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Tricon Residential Inc. (TCN)
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Invitation Homes Inc. (INVH)
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BSR Real Estate Investment Trust (HOM.UN)
can you pls compare/contrast INVH (invitiation homes) HOM.UN (BSR) and TCN (tricon)
and in which order would you consider purchase (if at all)
thanks again
We tend to like TCN more than most REITs due its higher upside potential, as most REIT’s pay out the majority of cash flows. TCN’s most recent earnings were also pretty solid, and it is trading at 25.2x forward earnings.
INVH pays a dividend yield of 3.12% and has a market cap of $20.45B. INVH has an expensive valuation at 49.2x forward earnings. HOM.UN pays a better dividend yield at 4.97% but is much smaller with a market cap of $812.62M. HOM.UN is valued at 16.6x forward enterprise value/EBITDA. REITs could be due for a nice turnaround in 2024 as the outlook on interest rate hikes appears to be paused. We like INVH better than HOM.UN due to size, as HOM.UN faces small cap pressures and has been on a downward trend this year.
In terms of ranking, we would say: 1. TCN 2. INVH and 3. HOM.UN.