Tricon Residential : Investor Presentation March 2024

Investor Presentation

March 2024

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 December 31, 2023, 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 period ending December 31, 2023, 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" 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", "Core FFO from Fees", adjusted funds from operations ("AFFO"), "AFFO per Share", adjusted earnings before interest, taxes, depreciation and amortization for real estate ("Adjusted EBITDAre"), net debt / Adjusted EBITDAre ("Net Debt / Adj EBITDAre"), "Core FFO Payout Ratio", "AFFO Payout Ratio", Price/FFO of a home, and overhead efficiency. 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 may include statements regarding the Company's strategic priorities; expected or targeted financial and operating performance including project timing; projected cash flow, fees, revenue, expenses, NOI and other projected performance metrics, including expense reduction and revenue expansion opportunities; the ability of the Company to extend debt maturities and refinance debt; FFO growth and the potential drivers of that growth; expectations for the growth in the business; the availability and quantum of debt reduction opportunities and the Company's ability to avail itself of them; the Company's future balance sheet composition; the anticipated value of the Company's assets and managed portfolios; the Company's acquisition program and the anticipated pace, number, pricing and timing of home acquisitions; Tricon's growth strategies and projections for its single family rental business including the launch of new investment vehicles; 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.

Certain statements included in this presentation, including with respect to 2023 guidance for Core FFO per share and same home metrics, are considered financial outlook for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations relating to the future of the Company, as disclosed in this presentation. These forward-looking statements have been approved by management to be made as at the date of this presentation. Although the forward-looking statements contained in this presentation are based upon what management currently believes to be reasonable assumptions (including in particular the revenue growth, expense growth and portfolio growth assumptions set out herein which themselves are based on, respectively:

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.

assumed ancillary revenue growth and continuing favorable market rent growth; increased internalization of maintenance activity and increased management efficiencies accompanying portfolio growth; and the availability of SFR homes meeting the Company's acquisition objectives), there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements.

In regards to the strategic goals, targets and potential value creation opportunities presented herein, these are based on the assumed impact of the growth drivers, proposed transactions or events, and sources of cash flow described, on the assumption that other drivers of performance will not deteriorate over the relevant period, and on the specific assumptions concerning performance and market conditions noted specifically herein. There can be no assurance that such growth drivers, transactions, events or cash flow will occur, be realized, or have their anticipated impact, and the assumptions underlying such statements are subject to known and unknown risks, including market risks, which may not be in the Company's control, and therefore there can be no assurance that actual performance will align with the Company's targets or that the value creation opportunities presented herein will be realized.

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.

1

Tricon Residential

TSX & NYSE: TCN

Tricon Residential Inc. 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.

Atlanta, GA

Nashville, TN

Phoenix, AZ

	Tampa, FL	Dallas, TX	Charlotte, NC
$3.0B	6.2%	97.4%	6.0%
Market	Single-family Rental	Same Home	Same Home Average
Capitalization (1)	Same Home NOI Growth	Occupancy	Blended Rent Growth

Refer to "General" and "Forward-Looking Statements" on Page 1. The above photos may not be representative of all Tricon investment properties.

Source: Company information, S&P Capital IQ; reported data as of Q4/23.

1. Market Capitalization as of February 29, 2024.

2

Our Purpose and Guiding Principles

Tricon's focus on culture is a competitive advantage and leads to a superior resident experience, innovative housing solutions and industry-leading operating performance.

CARE &	Go above and beyond to enrich
COMPASSION	the lives of our residents
DEDICATION &	Commit to and inspire
EXCELLENCE	excellence in everything we do
CURIOSITY &	Ask questions, embrace problems,
INNOVATION	thrive on the process of innovation
INTEGRITY &	Do what is right, not
HONESTY	what is easy
LEADERSHIP &	Elevate each other so together
LEGACY	we leave an enduring legacy

3

Responsible Single-family Rental Operator

Our Tricon Vantage Program and Resident Bill of Rights expand on our commitment to going above and beyond to enrich the lives of residents. These programs ensure that Tricon residents are offered a quality home with genuine, caring, and reliable service, as well as the opportunity to participate in a suite of value-added programs to enrich their financial well- being. Our dedication to fee transparency reflects our belief that no one should ever have to pay a surprise bill.

