing modest revenue growth (+0.1 M) and a slight decline in net income to a loss of $0.9 M for the quarter (full year net income $22.4 M).
  • Leasing activity totaled 742,162 sq ft for 2025, with lease renewals up 10.6 % on average rent renewal rate and new leases adding 268,325 sq ft. Occupancy fell to 91.3 % year‑end due to two vacant industrial properties.
  • Debt metrics improved modestly; total debt ratio decreased to 57.0 % (down 90 bps) and mortgage debt ratio to 51.3 %. Cash on hand $5.4 M with $25.0 M available under credit facilities.

Key Details

  • Leasing Highlights
  • Total leasing activity 2025: 742,162 sq ft (renewals 473,837 sq ft; new leases 268,325 sq ft).
  • Average rent renewal rate increased 10.6 % year‑over‑year.

  • Q4 2025 leasing activity: 150,398 sq ft (renewals 117,190 sq ft; new leases 33,208 sq ft).

  • Occupancy

  • Year‑end occupancy: 91.3 % (down 1.4 pts vs. 2024).

  • Two industrial properties vacant (132,665 sq ft and 24,014 sq ft).

  • Financial Performance

  • Rental revenue FY 2025: $130.1 M (↑ $0.1 M YoY).
  • Cash same‑property NOI FY 2025: $78.5 M (+1.9 % YoY).
  • Net income Q4 2025: $(0.9) M (loss vs. $18.8 M gain in Q4 2024).
  • Full‑year net income FY 2025: $22.4 M (down $16.4 M YoY).
  • AFFO adjusted per unit FY 2025: 38.8¢ (↑ 0.7¢ YoY).

  • AFFO payout ratio FY 2025: 77.3 % (‑1.4 pts vs. 2024).

  • Dispositions

  • Oct 30 2025: Sold 50 % interest in retail property at 5791 Laurier Blvd, Terrebonne for gross proceeds of $3.1 M (ex‑costs).

  • Debt & Liquidity

  • Total debt ratio FY 2025: 57.0 % (down 90 bps).
  • Mortgage debt ratio FY 2025: 51.3 % (down 150 bps).

  • Cash & cash equivalents end‑Q4 2025: $5.4 M; credit facilities available: $25.0 M.

  • Balance Sheet Highlights

  • Total assets: $1.244 B (down from $1.256 B).
  • Market cap: $361 M (unit price $4.09).

  • NAV per unit FY 2025: $5.52 (vs. $5.57 YoY).

  • Conference Call

  • Date: Wednesday, Feb 25 2026, 9:00 a.m. ET.
  • Access via webcast link provided in release.

Notable Quotes

“BTB's performance in 2025 reflects healthy results across leasing, rental income and financial metrics… We concluded new leases and lease renewals totalling over 742,000 square feet…” – Michel Léonard, President & CEO.

Read the original news release →

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