KEY-T 0.18 BIP.UN-T -0.15 POW-T -0.1 BBD.B-T 1.53 UNH-N -5.61 NTR-T 0.52 TGT-N 1.27
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Paul Gardner, CFA BTB Real Estate Investment Trust BTB.UN-T SELL May 16, 2019

REIT that specializes in eastern Ontario and Quebec. He initiated the position in 2010. When you do the math he made 13.5% annualized. Problem is they are over distributing. They got to a point f exhaustion. It is a great exit point.

Paul Gardner, CFAPaul Gardner, CFA
No
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$4.890

Stock price when the opinion was issued

income trust
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DON'T BUY

BTB Real Estate Investment Trust(BTB.UN-T)

Apr 09, 2019
He used to own this. It had B- level properties instead of A-. You can hold this, but other REITs perform better. A sleepy company with OK assets but will move sideways. Collect the dividend only.
Paul Harris, CFAPaul Harris, CFA
Unknown
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$4.760

Stock price when the opinion was issued

income trust
SELL

BTB Real Estate Investment Trust(BTB.UN-T)

Jul 23, 2019
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.
Paul Gardner, CFAPaul Gardner, CFA
No
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$4.750

Stock price when the opinion was issued

income trust
DON'T BUY

BTB Real Estate Investment Trust(BTB.UN-T)

Sep 24, 2019
Owned this for 6 years, but couldn't understand why the 8.2% yield was so high. If there's a bump (a bad earnings report), he worries what would protect this. He means 120% in over-distributing. Great properties in eastern Ontario and Quebec, but it's hard for them to grow.
Paul Gardner, CFAPaul Gardner, CFA
No
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$4.790

Stock price when the opinion was issued

income trust
DON'T BUY

BTB Real Estate Investment Trust(BTB.UN-T)

Mar 05, 2020
Over time it will be challenging to grow their net operating income. Their high distribution yield is probably pretty tight in terms of coverage.
Andrew MoffsAndrew Moffs
No
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$5.250

Stock price when the opinion was issued

income trust
COMMENT

BTB Real Estate Investment Trust(BTB.UN-T)

Apr 22, 2020

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.

Bryden TeichBryden Teich
Unknown
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$3.770

Stock price when the opinion was issued

income trust
DON'T BUY

BTB Real Estate Investment Trust(BTB.UN-T)

Apr 30, 2020
It is a diversified REIT focused in the Quebec secondary markets. It is retail and office. He is concerned about the distribution.
Andrew MoffsAndrew Moffs
Unknown
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$4.280

Stock price when the opinion was issued

income trust
DON'T BUY

BTB Real Estate Investment Trust(BTB.UN-T)

Apr 08, 2021
Got out because risk/return was not in his favour. His concern was over-distribution, quality of assets, liquidity issues because it's smaller. Still struggling to grow. Doesn't fit his themes right now. Yield is 7.1%.
Paul Gardner, CFAPaul Gardner, CFA
No
Unlock Rating
$4.220

Stock price when the opinion was issued

income trust
HOLD

BTB Real Estate Investment Trust(BTB.UN-T)

Mar 30, 2023

Smaller cap. Income focused, with a yield around 8.5%. 50% office, 25% retail, 20% industrial. Goal is 60% industrial over 4-5 years. Issue will be having to sell assets to get there. Office space is difficult right now, both operationally and to sell. 25% discount to NAV. Pretty safe.

Andrew MoffsAndrew Moffs
No
Unlock Rating
$3.520

Stock price when the opinion was issued

income trust
BUY

BTB Real Estate Investment Trust(BTB.UN-T)

Feb 14, 2025

Most exposure is in Quebec. Lots of office space exposure. But could see a business turnaround. Would recommend buying and holding. 

Derek WarrenDerek Warren
Unknown
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$3.340

Stock price when the opinion was issued

income trust

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