Tricon Capital Group - Wohnraum in USA und Kanada: vermieten und entwickeln
eröffnet am 20.05.18 01:09:10 von
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Antwort auf Beitrag Nr.: 68.779.790 von faultcode am 14.07.21 23:41:49
Antwort auf Beitrag Nr.: 64.988.487 von faultcode am 04.09.20 11:34:55diese Aktie hätte ich behalten sollen:
Antwort auf Beitrag Nr.: 63.285.661 von faultcode am 09.04.20 12:13:51mir gefällt dieser Deal als Common shareholder überhaupt nicht:
27.8.
Tricon Residential : Announces $300 Million Investment led by Blackstone Real Estate Income Trust, Inc.
https://www.marketscreener.com/quote/stock/TRICON-RESIDENTIA…
...
Quarterly cash dividend of 5.75% per annum through to the seventh anniversary of the Investment closing, subject to increases thereafter.
...
=> Blackstone saugt hier viel und auf Jahre hinaus raus
Aber ich kann Tricon verstehen: die Schulden waren zuletzt, auch mit der Aussicht auf dem US-Mietmarkt, sehr hoch
27.8.
Tricon Residential : Announces $300 Million Investment led by Blackstone Real Estate Income Trust, Inc.
https://www.marketscreener.com/quote/stock/TRICON-RESIDENTIA…
...
Quarterly cash dividend of 5.75% per annum through to the seventh anniversary of the Investment closing, subject to increases thereafter.
...
=> Blackstone saugt hier viel und auf Jahre hinaus raus
Aber ich kann Tricon verstehen: die Schulden waren zuletzt, auch mit der Aussicht auf dem US-Mietmarkt, sehr hoch
Antwort auf Beitrag Nr.: 62.932.268 von faultcode am 09.03.20 11:21:399.2.
‘They could face housing situations that spiral out of control.’ More than half of renters say they lost their jobs due to COVID-19
https://www.marketwatch.com/story/they-could-face-housing-si…
‘Low-income renters, especially those who lose employment during the crisis, will have a hard time paying back rent’
...
‘They could face housing situations that spiral out of control.’ More than half of renters say they lost their jobs due to COVID-19
https://www.marketwatch.com/story/they-could-face-housing-si…
‘Low-income renters, especially those who lose employment during the crisis, will have a hard time paying back rent’
...
26.2.
Tricon Capital : Reports Strong Q4 2019 Results Driven by 35% Growth in FFO
https://www.marketscreener.com/TRICON-CAPITAL-GROUP-INC-6229…
...
Subsequent Event
In January 2020, the Company substantially completed its transition to an owner and operator of diversified rental housing in North America and therefore ceased to be an investment entity under IFRS 10.
As a result, effective January 1, 2020, the Company will begin to consolidate the financial results of controlled subsidiaries including its investments in single-family rental homes, U.S. multi-family rental properties and certain Canadian multi-family rental properties, resulting in the introduction of these subsidiaries' assets, liabilities, and non-controlling interests to the balance sheet of the Company. Similarly, these subsidiaries' income and expenses will be reported on the Company's statement of comprehensive income together with the non-controlling interests' share of income.
The Company continues to assess the impact on its consolidated financial statements of ceasing to be an investment entity and final conclusions have not yet been made. The anticipated changes are material and will be applied on a prospective basis. Refer to Note 26 to the annual consolidated financial statements for details.
...
Tricon Capital : Reports Strong Q4 2019 Results Driven by 35% Growth in FFO
https://www.marketscreener.com/TRICON-CAPITAL-GROUP-INC-6229…
...
Subsequent Event
In January 2020, the Company substantially completed its transition to an owner and operator of diversified rental housing in North America and therefore ceased to be an investment entity under IFRS 10.
As a result, effective January 1, 2020, the Company will begin to consolidate the financial results of controlled subsidiaries including its investments in single-family rental homes, U.S. multi-family rental properties and certain Canadian multi-family rental properties, resulting in the introduction of these subsidiaries' assets, liabilities, and non-controlling interests to the balance sheet of the Company. Similarly, these subsidiaries' income and expenses will be reported on the Company's statement of comprehensive income together with the non-controlling interests' share of income.
The Company continues to assess the impact on its consolidated financial statements of ceasing to be an investment entity and final conclusions have not yet been made. The anticipated changes are material and will be applied on a prospective basis. Refer to Note 26 to the annual consolidated financial statements for details.
