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BTB Real Estate Investment Trust

OTCPK:BTBI.F
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BTBI.F
OTCPK
CA$273M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

BTB is a real estate investment trust listed on the Toronto Stock Exchange. The last earnings update was 11 days ago. More info.


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BTBI.F Share Price and Events
7 Day Returns
-0.2%
OTCPK:BTBI.F
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
-2.3%
OTCPK:BTBI.F
13.8%
US REITs
1.3%
US Market
BTBI.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
BTB Real Estate Investment Trust (BTBI.F) -0.2% 1.1% 3.6% -2.3% - -15.2%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • BTBI.F underperformed the REITs industry which returned 13.8% over the past year.
  • BTBI.F underperformed the Market in United States of America which returned 1.3% over the past year.

Value

 Is BTB Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of BTB Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for BTB Real Estate Investment Trust.

OTCPK:BTBI.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:BTBI.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (190.88%))
1.182
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.18
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.182 * 5.96%)
9.78%

Discounted Cash Flow Calculation for OTCPK:BTBI.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for BTB Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BTB Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:BTBI.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 9.78%)
2019 19.60 Analyst x1 17.85
2020 22.92 Analyst x2 19.02
2021 23.81 Est @ 3.89% 18.00
2022 24.65 Est @ 3.54% 16.98
2023 25.47 Est @ 3.3% 15.98
2024 26.26 Est @ 3.13% 15.01
2025 27.05 Est @ 3.01% 14.08
2026 27.84 Est @ 2.92% 13.20
2027 28.64 Est @ 2.87% 12.37
2028 29.45 Est @ 2.83% 11.59
Present value of next 10 years cash flows CA$154.09
OTCPK:BTBI.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$29.45 × (1 + 2.73%) ÷ (9.78% – 2.73%)
CA$429.44
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$429.44 ÷ (1 + 9.78%)10
CA$168.99
OTCPK:BTBI.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$154.09 + CA$168.99
CA$323.07
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$323.07 / 56.12
CA$5.76
OTCPK:BTBI.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:BTBI.F represents 0.74254x of TSX:BTB.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74254x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 5.76 x 0.74254
$4.28
Value per share (USD) From above. $4.28
Current discount Discount to share price of $3.62
= -1 x ($3.62 - $4.28) / $4.28
15.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price BTB Real Estate Investment Trust is available for.
Intrinsic value
15%
Share price is $3.62 vs Future cash flow value of $4.28
Current Discount Checks
For BTB Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • BTB Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • BTB Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for BTB Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are BTB Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:BTBI.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.67
TSX:BTB.UN Share Price ** TSX (2019-05-23) in CAD CA$4.88
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of BTB Real Estate Investment Trust.

OTCPK:BTBI.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:BTB.UN Share Price ÷ EPS (both in CAD)

= 4.88 ÷ 0.67

7.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BTB Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • BTB Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does BTB Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:BTBI.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-10.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for BTB Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on BTB Real Estate Investment Trust's assets?
Raw Data
OTCPK:BTBI.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$5.31
TSX:BTB.UN Share Price * TSX (2019-05-23) in CAD CA$4.88
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
OTCPK:BTBI.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:BTB.UN Share Price ÷ Book Value per Share (both in CAD)

