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B+

Review of Tricon Residential

DEC 07, 2023 - TCN's core operations of SFR rental properties have performed well on a year-over-year basis, and we feel that its valuation is at an attractive level for investors. It trades at a price-to-book of less than 1.0X, and its SFR rental revenues continue to expand year-over-year. It is seeing demand from institutional investors, and its joint venture operations help to add revenue diversification. We believe that as interest rates stagnate or decline, investor appetite for real estate exposure will increase once again, and we feel that TCN will benefit from this. Its operations continue to be strong, and we feel that its positioning within the US Sun Belt states positions it well. We are maintaining our rating at a B+.

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