BTB Real Estate Investment Trust BTBIF

Primary Symbol: T.BTB.DB.H Alternate Symbol(s): T.BTB.UN

Real Estate REIT - Diversified

BTB Real Estate Investment Trust (the Trust) is a Canada-based real estate investment trust (REIT). The Trust’s primary objective is to maximize total return to unitholders, to generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders, to grow the Trust’s assets through internal growth and accretive acquisitions, and optimize the value of its assets through dynamic management of its properties to maximize their long-term value. The Trust invests in industrial, off-downtown core office and necessity-based commercial properties across Canada for the benefit of its investors. The Trust owns and manages approximately 75 properties, representing a total leasable area of approximately 6.1 million square feet. The Trust operates through three segments, which include Industrial, Off downtown core office and Necessity-based retail. The Trust’s operations are located in the provinces of Quebec, Ontario, Alberta and Saskatchewan.

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BTB Real Estate Investment Trust > Question - Rise in Value of Industrial Portfolio FY22->FY23

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Comment by b919191on Nov 02, 2024 6:41pm

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Post# 36293941

RE:RE:RE:Question - Rise in Value of Industrial Portfolio FY22->FY23

So it looks to me like something is going on with the Saskatchewan portfolio.

In 2021, BTB bought the following 4 properties with a total combined leasable area of 223,472sqft. (all of them in December 2021, so at the very end of the year)

3542 Millar Avenue

318 - 68th Street

3911 Millar Avenue

3927 and 3931 Wanuskewin

BTB would have spent a total of $41mn to buy these properties, which on page 8 of the 2021 annual report were reported to be worth $41.1mn.

Now in 2022, BTB did not buy anything in Saskatchewan, and on page 15 of the 2022 annual report, the same 4 properties (with a total 223,472 sqft) were now worth a combined $86mn, so only one year after purchasing these Saskatchewan properties, their value more than doubled...

What am I missing?
Keep in mind these 4 properties were 100% leased when purchased, so how did they increase in fair value so much?