Slides
Page 1
November 4th, 2025 TSX: BTB.UN Quarter ended September 30th, 2025
Page 2
Presented by Michel Léonard President & Chief Executive Officer Quarterly Overview
Page 3
Quarter at a Glance 6.0M sq. ft. | 73 Properties | $1.3B Total asset value 3 Densification Actively involved in zoning change to create density on two sites by adding residential units in Montréal and in Ottawa. After quarter-end, on October 30, 2025, BTB disposed of its 50% interest in a small retail property located at 5791 Laurier Blvd, in Terrebonne, Quebec, for total proceeds of $3.1M, excluding transaction costs and adjustments. On July 11, 2025, BTB disposed of an office property located at 1170, Lebourgneuf Blvd., in Québec City, for total proceeds of $10.5M, excluding transaction costs and adjustments. Dispositions
Page 4
4 Geographic region percentages presented based on square footage. Real Estate Portfolio 54%14% Ottawa 7% Montréal Saskatoon 3% 3 properties 0.2M sq.ft. Industrial 11 properties 0.8M sq.ft. Industrial Suburban office 10 properties 0.4M sq.ft. Industrial Suburban office 38 properties 3.3M sq.ft. Industrial Suburban office Necessity-based retail 20% 9 properties 1.2M sq.ft. Industrial Suburban office Necessity-based retail Edmonton 2% 2 properties 0.1M sq.ft. Suburban office Quebec City Trois-Rivières Asset type percentages presented based on property value. Necessity-based retail Industrial Suburban office Q3 2025Q3 2024Q3 2023Q3 2022 51% Q1 2021 41% (-10%) 27% 23% (-4%) 36% (+14%) 22%
Page 5
5 Highlights & Key Metrics 6.0M sq. ft. 6.1M sq. ft. (Q3 2024) Leasable area -2.1% vs Q3 2024 $1,225M $1,216M (Q3 2024) Fair value of investment properties +0.7% vs Q3 2024 280,635 sq. ft. Renewals and new leases 91.5% 92.3% (Q3 2024) Occupancy rate -80 bps vs Q3 2024
Page 6
Presented by Stéphanie Léonard Senior Director of Leasing Leasing Activity
Page 7
7 Leasing & Renewal Activity A totalof 280,635 sq. ft. were renewedor leasedduringthe quarterand 591,764 sq. ft. for the year to date. Concludeda new lease with Kraft Heinz Company, in Montréal,Quebec, representing80,000 sq. ft. (recorded as “committed” in the industrial segment) and with SFL Gestion de Patrimoine in Trois-Rivières, Quebec, representing7,240 sq. ft. in the office segment. The remainingactivityof 41,439 sq. ft. was mainly concentrated in our suburbanofficesegmentin QuébecCity. Important lease renewals were concluded during the quarter in our suburban office segment located in Montréal,Quebec, with the Governmentof Québec representing26,900 sq. ft. and in the necessity-based retail segment in Dollard-Des Ormeaux, Quebec, with Lowblaws Company Ltd (Pharmaprix Shoppers Drug Mart), representing18,038 sq. ft. An additional12,618 sq. ft. were renewed in the suburbanoffice segment with Analog DevicesInc. in Ottawa,Ontario. Lease renewal rate for the quarter was impacted by an 80,000 sq. ft. industrial departure, replaced immediately by Kraft-Heinz Company with no downtime between tenancies. While this transaction had no impact on the portfolio occupancy rate, it was recorded as a new lease, thereby reducing the renewal rate for the quarter by 36%. Early lease renewals totalled 61,961 sq. ft., with the most noteworthy transaction concluded in the suburban officesegmentwith HewlettPackardEnterpriseCanadaCo. for 29,611 sq. ft. in Montréal,Quebec. Achievedan increaseof 14.5% in the average rent renewal rate for the quarter. The suburban office segment recorded the highest rent renewal rate by 15.4%, while necessity-based retail reported a 8.3% increase. Occupancy rate reached 91.5%, increasingby 30 basis points compared to the prior quarter, and decreasing 80 basis points compared to the same period in 2024. The decrease in the occupancy rate is primarily due to the known departure of an industrialtenant that occupied 24,014 sq. ft. located in Edmonton, Alberta. BTB has alreadyretainedthe servicesof a brokerageteam to lease the property. New Leases (Q3 2025)128,679 sq. ft. Average lease renewal rate increase (Q3 2025) 14.5% Total Leases Renewed (Q3 2025) 151,956 sq. ft. Occupancy rate (Q3 2025) 91.5% Total Leasing Activity (YTD) 591,764 sq. ft.
