TRICON RESIDENTIAL INC. TRICON RESIDENTIAL INC.
ANNUAL INFORMATION FORM
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023
February 27, 2024
2023 ANNUAL INFORMATION FORM
TABLE OF CONTENTS
Page No.
Adjacent Residential Businesses ................................................................................................... 10
Sustainability .................................................................................................................................. 12
Active Investment Vehicles ............................................................................................................ 13
General Development of the Business .......................................................................................... 16
Our Revenues ................................................................................................................................ 17
Senior Management Team ............................................................................................................ 17
Employees ..................................................................................................................................... 22
RISK FACTORS .......................................................................................................................................... 22
DIVIDENDS ................................................................................................................................................. 41
DESCRIPTION OF CAPITAL STRUCTURE .............................................................................................. 42
MARKET FOR SECURITIES ...................................................................................................................... 46
ESCROW OF SECURITIES ....................................................................................................................... 46
DIRECTORS AND OFFICERS ................................................................................................................... 46
PROMOTERS ............................................................................................................................................. 52
LEGAL PROCEEDINGS AND REGULATORY ACTIONS ......................................................................... 52
TRANSFER AGENT AND REGISTRAR ..................................................................................................... 52
AUDIT COMMITTEE INFORMATION ........................................................................................................ 52
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................................... 54
INTERESTS OF EXPERTS ........................................................................................................................ 54
MATERIAL CONTRACTS ........................................................................................................................... 54
ADDITIONAL INFORMATION .................................................................................................................... 55
ADDENDA
SCHEDULE A - AUDIT COMMITTEE CHARTER
GENERAL MATTERS
Unless otherwise indicated or the context otherwise requires, "Company" or "Tricon" refers to Tricon Residential Inc. and its material direct and indirect subsidiary entities. The terms "we" and "our" are references to the Company. Unless otherwise indicated, all dollar amounts in this Annual Information Form ("AIF") are expressed in U.S. dollars and references to "$" are to U.S. dollars; references to "C$" are to Canadian dollars.
Market data and other statistical information in this AIF are based on independent industry publications, government publications, reports by market research firms, or other published independent sources. Some data is also based on the Company's good faith estimates, which are derived from its review of internal data and information, as well as independent sources, including those listed above. Although the Company believes these sources are reliable, the Company has not independently verified the information and cannot guarantee its accuracy or completeness.
The information contained in this AIF is as of December 31, 2023, unless otherwise indicated.
Forward-Looking Statements
Certain statements in this AIF are considered "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). This document should be read in conjunction with material contained in the Company's current consolidated financial statements along with the Company's other publicly filed documents. Words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "project", "continue", "target" and similar expressions identify these forward-looking statements. Statements containing forward-looking information are not historical facts but instead reflect management's expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Tricon and its investments and are based on information currently available to management and on assumptions that management believes to be reasonable. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by management of the Company as of the date of this AIF, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the Company's future growth potential; results of operations; future prospects and opportunities; demographic and industry trends; no change in legislative or regulatory matters; future levels of indebtedness; the tax laws as currently in effect; the continuing availability of capital; current economic conditions, including levels of inflation and the prevailing interest rate environment; and the anticipated impact and aftermath of the COVID-19 pandemic.
This AIF may include forward-looking statements pertaining to the following (see "Description of the Business"):
• The anticipated benefits of the Go-Private Transaction to the Company and its shareholders; shareholder approvals, court approval and required regulatory approvals and other conditions required to complete the Go-Private Transaction; the anticipated timing of the completion of the Go-Private Transaction; future distributions by the Company; and the de-listing of the Common Shares from the TSX and the NYSE and the Company ceasing to be a reporting issuer; and the consequences to the Company and its shareholders if the Go-Private Transaction is not completed. Completion of the Go-Private Transaction remains subject to a number of conditions and there can be no assurance that it will be completed on the proposed terms, or at all, or that its effect on the Company or its shareholders will align with current expectations.
