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MONTRÉAL , Nov. 4, 2024 /CNW/ – BTB Real Estate Investment Trust BTB (“BTB“, the “REIT” or the “Trust“) announced today its financial results for the third quarter of 2024 ended September 30, 2024 (the “Third Quarter“).

“This quarter was marked by a good performance of our properties, except for one industrial asset where the tenant declared bankruptcy, resulting in a drop in our occupancy rate to 92.3%” said Michel Léonard, President and CEO of BTB. “For the cumulative nine-month period, rental income and net operating income from the same portfolio increased by 1.5% and 4.8%, respectively, compared to the same period last year. These results reflect the organic growth of our portfolio and our sound property management. Our FFO adjusted and AFFO adjusted also increased compared to the previous quarter, reflecting the good performance of our assets. Our debt ratios remained relatively stable, with a total debt ratio of 58.3% and a mortgage debt ratio of 52.5%. In fact, strategically, we are spreading out our mortgage refinancing maturities to try to balance the fluctuations in interest rates on mortgages concluded in recent months, and, with the latest announcements from the Central Bank of Canada, the outlook appears to bode well for future mortgage financing. Subsequent to the end of the quarter, we fully redeemed the Series G debenture that matured on October 31, 2024, using BTB’s available funds, which were generated primarily through mortgage financings. As of today, only the Series H debenture remains outstanding, which will mature on October 31, 2025. This strategy demonstrates our proactive and prudent approach to debt management in the current environment. We remain committed to our strategic priorities, including targeted dispositions and acquisitions, prudent capital management and ongoing property improvements. We are confident that our disciplined approach will continue to deliver strong results and drive long-term value creation for all our stakeholders.”

SUMMARY OF SIGNIFICANT ITEMS AS AT SEPTEMBER 30th, 2024

• Total number of properties: 75
• Total leasable area: 6.1 million square feet
• Total value of assets: $1.2 billion
• Market capitalization: $317 million (unit trading price of $3.61 as at September 30, 2024)

OPERATIONAL HIGHLIGHTS

• During the quarter, the Trust completed a total of 254,912 square feet of lease renewals and 18,713 square feet of new leases. The occupancy rate decreased to 92.3%, representing a 230 basis points decrease compared to the prior quarter and a 140 basis points decrease compared to the same period in 2023. The decrease in occupancy is primarily due to the bankruptcy of Nuera Air. The Trust has already retained the services of a national commercial brokerage firm specialized in the industrial segment to lease the property. Mitigating this decrease is the addition of 45,870 square feet to the Trusts’ total leasable area recorded this quarter, as a result of the construction of an expansion to a necessity-based retail property located in Lévis, Québec, which is leased on a long-term basis to Winners/Home Sense. The increase in the average rent renewal rate for the current quarter and current cumulative nine-month period was respectively 2.4% and 4.6%.

