Tricon Residential : 2022 Annual Meeting of Shareholders

2022 Annual Meeting of Shareholders

June 22, 2022

Disclaimer

General

You are advised to read this disclaimer carefully before reading, accessing or making any other use of the information included herewith. These materials are not an offer or the solicitation of an offer to purchase any securities or make any investment. This presentation includes information about Tricon Residential Inc. and its subsidiaries and investees (together, the "Company") as of March 31, 2022, unless otherwise stated. These materials should be reviewed in conjunction with the Company's Financial Statements and Management Discussion and Analysis (the "MD&A") for the periods ending March 31, 2022, available on the Company's website at www triconresidential com and on SEDAR at www.sedar.comand are subject to the detailed information and disclaimers contained therein. All dollar amounts are expressed in U.S. dollars unless otherwise stated.

The Company measures the success of its business in part by employing several key performance indicators and other measures that are not recognized under IFRS including but not limited to: "proportionate" or "pro rata" metrics, net operating income ("NOI"), "Same Home NOI", "Same Property NOI", "Same Home NOI Margin", funds from operations ("FFO"), core funds from operations ("Core FFO"), "Core FFO per Share", adjusted funds from operations ("AFFO"), "AFFO per Share", adjusted earnings before interest, taxes, depreciation and amortization for real estate ("Adjusted EBITDAre"), "pro rata net debt / assets, and net debt / Adjusted EBITDAre ("Net Debt / Adj EBITDAre"). These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. We utilize these measures in managing our business, including performance measurement and capital allocation. In addition, certain of these measures are used in measuring compliance with our debt covenants.

Forward-Looking Statements

This presentation may contain forward looking statements and information relating to expected future events and the Company's financial and operating results and projections, including statements regarding the Company's growth and performance goals and expectations, including, in particular, targeted returns, expected future performance, and growth projections, that involve risks and uncertainties. Such forward looking information is typically indicated by the use of words such as " will"," may", "expects" or "intends". The forward looking statements and information contained in this presentation include statements regarding the Company's strategic priorities; expected or targeted financial and operating performance including project timing; projected cash flow, fees, revenue, NOI and other projected performance metrics; the ability of the Company to extend debt maturities and refinance debt and the anticipated terms of such refinancing; expectations for the growth in the business; the Company's future balance sheet composition; the anticipated quantum and availability of leverage to facilitate home acquisitions and development activities; the anticipated value of the Company's assets and managed portfolios; the Company's acquisition program and the anticipated pace, number and timing of home acquisitions; Tricon's growth strategies and projections for its single family rental business; and the Company's ability to deploy equity committed to its investment vehicles. These statements reflect the Company's current intentions and strategic plans, however, the items noted may not occur in line with the Company' expectations or at all. These statements are based on management's current expectations, intentions and assumptions which management believes to be reasonable having regard to its understanding of prevailing market conditions and the current terms on which investment and business opportunities may be available.

We believe that providing these performance measures on a supplemental basis is helpful to investors and shareholders in assessing the overall performance of the Company's business. However, these measures are not recognized under and do not have any standardized meaning prescribed by IFRS as issued by the IASB and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. The definition, calculation and, where required, reconciliation of the non-IFRS financial measures and the requisite disclosure for non-IFRS ratios and supplemental measures used herein are provided in Sections 4 and 6 and Appendix A of the MD&A.

This presentation may contain information and statistics regarding the markets in which the Company and its investees operate. Some of this information has been obtained from market research, publicly available information, and industry publications. This information has been obtained from sources believed to be reliable, but the accuracy or completeness of such information has not been independently verified by the Company and cannot be guaranteed. Disclosure of past performance is not indicative of future results. This presentation contains images which may be artist renderings of incomplete developments and which in any case may not be representative of all properties in the Company's portfolio.

Projected returns and financial performance are based in part on projected cash flows for incomplete projects as well as future company plans. Numerous factors, many of which are not in the Company's control, and including known and unknown risks, general and local market conditions and general economic conditions (such as prevailing interest rates and rates of inflation) may cause actual performance and income to differ from current projections. Accordingly, although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. If known or unknown risks materialize, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks are described in the Company's continuous disclosure materials from time-to-time, as available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.

Jacksonville, FL

1

2

3

AGM Management Presentation

June 22, 2022