= 4.88 ÷ 5.31

0.92x

* Primary Listing of BTB Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BTB Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess BTB Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. BTB Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is BTB Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover BTB Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is BTB Real Estate Investment Trust expected to grow at an attractive rate?
  • BTB Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • BTB Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • BTB Real Estate Investment Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:BTBI.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:BTBI.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -10.9%
OTCPK:BTBI.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 9.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:BTBI.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:BTBI.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 103 25 1
2019-12-31 95 26 1
OTCPK:BTBI.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 88 44 36
2018-12-31 87 45 41
2018-09-30 83 43 32
2018-06-30 78 41 31
2018-03-31 78 42 31
2017-12-31 76 38 28
2017-09-30 74 38 22
2017-06-30 74 38 23
2017-03-31 74 39 23
2016-12-31 73 40 22
2016-09-30 74 39 11
2016-06-30 74 38 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • BTB Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • BTB Real Estate Investment Trust's revenue is expected to grow by 9.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:BTBI.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from BTB Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:BTBI.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:BTBI.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.67
2018-12-31 0.79
2018-09-30 0.65
2018-06-30 0.66
2018-03-31 0.68
2017-12-31 0.65
2017-09-30 0.51
2017-06-30 0.54
2017-03-31 0.56
2016-12-31 0.57
2016-09-30 0.30
2016-06-30 0.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if BTB Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess BTB Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
BTB Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has BTB Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare BTB Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • BTB Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • BTB Real Estate Investment Trust's 1-year earnings growth is less than its 5-year average (17.6% vs 22%)
  • BTB Real Estate Investment Trust's earnings growth has exceeded the US REITs industry average in the past year (17.6% vs 16%).
Earnings and Revenue History
BTB Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from BTB Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:BTBI.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 87.62 36.16 4.95
2018-12-31 87.42 41.34 4.91
2018-09-30 83.03 32.44 4.76
2018-06-30 78.12 30.97 4.50
2018-03-31 78.43 30.74 4.47
2017-12-31 76.04 28.17 4.32
2017-09-30 73.90 21.80 4.42
2017-06-30 73.97 22.90 4.69
2017-03-31 73.88 22.52 4.45
2016-12-31 73.38 22.09 4.33
2016-09-30 73.65 10.83 4.15
2016-06-30 73.81 9.08 4.11
2016-03-31 73.11 8.82 3.84
2015-12-31 72.89 8.67 4.04
2015-09-30 71.91 9.39 4.18
2015-06-30 70.36 10.69 4.15
2015-03-31 68.96 12.29 4.47
2014-12-31 67.17 12.88 4.21
2014-09-30 65.96 22.02 4.02
2014-06-30 64.55 22.71 3.81
2014-03-31 64.16 19.00 3.89
2013-12-31 63.44 18.35 3.83
2013-09-30 60.40 16.22 3.81
2013-06-30 57.03 13.99 3.73
2013-03-31 52.93 17.34 3.69
2012-12-31 48.12 17.97 3.51
2012-09-30 45.80 13.11 3.32
2012-06-30 44.22 14.18 3.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • BTB Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • BTB Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • BTB Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess BTB Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
BTB Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is BTB Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up BTB Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • BTB Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • BTB Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of BTB Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from BTB Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:BTBI.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 294.89 521.66 4.83
2018-12-31 298.38 535.47 10.38
2018-09-30 279.10 533.46 5.27
2018-06-30 278.40 477.28 12.11