...
Trading Spotlight
William Chin discusses Tricon Capital Group
https://www.bnnbloomberg.ca/video/william-chin-discusses-tri…
https://www.bnnbloomberg.ca/video/william-chin-discusses-tri…
Antwort auf Beitrag Nr.: 57.797.290 von faultcode am 20.05.18 01:43:36(*) wieder:
• Bloomberg (BEst) P/E Ratio: 8.9
• Price to Book Ratio: 0.93
• Dividend: 2.75%
• Bloomberg (BEst) P/E Ratio: 8.9
• Price to Book Ratio: 0.93
• Dividend: 2.75%
Antwort auf Beitrag Nr.: 57.797.266 von faultcode am 20.05.18 01:09:102 Slides aus der letzten Präsi 2018-05:
Letztes Jahr war eine Gross-Übernahme:
http://www.marketwired.com/press-release/tricon-capital-grou…
--> daher auch massgeblich die Schulden - und nun disposals von non-core assets.
Nebenbei:
- TCG ist KEIN (US) REIT, sondern eine CAN- Incorporated - falls es dazu Fragen gäbe wg. pers. ESt.
__
aus (*) oben:
• P/E Ratio = 10.41
• Price to Book Ratio= 1.0867 (und das ist weitestgehend tangible book value
)
--> und da wäre auch meine forensische Frage:
- wie alt sind die Häuser so im Schnitt?
(die meisten stehen in Atlanta/GA --> steht alles im AR, aber das Alter?
)
--> ich habe mit Tool (pdfgrep) im AR2017 gesucht ("age") --> dazu gibt es keine Antwort.
Kritik im Internet: ??? (ich meine von Mietern...)
---------------------------------------------------------
Ansonsten hier was:
16.5.2018
The $1,300 U.S. rental home is so hot Canadians are bidding for it
https://www.theglobeandmail.com/investing/investment-ideas/a…
=>...
Last quarter, Tricon Capital Group Inc. used proprietary software to scrape 100,000 house listings in the U.S. Sunbelt states. It put offers on 1,500 and ended up buying about 400. This quarter, the Canadian firm expects to buy up to 600 more.
Tricon has become the third-largest publicly listed landlord of U.S. single-family rentals by snapping up homes from Arizona to Florida. It now ranks behind Invitation Homes Inc., backed by Blackstone Group LP, and American Homes 4 Rent in a market it says is valued at about $3-trillion and is still largely owned by individual investors.
The demand “feels like it’s insatiable,” Tricon Chief Executive Officer Gary Berman said in an interview in Bloomberg’s Toronto office. “Sixteen million American households rent single-family homes. So put that into perspective. That’s bigger than the entire Canadian housing market.”
Tricon is aiming to double its assets under management to $10-billion by 2023, attracting capital from institutional investors and bringing corporate efficiency to the market. The Toronto-based company owns 15,500 rental homes in the U.S., with a value of about $2.9 billion. That compares with more than 80,000 for Invitation Homes and about 52,000 for American Homes 4 Rent.
Tricon Capital Group Inc
The U.S. market for rentals has boomed as banks tightened credit standards for mortgages after the housing crash, Berman said. In today’s sharing economy, there’s also less stigma associated with renting, Berman said. Then there’s technology, which has made it possible for businesses to buy homes and manage their properties at scale.
“I mean, we’re buying 400 homes, and we could be buying 800 homes per quarter, one at a time,” Berman said. “You can’t do this without technology. This is a technology business.”
Tricon is also building out its maintenance capabilities, with a fleet of trucks Berman calls a “Home Depot store on wheels.” That helped the company push repair and maintenance costs down to 9.7 per cent of revenues in the first quarter from 11 per cent a year earlier.
Tricon targets workforce housing -- for police officers, teachers and the like -- that rents for an average $1,300 per month. That compares with an average of about $1,700 for Invitation Homes.
Tricon’s stock has risen about 140 per cent to a market value of $1.35-billion in Toronto since the company made its first foray into the U.S. six years ago. The shares have lagged Canada’s benchmark S&P/TSX Composite index over the past 12 months, with an 8.7-per-cent drop amid rising interest rates. The 11 analysts who follow the company rate the stock a buy, according to data compiled by Bloomberg.
