BTB Real Estate Investment Trust

BTB.UN-T

Analysis and Opinions about BTB.UN-T

Signal
Opinion
Expert
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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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.
PAST TOP PICK
PAST TOP PICK
May 22, 2012
(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.
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(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.
Showing 31 to 45 of 79 entries