Opinions
Rob Tetrault, BA, JD, MBA, CIM
BTB Real Estate Investment Trust
BTB.UN-T
BUY
Mar 09, 2018
$4.520
Stock price when the opinion was issued
income trust
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SELL
He recently got out about three months ago. They bought is in 2012 at much lower levels. Their assets are focused in Eastern Ontario and Quebec. He feels they are over distributing -- over 100% payout. That is okay for while, but it is not sustainable. Industry wide payouts are down to 80%. Their properties are getting better with some recent selling of non-core assets. They yield may be vulnerable. He would be a seller.
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COMMENT
Dividend safe? He owned BTB.UN a few years ago as they held light industrial and commercial real estate around Montreal. The issue going back 3-4 years ago was they had issues meeting financial metrics, which he feels was due to them over distributing earnings. He would prefer to hold WPT and GRT.UN.
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HOLD
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He likes this company although it has retraced in price somewhat. If you are not worried about Quebec separating, the 9.5% yield is great. It has about 75 properties. As a more senior REIT, they are able to acquire debt at much lower rates. The dividend is not at risk. He would buy it on this dip. Yield 9.5%.