FINANCIAL RESULTS HIGHLIGHTS

• Rental revenue: Stood at $32.5 million for the current quarter, which represents an increase of 3.9% compared to the same quarter of 2023. For the cumulative nine-month period, rental revenue totaled $97.4 million which represents an increase of 1.5% compared to the same period in 2023. During Q1 2023, the Trust recorded a one-time $1.4 million increase of rental revenue pursuant to unrecorded revenue for previous quarters associated to a specific lease (the “One-Time Adjustment“). Excluding the One-Time Adjustment, rental revenue for the current cumulative nine-month period vs the same period in 2023 would have increased by 3.1%.
• Net Operating Income (NOI): Totaled $18.8 million for the current quarter, which represents an increase of 3.8% compared to the same quarter of 2023. The increase for the quarter is due to operating improvements, higher rent renewal rates, and increases in rental spreads for in-place leases ($1.4 million). The recorded increase is partially offset by the bankruptcies of two tenants: (1) Énergie Cardio in Quebec City ($0.3 million), which space was rapidly leased to the group that purchased the assets of the bankrupt business and (2) Nuera Air, a tenant occupying 132,665 square feet in an industrial property in Laval, Québec ($0.5 million). For the cumulative nine-month period, the NOI totalled $56.0 million which represents a decrease of 0.3% compared to the same period in 2023. Excluding the One-Time adjustment, the cumulative nine-month period NOI for Q3 2024 vs the same period in 2023 would have increased by 2.3%.
• Net income and comprehensive income: Totalled $5.5 million for the quarter compared to $15.2 million for the same period in 2023, representing a decrease of $9.7 million. The result for the quarter is affected by a $6.2 million non-cash net reduction in the gain of the fair value of investment properties and a $2.8 million non-cash loss in the net adjustment of the fair value of derivative financial instruments. For the cumulative nine-month period, net income and comprehensive income totalled $19.9 million, representing a decrease of $15 million. Excluding the One-Time Adjustment, the decrease for the cumulative nine-month period from Q3 2024 vs Q3 2023 would have been $13.5 million.
• Same-property NOI ⁽¹⁾: For the quarter, the same-property NOI increased by 7.3% compared to the same period in 2023, and for the cumulative nine-month period, the same-property NOI increased by 4.8% compared to the same period in 2023. These increases are due to higher rent renewal rates of 4.6% across all three segments of the portfolio. For the cumulative nine-month period, the Trust achieved increases of rent renewal rates of 5.8% for the industrial segment, 3.2% for the suburban office segment and 6.1% for the necessity-based retail segment. The industrial segment is also positively impacted by increases in rental rates for in-place leases.
• FFO adjusted per unit ⁽¹⁾: Was 10.7¢ per unit for the quarter compared to 10.4¢ per unit for the same period in 2023, representing an increase of 0.3¢ per unit. The increase of FFO adjusted for the quarter is explained by an increase in NOI of $0.7 million offset by an increase of interest expense net of financial income of $0.5 million. For the cumulative nine-month period, the FFO adjusted was 31.3¢ per unit compared to 33.8¢ per unit for the same period in 2023, representing a decrease of 2.5¢ per unit. Excluding the One-Time Adjustment, the cumulative nine-month period FFO adjusted per unit for Q3 2024 vs the same period in 2023 would have recorded a decrease of 0.9¢ per unit. In addition, FFO adjusted per unit was negatively impacted by an increase in weighted average number of units outstanding of 1.4 million units, due to the unitholder’s participation in the distribution reinvestment plan.
• FFO adjusted payout ratio ⁽¹⁾: Was 70.3% for the quarter compared to 72.5% for the same period in 2023, an improvement of 2.2%. For the cumulative nine-month period, the FFO adjusted payout ratio was 71.9% compared to 66.5% for the same period in 2023, an increase of 5.4%. Excluding the One-Time Adjustment, the cumulative nine-month period FFO adjusted payout ratio for Q3 2024 vs the same period in 2023 would have increased by 2.0%.
• AFFO adjusted per unit ⁽¹⁾: Was 9.7¢ per unit for the quarter compared to 8.8¢ per unit for the same period in 2023, representing an increase of 0.9¢ per unit, in line with the increase of FFO adjusted explained above. For the cumulative nine-month period, the AFFO adjusted per unit was 28.0¢ per unit compared to 30.1¢ per unit for the same period in 2023, representing a decrease of 2.1¢ per unit compared to the same period in 2023. Excluding the One-Time Adjustment, the cumulative nine-month period AFFO adjusted per unit would have decreased by 0.4¢ per unit. AFFO adjusted per unit was also negatively impacted by the increase in weighted average number of units outstanding of 1.4 million units, due to the unitholder’s participation in the distribution reinvestment plan.
• AFFO adjusted payout ratio ⁽¹⁾: W as 77.2% for the quarter compared to 85.3% for the same period in 2023. For the cumulative nine-month period, the AFFO adjusted payout ratio was 80.3% compared to 74.8% for the same period in 2023, representing an increase of 5.5%. Excluding the One-Time adjustment, the cumulative nine-month period AFFO adjusted payout ratio for Q3 2024 vs the same period in 2023 would have increased by 1.1%.