• Anticipated investment and operating performance (including, in particular: projected returns, timelines, development plans, the rollout of operational initiatives, sales expectations, unrealized investment value, and projected cash flows). These measures are based on Tricon's own analysis of relevant market conditions and the prospects for its business and investments, and on projected cash flows and project plans for incomplete projects in its Investment Vehicles. Projected cash flows for properties under development are determined based on detailed quarterly and annual budgets and
cash flow projections prepared by developers for all incomplete projects. Numerous factors may cause actual investment performance to differ from current projections, including those factors noted under "Risk Factors".
• Anticipated demand for single-family and multi-family rental properties, apartment suites and homebuilding, and any corresponding effect on occupancy rates and more generally on the Company's performance. These statements are based on management's analysis of demographic and employment data and other information that it considers to be relevant indicators of trends in residential real property demand in the markets in which the Company operates. Housing demand is dependent on a number of factors, including macroeconomic factors, many of which are discussed in this AIF under "Risk Factors". If these or other factors lead to declining demand, occupancy and the pace or pricing of home sales may be negatively impacted, with a corresponding negative impact on the value of the Company's assets and its financial performance.
• The pace of acquisition and the ongoing availability of single-family rental homes at prices that match the Company's underwriting model. These statements are based on management's analysis of market data that it considers to be relevant indicators of trends in home pricing and availability in the markets in which the Company carries on its business. Home prices are dependent on a number of factors, including macroeconomic factors, many of which are discussed in this AIF under "Risk Factors". If these or other factors lead to increases in home prices above expectations, it may become more difficult for the Company to find rental homes at prices that match its underwriting model.
Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors, including those noted above, could cause Tricon's actual results, performance or achievements to be materially different from any results, performance or achievements that may be expressed or implied by forward-looking statements in this AIF, including, without limitation, those listed under "Risk Factors".
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove to be incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this AIF. See "Risk Factors" for a more complete list of risks relating to an investment in the Company and an indication of the impact the materialization of such risks could have on the Company, and therefore cause actual results to deviate from the forward-looking statements.
Although the forward-looking statements contained in this AIF are based upon what management currently believes to be reasonable assumptions, there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this AIF are expressly qualified in their entirety by this cautionary statement. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking statements in this AIF are made as of the date of this document and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements or information to reflect new information, events, results or circumstances or otherwise after the date on which such statements are made to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
Non-IFRS Measures
The Company measures the success of the business by employing several key performance indicators that are not recognized under IFRS. These indicators should not be considered an alternative to IFRS financial measures such as net income. As non-IFRS financial measures do not have standardized definitions prescribed by IFRS, they are less likely to be comparable with other issuers or peer companies. The key performance indicators used by the Company are described in detail in the 2023 MD&A.
GLOSSARY OF TERMS
In this Annual Information Form, the following terms have the meanings set forth below, unless otherwise indicated. Words importing the singular include the plural and vice versa, and words importing any gender include all genders:
"2023 Financial Statements" means the Company's consolidated financial statements for the year ended December 31, 2023.
"2023 MD&A" means the Company's Management's Discussion and Analysis for the year ended December 31, 2023, available under Tricon's profile on SEDAR+ atwww.sedarplus.ca.
"Active Investment Vehicles" means, collectively, the Separate Accounts, commingled funds, Side-cars and Syndicated Investments described under "Description of the Business - Active Investment Vehicles".
"ASRS" means Arizona State Retirement System.
"Arrangement Agreement" means the arrangement agreement entered into as of January 18, 2024 under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. will undertake the acquisition of all outstanding Common Shares, resulting in the privatization of the Company.
"Audit Committee" means the audit committee of the Board of Directors.
"Board of Directors" or "Board" means the board of directors of Tricon Residential Inc.
"Canadian MF JV" means the joint venture arrangement entered into between the Company and Canada Pension Plan Investment Board in 2021 focused on a rental apartment strategy in Toronto that will be developed and managed by the Company.