Tricon could make more acquisitions following its $1.4 billion purchase of Silver Bay Realty Trust Corp. last year, Berman said. If the company could “combine or acquire a large portfolio that was complementary, we’d obviously want to do that,” he said.
The firm is also trying to draw more institutional investment into its other businesses, which include apartment development, land acquisition and home building. It has a development pipeline of 2,500 apartment rental units in Toronto, which will cost about $1.2-billion to construct.
Still, land prices have soared in the city amid the condo boom, making it harder for apartment developers to compete. That means Tricon needs to get creative in its purchases, Berman said. For example, it looks for sites where owners are willing to forgo a larger profit upfront in exchange for a steady income stream from rentals.
Tricon has been able to find land owners who can “make the numbers work for us,” Berman said. “Think about how wealthy families have gotten in the city from just owning real estate that was worth nothing and now is worth a lot.”
---------------------------------------------------------
...da könnte man noch ewig recherchieren; ich halte die TCG-Aktie absolut gesehen für nicht teuer; hier im Vergleich mit den oben erwähnten:
Invitation Homes (INVH):
- kein Profit 2017 --> Enterprise Value to EBITDA = 106.28 --> forget about it!
American Homes 4 Rent (AMH):
- kein Profit 2017 --> Enterprise Value to EBITDA = 22.26 --> Autsch!
Tricon Capital Group Inc.:
-- EV-to-EBITDA = 7.14 --> na bitte!
-- Debt-to-EBITDA = 2.17
(obere 2: lt. FactSet, Rest lt. GF)
--> ich leg mir mal ne (kontrollierte) Position nächste Woche zu...
Letztes Jahr war eine Gross-Übernahme:
http://www.marketwired.com/press-release/tricon-capital-grou…
--> daher auch massgeblich die Schulden - und nun disposals von non-core assets.
Nebenbei:
- TCG ist KEIN (US) REIT, sondern eine CAN- Incorporated - falls es dazu Fragen gäbe wg. pers. ESt.
__
aus (*) oben:
• P/E Ratio = 10.41
• Price to Book Ratio= 1.0867 (und das ist weitestgehend tangible book value
)--> und da wäre auch meine forensische Frage:
- wie alt sind die Häuser so im Schnitt?
(die meisten stehen in Atlanta/GA --> steht alles im AR, aber das Alter?
)--> ich habe mit Tool (pdfgrep) im AR2017 gesucht ("age") --> dazu gibt es keine Antwort.
Kritik im Internet: ??? (ich meine von Mietern...)
---------------------------------------------------------
Ansonsten hier was:
16.5.2018
The $1,300 U.S. rental home is so hot Canadians are bidding for it
https://www.theglobeandmail.com/investing/investment-ideas/a…
=>...
Last quarter, Tricon Capital Group Inc. used proprietary software to scrape 100,000 house listings in the U.S. Sunbelt states. It put offers on 1,500 and ended up buying about 400. This quarter, the Canadian firm expects to buy up to 600 more.
Tricon has become the third-largest publicly listed landlord of U.S. single-family rentals by snapping up homes from Arizona to Florida. It now ranks behind Invitation Homes Inc., backed by Blackstone Group LP, and American Homes 4 Rent in a market it says is valued at about $3-trillion and is still largely owned by individual investors.
The demand “feels like it’s insatiable,” Tricon Chief Executive Officer Gary Berman said in an interview in Bloomberg’s Toronto office. “Sixteen million American households rent single-family homes. So put that into perspective. That’s bigger than the entire Canadian housing market.”
Tricon is aiming to double its assets under management to $10-billion by 2023, attracting capital from institutional investors and bringing corporate efficiency to the market. The Toronto-based company owns 15,500 rental homes in the U.S., with a value of about $2.9 billion. That compares with more than 80,000 for Invitation Homes and about 52,000 for American Homes 4 Rent.
Tricon Capital Group Inc
The U.S. market for rentals has boomed as banks tightened credit standards for mortgages after the housing crash, Berman said. In today’s sharing economy, there’s also less stigma associated with renting, Berman said. Then there’s technology, which has made it possible for businesses to buy homes and manage their properties at scale.
“I mean, we’re buying 400 homes, and we could be buying 800 homes per quarter, one at a time,” Berman said. “You can’t do this without technology. This is a technology business.”
Tricon is also building out its maintenance capabilities, with a fleet of trucks Berman calls a “Home Depot store on wheels.” That helped the company push repair and maintenance costs down to 9.7 per cent of revenues in the first quarter from 11 per cent a year earlier.
