Second stock in the clip. GLTA
https://www.bnnbloomberg.ca/video/mike-archibald-s-top-picks~2479735
Tricon Residential (TCN TSX)
Tricon Residential is a Canadian listed company that owns approximately 31,000 single-family rental units in the U.S., primarily in the sun-belt regions including Florida and Texas. It is an excellent way to get exposure to U.S. real estate asset classes in a Canadian-listed vehicle. This is a great environment for rental units – inflation allows TCN to re-price units that turnover at higher rates, and demand for single-family rental is very high in most of the markets they operate in. Currently seeing rent growth of about eight per cent with 98 per cent of their units currently occupied. Average rents are about $1,625/month and they have less than 20 per cent turnover in their portfolio. With a great long-term growth runway – the stock has come off on macro concerns around demand for their properties, but we just aren’t seeing that in the data. Should see ~15 per cent growth over the next three years. Last purchase at $13.00.
TOP PICK
Tricon Residential (TCN-TSX)
05/07/2022 at 08:00pm
Population is outpacing supply, so there's good demand for their properties. Well capitalized balance sheet. Housing weakness gives them the opportunity to buy big packages of homes to meet targets. Own 31K properties; goal is 50K by end of 2024. Fragmented industry. Excellent operators. 98% occupancy, low turnover. Yield is 2.23%. (Analysts’ price target is $20.60)
PROPERTY MNGMNT / INVESTMENT
Mike Archibald
$13.54
Owned