Tricon Residential Inc T.TCN

Scotiabank

[retiredcf]

The real estate analytics team at Scotiabank global equity research recently hosted a series of meetings with apartment REIT management,

“We held the Panel lunch, 1x1s, and Property Tour this week. Panelists = BEI [Boardwalk REIT], CAR [Canadian Apartment Properties REIT], IIP [Interrent REIT], KMP [Killam Apartment REIT] and MI [Minto Apartment REIT]. Client lunch participation was +56% y/y … We felt the panel view was very bullish, moreso than last year (CAR mentioned never being this bullish), with one key difference = substantially lower regulatory concerns … Our bias remains higher Apartment allocations at least heading into the fall. Our top Residential Picks = CAR, TCN, and IIP… We expect Apartment REIT outperformance in 2024, albeit decelerated; attractive defence in a hard landing is 50% of the positive thesis. CAD Apartment REITs are -2% YTD vs. -1% for CAD REIT sector, following avg. 17% outperformance in 2023. CAD Apartment REITs outperformed CAD REITs and U.S. Peers in 3 of the past 4 years … Tight market intact, but we think big unit price upside needs growing market rents’

[Possibleidiot01]

Seems like you missed the takeover offer today

[retiredcf]

I didn't miss it at all but the Scotiabank article was obviously written prior to the NR.  Meanwhile, here's a note from BNN. GLTA Deal flow: Sticking with deals, Blackstone announced this morning plans to buy Tricon Residential for $15.17 per share (US$11.25 per share). That’s a 30 per cent premium to yesterday’s closing price, but well off the high reached in 2022

[dogatcat]

I am voting against this deal.  Let's see who is out there that will sweeten the pot?  

[maypeters]

The company has been stuck for couple of years after the big move up in 2022. I think almost no chance of a competing bid.  I sold out today morning  In the end all the Canadian residential REITs (especially smaller ones) will get bought out by the bigger corporations.  Running out of good REITs to buy . . . .  GLTA