Section1: Company Overview

BTB Real Estate Investment Trust (TSX: BTB.UN) is a real estate investment trust listed on the Toronto Stock Exchange. Since 2006, BTB owns and manages properties across Canada. BTB REIT invests in industrial, off-downtown core office and necessity-based commercial properties for the benefit of its investors. People and their stories are at the heart of their success.

 This Report covers the Investment Highlights, Valuation, Target Price, and Recommendation on the stock. 

1.1 Investment Highlights

Section 2:  Stock Recommendation Summary

2.1 Valuation Methodology

Valuation Methodology (Illustrative): EV to Sales based approach

2.2 Price Performance and Stock Recommendation

The stock has witnessed an upside of ~7.43% and ~5.15% over the last 1 month and 3 months respectively. Moreover, the stock is trading above the average 52-week high price of CAD 3.78 and 52-week low price of CAD 2.93, providing an opportunity to exit, as the prices are trading near the resistance levels and could make some correction.

 2.3 One-Year Technical Price Chart

One-Year Technical Price Chart (as of May 14, 2025). Source: REFINITIV, Analysis: Kalkine Group 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on May 14, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.