05:20 PM EDT, 05/06/2024 (MT Newswires) -- BTB Real Estate Investment Trust (BTB-UN.TO) on Monday released first-quarter results.

Rental revenue stood at C$32.6 million for the current quarter, a decrease of 0.8% compared to the same quarter of 2023.

Net Operating Income (NOI) totaled C$18.4 million for the current quarter, a decrease of 3.4%.

BTB completed a total of 95,538 square feet of lease renewals and 58,062 square feet of new leases for the quarter. The occupancy rate stood at 94.5%, representing a 41 basis points increase compared to the prior quarter, and a 130 basis points increase compared to the same period in 2023. The increase in the average renewal rate for the quarter was 8.4%.

The REIT's units closed up C$0.04 to C$3.21 on the Toronto Stock Exchange.