CA - Tricon Capital lifts 2022 same home NOI growth outlook after Q2 core FFO beat

Tricon Capital ( NYSE: TCN ) stock advanced 2.7% in Wednesday after-hours trading after the Canadian-based rental housing company tightened its full-year same home net operating income growth guidance following better-than-expected funds from operations during the second quarter .

For 2022, Tricon ( TCN ) is expecting same home revenue growth of 8.0%-9.5% vs. 7.5%-9.5% in the prior target.

Same home NOI growth is targeted to be 8.5%-10.0% this year, compared with 7.5%-9.5% in the previous guidance.

Looking at Q2, "operational performance across all our rental businesses is as good as we have ever seen with NOI margin, occupancy, blended rent growth and turnover at record or near record levels (and continuing into July)," said CEO and President Gary Berman, adding that "demand for rental housing is robust with single-family rental being a particularly strong beneficiary."

Core FFO of $0.16 per share at the end of June topped the average analyst estimate of $0.15 and increased from $0.14 in the year-ago period.

Total revenue from rental properties was $99.9M at June 30, up from $81.9M at June 30, 2021.

Net operating income for Q2 climbed to $67.2M from $54.1M in Q2 of last year.

Conference call on August 11 at 10:00 a.m. ET.

Earlier, Tricon Capital FFO of $0.16 beats by $0.01, revenue of $99.85M .

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