2018-03-31 251.27 489.42 3.27
2017-12-31 248.95 495.39 3.29
2017-09-30 213.95 450.54 3.24
2017-06-30 213.54 427.78 1.41
2017-03-31 213.11 426.75 1.90
2016-12-31 212.96 432.84 6.92
2016-09-30 207.77 431.32 0.38
2016-06-30 203.85 447.98 16.64
2016-03-31 174.85 458.77 1.81
2015-12-31 174.36 446.62 4.14
2015-09-30 179.65 458.15 1.10
2015-06-30 179.15 428.09 1.54
2015-03-31 178.10 428.81 1.36
2014-12-31 177.60 395.56 6.43
2014-09-30 182.17 399.08 7.38
2014-06-30 180.13 391.96 10.70
2014-03-31 154.09 376.91 0.60
2013-12-31 152.59 378.87 2.78
2013-09-30 147.41 366.00 4.07
2013-06-30 125.36 380.50 2.75
2013-03-31 125.92 381.32 3.59
2012-12-31 124.78 365.62 4.61
2012-09-30 102.16 293.50
2012-06-30 100.48 287.25 6.68
  • BTB Real Estate Investment Trust's level of debt (176.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (244.3% vs 176.9% today).
  • Debt is not well covered by operating cash flow (8.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess BTB Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. BTB Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is BTB Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.61%
Current annual income from BTB Real Estate Investment Trust dividends. Estimated to be 8.61% next year.
If you bought $2,000 of BTB Real Estate Investment Trust shares you are expected to receive $172 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • BTB Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • BTB Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase BTB Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:BTBI.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:BTBI.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.42 3.00
2019-12-31 0.42 3.00
OTCPK:BTBI.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-08 0.420 8.639
2019-04-15 0.420 8.693
2019-03-15 0.420 8.735
2019-02-15 0.420 8.994
2019-01-15 0.420 9.111
2018-12-14 0.420 9.716
2018-11-15 0.420 9.261
2018-10-15 0.420 9.036
2018-09-14 0.420 8.885
2018-08-15 0.420 8.672
2018-07-10 0.420 8.791
2018-06-15 0.420 8.996
2018-05-15 0.420 8.931
2018-04-13 0.420 9.061
2018-03-15 0.420 9.210
2018-02-15 0.420 9.315
2018-01-15 0.420 9.176
2017-12-15 0.420 9.114
2017-11-14 0.420 9.130
2017-10-12 0.420 9.101
2017-09-15 0.420 9.005
2017-08-15 0.420 9.011
2017-06-15 0.420 8.953
2017-05-15 0.420 8.980
2017-04-13 0.420 8.737
2017-03-10 0.420 8.882
2017-02-06 0.420 9.064
2017-01-13 0.420 9.198
2016-12-15 0.420 9.393
2016-11-15 0.420 9.632
2016-10-11 0.420 9.377
2016-09-15 0.420 9.171
2016-08-08 0.420 9.093
2016-07-15 0.420 9.130
2016-06-15 0.420 9.335
2016-05-16 0.420 8.966
2016-04-15 0.420 9.048
2016-03-15 0.420 9.073
2016-02-16 0.420 9.360
2016-01-15 0.420 10.115
2015-12-15 0.420 9.757
2015-11-13 0.420 9.444
2015-10-15 0.420 9.239
2015-09-15 0.420 9.744
2015-08-14 0.420 9.685
2015-07-15 0.420 9.250
2015-06-15 0.420 9.144
2015-05-15 0.420 8.796
2015-04-15 0.420 8.329
2015-03-16 0.420 8.459
2015-02-17 0.420 8.653
2015-01-15 0.420 8.783
2014-12-12 0.420 8.978
2014-11-17 0.420 8.850
2014-10-14 0.420 8.673
2014-09-12 0.420 8.726
2014-08-15 0.420 8.623
2014-07-11 0.400 8.577
2014-06-13 0.400 8.821
2014-05-15 0.400 8.716
2014-04-15 0.400 8.513
2014-03-17 0.400 8.652
2014-02-18 0.400 8.651
2014-01-15 0.400 8.714
2013-12-16 0.400 8.892
2013-11-15 0.400 8.974
2013-10-15 0.400 8.924
2013-09-16 0.400 9.017
2013-08-15 0.400 9.214
2013-07-15 0.400 8.855
2013-06-14 0.400 8.412
2013-05-14 0.400 8.306
2013-04-15 0.400 8.284
2013-03-15 0.400 8.515
2013-02-15 0.400 8.674
2013-01-15 0.400 8.653
2012-12-18 0.400 9.213
2012-11-15 0.400 8.997
2012-10-16 0.400 8.566
2012-10-15 0.400 8.538
2012-09-14 0.400 8.455
2012-08-16 0.400 8.336
2012-07-16 0.400 8.265
2012-06-15 0.400 8.647
2012-05-16 0.400 8.599
2012-04-13 0.400 8.790
2012-03-15 0.400 8.941
2012-02-15 0.400 8.862
2012-01-13 0.400 8.556
2011-12-14 0.400 8.984
2011-11-15 0.400 9.134
2011-09-15 0.400 9.664
2011-08-15 0.400 9.368
2011-07-15 0.400 9.089
2011-06-15 0.400 8.612
2011-05-13 0.400 8.529
2011-03-15 0.400 8.840
2011-02-15 0.400 8.454
2011-01-14 0.400 8.757
2010-12-15 0.400 10.462
2010-11-15 0.400 10.965
2010-10-14 0.400 11.126
2010-09-14 0.400 11.705
2010-08-13 0.400 11.829
2010-07-15 0.400 11.669
2010-06-15 0.400 11.753
2010-05-14 0.402 11.917
2010-04-15 0.400 11.808
2010-03-16 0.400 10.637
2010-02-16 0.400 10.569
2010-01-15 0.400 10.807
2009-12-15 0.400 10.513
2009-11-17 0.400 10.883
2009-10-15 0.400 10.944
2009-08-14 0.400 12.202
2009-07-15 0.400 14.684
2009-06-15 0.400 14.489