Resident Bill of Rights	Tricon Vantage Program	Fee Transparency
The first commitment of its kind among single-	Provides our residents with services to improve	We offer several different services to enhance the
family rental housing companies, underscoring	their financial well-being and offer an enhanced	resident experience, all of which are fully
our resident-first approach.	path to home ownership.	transparent. We believe every fee should be
		presented openly and clearly.
https://triconresidential.com/bill-of-rights/	https://triconresidential.com/tricon-vantage-	https://triconresidential.com/fee-transparency/
	programs/

4

Our Approach to Sustainability

Sustainability is engrained in everything we do, and our recently-released annual ESG report highlights Tricon's success in delivering on our promise of a people-first culture, outstanding resident experience and environmental sustainability.

2022 ESG Report	OUR	OUR	OUR	OUR
Our latest annual ESG report,
PEOPLE	RESIDENTS	IMPACT	GOVERNANCE
reaffirming our unwavering
commitment to sustainability
across all aspects of our business	Great Place to Work-	Focus on Resident	Energy Consumption	Strong Business
	Certified	Retention	Model	Ethics, Integrity and
	Certified for the third year in	Achieved occupancy of	Developed and launched an	Compliance
	a row and earned an	97.4% and turnover of	industry-leading energy	98% of new employees
	employee satisfaction score	14.8% for the SFR same	consumption model for our	completed compliance
	of 88% for U.S. and Canada	home portfolio in Q4/23,	SFR homes, enabling	training and developed an
	Great Place to Work	aided by self-governing on	Tricon to be proactive in	enterprise-wide framework
	surveys, an improvement of	renewals to drive retention.	reducing our resource	for risk identification and
	4% Y/Y.		consumption.	prioritization.
	ESG-Specific	Bill of Rights	Energy Savings	ESG Ranking
	Training	Launched industry-leading	Invested in ~55K ENERGY	Improvements
	90% of new hires received	Bill of Rights, the first of its	STAR®-rated appliances	Improved overall GRESB
	ESG-specific training	kind for U.S. single-family	over four years, a $111M	rating by 24%,
	compared to 76% in 2021,	rental, outlining our	investment and estimated	Sustainalytics risk rating by
	an improvement of 18%	commitment to providing	energy consumption	33% and upgraded MSCI
	Y/Y.	quality, move-in ready	savings of 262,000 MWh	ESG risk rating to A.
		homes with caring and	compared to equivalent
		reliable service.	standard models.
	Diverse and	Tricon Vantage	LEED-Certified	Board and
	Inclusive Workplace	Provides our U.S. residents	Development	Leadership Diversity
	42% of employees self-	with access to tools,	Pipeline	Reached the Board of
	identified as BIPOC (1) and	resources, and services to	Targeting LEED Gold	Directors gender diversity
	44% of people leader roles	help them realize their	certification across 93% of	standards of the 30% Club
	(2) were held by females.	financial goals including a	the Canadian multi-family	Canada.
		market-leading down	development pipeline,
		payment assistance
		representing over 3M sq.
		program.
		feet of residential space
1. Black, Indigenous and people of color.
2. Mid-management employees are classified as people leaders.
		5

Dynamic Leadership Team Focused on

Corporate Culture and Growth

A dynamic, high-performing team of industry leaders and housing experts leading 1,000+ dedicated employees.

Our C-Suite

Gary Berman	Wissam Francis	Jonathan Ellenzweig	Kevin Baldrige	Sherrie Suski	David Veneziano
President & Chief Executive	EVP & Chief Financial	EVP & Chief Investment	EVP & Chief Operating	EVP & Chief People	EVP & Chief Legal
Officer	Officer	Officer	Officer	Officer	Officer
21 years with Tricon	9 years with Tricon	18 years with Tricon	8 years with Tricon	8 years with Tricon	9 years with Tricon
25 years of industry	23 years of industry	21 years of industry	39 years of industry	31 years of industry	19 years of industry
experience	experience	experience	experience	experience	experience

Andy Carmody	Andrew Joyner	Wojtek Nowak	Evelyne Dubé	Reshma Block	Alan O'Brien	Bill Richard
Senior Managing Director,	Managing Director,	Managing Director,	Managing Director,	Head of Innovation and	Chief Resident	Managing Director, Asset
& Head of Sustainability	Canadian Multi-family	Capital Markets	Private Funds	Technology	Experience Officer	Management and
						Acquisitions
6 years with Tricon	8 years with Tricon	9 years with Tricon	7 years with Tricon	3 years with Tricon	9 years with Tricon	7 years with Tricon
22 years of industry	17 years of industry	22 years of industry	28 years of industry	26 years of industry	18 years of industry	19 years of industry
experience	experience	experience	experience	experience	experience	experience