"commingled fund" means a closed-end commingled fund managed by Tricon and formed for the purpose of investing in development properties or other transactions.
"Common Shares" means the common shares in the capital of Tricon Residential Inc.
"Go-Private Transaction" means the transactions contemplated under the Arrangement Agreement.
"HBD JV" means Homebuilder Direct, the joint venture arrangement entered into between the Company and two institutional investors to assemble a portfolio of newly built single-family rental homes that will be acquired and managed by the Company.
"institutional investors" means entities that generally have substantial assets and investment experience including, but not limited to, sovereign wealth funds, pension funds, endowment funds, insurance companies and banks.
"Investment Vehicle" means an investment vehicle managed by Tricon, including commingled funds, Separate Accounts and Side-cars.
"Johnson" means The Johnson Companies LP.
"middle-market" means U.S. households with household incomes of $75,000 to $125,000 per annum that would be expected, based on this income level, to seek home rental rates of $1,600 to $2,300 per month.
"MPC" means master-planned community.
"NYSE" means the New York Stock Exchange.
"Performance Fees" means incentive or performance fees earned from achieving target investment returns in an Investment Vehicle.
"Plan of Arrangement" means the statutory plan of arrangement under the Business Corporation Act (Ontario) pursuant to which the Go-Private Transaction with be completed.
"Purchaser" means Creedence Acquisition ULC, an unlimited liability company organized under the laws of the Province of British Columbia.
"Sarbanes-Oxley Act" means the U.S. Sarbanes-Oxley Act of 2002.
"Separate Account" means an Investment Vehicle in which the Company manages an investment on behalf of one to three institutional investors (and invests alongside those investors) for a singular investment or strategy and in respect of which Tricon earns fee income.
"SFR JV-1" means the joint venture arrangement entered into between the Company and two institutional investors in 2018 to assemble a portfolio of single-family rental homes that will be managed by the Company.
"SFR JV-2" means the joint venture arrangement entered into between the Company and three institutional investors in 2021 to assemble a portfolio of single-family rental homes that will be managed by the Company.
"Side-car" or "Side-car Investment" or "Syndicated Investment" means an Investment Vehicle that invests alongside a commingled fund in respect of a particular investment.
"Sun Belt" means the series of states in the southwestern and southern U.S. commonly known as the "Sun Belt".
"Syndicated Investment" - see "Side-car".
"THP US SP1" means Tricon Housing Partners US Syndicated Pool 1, a Separate Account.
"THP US SP2" means Tricon Housing Partners US Syndicated Pool 2, a Separate Account.
"THP1 Canada" means Tricon Housing Partners Canada LP (formerly Tricon VIII Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities.
"THP1 US" means Tricon Housing Partners US LP (formerly Tricon IX, L.P.), a limited partnership formed under the laws of the State of Delaware, together with associated fund entities.
"THP2 US" means Tricon Housing Partners US II LP (formerly Tricon XI, L.P.), a limited partnership formed under the laws of the State of Delaware, together with associated fund entities.
"THP3 Canada" means Tricon Housing Partners Canada III LP (formerly Tricon XII Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities.
"THPAS JV-1" means the joint venture arrangement entered into between the Company and ASRS to fund single-family rental build-to-rent development projects and some for-sale housing development projects.
"THPAS JV-2" means the joint venture arrangement entered into between the Company and ASRS to fund single-family rental build-to-rent development projects and some for-sale housing development projects.
"Transaction Circular" means the Company's Management Information Circular dated February 15, 2024, which has been filed and is available under Tricon's profile on SEDAR+ atwww.sedarplus.ca and EDGAR atwww.sec.gov.
"TSX" means the Toronto Stock Exchange.
"US MF JV" means the joint venture arrangement entered into between the Company and two institutional investors in connection with the syndication of an 80% interest in the Company's U.S. multi-family portfolio in 2021. The US MF JV ended in connection with the sale of the Company's interest in that joint venture in October 2022.