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of BTB Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess BTB Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can BTB Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. BTB Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of BTB Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michel Léonard
COMPENSATION CA$1,070,981
AGE 61
TENURE AS CEO 12.8 years
CEO Bio

Mr. Michel Léonard serves as the Chief Executive Officer and President at BTB Real Estate Investment Trust July 12, 2006. Mr. Léonard possesses more than 25 years of experience in the field of commercial real estate and has often played a fundamental role in helping numerous organizations of regional and national scale with strategic planning, analysis, renegotiation assignments and the implementation of complex relocation. Prior to BTB, he was the President at The Staubach Company from 1989 to November 2004 and previously served as its Senior Vice President. Mr. Léonard is one of the founders of Staubach Canada Inc. and served as its President from 2001 to November 2004. He was also one of the founders of Staubach, Léonard, McKeague Inc., where he held the position of President from December 1989 to 2001. Mr. Léonard joined The Staubach Company in 1986 to assist regional and national retailers with market analysis, strategic planning and site selection in markets throughout the United States. He joined Colliers International (Québec) Inc. as Senior Vice President in November 2004. He has been a Non-Independent Trustee at BTB Real Estate Investment Trust since July 12, 2006. He has been a Member of the Québec Bar Association since 1982. He obtained a Bachelor of Commerce in 1978 and a Bachelor of Civil Law in 1981, both from McGill University. Mr. Léonard completed Bachelor of Business Administration in Marketing from University of Texas.

CEO Compensation
  • Michel's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Michel's remuneration is about average for companies of similar size in United States of America.
Management Team

Michel Léonard

TITLE
President
COMPENSATION
CA$1M
AGE
61
TENURE
12.8 yrs

Benoît Cyr

TITLE
VP & CFO
COMPENSATION
CA$456K
AGE
62
TENURE
12.1 yrs

Luc Lachapelle

TITLE
Corporate Secretary & Trustee
COMPENSATION
CA$76K
AGE
64

Étienne Charbonneau

TITLE
Principal Controller

Sylvie Hatotte

TITLE
Director of Information System and Processes
Board of Directors Tenure

Average tenure and age of the BTB Real Estate Investment Trust board of directors in years:

8.7
Average Tenure
65.5
Average Age
  • The tenure for the BTB Real Estate Investment Trust board of directors is about average.
Board of Directors

Jocelyn Proteau

TITLE
Chairman of the Board
COMPENSATION
CA$146K
AGE
71
TENURE
12.8 yrs

Michel Léonard

TITLE
President
COMPENSATION
CA$1M
AGE
61
TENURE
12.8 yrs

Jean-Pierre Janson

TITLE
Vice Chairman of the Board
COMPENSATION
CA$71K
AGE
67
TENURE
3.1 yrs

Luc Lachapelle

TITLE
Corporate Secretary & Trustee
COMPENSATION
CA$76K
AGE
64
TENURE
12.8 yrs

Fernand Perreault

TITLE
COMPENSATION
CA$70K
AGE
74
TENURE
8.7 yrs

Lucie Ducharme

TITLE
COMPENSATION
CA$70K
TENURE
4.9 yrs

Luc Martin

TITLE
Independent Trustee
COMPENSATION
CA$80K
TENURE
2.9 yrs

Peter Polatos

TITLE
COMPENSATION
CA$59K
AGE
57
TENURE
12.8 yrs

Sylvie Lachance

TITLE
COMPENSATION
CA$55K
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
20. Aug 18 Buy Sylvie Laporte Individual 14. Aug 18 14. Aug 18 180 $3.70 $666
19. Jun 18 Buy Sylvie Laporte Individual 19. Jun 18 19. Jun 18 1,630 $3.47 $5,649
19. Jun 18 Buy Dominic Gilbert Individual 19. Jun 18 19. Jun 18 2,150 $3.47 $7,451
19. Jun 18 Buy Luc Lachapelle Individual 19. Jun 18 19. Jun 18 1,000 $3.47 $3,466
19. Jun 18 Buy Sylvie Lachance Individual 19. Jun 18 19. Jun 18 23,000 $3.47 $79,708
19. Jun 18 Buy Jocelyn Proteau Individual 19. Jun 18 19. Jun 18 1,300 $3.47 $4,505
X
Management checks
We assess BTB Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. BTB Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. Today, BTB owns 66 commercial, office and industrial properties for a total leasable area of 5.2 million square feet. BTB's asset value is approximately $830M. The objectives of BTB are: (i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.

Details
Name: BTB Real Estate Investment Trust
BTBI.F
Exchange: OTCPK
Founded: 2005
CA$203,121,191
CA$201,607,702
56,116,087
Website: http://www.btbreit.com
Address: BTB Real Estate Investment Trust
1411 Crescent Street,
Montreal,
Quebec, H3G 2B3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX BTB.UN Trust Units The Toronto Stock Exchange CA CAD 03. Oct 2006
OTCPK BTBI.F Trust Units Pink Sheets LLC US USD 03. Oct 2006
Number of employees
Current staff
Staff numbers
74
BTB Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:34
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.