6

Board of Directors and Corporate Governance

Experienced Board of Directors

David Berman

• 34 years with Tricon

Executive Chair &

• Executive Chair and Co-Founder of Tricon

Co-Founder

Gary Berman

• 21 years with Tricon

President & Chief Executive

• President and CEO of Tricon

Officer, Director

Frank Cohen

• 2 years with Tricon

•

Senior Managing Director of Blackstone, Global Head of Core+ Real

Independent Director

Estate and Chairman and CEO of Blackstone REIT

Camille Douglas

• 2 years with Tricon

• Senior MD at Lefrak

Independent Director

• Board of Trustees of Starwood Property Trust

Renee Lewis Glover

•

2 years with Tricon

Independent Director

• Former President / CEO of Atlanta Housing Authority

• BOD of Fannie Mae, former BOD of Starwood Waypoint

Ira Gluskin

• 6 years with Tricon

• Co-Founder of Gluskin Sheff + Associates Inc.

Independent Director

• BOD of European Residential REIT

Michael Knowlton (1)

• 11 years with Tricon

• Former President and COO of Dundee REIT

Independent Director

• BOD of Crombie REIT, Dream Industrial REIT

Siân M. Matthews (2)

• 7 years with Tricon

• Former Partner of Bennett Jones LLP

Independent Director

• Past Chair of Canada Post

Geoff Matus

• 34 years with Tricon

• Co-Founder of Tricon

Director & Co-Founder

• Chair and Co-Founder of Cidel Bank of Canada

Peter D. Sacks

• 8 years with Tricon

• Founding partner of Toron Asset Management

Independent Lead Director

• BOD of Standard Life Aberdeen PLC

1. Chair of Audit Committee.
2. Chair of Compensation, Nominating and Corporate Governance Committee.

Governance Highlights

• 30% of Tricon's Board of Directors are women
• 7 of 10 Directors are independent
• Signed BlackNorth Initiative committing to 3.5% Black leaders by 2025
• Maintain an anonymous whistleblower platform with a third-party provider
• Maintain a Shareholder Engagement Policy, providing further clarity on discussion topics between the Board and shareholders
• Updated information security policy with an independent assessment of IT processes and controls
• Successfully implemented Business Continuity Plan during COVID pandemic lockdown

Audit Committee

Compensation, Nominating and Corporate

Governance Committee

7

Long-term Trends Support Tricon's Rental Strategy

Our rental business is benefitting from strong fundamental tailwinds that we expect to continue for years to come.

Demographics are Driving Housing Demand		Meanwhile, Housing Supply Is Not Keeping Up
										Building intensity is below prior
	Millennials			Baby Boomers					recession levels and single-
							family starts are declining
	72 million			66 million
					Recession
4.5M						(Thousands)	2,500				6
4.0M
										7
							2,000
3.5M
3.0M						Permits					5
2.5M						1,500
										4
2.0M						Housing
					1,000
1.5M									3
1.0M							500				2
0.5M										1
0.0M							0				-
20	30	40	50	60	70	80
1980	1990	2000	2010	2020
		Millennials are a larger cohort than			Multi-Family Starts
		Boomers and are entering their			Single-Family Starts
		prime years of household formation			35 Year Average Residential Housing Starts
								Building Intensity (Annualized Housing Starts per 1,000 Persons)

Building Intensity

Source: John Burns Real Estate Consulting

8

Long-term Trends Support Tricon's Rental Strategy

With 30-year mortgage rates approaching 8% and home price-to-household income rising, it has never been more affordable to rent versus own.

As a Result, Homeownership Is Less

Accessible…

		5.2x
	Home Price-to	$370K
	Household Income
	Median US
3.9x		Home Price

$165K$71K Median

Household

Income

$42K

2000

2005

2010

2015

2020

Source: Federal Reserve Economic Data, John Burns Real Estate Consulting.

1. Reflects U.S. national average entry-levelsingle-family home.

…And Rental Living is More Compelling Amid

Skyrocketing Mortgage Rates

~$1,000

per month more expensive

to own vs. rent (1)

~$3,300

$1,210			$1,510	~$2,300
			$1,477
$1,057
2003	2008	2013	2018	2023
	Average Monthly Rent		Average Monthly Cost to Own

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