Hey Jason. First off, sorry for the delayed reply. I told Matt I'd handle this question and I've been pretty sick the last few days.
I've looked at Tricon multiple times over the last few years. It is a fairly strong company. First things first though, this is not a REIT. Important to understand this.
They are executing very well when it comes to acquisitions/joint ventures and have posted some crazy year-over-year growth.
Near double-digit rent growth, occupancy rates near 98%, and a strong pace of acquisitions.
The dividend is also well covered. Through 9 months of 2021, its AFFO (adjusted funds from operations) sat at $0.41 and it has paid out $0.21 in dividends thus far. The company has room to grow the dividend but doesn't really put priority on it. Which, is a good thing. They're showing they can put that money to much better use than paying it out as a dividend. This is a real estate company, but because it is not structured like a REIT, it doesn't need to pay out most of its earnings.
The company is reporting some big increases in property values, likely because of the real estate boom in the United States. When this slows is anyone's guess, and right now the company is taking advantage of it in every way it can.
Overall, it's a strong company. I feel much of the value gap has decreased, but it could still be a nice US growth play in terms of real estate. My only fear would be a slowdown in demand for US housing that may cause this one to have some bumpy quarters.