Tricon targets workforce housing -- for police officers, teachers and the like -- that rents for an average $1,300 per month. That compares with an average of about $1,700 for Invitation Homes.
Tricon’s stock has risen about 140 per cent to a market value of $1.35-billion in Toronto since the company made its first foray into the U.S. six years ago. The shares have lagged Canada’s benchmark S&P/TSX Composite index over the past 12 months, with an 8.7-per-cent drop amid rising interest rates. The 11 analysts who follow the company rate the stock a buy, according to data compiled by Bloomberg.
Tricon could make more acquisitions following its $1.4 billion purchase of Silver Bay Realty Trust Corp. last year, Berman said. If the company could “combine or acquire a large portfolio that was complementary, we’d obviously want to do that,” he said.
The firm is also trying to draw more institutional investment into its other businesses, which include apartment development, land acquisition and home building. It has a development pipeline of 2,500 apartment rental units in Toronto, which will cost about $1.2-billion to construct.
Still, land prices have soared in the city amid the condo boom, making it harder for apartment developers to compete. That means Tricon needs to get creative in its purchases, Berman said. For example, it looks for sites where owners are willing to forgo a larger profit upfront in exchange for a steady income stream from rentals.
Tricon has been able to find land owners who can “make the numbers work for us,” Berman said. “Think about how wealthy families have gotten in the city from just owning real estate that was worth nothing and now is worth a lot.”
---------------------------------------------------------
...da könnte man noch ewig recherchieren; ich halte die TCG-Aktie absolut gesehen für nicht teuer; hier im Vergleich mit den oben erwähnten:
Invitation Homes (INVH):
- kein Profit 2017 --> Enterprise Value to EBITDA = 106.28 --> forget about it!
American Homes 4 Rent (AMH):
- kein Profit 2017 --> Enterprise Value to EBITDA = 22.26 --> Autsch!
Tricon Capital Group Inc.:
-- EV-to-EBITDA = 7.14 --> na bitte!
-- Debt-to-EBITDA = 2.17
(obere 2: lt. FactSet, Rest lt. GF)
--> ich leg mir mal ne (kontrollierte) Position nächste Woche zu...
Ich stell mal kurz dieses kanadische Unternehmen vor im Bereich "Housing" in den USA und Kanada, wobei heutzutage 90% des Geschäfts in den USA gemacht werden -- und dort das meiste im "Sun belt":
http://www.triconcapital.com/investor-information/
https://www.bloomberg.com/quote/TCN:CN (*)
IPO (TSX) war 2010, obwohl's das Unternehmen schon 30 Jahre lang gibt:
https://web.tmxmoney.com/charting.php?qm_symbol=TCN
--> grösster (praktischer) Nachteil: liquider Handel nur in Toronto, sonst nur extrem dünn (wohl) in Frf. und Nasdaq OTC geht so mit Avg Vol (10-day) 1.7K
AUM's (Assets Under Management):
• (US) SFR - Single-Family Rental ~60%
• (US) Land & Home building ~29%
• (US) MFR - Multi-Family Rental ~8%
(• Rest wird verkauft)
------
=> total AUM USD4.8b (2017)
--> davon:
• 75% principal
• 25% 3rd party --> als Vermögensverwalter für Dritte
Dividendenrendite ist noch nicht hoch mit theoretisch z.Z. 2.8% (CAN-QSt. beachten!), kann sich aber ändern (mit steigenden Zinsen paradoxerweise
--> Stichwort "rent growth"):
AR2017: zuletzt wurde die:
• Average quarterly rent growth – renewal mit 4.0% angeben! (neu 5%)
--> der Höhepunkt wurde aber 2017 bei den Steigerungsraten (klar) überschritten
=> man kann's drehen und wenden wie man will mit den steigenden US-Zinsen --> auch dort wollen die Leute wohnen:
- Obdachlosigkeit wird nicht überall gern gesehen in den USA
--> ich denke, so ein Vermieter (im Hauptgeschäft) kann sich mitunter leichter tun mit steigenden Zinsen als ein reiner Entwickler (developer).
--> dabei strebt man das mittlere (SFR) bis gehobene Preissegmet (MFR) an, d.h. household income USD50..95k (p.a.) im SFR-Segment.