BALANCE SHEET AND LIQUIDITY HIGHLIGHTS

• Debt metrics: BTB ended the quarter with a total debt ratio ⁽¹⁾ of 58.3%, a decrease of 30 basis points compared to December 31, 2023. The Trust ended the quarter with a mortgage debt ratio ⁽¹⁾ of 52.5%, an increase of 30 basis points compared to December 31, 2023.
• Liquidity position: The Trust held $3.3 million of cash at the end of the quarter and $29.3 million is available under its credit facilities. The Trust has the option to increase its capacity under credit facilities by $10.0 million, subject to lender approval. ⁽¹⁾⁽³⁾

SUBSEQUENT EVENTS

• On October 22, 2024, the Trust closed an additional revolving line of credit in the amount of $2 million, this increases the availability under its credit facilities to $31.3 million.
• On October 31,2024, the Trust fully redeemed and paid at maturity the Series G unsecured convertible debentures at their nominal value of $24 million plus accrued interest of $0.7 million using proceeds sourced from mortgage loans.

QUARTERLY CALL INFORMATION

Management will hold a conference call on Tuesday, November 5^th, 2024, at 9 am, Eastern Time, to present BTB’s financial results and performance for the third quarter of 2024. Please note that the usual telephone numbers have changed.

The media and all interested parties may attend the call-in listening mode only. 

Conference call operators will coordinate the question-and-answer period (from analysts only) and will instruct participants regarding the procedures during the call.

The audio recording of the conference call will be available via playback until November 11^th, 2024, by dialing: (+1) 289 819 1450 (local) or, (+1) 888 660 6345 (toll-free) and by entering the following access code: 44979 #

ABOUT BTB

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB REIT invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 75 properties, representing a total leasable area of approximately 6.1 million square feet.

People and their stories are at the heart of our success.

For more detailed information, visit BTB’s website at www.btbreit.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation, and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

APPENDIX 1: RECONCILIATION OF NON-IFRS MEASURES

Non-IFRS Financial Measures

Certain terms used in this press release are listed and defined in the table hereafter, including any per unit information if applicable, are not measures recognized by International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures. Explanations on how these non-IFRS financial measures provide useful information to investors and additional purposes, if any, for which the Trust uses these non- IFRS financial measures, are also included in the table hereafter.

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 table thereafter if applicable, do not have a standardized meaning prescribed by IFRS and these measures cannot be compared to similar measures used by other issuers.

NON-IFRS FINANCIAL MEASURES – QUARTERLY RECONCILIATION

Funds from Operations (FFO) ⁽¹⁾

The following table provides a reconciliation of net income and comprehensive income established in accordance with IFRS and FFO ⁽¹⁾ for the last eight quarters:

Adjusted Funds from Operations (AFFO) ⁽¹⁾

The following table provides a reconciliation of FFO ⁽¹⁾ and AFFO ⁽¹⁾ for the last eight quarters:

Debt Ratios

The following table summarizes the Trust’s debt ratios as at September 30, 2024, and 2023 and December 31, 2023:

SOURCE BTB Real Estate Investment Trust

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/04/c1462.html

ROAD TOWN, British Virgin Islands, Nov. 04, 2024 (GLOBE NEWSWIRE) — Aura Minerals Inc. ORA (B3: AURA33) ORAAF (“Aura” or the “Company“) announces that it has filed its unaudited consolidated financial statements and management discussion and analysis (together, “Financial and Operational Results“) for the period ended September 30, 2024 (“Q3 2024“). The full version of the Financial and Operational Results can be viewed on the Company’s website at www.auraminerals.com or on SEDAR+ at www.sedarplus.ca. All amounts are in thousands of U.S. dollars unless stated otherwise.

Rodrigo Barbosa, President, and CEO of Aura, commented, “We are pleased to report that we entered the first nine months of 2024 on a robust growth trajectory, achieving our fifth consecutive increase in LTM production and reaching a record-high EBITDA of US$187 million. In Q3 2024, with an average gold price of US$2,507 / Oz, we achieved record-high Adjusted EBITDA for a single quarter, at $78.1 million, over 39% higher than Q2 2024. In addition to higher production and higher gold prices, we also managed to have a 3% reduction in our AISC per GEO, keeping us on track to achieve our production and cash cost Guidance for the year. Moreover, the construction of Borborema is now 54% complete and remains on schedule, with ramp-up start anticipated for Q1 2025, setting the stage for a strong year ahead.”

