BTB Real Estate Investment Trust

BTB.UN-T

Analysis and Opinions about BTB.UN-T

Signal
Opinion
Expert
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.

(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.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$4.310
Owned
Yes
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.340
Owned
No
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.490
Owned
No
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.640
Owned
No
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.

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.

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$4.980
Owned
No
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.

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.

Keith Richards
Portfolio Manager, ValueTrend Wealth Management
Price
$5.130
Owned
Unknown
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%.

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%.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$5.000
Owned
Yes
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.890
Owned
Unknown
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.850
Owned
Unknown
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.

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.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$4.940
Owned
Yes
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.880
Owned
Unknown
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.

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.

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$4.710
Owned
No
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.610
Owned
Unknown
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.

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.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.450
Owned
No
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.

(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.

Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$4.720
Owned
Yes
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