
TSE:HOM.UN
One of his top picks. It owns apartments in the US sunbelt, especially Texas. He's toured all their assets. Managers own half the company. Trades at a major discount to NAV. A Canadian company that owns US assets, but are not valued like Canadian assets, because investors aren't familiar with those American assets. He looks to the US market for comparable assets to BSR. This is easily worth north of $12 USD.
(A Top Pick Mar 05/20, Down 26%) This one falls in their sweet spot of vision because it is a US REIT listed here in Toronto. It is similar to TCN-T. Their assets are very well run. 50% of ownership is in managements hands. He thinks it is at 30% discount to net asset value.
They run 9,400 apartments in the US Sunbelt, in high-growth (in terms of population and jobs) areas like Dallas, Austin and Houston. Texas makes up 50% of their income. These are affordable apartments, too, that attract working folks. Targets $15-18 in a few years. (Analysts’ price target is $13.00)