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Tricon Residential Inc. (NYSE: TCN, TSX: TCN) will hold a live conference call on March 2, 2023, at 11 a.m. ET to discuss its fourth quarter 2022 financial results. The call's details, including dial-in numbers and a webcast link, will be provided on the Company's website. Financial statements and management's discussion will be published before the call. Tricon operates over 36,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada, focusing on enriching lives through quality rental housing and addressing the housing supply shortage.
Tricon Residential Inc. (NYSE: TCN) announced strong Q3 2022 results, highlighting a 3% year-over-year increase in net income to $178.8 million. Earnings per share from continuing operations rose to $0.65 and $0.49, basic and diluted, respectively. Core FFO increased by 21.7% to $46.4 million, driven by a 10.2% same home NOI growth. The company expanded its single-family rental portfolio by 1,988 homes, totaling 35,262 homes. A notable sale of its 20% stake in the U.S. multi-family rental portfolio generated $315 million. Looking ahead, Tricon plans to acquire approximately 850 homes in Q4 2022 due to rising financing costs.
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Tricon Residential (NYSE: TCN) has introduced an innovative Resident Bill of Rights, the first of its kind for single-family rental providers in the U.S. This initiative highlights the company's commitment to a resident-first approach.
The Bill outlines essential rights, including the right to fair renewals, moderated rent increases, and participation in financial programs. Additionally, Tricon has invested millions in home revitalization efforts and offers unique financial support initiatives aimed at improving residents' lives.
Tricon Residential Inc. (NYSE: TCN) has finalized the sale of its 20% equity stake in a portfolio of 23 apartment buildings located in the Sun Belt region. The transaction generated approximately $315 million in gross proceeds, which will primarily be used to pay down existing corporate credit facility debt, thereby enhancing financial flexibility. Additionally, a portion of the funds will be allocated for stock repurchases as announced on October 13, 2022. This strategic move aims to reinforce Tricon's focus on its core single-family rental business.
Tricon Residential Inc. (NYSE: TCN) announced the approval of a normal course issuer bid for up to 2,500,000 common shares, approximately 0.94% of its public float. The bid will be conducted through the Toronto Stock Exchange and the NYSE, beginning October 18, 2022, and running until October 17, 2023. Tricon will fund the repurchase through available cash, with purchases limited to 160,449 shares per trading day on the TSX. CEO Gary Berman stated that while debt repayment and future growth remain priorities, the buyback is viewed as a beneficial use of cash in the current market environment.
Tricon Residential Inc. (NYSE: TCN) announced an agreement to sell its 20% equity interest in a portfolio of 23 Sun Belt apartment buildings for approximately $315 million, including performance fees. The transaction, expected to close around October 18, will allow Tricon to repay debt, enhancing its balance sheet for future growth in single-family rentals. CEO Gary Berman emphasized the sale simplifies operations and focuses on strong demand in the single-family rental market, with an impressive internal rate of return of over 20% from the investment.
Tricon Residential Inc. (NYSE: TCN) announces a conference call on November 9, 2022, at 11 a.m. ET, to discuss its third-quarter financial results. The financial statements will be made public before the call and will be accessible via the company's website and regulatory sites. Participants can join the call by dialing (888) 550-5422 or (646) 960-0676, using conference ID #3699415. A replay will be available from 3 p.m. ET on the same day until midnight ET on December 10, 2022.
Tricon Residential Inc. (NYSE: TCN, TSX: TCN) reported robust financial results for Q2 2022, with net income from continuing operations rising 185% year-over-year to $416.9 million. Diluted earnings per share increased by 18% to $0.85. Core FFO grew by 42.8% to $51.0 million. The single-family rental portfolio expanded 34% yearly, acquiring 2,489 homes for $906 million. Q2 same home NOI rose 10.5%, with a record occupancy of 98.3%. Management remains optimistic amid economic uncertainty, targeting 8,000 home acquisitions for the year.
Tricon Residential Inc. (NYSE: TCN) will host a conference call on August 11, 2022, at 10 a.m. ET to discuss its second-quarter financial results. Financial statements and management discussions will be available on the company’s website and the Canadian Securities Administrators' website before the call. Interested participants can join the call by dialing (888) 550-5422 or (646) 960-0676 using Conference ID #3699415. A replay will be accessible from 2 p.m. ET on August 11 until midnight ET on September 10.