Q: Please comment on BTB.UN recent Q report. Thank you!
James.
James.
5i Research Answer:
Cash flow per unit of 10.7c was inline with 10.5c estimated; revenue of $32.5M rose about 3%. EBITDA of $18M beat estimates by 5%. One tenant went bankrupt, which lowered occupancy to 92.5%. Debt ratio is 58.3%. The average lease rate increased 2.4%. Payout ratio at 85.3% is 'OK'. The company has managed sector challenges and inflation reasonably well. Its small size adds risk, but it is also priced well at 8.4X cash flow. We would consider the quarter decent.