Mit dem Wachstum im US-SFR-Markt (Stichwort Demografie --> "Millenials" *1980-2000) wird TCG auch aller Wahrscheinlichkeit nach weiter wachsen:
- 2013 lag das AUM erst bei USD1.8b
Auch ist es so, dass sich der US-Housing-Markt spätestens seit der Subprime-Katastrophe geändert hat:
--> die Homeownership rate hat sich bereits davor schon reduziert und ist nun wieder unten angekommen:
https://fred.stlouisfed.org/series/RHORUSQ156N
--> man sieht ganz gut: nach den Mörderzinsen 1980ff hat die Eigentumsrate abgenommen - und blieb unten für einige Jahre
--> und wenn es wieder einen (allg.) Zyklus nach oben gibt (allg. steigen die Housing -Preise in den USA aber immer noch...) bei fallenden Zinsen ab 202Y, kann TCG viele seiner Häuser (eher jung: ) für gutes Geld verkaufen und wieder mehr entwickeln --> Win-Win
p.s. ich weiss nicht mehr, wie mir dieser Titel untergekommen ist; ist mir jetzt beim Aufräumen meiner Notizen wieder aufgefallen. Man darf sich vom Wort "Capital" nicht irreführen lassen...
http://www.triconcapital.com/investor-information/
https://www.bloomberg.com/quote/TCN:CN (*)
IPO (TSX) war 2010, obwohl's das Unternehmen schon 30 Jahre lang gibt:
https://web.tmxmoney.com/charting.php?qm_symbol=TCN
--> grösster (praktischer) Nachteil: liquider Handel nur in Toronto, sonst nur extrem dünn (wohl) in Frf. und Nasdaq OTC geht so mit Avg Vol (10-day) 1.7K
AUM's (Assets Under Management):
• (US) SFR - Single-Family Rental ~60%
• (US) Land & Home building ~29%
• (US) MFR - Multi-Family Rental ~8%
(• Rest wird verkauft)
------
=> total AUM USD4.8b (2017)
--> davon:
• 75% principal
• 25% 3rd party --> als Vermögensverwalter für Dritte
Dividendenrendite ist noch nicht hoch mit theoretisch z.Z. 2.8% (CAN-QSt. beachten!), kann sich aber ändern (mit steigenden Zinsen paradoxerweise
--> Stichwort "rent growth"):AR2017: zuletzt wurde die:
• Average quarterly rent growth – renewal mit 4.0% angeben! (neu 5%)
--> der Höhepunkt wurde aber 2017 bei den Steigerungsraten (klar) überschritten
=> man kann's drehen und wenden wie man will mit den steigenden US-Zinsen --> auch dort wollen die Leute wohnen:
- Obdachlosigkeit wird nicht überall gern gesehen in den USA
--> ich denke, so ein Vermieter (im Hauptgeschäft) kann sich mitunter leichter tun mit steigenden Zinsen als ein reiner Entwickler (developer).
--> dabei strebt man das mittlere (SFR) bis gehobene Preissegmet (MFR) an, d.h. household income USD50..95k (p.a.) im SFR-Segment.
Mit dem Wachstum im US-SFR-Markt (Stichwort Demografie --> "Millenials" *1980-2000) wird TCG auch aller Wahrscheinlichkeit nach weiter wachsen:
- 2013 lag das AUM erst bei USD1.8b
Auch ist es so, dass sich der US-Housing-Markt spätestens seit der Subprime-Katastrophe geändert hat:
--> die Homeownership rate hat sich bereits davor schon reduziert und ist nun wieder unten angekommen:
https://fred.stlouisfed.org/series/RHORUSQ156N
--> man sieht ganz gut: nach den Mörderzinsen 1980ff hat die Eigentumsrate abgenommen - und blieb unten für einige Jahre
--> und wenn es wieder einen (allg.) Zyklus nach oben gibt (allg. steigen die Housing -Preise in den USA aber immer noch...) bei fallenden Zinsen ab 202Y
, kann TCG viele seiner Häuser (eher jung: ) für gutes Geld verkaufen und wieder mehr entwickeln --> Win-Win p.s. ich weiss nicht mehr, wie mir dieser Titel untergekommen ist; ist mir jetzt beim Aufräumen meiner Notizen wieder aufgefallen. Man darf sich vom Wort "Capital" nicht irreführen lassen...
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Tricon Capital Group - Wohnraum in USA und Kanada: vermieten und entwickeln
