BTB.UN is a small-cap REITs focusing on industrials, downtown office and necessity-based retail properties and is now trading at 7.4x times' Forward P/E, or 0.6x Price/Book. Over the last few years, real estate in general and BTB.UN’s portfolio experienced some headwinds due to the pandemic and high interest rates. The balance sheet is highly leveraged, with net debt of $723M and net debt/EBITDA of 9.6x. Based on consensus estimates, sales are expected to grow by 3% going forward. Overall, we would not be too excited with highly leveraged, small-cap REITs with certain secular headwinds. That said, BTB.UN is cheap, a speculation is that it could be a potential candidate for acquisitions in this environment, but the outcome is highly uncertain
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