BTB Real Estate Investment Trust (BTB.UN.TO)

(Market Call Minute.) A small cap in Quebec. Highly levered, high payout. It all comes under your view on the Quebec economy. He is on the sidelines.

(Market Call Minute.) Québec focused. High payout and high debt.

(Market Call Minute.) Not a bad REIT. Good yield.

An entire Quebec play. 70% debt, so very highly levered, and also has a high payout ratio. He doesn’t like it for those reasons.

(A Top Pick March 31/15. Down 6.46%.) Real estate focused on Eastern Ontario and Québec. Their active strategy is to upgrade their portfolio and sell non-core assets. The biggest issue is that they are still over levered. Fantastic yield of 9%-10%.

A Québec focused REIT. Payout ratio and debt are a little high. He really likes the way they really own their Québec market. If you believe in Québec, this is a good name to invest in. Dividend yield of 10%.

(Top Pick Sep 10/14, Down 3.93%) It is too cheap. Office, industrial and retail in Quebec and Eastern Ontario. Their funding costs are dropping. They are thought to be slightly over levered. It has to grow more. It trades at about 10% discount to its NAV. Its properties are good and it should continue to do well over time. It had some softness last quarter and that is why it is down. 10% yield.

When you are buying shares in a REIT, you are really buying real estate. The real estate has a management team that should be working in your interest. He does not own this because he has had some concerns, but has a soft spot for the Québec economy and it may be time to be buying into it.

A fine way to play the Quebec recovery. It has a little too much debt for his liking. He has been trying to increase his Quebec exposure however.

People aren’t talking about Quebec any more. Perhaps that is the opportunity. Their management understands the Quebec market very, very well. They have a bit higher debt, but are a great way to play Quebec if you believe in the space.

The leverage is relatively high. The payout ratio is fine. It is a Quebec based REIT. He sees better risk/reward ratios elsewhere. There is no catalyst for the next 3 or 4 quarters. You will get your yield, but no capital appreciation if you hold it.

The REIT group is a great sector to move into over the summer. This particular stock has been outperforming the group. It has broken its overhead resistance of just under $5 which that is a good sign. You are coming into an OK season to own any REIT, and this is probably a leader within the group.

Québec industrial, retail and office. The biggest knock is that they had over distributed and were overleveraged. 3 years later, they have increased their distribution. Have had good re-leasing of their properties. Have room to grow and to increase their distributions. Québec and Ottawa are doing just fine in this space. Yield of 8.7%.

This is a levered play to the Québec economy. Quite well-run. Management understands the market and the players. This is a stock with a high payout and quite high debt.

Québec focused. Has a higher debt than Cominar (CUF.UN-T), which means that if you believe that the Québec recovery will continue, this is a good way to play it. This is a little small for his holdings. Has done quite well over time. Doesn't like to see the debt so high.