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BTB Real Estate Investment Trust T.BTB.DB.H

Alternate Symbol(s):  BTBIF | T.BTB.UN

Real Estate REIT - Diversified
BTB Real Estate Investment Trust (the Trust) is a Canada-based real estate investment trust (REIT). The Trust’s primary objective is to maximize total return to unitholders, to generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders, to grow the Trust’s assets through internal growth and accretive acquisitions, and optimize the value of its assets through dynamic management of its properties to maximize their long-term value. The Trust invests in industrial, off-downtown core office and necessity-based commercial properties across Canada for the benefit of its investors. The Trust owns and manages approximately 75 properties, representing a total leasable area of approximately 6.1 million square feet. The Trust operates through three segments, which include Industrial, Off downtown core office and Necessity-based retail. The Trust’s operations are located in the provinces of Quebec, Ontario, Alberta and Saskatchewan.


TSX:BTB.DB.H - Post by User

BTB Real Estate Investment Trust
Bullboard Posts
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(73)
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Comment by AvInvestoron Apr 28, 2020 10:05am
299 Views
Post# 30961391

RE:RE:RE:RE:RE:RE:Poor quality properties & management

RE:RE:RE:RE:RE:RE:Poor quality properties & management Fair enough. I suppose my moral compass pushes me to express my views on the management of this reit.

Just want shareholders to realize their liquidity profile is dire. They owe ~ $100M in 2020, of which $73M is mortagage principle coming due ( banks will impose strict refinancing conditions, like distribution cuts or asset dispositions ), and $23M in unsecured debentures. They only have $2M in cash and $10M in a line of credit available. The annual distribution is $26M. Liquidity now stands somewhere between negative $80-120M ( depends on how much they can cut development capex ). Do you see where the problems lies? Considering the impact of CV19 on CF, they will have no choice but to cut the distribution, wich will certainly cause a sell off. 

Add to that, the property portfolio for the most part is very poor, and their model is vulnerable to economic shocks and most certainly interest rates in the long run.
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