TSX:TCN - Post Discussion
Post by
retiredcf on Mar 09, 2023 6:36am
Another Earnings Analysis
EPS of $0.149 missed estimates of $0.387 and revenues of $106.629M missed estimates of $151.372M. Part of these misses can be attributed to a lower acquisition total and the resulting effect on fee income. For Q4 2022, TCN reported same home NOI growth of 9.7%, same home NOI margin of 69.8%, and same home occupancy of 98%. TCN is guiding for same home sales growth of 6% to 7.5%, same home NOI of 6% to 7.5% and 2,000 to 4,000 single-family rental home acquisitions. Management noted that the guidance reflects an acceleration in acquisitions and a strong same home NOI growth, offsetting the impact of higher interest rates on its expense profile.
For FY2022, TCN grew its portfolio of homes by 23.2%, and the company sees positive trends continuing in early 2023 with same home rent growth of 7.3% in January 2023. While the company missed both earnings and revenues, both its NOI and NOI margin grew for the year, it continues to acquire homes, and is positive on upcoming trends. We continue to like this name, and while we may not see an immediate bounce in shares, we feel that the underlying themes in this earnings report were quite positive. We are comfortable with TCN at these levels as part of a long-term position. (5iResearch)
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