CORPORATE STRUCTURE
Name, Address and Information
A predecessor of the Company was incorporated under the Business Corporations Act (Ontario) on June 3, 1988 as "Tri Continental Capital Management Inc." On June 16, 1997, the Company was incorporated under the Business Corporations Act (Ontario) as "Tri Continental Management Inc.", and continued to carry on the business. The Company changed its name to "TCC Management Inc." on July 10, 1997, to "Tri Continental Capital Ltd." on March 19, 1999, and to "Tricon Capital Group Inc." on May 20, 2005, before changing its name to "Tricon Residential Inc." on July 7, 2020. The Company's head and registered office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7.
Inter-Corporate Relationships
The following diagram depicts the inter-corporate relationships among the Company's key subsidiaries as at the date hereof and indicates which of the Company's investments and activities are carried on through them:
TRIICON RESIIDENTIIAL IINC.
Private Funds and Advisory
Tricon US Rental
Topco LLC
Canad ian Multi-FamilyResidential DevelopmentResidential Development
Tricon US Topco LLC
Tricon US Rental
REIT LLC
Sing le-Family
Sing le-Family
Sing le-Family
Rental
Rental
Rental
Tricon American
Homes LLCTricon USA Inc.
Tricon JDC LLC
Sing le-FamilyPrivate Funds and AdvisoryInvestment in the Johnson Companies LP
Rental
The diagram above does not depict the structure of further subsidiary entities through which specific investments or activities are undertaken. The voting securities of all subsidiaries depicted are beneficially owned, directly or indirectly as depicted, entirely by the Company. Tricon American Homes LLC, Tricon
Single-Family Rental REIT LLC, Tricon US Topco LLC, Tricon US Rental Topco LLC, Tricon US Rental REIT LLC, SFR JV-1 Investor LLC, SFR JV-2 Investor LLC, SFR JV-HD Investor LLC, Tricon Holdings USA LLC, THP JV-1E LLC, THP JV-2E LLC, Tricon USA Inc. and Tricon JDC LLC are Delaware entities. All other entities are Ontario corporations or limited partnerships.
DESCRIPTION OF THE BUSINESS
Tricon is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy. We provide high-quality rental housing options for families across the United States and Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life's potential. For more information, visitwww.triconresidential.com.
The Company's common shares are traded under the symbol TCN on both the TSX and the NYSE.
Vision and Guiding Principles
Tricon was founded in 1988 as a fund manager for private clients and institutional investors focused on for-sale residential real estate development. The pursuit of continuous improvement as well as a desire to diversify and facilitate succession planning drove the Company's decision to become publicly traded in 2010. While the U.S. for-sale housing industry was decimated in the Great Recession of 2007-2009, Tricon's strong foundation and its leaders' resilience helped it endure the downturn and learn valuable lessons that informed the Company's decision to ultimately focus on rental housing.
In the decade that followed, Tricon embarked on a deliberate transformation away from for-sale housing, which is inherently cyclical, to become a rental housing company that addresses the needs of a new generation facing reduced home affordability and a desire for meaningful human connections, convenience and a sense of community. Today, Tricon provides high-quality, essential shelter to residents. It is a defensive business that is designed to outperform in good times and perform relatively well in more challenging times.
Tricon was among the first to enter into and institutionalize the U.S. single-family rental industry. Our success has been built on a culture of innovation and a willingness to adopt new technologies to drive efficiencies and improve our residents' lives. We believe that our ability to bring together capital, ideas, people and technology under one roof is unique in real estate and enables us to improve the resident experience, safeguard our stakeholders' investments, and drive superior returns.