Q3 2024 Financial and Operational Highlights:

(US$ thousand):

• In Q3 2024, production reached 68,246 gold equivalent ounces (“GEO“), 10% above Q2 2024 and 10% above the same period last year, at constant metal prices. The highlights of the quarter were the performance of Almas, where production stabilized at 15k GEO after the contractor replacement in Q2 2024, reaching what the Company considers a consistent level for the operation, and Minosa, which recorded another quarterly production growth. For the nine months of 2024, Aura’s total production was 200,758 GEO at current prices, 20% above the same period last year.
  • Aranzazu: Stable quarter with 24,486 GEO produced, up 8% from Q2 2024 and down 3% from Q3 2023. Improved recovery rates due to higher ore grades and mine sequencing. Cumulative production for 9M 2024 reached 70,492 GEO, steady compared to 9M 2023.
  • Minosa: Produced 20,750 GEO, an 8% increase from the previous quarter and 18% from Q3 2023, driven by higher ore stacking and grades. Rainy season impact was limited, boosting productivity. 9M 2024 cumulative production reached 59,078 GEO, a 23% rise over 9M 2023.
  • Almas: Production reached 14,975 GEO, up 42% from the previous quarter due to increased productivity and efficiency after transitioning to a new contractor. Monthly production stabilized at 5,000 GEO since June 2024. 9M 2024 production totaled 37,450 GEO, supporting confidence in meeting 2024 guidance.
  • Apoena: Produced 8,035 GEO, down 19% from Q2 2024 and 28% from Q3 2023, due to lower grades from delayed environmental permits. Lower mill throughput due to harder rock ore affected Q3 output. 9M 2024 production totaled 30,052 GEO, a 2% decrease from 9M 2023.
• Sales volumes increased by 8% from Q2 2024 and 7% when compared to the same period of 2023, mainly driven by performance in Almas and Minosa during the quarter, although partially offset by Apoena´s lower production. In the 9M 2024, sales volume increased by 21%, also driven by the improvements in Minosa and achieving full operation in Almas, which commenced in August 2023.
• Revenues reached US$156,157 in Q3 2024, representing an increase of 16% compared to Q2 2024 and 41% compared to the same period in 2023. In 9M 2024, revenues reached US$422,646, a 44% increase in comparison to 9M 2023.
  • Average gold sale prices increased 9% in Q3 2024 compared to Q2 2024, with an average of US$2,507/oz in the quarter. Compared to the same period in 2023, average gold sale prices increased 29% in Q3 2024. In 9M 2024, average gold sale prices reached US$2,289, a 19% increase when compared to 9M 2023.
  • Average copper sale prices decreased 7% when compared to Q2 2024, with an average of US$4.18/lb in the quarter. Compared to the same period in 2023, average copper prices increased by 7% in Q3 2024. In 9M 2024, average copper prices reached US$4.17/lb, a 5% increase when compared to 9M 2023.
• Record-high Adjusted EBITDA of US$78,073 during Q3 2024, surpassing the second-best quarter ever by over 30%. This performance was driven by favorable metal prices, strong production, and reduced cash costs. Adjusted EBITDA increased by 39% compared to US$56,172 in Q2 2024. Compared to Q3 2023, cash costs per GEO decreased by 11%, and, combined with higher sales and rising gold prices, which led to a 160% improvement in Adjusted EBITDA. This growth was primarily attributed to higher gold and copper prices, increased sales volumes and costs reduction. For the first nine months of 2024, Adjusted EBITDA reached US$187,449, marking a 101% increase compared to the same period in 2023.
• AISC¹ for Q3 2024 was US$1,292/GEO, reflecting a decrease of US$36/GEO from Q2 2024 (US$1,328/GEO), due to lower AISCs at Almas, Minosa, and Apoena. However, this improvement was partially offset by a rise in AISC at Aranzazu, mainly influenced by metal prices and the impact in GEO Conversion. For the first nine months of 2024, AISC averaged US$1,302/GEO, representing a reduction of US$28/GEO compared to 9M 2023 (US$1,330/GEO).
• Despite all investments in expansion, including Borborema, by the end of Q3 2024, the Company’s Net Debt position was US$144,366, stable when compared to US$142,409 reported in the previous quarter with an LTM net debt-to-EBITDA ratio of 0.63x, a reduction from 0.79x recorded at the end of Q2 2024.
• Recurring Free Cash Flow to Firm reached US$65 million in the quarter and US$115 million in 9M 2024, largely driven by the increase in EBITDA in the periods.
• Net loss of US$11,923 in 3Q 2024, a decrease compared to a net income of US$7,759 in Q3 2023, mainly due to non-cash losses related to mark-to-market (MTM) gold hedges amounting to US$56,684. For 9M 2024, net loss reached US$46,915, also largely due to non-cash losses on gold hedges of US$89,532 during the period.
• Adjusted income in Q3 2024 was positive at US$43,386, which excluded non-cash losses related to gold hedges in the period, due to the appreciation of gold prices, increase in production and reduction in cash costs. For the 9M 2024, the Adjusted Net income reached positive US$54,894, providing a measurement of profitability adjusted for the same factors in the year.

