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TB Real Estate Investment Trust (BTBIF) reported a strong leasing performance in 2024, with nearly 1 million square feet of total leasing activity. The occupancy rate increased to 92.7%, driven by positive trends in tenant retention and space utilization. BTBIF successfully delivered a new Winners/HomeSense store on time and on budget, demonstrating effective project management.

    The company achieved an 18.7% lease renewal spread across all business segments for the year, indicating strong demand and effective lease negotiations. To enhance financial flexibility, BTBIF issued a $40 million convertible debenture with a 7.25% interest rate.

    However, the company faced challenges in Q4 2024, including a decrease in Net Operating Income (NOI) by 0.9% due to tenant bankruptcies and an increase in the weighted average interest rate on its mortgage portfolio by 18 basis points. BTBIF also suspended its distribution reinvestment plan to eliminate dilution.

    BTBIF's financial highlights include:

    * Total asset value: $1.3 billion

    * Portfolio size: 6.1 million square feet across 75 properties

    * Rental revenue increase: 2.3% for Q4 2024 and 1.7% for the full year 2024

    * Investment properties value: $1.2 billion at the end of 2024

    * Total debt ratio: 57.9%

    * Cash and credit availability: $2.5 million in cash and $15.2 million available under credit facilities

    The company's liquidity position has improved, but it faces challenges related to tenant bankruptcies and rising borrowing costs.