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BTB REIT
(TSX:BTB.UN)
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Rating:61Neutral
Price Target:
C$4.00
▲(3.36% Upside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by weaker cash flow trends and elevated leverage/refinancing sensitivity. Offsetting positives include reasonable valuation with a high dividend yield and generally constructive technical momentum. Earnings call factors are mixed: improving NOI/FFO and leasing spreads support the outlook, but near-term NOI headwinds, vacancy timing, and modest liquidity limit upside.
Positive Factors
Industrial repositioning
The shift toward industrial properties should improve portfolio resilience because industrial demand and tenant economics are currently stronger. Acquisitions and office dispositions can progressively increase recurring NOI and reduce exposure to weaker office assets.
Negative Factors
Leverage and refinancing exposure
High leverage combined with short debt duration leaves BTB sensitive to refinancing costs and capital-market access. Higher interest expense could restrict acquisitions, reduce cash available for distributions and pressure asset values over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Industrial repositioning
The shift toward industrial properties should improve portfolio resilience because industrial demand and tenant economics are currently stronger. Acquisitions and office dispositions can progressively increase recurring NOI and reduce exposure to weaker office assets.
Read all positive factors
BTB REIT (BTB.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$321.10M
Dividend Yield8.22%
Average Volume (3M)82.54K
Price to Earnings (P/E)12.5
Beta (1Y)0.71
Revenue Growth-0.81%
EPS Growth-32.86%
CountryCA
Employees70
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.29
Shares Outstanding88,456,810
10 Day Avg. Volume82,649
30 Day Avg. Volume82,540
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)0.74
Price to Sales (P/S)2.79
P/FCF Ratio9.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.00Price Target Upside3.36% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.34
Revenue Forecast (FY)C$130.16M
BTB REIT Business Overview & Revenue Model
Company Description
BTB Real Estate Investment Trust engages in the ownership of properties. It offers management philosophy, sentinelle, boma best, and sustainable development services. It operates through the following segments: Industrial, Off-downtown core office...
How the Company Makes Money
BTB REIT makes money primarily by owning commercial real estate and earning contractual rental income from tenants under lease agreements. Its key revenue stream is base rent collected across its industrial, office, and retail properties; leases m...
BTB REIT Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call presented a mix of clear operational and financial progress — including revenue growth, a double-digit increase in NOI, strong leasing spreads (particularly in industrial), FFO/AFFO improvements, active acquisition and disposition activity, and ESG advancements — alongside notable near-term challenges: a YTD decline in cash same-property NOI, planned tenant departures and concessions, a sizable vacant asset that may not produce cash until 2027, modest liquidity, and leverage with short debt duration. Management’s strategic pivot toward industrial assets and targeted dispositions to redeploy capital are constructive and accretive in the medium term, but near-term metrics and balance sheet constraints require monitoring.Positive Updates
Revenue Growth
Rental revenue for Q2 2026 was $31.9 million, up 4.5% year-over-year, driven in part by noncash straight-line lease adjustments and net contributions from acquisitions and higher rental spreads.
Negative Updates
Cash Same-Property NOI Decline Year-to-Date
Cash same-property NOI was stable for the quarter YoY, but decreased 4.8% for the six-month period, driven by both industrial and office segments (including planned tenant departures, free rent, and rent reductions).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Rental revenue for Q2 2026 was $31.9 million, up 4.5% year-over-year, driven in part by noncash straight-line lease adjustments and net contributions from acquisitions and higher rental spreads.
