BTB Real Estate Investment Trust

BTB.UN-T

Analysis and Opinions about BTB.UN-T

Signal
Opinion
Expert
BUY
BUY
June 12, 2008
Had a distribution cut, which hit the stock price. Good management. Assets are office, retail and industrial generally in Quebec City and secondary markets in and around Quebec. Payout ratio was too high. Pretty compelling yield now.
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Had a distribution cut, which hit the stock price. Good management. Assets are office, retail and industrial generally in Quebec City and secondary markets in and around Quebec. Payout ratio was too high. Pretty compelling yield now.
HOLD
HOLD
June 2, 2008
Retail market in small town Quebec. Started with a 13% yield but it became apparent that they weren’t going to make their distribution. Have brought it down enough, but they still have deals to do and he doesn’t know if they will be able to raise their money. Basically likes them.
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Retail market in small town Quebec. Started with a 13% yield but it became apparent that they weren’t going to make their distribution. Have brought it down enough, but they still have deals to do and he doesn’t know if they will be able to raise their money. Basically likes them.
DON'T BUY
DON'T BUY
April 28, 2008
Market cap is so small it’s very tough for any institutional investor to be interested in it. Properties are primarily in Montreal and Quebec and the economy has slowed.
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Market cap is so small it’s very tough for any institutional investor to be interested in it. Properties are primarily in Montreal and Quebec and the economy has slowed.
HOLD
HOLD
March 24, 2008
A small cap commercial diversified. Focused primarily on Quebec. Over distributing. Cheap at these levels.
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A small cap commercial diversified. Focused primarily on Quebec. Over distributing. Cheap at these levels.
SPECULATIVE BUY
SPECULATIVE BUY
February 1, 2008
Diversified commercial real estate company and in the secondary market in Quebec. Management has a lot of contacts within the Quebec marketplace. Buying acquisitions on an accretive basis, which will help close the gap on what they are distributing with what they are earning.
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Diversified commercial real estate company and in the secondary market in Quebec. Management has a lot of contacts within the Quebec marketplace. Buying acquisitions on an accretive basis, which will help close the gap on what they are distributing with what they are earning.
PAST TOP PICK
PAST TOP PICK
January 23, 2008
(A Top Pick Feb 5/07. Down 10.1% including distributions.) REITs have suffered, which is a surprise in Canada. This is a small cap version of RioCan (REI.UN-T). Strip shopping malls have gone down and yet Canadian economy has stayed strong. Yield of 13%/14% is quite compelling. Still a Buy.
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(A Top Pick Feb 5/07. Down 10.1% including distributions.) REITs have suffered, which is a surprise in Canada. This is a small cap version of RioCan (REI.UN-T). Strip shopping malls have gone down and yet Canadian economy has stayed strong. Yield of 13%/14% is quite compelling. Still a Buy.
HOLD
HOLD
January 14, 2008
B quality real estate in secondary markets throughout Quebec. Toured their facilities and was pleasantly surprised with the quality. Very impressed with management. Trading around NAV.
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B quality real estate in secondary markets throughout Quebec. Toured their facilities and was pleasantly surprised with the quality. Very impressed with management. Trading around NAV.
BUY
BUY
December 7, 2007
Commercial diversified with a focus on Quebec city, the rest of Quebec and a little bit of Ontario. Management has been very impressive. Don't have it as a core name.
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Commercial diversified with a focus on Quebec city, the rest of Quebec and a little bit of Ontario. Management has been very impressive. Don't have it as a core name.
HOLD
HOLD
October 3, 2007
Doesn't really like it, but does like and owns their convertibles.
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Doesn't really like it, but does like and owns their convertibles.
PARTIAL BUY
PARTIAL BUY
July 23, 2007
Fairly new, so when they start out they have to have a big pay out and heavy debt. If the wrong wind comes along, this is the risk you have. They seemed to have done what they said they would.
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Fairly new, so when they start out they have to have a big pay out and heavy debt. If the wrong wind comes along, this is the risk you have. They seemed to have done what they said they would.
HOLD
HOLD
July 19, 2007
Focused in Quebec and getting shopping malls, outlet malls outside of Montreal. Small cap REITs have to grow into their expenses, meaning they had to constantly acquire to grow. Will probably hang here for another year or so. If they succeed there should be some price appreciation.
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Focused in Quebec and getting shopping malls, outlet malls outside of Montreal. Small cap REITs have to grow into their expenses, meaning they had to constantly acquire to grow. Will probably hang here for another year or so. If they succeed there should be some price appreciation.
COMMENT
COMMENT
April 11, 2007
Montreal-based and very small. Have used up all their capital. Getting quite high yields by going to good communities outside of Montreal. Expect they will want to come to the market again before long. Would like to see them lower their debt.
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Montreal-based and very small. Have used up all their capital. Getting quite high yields by going to good communities outside of Montreal. Expect they will want to come to the market again before long. Would like to see them lower their debt.
WEAK BUY
WEAK BUY
February 23, 2007
New generation REIT. A play on Quebec. Office, some retail. Very high payout ratio. In the short term, the payout is OK as they can grow into it doing acquisitions. As they keep on growing, it will become harder for them to add accretive acquisitions because of competition.
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New generation REIT. A play on Quebec. Office, some retail. Very high payout ratio. In the short term, the payout is OK as they can grow into it doing acquisitions. As they keep on growing, it will become harder for them to add accretive acquisitions because of competition.
WEAK BUY
WEAK BUY
February 16, 2007
Small commercial diversified REIT owning office, industrial and retail properties. Strategy is to own good assets in secondary markets, east of Ottawa. Yields about 9%, but is over-distributing from a free cash flow standpoint. Concerned that they have to grow to backfill the distribution. Short-term, distribution is safe, but is concerned with long-term. Very impressed with management.
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Small commercial diversified REIT owning office, industrial and retail properties. Strategy is to own good assets in secondary markets, east of Ottawa. Yields about 9%, but is over-distributing from a free cash flow standpoint. Concerned that they have to grow to backfill the distribution. Short-term, distribution is safe, but is concerned with long-term. Very impressed with management.
TOP PICK
TOP PICK
February 5, 2007
Just came public in September. Pays $0.28, almost 13%. Making acquisitions and growing aggressively. Still needs to be discovered.
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Just came public in September. Pays $0.28, almost 13%. Making acquisitions and growing aggressively. Still needs to be discovered.
Showing 61 to 75 of 76 entries