Tricon strives to be North America's pre-eminent single-family rental housing company serving the middle-market demographic by owning quality properties in attractive markets, focusing on operational excellence, and delivering an exceptional resident experience. Tricon is driven by its purpose statement - Imagine a world where housing unlocks life's potential - and encourages its employees to conduct themselves every day according to the following guiding principles:
• Go above and beyond to enrich the lives of our residents
• Commit to and inspire excellence in everything we do
• Ask questions, embrace problems, thrive on the process of innovation
• Do what is right, not what is easy
• Elevate each other so together we leave an enduring legacy
Tricon's commitment to unlocking life's potential through housing is deeply rooted in its understanding that where a family lives significantly impacts generational socioeconomic mobility. Our approach to SFR across the U.S. Sunbelt and multi-family rentals in Canada recognizes the importance of access to better-resourced neighborhoods and an environment that shapes opportunities. By reducing the wealth gap that has historically stood in the way of living in neighborhoods with better schools, stronger social networks, and improved overall resources, Tricon aims to ensure that families have more housing options that align with their individual needs. This approach democratizes access to quality living environments while supporting the broader goal of fostering communities where socioeconomic mobility is a tangible reality for all.
Tricon's guiding principles underpin our business strategy and culture of taking care of our employees first, who in turn are empowered and inspired to provide our residents with superior service and to positively impact local communities. When our residents are satisfied, they rent with us longer, treat our properties as their own, and are likely to refer friends and family to become new residents. We realize that the best way to drive returns for shareholders and private investors is to ensure our team and residents are fulfilled. This is why Our People and Our Residents are also two of our key Sustainability priorities. See "Sustainability" for more details about these key priorities.
Go-Private Transaction
On January 19, 2024, Blackstone and the Company announced that they had entered into the Arrangement Agreement, under which the Purchaser will acquire all outstanding Common Shares and each holder of Common Shares (other than BREIT Shareholder and dissenting shareholders) will be entitled to receive $11.25 per Common Share in cash. The Go-Private Transaction is structured as a statutory plan of arrangement under the Business Corporations Act (Ontario). The completion of the Go-Private Transaction, which is expected to occur in the second quarter of 2024, is subject to customary closing conditions, including court approval, the approval of (1) at least two-thirds (66 2⁄3%) of the votes cast by Tricon shareholders at the Special Meeting and (2) a simple majority of the votes cast by Tricon shareholders at the Special Meeting excluding, for this purpose, the votes attached to Common Shares held by Blackstone, David Berman, Gary Berman and any other Tricon shareholders required to be excluded in accordance with the requirements of
Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, and regulatory approval under the Competition Act (Canada) and Investment Canada Act. Subject to and upon completion of the Go-Private Transaction, the Company expects that the Common Shares will no longer be listed on the NYSE or TSX and that it will apply to cease to be a reporting issuer under applicable Canadian securities laws. More information concerning the Arrangement Agreement and the Go-Private Transaction can be found in the Transaction Circular, which has been filed and is available under Tricon's profile on SEDAR+ atwww.sedarplus.ca.A Schedule 13E-3 Transaction Statement, which includes the Transaction Circular and related proxy materials, has been filed with the U.S. Securities and Exchange Commission and is available under Tricon's profile on SEDAR+ atwww.sedarplus.ca and EDGAR atwww.sec.gov.
Business and Growth Strategy
Tricon is an owner and operator of a growing portfolio of over 37,000 single-family rental homes located primarily in the Sun Belt. The Company also invests in "adjacent residential businesses" which include multi-family rental properties and residential development assets. Since the Company's initial public offering in 2010, Tricon has evolved from an asset manager focused on investing in "for-sale" housing development to a growth-oriented rental housing company with a comprehensive technology-enabled operating platform. As at December 31, 2023, about 97% of the Company's real estate assets are stabilized single-family rental homes and the remaining 3% are invested in adjacent residential businesses.
