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BTB Real Estate Investment Trust T.BTB.UN


Primary Symbol: T.BTB.DB.H Alternate Symbol(s):  BTBIF

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
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Post by 15Stanmoreon Dec 02, 2020 12:21pm
430 Views
Post# 32018418

BTB 2025 7% debenture trading observations

BTB 2025 7% debenture trading observationsThe market for BTB REIT units has now reached and passed the $3.65 conversion option embedded in the BTB.DB.H debenture. This means from now to October 31, 2025 the holder of $1,000 of face value of the Series H debenture can, at their option at any time, convert the $1,000 of face value into 273.9726 BTB.UN units. 

This embedded option now has real "value", that is and should be reflected in the market price the debentures command on the secondary market. Right now, with the units trading at a neutral level ($3.65), the debentures should trade at $100. However, the unfilled bid/ask is currently $101 bid versus $102.98 ask. This means the embedded option has a value of at least $1 per $100 of face value (bid) versus $2.98 per $100 of face value (ask).

Given you will earn 7% for holding this option, I would suggest it is a great alternative to buying the risk inherent in the underlying BTB.UN units.
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