TSX:BTB.DB.H - Post Discussion
Post by
hawk35 on Feb 28, 2024 10:16am
From todays Globe and Mail
National Bank’s Matt Kornack bumped his target for BTB REIT to $3.15 from $3 with a “sector perform” rating. The average is $3.35.
“Q4 figures came in better than expected both financially and operationally which resulted in NOI above forecast as the leasing environment improved (particularly for necessity-based retail) and SL rent was converted to cash quicker than anticipated (seasonality in margins also at play),” said Mr. Kornack. “The industrial portfolio remains strong for BTB (that said, there are limited maturities in FY24 as more space matures in FY25 onward); meanwhile the REIT highlighted better retail fundamentals which is translating to increased asking rents and tenant quality. Office remains weaker relative to the rest of the portfolio (despite some marginal positives on the leasing front) as management continues contemplating the selective disposition of assets in this portfolio. Notwithstanding encouraging operational performance, elevated leverage and near-term mortgage refinancing will continue to be an earnings headwind.”
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