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

Western Quebec and Eastern Ontario. Now they have a payout ratio below 100%. They own a mix of industrial and retail assets that are decent. Energy costs are low in Quebec so he sees a migration there for light industrial.

A highly levered Quebec REIT. Once Quebec economy starts to improve your returns are exemplified. It is a high yield / high growth model. A bit risky for his taste.

A relatively small REIT. His focus is on REITs where the payout ratio is relatively low, and this one is hovering around 95%. NAV estimate is about $5, so it is trading at a bit of a discount. You are getting a very high single-digit yield, but there is better bang for your buck. He would look at others.

Quebec focused small cap REIT. You have to have a thesis on Quebec and the growth prospects for their economy. But post-election things are looking quite stable. They are trying to reduce their leverage, but raised their dividend recently. He likes the former, but not the latter when they have a high payout ratio. Thinks the dividend is safe, but they will get less institutional buy in.

Small cap Quebec based REIT. If you want to take the position that Quebec is undervalued, and there is an opportunity, and the economy is going to recover and accelerate, then you can look at Cominar (CUF.UN-T) and this one. 9% yield.

(A Top Pick April 1/13. Up 9.85%.) Focused in Québec. The problem with it is that it over-promised and overpaid back in 2006-2011. They now have a much more conservative balance sheet.

(Market Call Minute) Long term leases, very bond like. Likes the sector but prefers WPC-N.

(A Top Pick Jan 21/13. Up 7.96%.) Had not fallen off as much as other REITs. Owns Québec-based office and light industrial. Their funding is getting cheaper and cheaper. Trades at a discount to its NAV. Still likes. 8.5% yield.

Québec-based high-yield REIT. Very small. You have to be comfortable with where you see the picture of Québec going. Economy has been a bit unstable. A well-run organization. 8.76% dividend yield.

A small Québec-based REIT. The dividend is safe. If you believe that the Québec economy is going to turn around and there will be more growth, this would be a good way to play that. Being a smaller vehicle it is able to come on an accelerated basis, grow out of that. Wait for the economic lift.

You sell what is more liquid. There is nothing wrong with this one except portfolio is lower quality. He would prefer something with expectation of distribution growth.

This is a small cap REIT and the small caps are going to have a little difficulty going forward, when it comes to financing. Very good management which knows its core markets, in this case Québec. Market in general has been down on Québec for some time. Advantage of that is that on any further declines there is stability to be had in any of the Québec names.

Turned company around since 2006. Payout ratio is now reasonable. They have liquidity and they have made good acquisitions. 8% yield. Would like them to lower their leverage. Thinks they have properties that give off good cash flow.

8.6% yield. It trades at a discount to NAV (80%). They have gotten bigger and have received better financing rates over the last year. Payout ratio has dropped under 100%. It is possible that this kind of company is more desirable to a larger entity.

(Top Pick Jan 18/12, Up 6.3%) It did not participate in the REIT rally because their balance sheet was out of whack, but that was cured. On a valuation basis it is trading at a discount to NAV. 9% yield. Acquisitions were accretive.