BTB Real Estate Investment Trust

BTB.UN-T

Analysis and Opinions about BTB.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
September 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.
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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.
SELL
SELL
July 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.
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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.
SELL
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.

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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.

DON'T BUY
DON'T BUY
April 9, 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.
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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.
COMMENT
COMMENT
July 31, 2018

Chart hasn’t moved. Stock is mistreated because not institutionally owned. Management is good, and are upgrading their portfolio. Debt’s in a good position. He doesn’t expect anything more than the yield. Consistent business. Retail/office in Quebec and Ontario, but he can look through this because it’s so cheap.

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Chart hasn’t moved. Stock is mistreated because not institutionally owned. Management is good, and are upgrading their portfolio. Debt’s in a good position. He doesn’t expect anything more than the yield. Consistent business. Retail/office in Quebec and Ontario, but he can look through this because it’s so cheap.

PAST TOP PICK
PAST TOP PICK
May 29, 2018

(A Top Pick June 1/17, Up 13%) He's held this for 7 years. It owns properties in Quebec and their properties cross retail, light industrial and commercial. Good management, but has an issue getting its story out. They're repositioning by selling poorly performing properties. It's still small cap which he seldom buys, but performs consistently with little volatility. A long-time hold.

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(A Top Pick June 1/17, Up 13%) He's held this for 7 years. It owns properties in Quebec and their properties cross retail, light industrial and commercial. Good management, but has an issue getting its story out. They're repositioning by selling poorly performing properties. It's still small cap which he seldom buys, but performs consistently with little volatility. A long-time hold.

BUY
BUY
March 9, 2018

He likes this company although it has retraced in price somewhat. If you are not worried about Quebec separating, the 9.5% yield is great. It has about 75 properties. As a more senior REIT, they are able to acquire debt at much lower rates. The dividend is not at risk. He would buy it on this dip. Yield 9.5%.

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He likes this company although it has retraced in price somewhat. If you are not worried about Quebec separating, the 9.5% yield is great. It has about 75 properties. As a more senior REIT, they are able to acquire debt at much lower rates. The dividend is not at risk. He would buy it on this dip. Yield 9.5%.

TOP PICK
TOP PICK
June 1, 2017

A small, mid-cap REIT that he has owned for quite a long time. It has given him an 8%-9% distribution. This has not moved for 3-4 years. They basically buy assets in Eastern Ontario and Québec. Have had vacancy issues and are repositioning their portfolio by selling down a lot of retail properties and focusing on industrials. Dividend yield of 9.1%. (Analysts’ price target is $4.65.)

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A small, mid-cap REIT that he has owned for quite a long time. It has given him an 8%-9% distribution. This has not moved for 3-4 years. They basically buy assets in Eastern Ontario and Québec. Have had vacancy issues and are repositioning their portfolio by selling down a lot of retail properties and focusing on industrials. Dividend yield of 9.1%. (Analysts’ price target is $4.65.)

COMMENT
COMMENT
April 18, 2017

An investment in this is an investment in Québec, so you have to be favourable to the Québec marketplace, which he is. One of the struggles he has with this is that when you are a small REIT, you can have high debts or a high yield ratio. In this case, it has both. However, they know the real estate market very well. If you think the Québec economy is going to continue to improve, this is a good way to do it. Dividend yield of 8.6%.

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An investment in this is an investment in Québec, so you have to be favourable to the Québec marketplace, which he is. One of the struggles he has with this is that when you are a small REIT, you can have high debts or a high yield ratio. In this case, it has both. However, they know the real estate market very well. If you think the Québec economy is going to continue to improve, this is a good way to do it. Dividend yield of 8.6%.

COMMENT
COMMENT
September 2, 2016

(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.

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(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.

HOLD
HOLD
July 8, 2016

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

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

COMMENT
COMMENT
May 20, 2016

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

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

COMMENT
COMMENT
May 6, 2016

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.

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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.

PAST TOP PICK
PAST TOP PICK
February 17, 2016

(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%.

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(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%.

COMMENT
COMMENT
February 3, 2016

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%.

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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
TOP PICK
October 7, 2015

(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.

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(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.

COMMENT
COMMENT
September 11, 2015

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.

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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.

DON'T BUY
DON'T BUY
July 27, 2015

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.

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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.

COMMENT
COMMENT
June 23, 2015

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.

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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.

DON'T BUY
DON'T BUY
May 21, 2015

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.

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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.

COMMENT
COMMENT
April 20, 2015

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.

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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.

TOP PICK
TOP PICK
March 31, 2015

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%.

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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%.

COMMENT
COMMENT
March 3, 2015

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.

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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.

COMMENT
COMMENT
November 13, 2014

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.

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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.

TOP PICK
TOP PICK
September 10, 2014

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.

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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.

SPECULATIVE BUY
SPECULATIVE BUY
September 5, 2014

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.

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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.

DON'T BUY
DON'T BUY
August 12, 2014

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.

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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.

DON'T BUY
DON'T BUY
July 15, 2014

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.

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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.

COMMENT
COMMENT
June 13, 2014

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.

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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.

PAST TOP PICK
PAST TOP PICK
May 5, 2014

(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.

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(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.

DON'T BUY
DON'T BUY
February 26, 2014

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

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

PAST TOP PICK
PAST TOP PICK
February 11, 2014

(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.

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(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.

COMMENT
COMMENT
January 17, 2014

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.

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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.

HOLD
HOLD
November 13, 2013

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.

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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.

DON'T BUY
DON'T BUY
August 30, 2013

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.

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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.

COMMENT
COMMENT
July 31, 2013

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.

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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.

BUY
BUY
July 2, 2013

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.

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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.

TOP PICK
TOP PICK
April 1, 2013

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.

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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
TOP PICK
January 21, 2013

(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.

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(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.

DON'T BUY
DON'T BUY
December 18, 2012

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.

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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.

DON'T BUY
DON'T BUY
July 23, 2012
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.
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