Opinions
Andrew Moffs
BTB Real Estate Investment Trust
BTB.UN-T
HOLD
Mar 30, 2023
$3.520
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.
income trust
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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.