Analysts at RBC Capital provided their takeaways from Tricon Residential Inc. (NYSE:TCN) 2022 Analyst Day, which was largely focused on operations, tech, and details supporting the company’s longer-term targets.

With the company’s broader goals left unchanged, RBC Capital’s estimates and price target ($18, Outperform) are unchanged as well, although the company is signaling that some goals are on pace to be achieved sooner than expected.

The company maintained its target of expanding the gross portfolio to 50,000 homes in 2024, from 29,000 at the end of 2021 and a goal of 37,000 at the end of 2022. However, the company noted that it is ahead of pace on this target. The company expects to acquire 8,000 homes in 2022, representing nearly 40% of the three-year goal, and it noted that supply could easily loosen up from current levels and allow more acquisition acceleration in 2023–24.

The company’s SFR JV-2 is currently roughly one-third deployed, which is ahead of pace. As a result, the company mentioned that discussions around a JV-3 could start in 2023 rather than the prior expectation of 2024.