Page 8
8.8 12.2 11.9 9.2 2.4 8.3 14.5 11.3 Q3 2022 2022 Q3 2023 2023 Q3 2024 2024 Q3 2025 2025 YTD 93.5 93.7 92.3 91.5 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Total Portfolio Committed Occupancy (%) 8 (1) Based on renewed leases during the period Increase (Decrease) in Average Rent Renewal Rates(1) (%) Leasing Performance
Page 9
6655 Pierre-Bertrand, Québec, QC 9 6700 Pierre-Bertrand “Place d’affaires Lebourgneuf Phase II", Québec, QC 1325 Hymus, Dorval, QC Positive Leasing Dynamics – New Leases 1500 rue Royale, “Complexe de Léry” Trois-Rivières, QC
Page 10
5810 Sherbrooke Street E., Montréal, QC 10 3761-3781 des Sources, Dollard-des-Ormeaux, QC 2344 Alfred-Nobel, Saint-Laurent, QC Positive Leasing Dynamics – Renewals 2611 Queensview Drive, Ottawa, ON
Page 11
Presented by Marc-André Lefebvre Vice President & Chief Financial Officer Financial Overview
Page 12
Results 12 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation. Financial Highlights $32.9M $32.5M (Q3 2024) Rental Revenue +1.1% vs. Q3 2024 $19.9M $18.8M (Q3 2024) Net Operating Income (NOI) +5.9% vs. Q3 2024 11.5¢/u 10.7¢/u (Q3 2024) FFO Adjusted(1) +7.5% vs. Q3 2024 74.3% 77.2% (Q3 2024) AFFO Adjusted Payout Ratio (1) -3.0% vs. Q3 2024 Financial Position $30.9M Available Liquidity Q3 2025 56.8% Total Debt Ratio(1) (-150 bps vs. Q3 2024) $20.0M $19.2M (Q3 2024) Cash Same Property NOI(1) +4.2% vs. Q3 2024 51.2% Total Mortgage Debt Ratio (1) (-130 bps vs. Q3 2024) 7.5¢/u Distribution per unit Q3 2025 $20.1M $19.3M (Q3 2024) Cash Net Operating Income (Cash NOI) (1) +4.2% vs. Q3 2024 10.1¢/u 9.7¢/u (Q3 2024) AFFO Adjusted(1) +4.1% vs. Q3 2024
Page 13
0.088 0.086 13 Rental Revenue & NOI 30.0 31.3 32.5 32.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Rental Revenue ($M) +1.1% vs Q3 2024 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Net Operating Income ($M) Cash Net Operating Income (Cash NOI) ($M) (1) +4.2% vs Q3 2024 +5.9% vs Q3 2024 18.0 18.2 18.1 17.9 18.8 19.3 19.9 20.1 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation. Q3 2022 Q3 2023 Q3 2024 Q3 2025
Page 14
10.2 8.8 9.7 10.1 Q3 2022 Q3 2023 Q3 2024 Q3 2025 AFFO adjusted per unit (1) +4.1% vs. Q3 2024 14 FFO Adjusted Per Unit & AFFO Adjusted Per Unit(1) (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation. 11.5 10.4 10.7 11.5 Q3 2022 Q3 2023 Q3 2024 Q3 2025 FFO adjusted (1) per unit (¢) +7.5% vs Q3 2024
Page 15
73.6 85.3 77.2 74.3 Q3 2022 Q3 2023 Q3 2024 Q3 2025 AFFO adjusted (1) Payout Ratio (%) -2.9% vs. Q3 2024 15 AFFO Adjusted Payout Ratio(1) (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation.