Tricon's Differentiated Strategy
Tricon's U.S. single-family rental strategy targets the "middle-market" resident demographic which consists of over seven million U.S. renter households (source: U.S. Census Bureau). The Company defines the middle-market cohort as those households earning between $75,000 and $125,000 per year and with monthly rental payments of $1,600 to $2,300. These rent levels typically represent approximately 20-25% of household income, which provides each household with a meaningful cushion to continue paying rent in times of economic hardship. Conversely, Tricon has the flexibility to increase rents and defray higher operating costs in a stronger economic environment while still remaining true to our commitment, enshrined in our Single-Family Resident Bill of Rights, to moderate rent increases. Focusing on qualified middle-market families that are likely to be long-term residents is expected to result in lower turnover rates, thereby reducing turn costs and providing stable cash flows for the Company. Tricon offers its residents economic mobility and the convenience of renting a high-quality, renovated home without costly overhead expenses such as maintenance and property taxes, and with a focus on superior customer service.
In addition to targeting the middle-market demographic, Tricon is focused on the Sun Belt, which is home to approximately 40% of all U.S. households and is expected to experience population growth in excess of 10% in most markets from 2020 to 2030 (source: The Cooper Center at the University of Virginia, 2018). The Sun Belt has experienced significant population and job growth over time, driven by a friendly business environment, lower tax rates, enhanced affordability, and a warm climate. The Company expects that the de-urbanization and de-densification trends that were accelerated by the COVID-19 pandemic will continue to support these demographic shifts toward our core markets. Furthermore, the Company believes that work-from-home trends and in-migration to the Sun Belt states will likely continue as employers continue to permit more flexible work arrangements and employees gravitate toward more affordable housing markets.
I. Superior growth profile
There is a significant runway for growth in the single-family rental industry, as only ~3% of the 16 million rental homes in the United States are institutionally owned (source: Green Street U.S. Single-Family Rental Outlook, January 2022). We believe that we are particularly well positioned to take advantage of this opportunity as one of the leading owners and operators in the industry, with one of the largest portfolios of single-family rental homes in the Sun Belt.
Tricon is focused on disciplined, long-term growth of its single-family rental home portfolio and has a sophisticated acquisition platform that is capable of deploying large amounts of capital across multiple acquisition channels and markets simultaneously. Tricon sources acquisition opportunities of existing homes through traditional channels, including Multiple Listing Services ("MLS"), iBuyer direct channels and portfolio acquisitions. These traditional channels will account for the majority of Tricon's planned acquisitions over the near term and leverage the Company's acquisition platform which filters and ranks many listings per year while standardizing hundreds of key underwriting parameters, enabling the Company to efficiently convert these listings into offers, expanding the Company's portfolio and giving more families access to more diverse housing opportunities in great neighborhoods.
In an undersupplied housing market, Tricon also believes in adding to the supply of rental homes and providing accessible housing solutions through its three newest home growth channels. These include the development of dedicated build-to-rent communities and the acquisition of both scattered new homes and completed single-family rental communities directly from homebuilders. In aggregate, our six existing and new home acquisition channels are expected to provide the Company with sufficient volume to meet its acquisition targets.
II. Differentiated strategic partnership model
Through its differentiated strategic partnership model, Tricon has demonstrated its ability to raise and deploy third-party capital to accelerate growth, improve operating efficiency, and take development off balance sheet. Institutional investors with allocations to real estate have also been increasingly favoring more resilient residential and industrial investment strategies in light of the uncertainty created by COVID-19 around office, retail and hospitality assets. The so-called "beds and sheds" investment strategies have led to a significant increase in capital allocated to the residential sector in general and the single-family rental industry in particular, which in turn has lowered the cost of capital for industry participants and facilitated future growth. The Company has partnered with leading global real estate investors to form three complementary single-family rental joint ventures, each with a unique acquisition strategy that provides residents with more housing options at an accessible price point.
III. Technology-enabled operating platform
Tricon has developed a technology-enabled platform that supports its growth, provides its residents an elevated living experience, and optimizes operating efficiencies. The Company's proprietary suite of software applications, known as "TriApps", automates many facets of the single-family rental business, as described below. Tricon's all-in-one resident app is also an industry first.
The Company has systematized the process of home acquisitions and, once homes are acquired, renovates them to a common standard before making them available for rent. Prospective residents are directed to the
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Tricon Residential Inc. published this content on 27 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 15:25:35 UTC.
