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Andrew HamlinTricon Capital GroupTCN.TOTOP PICKNov 22, 2012

Exposure to the US rental market. Buys distressed homes, puts in a bit of capital and then rents it out for 13% gross yield. Likes it because it has great growth potential. Going from 700 now to 1000 homes by end of this year. 4% paid for you to wait. When housing prices pick up you will see a significant increase.

Andrew Hamlin

Owned

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$5.76

Stock price when the opinion was issued

$15.34

As of May 02, 2024. Market Open.

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BUY

The market has punished it too much. It is in the residential rental sector in the U.S., especially in the sun belt. The rentals are affordable and appeal especially to the 35 to 44 year old demographic who want to rent good homes rather than buy. The share price is at a 40% discount to the total value of all its homes. Good opportunities should emerge.

PAST TOP PICK

(A Top Pick Dec 30/21, Down 37%) It owns 35 000 single family homes in the U.S. and rents them out. He stopped out but is watching it especially if lower rates come in.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Likes what they have done to set up the company well. Potential remains good. Likes the management and markets are starting to notice TCN. It is up 50% in the past year. Well positioned in the US market and their asset portfolio looks good. First pick in the Canadian real estate sector. Unlock Premium - Try 5i Free

TOP PICK

Single- and multi-family homes in Canada and US. Millennial bubble entering the housing market. Organic growth and acquisitions. Stock's performed really well. Should continue to execute. Yield is 1.56%. (Analysts’ price target is $20.40)

PAST TOP PICK

(A Top Pick Nov 10/20, Up 60%) Mid-market sunbelt strategy. Single-family rentals. Big catalyst in October was NYSE listing. Great internal and external growth. Still bullish despite the run.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Good if you are looking for growth. Has seen a good level of growth. Pays a dividend yield of 1.6%. The company is somewhat leveraged. Unlock Premium - Try 5i Free

STRONG BUY

One of his top holdings. A great holding because it focuses on single family dwellings. They have a more affordable rent for those in the sunbelt. They have seen great rent growth (19%). They are fueled to double their portfolio over the next three years.

PAST TOP PICK

(A Top Pick Sep 29/20, Up 55%) It is a great blend of internal and external growth. It has a 15-20% loss-to-lease embedded in their portfolio. You will see market rent growth from here but they don't need it. It is easily worth more than $19 dollars based on cap rate.

SELL

It's all about timing in the cycle. He'd be a seller now, not a buyer. Housing is cooling in the US, and we'll probably see that in Canada. This will be hit. Good operator, expanding. Time to be more defensive.

BUY

Positive. Single-family rentals in the US. Has done well, and no reason this can't continue predicated on valuation. Implied cap rate is high 4%, whereas peers are between 4-4.5%. Home prices are appreciating.

PAST TOP PICK

(A Top Pick Jun 25/20, Up 73.38%) Still bullish. A good citizen during pandemic, by not passing on rent increases to residents. Positive cashflow last year continuing into this year. Balance sheet cleaned up, lots of capital on hand. Still trades at discount to NAV.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Largely exposed to US housing. Partnerships and growth are good and valuation is decent. The stock price has good momentum as well. Unlock Premium - Try 5i Free

TOP PICK

They have been doing a great job of putting up great results but the price did not reflect it. It has traded above a multi-year resistance level. There is good rent growth and good occupancy. She thinks the stock is just getting started. (Analysts’ price target is $15.37)

TOP PICK

He likes the valuation. US residential in the sun belt. They are expecting a 10% home price inflation in the US in 2021. It is already trading at a discount to net asset value. It could be trading north of $15 in the future. The stock has been temporarily depressed. There is a big runway in single family housing. (Analysts’ price target is $15.29)

PAST TOP PICK

(A Top Pick Jun 25/20, Up 50%) He would buy it again. It is one of the largest holdings in his fund today. The company focuses on residential in the US – single family rental space. They have a multi family portfolio also. They are in the US sun belt. They collected all the rents and rents went higher.

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Andrew HamlinTricon Capital GroupTCN.TOTOP PICKNov 22, 2012

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