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TSE:BTB.UN
BTB Real Estate Investment Trust (BTB.UN.TO)
3.86
+0.02 (0.52%)
as of Jun 19, 2026, 8:00:00 pm Market Open.
108 watching
Financials 
Technical Analysis 0
DON'T BUY
DON'T BUY
Most of their assets are based in Québec where there has really been a slowdown in manufacturing activity and economic growth has not been as good as in Western Canada. Because of this, this REIT has really gone sideways. Payout ratio of about 100% and management really needs to focus on improving the quality of their portfolio and increasing occupancy.
income trust
PAST TOP PICK
(Top Pick May 17/11, Up 9.45%) Own office industrial in Quebec. Quebec economy is doing really well. It will go up only a little, but the distribution is stable.
Paul Gardner, CFAOwned
income trust
BUY
Just did some equity financing. He thinks it is a consistent player. It trades at a slight discount to NAV. Good enough portfolio to get you an 8% yield.
Paul Gardner, CFAOwned
income trust
TOP PICK
(A Top Pick Jan 18/11. Up 12.98%.) Diversified into office and retail. Focused in Québec. Healthy 8.5% yield. Now have liquidity so will be saving a lot of interest expense. The rate at 11X AFFO, which is not unreasonable. Could be a takeout target.
Paul Gardner, CFAOwned
income trust
COMMENT
This one comes under the category of caveat emptor. Interesting group and have a fairly high yield. Into all sorts of things in the province of Québec, usually in secondary markets. As far as he is concerned they are survivors. If things get tough, they have more trouble financing. A bit more yield and if you are happy with Québec, it's fine.
Charles DillinghamOwned
income trust
PAST TOP PICK
(A Top Pick Nov 1/10. Up 25.38%.) Small cap commercial real estate trust, focused mostly in Québec. Properties are decent and management is okay. Trades at a discount to NAV. Numbers just came out and they were decent. Probably worth about $1.20. Distribution is sustainable at 9%.
Paul Gardner, CFAOwned
income trust
TOP PICK
Trades at a cheap level to net asset value. Own properties in Quebec and Ottawa. Light industrial. Cut distribution twice in dark days. Sustainable distribution and liquidity now.
Paul Gardner, CFAOwned
income trust
WEAK BUY
Very much caveat emptor. Located in Quebec. Have bought some nice properties but they are very small. A bit too much debt and payout ratio is a bit. Has added some credible people to staff. He has a very tiny position.
Charles DillinghamOwned
income trust
BUY
Have survived all the troubled times. Interesting diversity of properties in Quebec. Good name and good management. Good yield.
Charles DillinghamOwned
income trust
TOP PICK
BTB Reit is a small cap company that was really hurt during the 08-09 crisis. Recently, they have made some acquisitions. They are trading at below book value and have exposure to east of Ottawa,Quebec area.
Paul Gardner, CFAOwned
income trust
RISKY
Interesting situation. Issue yesterday that was reasonably successful. In a lot of different markets in Quebec. Have been around for a while. They used to be too leveraged. They have survived and debt is under a little bit better control. Some gov’t offices and local businesses. They are higher risk and higher yield – pretty close to earning their distribution. If you want yield and you can take some risk, then ok. Looks like they are doing a good job.
income trust
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Wouldn’t be one of his favourite REITs, primarily because he doesn’t think the quality of the portfolio is compelling enough to warrant buying it at $4.35. Would be more interested at $3.50-$3.75. A lot of the assets they own are in peripheral areas of Québec. Industrial/manufacturing activity has been relatively weak in Eastern Canada.