can you please share your thoughts on BTB.un and NXR.un, their recent financials including any going forward comments you may have, payout ratio and future growth based on the interest rates moving downward.
I'm in love with the monthly dividends and I have been dripping both stock, my position in both is starting to be central in my portfolio.
Thank you
BTB cash flow per unit in the Q2 was 10.4c, missing estimates of 11.3c. EBITDA was $17.5M, in line with estimates. Occupancy reached a record at 94.6%. Same property net income (NOI) rose 0.5%. Debt ratio is still high at 58.1%, but is improving. Average lease renewal rate was 5.7%. Payout ratio is 80.2%. The company's small size adds risks, but it is doing well enough and its very low valuation reflects the situation well, we think. We would not expect a lot of fundamental growth here, but lower interest rates could still improve its valuation in the market. NXR.UN is more expensive on valuation. Cash flow was 18c per unit, vs 17.6c estimated. Revenue was $43.9M, vs $42.8M expected. EBITDA of $32M was 10% better than expected. NOI increased 14%. NAV rose 5.7%. Payout ratio was 108%, and this of course is the biggest risk. We need to see this come down for more comfort. Like BTB, very little 'fundamental' growth is expected.