| BUY | 1.290 | Dennis Mitchell, CFA | 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. | 2008-06-12 | |
| HOLD | 1.200 | Charles Dillingham | 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. | 2008-06-02 | |
| DON'T BUY | 1.250 | Robert Lauzon | 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. | 2008-04-28 | |
| HOLD | 1.850 | Dennis Mitchell, CFA | A small cap commercial diversified. Focused primarily on Quebec. Over distributing. Cheap at these levels. | 2008-03-24 | |
| SPECULATIVE BUY | 2.000 | Gail Mifsud | 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. | 2008-02-01 | |
| PAST TOP PICK | 2.100 | Bruce Campbell | (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. | 2008-01-23 | |
| HOLD | 2.150 | Dennis Mitchell, CFA | 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. | 2008-01-14 | |
| BUY | 2.080 | Dennis Mitchell, CFA | 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. | 2007-12-07 | |
| HOLD | 2.470 | Paul Gardner, CFA | Doesn't really like it, but does like and owns their convertibles. | 2007-10-03 | |
| PARTIAL BUY | 2.750 | Charles Dillingham | 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. | 2007-07-23 | |
| HOLD | 2.750 | Paul Gardner, CFA | 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. | 2007-07-19 | |
| Comment | 2.630 | Charles Dillingham | 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. | 2007-04-11 | |
| WEAK BUY | 2.810 | Michael Simpson, CFA | 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. | 2007-02-23 | |
| WEAK BUY | 2.870 | Dennis Mitchell, CFA | 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. | 2007-02-16 | |
| TOP PICK | 2.500 | Bruce Campbell | Just came public in September. Pays $0.28, almost 13%. Making acquisitions and growing aggressively. Still needs to be discovered. | 2007-02-05 | |
| DON'T BUY | 2.500 | Paul Gardner, CFA | He omens the convertible debentures. A very small, recently created REIT that focuses on suburban Ottawa, Montreal outdoor retail centres. The company is so new and the track record is limited and management is new, he is more comfortable in their debentures. | 2007-02-05 | |
Experts that have talked about BTB Real Estate Investment Trust
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