BTB Real Estate Investment Trust (TSE:BTB.UN) reported lower first-quarter revenue and cash flow metrics as planned tenant departures, free rent and a tenant rent reduction weighed on results, while management continued to reposition the portfolio toward industrial properties.
President and Chief Executive Officer Michel Léonard said BTB ended the quarter with a portfolio of 74 properties totaling 6 million square feet and total assets of CAD 1.3 billion. He said the REIT is continuing to sell certain properties, “mostly office properties,” and redeploy capital into industrial assets.