Read all positive updates
Company Guidance
Management’s guidance was that BTB will continue reallocating capital into industrial while selling non-core office/retail (targeting roughly $100M+ of office dispositions), having closed $38.5M of acquisitions YTD expected to add ~$3.0M of annualized NOI, plus a $7.0M buyout that should add ~ $0.5M NOI; portfolio fair value was roughly $1.2B (+1.7% q/q) with occupancy up 10 bps to 91.3% (retail 98.9%), Q2 rental revenue $31.9M (+4.5% YoY) and NOI +10.5% YoY, FFO adj/unit $0.097 and AFFO adj/unit $0.098, distributions maintained at $0.075/quarter ($0.30 annualized) with an AFFO payout ratio of 76.5% (improving 2.7% YoY); leasing momentum included 378k sq ft of renewals/new leases in Q2 (79k new, 299k renewals) with average renewal rental spread +4.6% (industrial +10.5%, retail +7.0%, suburban office +2.9%); balance sheet metrics: weighted average cap rate 6.7%, total debt ratio 58.1%, weighted mortgage term 2.2 years at a 4.4% average rate, and liquidity of $15.4M (cash $0.6M + $14.8M undrawn), while an ATM was approved May 14 (unused) and management expects normalized CapEx to historical ranges.BTB REIT Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
52
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 129.05M | 130.14M | 130.03M | 127.83M | 119.50M | 100.34M |
| Gross Profit | 74.56M | 74.77M | 75.05M | 75.38M | 70.43M | 56.34M |
| EBITDA | 60.72M | 59.45M | 75.84M | 71.30M | 63.12M | 49.58M |
| Net Income | 25.70M | 22.37M | 38.74M | 36.60M | 38.15M | 17.36M |
Balance Sheet | ||||||
| Total Assets | 1.28B | 1.24B | 1.26B | 1.23B | 1.18B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 601.00K | 5.43M | 2.47M | 912.00K | 2.40M | 7.19M |
| Total Debt | 750.87M | 729.08M | 735.24M | 724.23M | 692.15M | 687.72M |
| Total Liabilities | 785.81M | 752.95M | 761.72M | 749.99M | 717.27M | 725.48M |
| Stockholders Equity | 495.57M | 490.97M | 494.28M | 477.65M | 462.07M | 404.43M |
Cash Flow | ||||||
| Free Cash Flow | 33.33M | 37.32M | 66.00M | 70.80M | 131.95M | 56.34M |
| Operating Cash Flow | 33.40M | 37.49M | 66.00M | 70.85M | 66.24M | 56.54M |
| Investing Cash Flow | -35.18M | 1.58M | -19.58M | -46.38M | -65.71M | -71.73M |
| Financing Cash Flow | -3.30M | -36.11M | -44.87M | -25.96M | 19.48M | 13.32M |
BTB REIT Technical Analysis
Neutral
3.87
Price Trends
3.74
Negative
3.73
Negative
3.78
Negative
Market Momentum
-0.03
Negative
46.26
Neutral
50.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTB.UN, the sentiment is Neutral. The current price of 3.87 is above the 20-day moving average (MA) of 3.64, above the 50-day MA of 3.74, and above the 200-day MA of 3.78, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 46.26 is Neutral, neither overbought nor oversold. The STOCH value of 50.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BTB.UN.
BTB REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$255.89M | 8.86 | 9.27% | 7.58% | 1.31% | 20.47% | |
69 Neutral | C$127.07M | 9.48 | 9.90% | 5.56% | 5.86% | -41.72% | |
69 Neutral | C$559.09M | 11.42 | 7.48% | 6.79% | 7.52% | 39.85% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | C$321.10M | 12.50 | 5.20% | 8.22% | -0.81% | -32.86% | |
59 Neutral | C$479.93M | 100.14 | 0.56% | 3.38% | -4.01% | ― |
* Real Estate Sector Average
TSE:BTB.UN
BTB REIT
3.65
0.18
5.10%
TSE:FCD.UN
Firm Capital Property
6.91
1.38
24.84%
TSE:NET.UN
Canadian Net Real Estate Investment Trust Trust Units
6.35
1.16
22.28%
TSE:MRT.UN
Morguard Real Estate ate
7.11
1.49
26.53%
TSE:PRV.UN
PRO Real Estate Investment
6.63
1.13
20.59%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.