Page 16
31.4% Market capitalization ($330.1M) (2) 61.6% Mortgages (4) ($648.4M) 3.8% Convertible debentures (3) ($40.3M) 3.2% Credit facilities ($34.1M) 16 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financial measure section of this presentation. (2) At Setember 30, 2025, unit trading price of $3.74/unit. (3) To reconcile with the Trust’s consolidated financial statements and accompanying notes, reduce by the unamortized financing expenses of $1.9M and reduce by the conversion and redemption options liability component value at issuance of $3.3M. (4) Excluding $2.3 M of unamortized financing expenses. Enterprise Value (Q3 2025) - $1,052.9M Mortgages Outstanding $648.4M | 4.39% weighted average interest rate (an increase of 6 bps compared to September 30, 2024) | 2.33 years weighted average term of mortgages Capital Structure Convertible Debentures (6) Series I | $40.25M | 7.25% interest rate | Maturity: Feb. 2030 Conversion price ($4.10 per unit) Credit Facilities ($25.4M available) $34.1M | CORRA + 225 bps or prime +100 bps Total Debt (7) (8) $719.5M | 4.59% weighted average interest rates for total debt Net Debt / GBV (1) (including convertible debentures (3)) 56.8%, a decrease of 110 basis points compared to December 31, 2024 Cash $5.5M Net Debt (5) $714.0M Total Assets Gross Book Value $1,256.8M IFRS NAV $5.60/u (5) Includes convertible debentures, mortgages and credit facilities less cash. (6) Convertible debentures Series I is presented at its nominal value of $40.25M. (7) Includes convertible debentures Series I, mortgages and credit facilities. (8) Convertible debentures Series I is composed of non-derivative liability component excluding unamortized financing expenses of $1.9M.
Page 17
Mortgage payable Convertible debentures Available Liquidity $5.5M in cash plus $25.4M of available credit facility for a total of $30.9M. In millions of dollars Debenture – Series I $40.3M maturing February 28, 2030. 17 (1) Percentage of total debt excluding credit facilities maturing each year (2) For the next 3 months Debt Maturities 31 48 188 143 92 95 83 40 AVAILABLE LIQUIDITY 2025 2026 2027 2028 2029 2030 + 7 % (2) 27 % (1) 21 % (1) 13 % (1) 14 % (1) 18 % (1)
Page 18
Presented by Michel Léonard President & Chief Executive Officer Closing Remarks
Page 19
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 assume no obligation to update or revise such forward- looking statements to reflect new events or circumstances, except as required under applicable securities regulations. 19 Forward-Looking Statements
Page 20
The following terms and measures used in this presentation, including but not limited to, Funds from Operations (FFO); FFO / Unit, FFO Adjusted, FFO Adjusted / Unit, Adjusted Funds from Operations (AFFO); AFFO Adjusted, AFFO Adjusted / Unit, AFFO Adjusted payout Ratio, Same Property NOI, Cash Same Property NOI, Total Debt Ratio and Total Mortgage Debt Ratio, including any per unit information if applicable, are non-IFRS performance measures and do not have standardized meanings prescribed by IFRS. For full definitions and reconciliations of these non-IFRS measures, refer to the "Non-IFRS Financial Measures” section in BTB’s management discussion and analysis (“MD&A”) for the quarter ended September 30, 2025, which is dated November 3, 2025. The MD&A is available on the Canadian Security Administrators (“CSA”) website at www.sedar.com and on our website at www.btbreit.com. Explanations on how these non-IFRS financial measures provide useful information to investors and the additional purposes, if any, for which the Trust uses these non- IFRS financial measures, are also included in the MD&A. IFRS are International Financial Reporting Standards defined and issued by the IASB, in effect as at the date of this presentation. 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 MD&A if applicable, do not have a standardized meaning prescribed by IFRS and these measures cannot be compared to similar measures used by other issuers. 20 Non-IFRS Measures