Tricon Capital Group (TCN.TO)

He really likes this and has been adding any time it has touched $8.25. A really interesting play on the US housing market, covering the different facets such as homebuilding, mature lifestyle communities, luxury housing, single-family renting. This is a market that has been depressed for some time. It is starting to come up, but the stocks are not reacting yet. Thinks it is priming up for a pop, and the stock could be an easy $10. Dividend yield of 3%.

Nice dividend and great management team. They were buying a lot of residential real estate property in the US when nobody else wanted it. Feels their block of properties is worth a lot of money. At some point there will be further consolidation in the space, and at some point they could be an acquisition.

A well diversified real estate company. Have recently gone into prefab constructed homes in the US. His concern has been the migration they have taken into the different paths through the years. Feels they should now be selling off some of their holdings instead of going off into other areas. They probably have 80%-90% of their assets in the US. Even if the assets did not go up in value, there has been a tremendous currency move, making the assets at least 15%-20% more valuable. Have probably taken on too much at one time.

Their focus is principally on residential real estate. They have Tricon American Homes which focuses on the Sunbelt in the US. Most people want to own single family rental properties in that particular space. Trades at a significant discount to their NAV of around $13, and he sees room for growth. Dividend yield of 3.03%.

Looked at this a few years back, but didn’t like the business model or the scalability. They bought some properties in the US and are renting those out. There has been a double whammy in terms of performance in that the value of their portfolio has gone up and rents have gone up as well. He thinks we are in the 4^th-5^th inning of a recovery in the US housing market, so there is still potential upside. 2.9% dividend yield.

(Market Call Minute.) A really sharp management team and has become a core holding for him. The stock is undervalued and should be $11-$12 over time. A great way to play a recovery in the US housing market.

A very well-run company for many years. Has deeply experienced management. Technically it is at a bit of an inflection point. His short term technicals say it is not a bad entry point, but it has some headroom issues to get through. Not wildly expensive and has been a dividend grower through the years.

Has been buying this, especially below $8.50. A Canadian company, but US focused on housing. This is a good time to be investing in the US housing market. Dividend yield of 3.1%.

(Market Call Minute.) This has been pretty weak recently and they have US residential exposure, which you think would be good. Great company with good assets and trading very cheaply. It is just a matter of time before it does better.

Has been following this for quite a while. Likes what the business is doing. They are executing really well. Generally speaking, the US housing market is strong and their single family home business is going to continue to grow. Also, getting into some luxury multi-residential. Trading at a pretty significant discount to its NAV. Pays a nice dividend. Good management.

(A Top Pick July 17/15. Down 25.86%.) Owns property down in the Sunbelt. Sold his holdings in June. Still watching it and still likes the growth prospects.

(Market Call Minute.) Favours this for the long-term. It has swooned over the last few months, and thinks this is really good value here. It gives you exposure to the US housing and rental market.

The company has had some change in management. Once has to assume it is better. US real estate has not been what we expected it to be over the last several years. There will be a pause in this one.

A real estate manager with over $2 billion worth of a wide range of properties in the US. Everything from single family homes to some lower cost properties. Has a decent dividend. He likes this company. Has underperformed recently and is not sure if this is just going down with the real estate sector or something to do with the oil prices. Vacancy rate is well under 10% for their properties.

This is his value pick. Basically invests in the housing market in the US, but through many different ways. They have a small home building arm, single family rental, development of luxury apartment buildings, seniors’ communities, etc. Have the ability to go across the US and take advantage of different opportunities. Dividend yield of 2.91%.