Guidance:

________________________________________
^{¹ AISC is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 18 in the MD&A: Non-GAAP Performance Measures in this MD&A.}

The Company is on track to meet its guidance for the current fiscal year, including production, cash cost, All-In Sustaining Cost (AISC), and capital expenditures, as demonstrated by the results of the first nine months.

Q3 2024 Earnings Call

The Company will hold an earnings conference call on Tuesday, November 5, 2024, at 8:00 AM (Eastern Time). To register and participate, please click the link below.

Date: November 5, 2024

Time: 8:00 AM (New York and Toronto) | 10:00 AM (Brasília)

Access Link: Click here

Key Factors

The Company’s future profitability, operating cash flows, and financial position will be closely related to the prevailing prices of gold and copper. Key factors influencing the price of gold and copper include, but are not limited to, the supply of and demand for gold and copper, the relative strength of currencies (particularly the United States dollar), and macroeconomic factors such as current and future expectations for inflation and interest rates. Management believes that the short-to-medium term economic environment is likely to remain relatively supportive for commodity prices but with continued volatility.

To decrease risks associated with commodity prices and currency volatility, the Company will continue to evaluate and implement available protection programs. For additional information on this, please refer to the AIF.

Other key factors influencing profitability and operating cash flows are production levels (impacted by grades, ore quantities, process recoveries, labor, country stability, plant, and equipment availabilities), production and processing costs (impacted by production levels, prices, and usage of key consumables, labor, inflation, and exchange rates), among other factors.

Non-GAAP Measures

In this press release, the Company has included Adjusted EBITDA, cash operating costs per gold equivalent ounce sold, AISC and net debt which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide investors with additional information which is useful in evaluating the Company’s performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The below tables provide a reconciliation of the non-GAAP measures presented:

Reconciliation from Income for the Quarter for EBITDA and Adjusted EBITDA (US$ thousand):

Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold (US$ thousand):

Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold (US$ thousand):

Reconciliation Net Debt (US$ thousand):

About Aura 360° Mining

Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining.

Aura is a mid-tier gold and copper production company focused on operating and developing gold and base metal projects in the Americas. The Company has 4 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena (EPP) and Almas gold mines in Brazil, and the Minosa (San Andres) gold mine in Honduras. The Company’s development projects include Borborema and Matupá both in Brazil. Aura has unmatched exploration potential owning over 630,000 hectares of mineral rights and is currently advancing multiple near-mine and regional targets along with the Aura Carajas copper project in the prolific Carajás region of Brazil.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”) which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, volatility in the prices of gold, copper and certain other commodities, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Financial Outlook and Future-Oriented Financial Information

To the extent any forward-looking statements in this press release constitute “financial outlooks” within the meaning of applicable Canadian securities legislation, such information is being provided as certain estimated financial metrics and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Such information was approved by the company’s Board of Directors on November 4, 2024. Financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, may differ materially from values provided in this press release.

For more information, please contact:
Investor Relations
ri@auraminerals.com
www.auraminerals.com

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