BTB REIT lease renewals soared in the fourth quarter of 2023.

Montreal-based BTB reported that its lease-renewal rate jumped slightly more than 20 percentage points year-over-year to 73.4% from 53%. The REIT renewed leases for 158,790 square during the final quarter of 2023.

For all of 2023, BTB completed about 500,000 sf in lease renewals and approximately 300,000 sf in new leases.

These efforts drove occupancy to 94.2%, up 49 bps from the previous quarter and 99 bps points from full-year 2022, the REIT said in its quarterly report.

Total 2023 renewals of 62.4% were down 60 bps from 63% at year-end 2022.

However, rental revenues reached an all-time high of $127.8 million in 2023, up 7% from the previous year.

“This achievement is a testament to the effectiveness of our leasing strategies and the strategic repositioning of our portfolio,” said Michel Léonard, BTB’s president and CEO. “The total weight of our total industrial properties increased to 36.4%, from 18.1% in 2020.”

BTB focuses on industrial, off-downtown core office, and necessity-based retail properties across Canada. BTB currently owns and manages 77 properties.

Photo: BTB REIT