Ms. Kassandra Antunes reports

BTB REIT RESPONDS TO PARTIAL TENDER OFFER BY EWING MORRIS FLEETWOOD LP

BTB Real Estate Investment Trust has confirmed that the board of trustees of the REIT is aware of the news release issued on Sept. 4, 2025, related to a partial tender offer by Ewing Morris Fleetwood LP, an investment vehicle managed by Ewing Morris & Co. Investment Partners Ltd., to acquire up to eight million units of BTB at a price of $3.80 per unit.

The REIT was first notified by Ewing Morris in relation to this matter on Sept. 3, 2025. The board is carefully reviewing and will assess the partial tender offer on its merits.

About BTB Real Estate Investment Trust

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB 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 73 properties, representing a total leasable area of approximately 6.1 million square feet.