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Tricon Residential Inc. - TCN STOCK NEWS

Welcome to our dedicated page for Tricon Residential news (Ticker: TCN), a resource for investors and traders seeking the latest updates and insights on Tricon Residential stock.

Tricon Residential Inc. (TCN) is a leading investor and asset manager in the North American residential real estate sector, managing assets worth approximately $4.6 billion (C$5.8 billion). Since its inception in 1988, Tricon has invested in real estate and development projects valued at around $19 billion. The company's diversified portfolio includes investments in land and homebuilding assets, single-family rental homes, manufactured housing communities, and multi-family development projects.

Tricon's core business model revolves around two primary objectives: generating investment income and capital appreciation through its principal investment operations and earning fee income through its private funds and advisory services. This dual approach allows Tricon to leverage its extensive expertise in real estate management and development, offering superior returns to its stakeholders.

Recent achievements highlight Tricon's strategic initiatives, such as expanding its single-family rental portfolio and advancing multi-family development projects. The company has also fostered partnerships with third-party investors, enhancing its asset base and operational efficiencies.

With a focus on sustainable growth, Tricon continues to innovate within the residential real estate market. Its commitment to quality and strategic vision positions it as a significant player in the industry, ensuring long-term value creation for its investors and clients.

News

Blackstone Real Estate Completes Privatization of Tricon

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Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. have completed the privatization of Tricon Residential Inc. for a total equity transaction value of $3.5 billion. Tricon remains committed to developing new single-family homes and apartments in the U.S. and Canada, with plans to invest $1 billion in capital projects. The partnership aims to enhance the quality of existing homes and provide affordable housing. The transaction involves a cash offer of $11.25 per Common Share. Blackstone will maintain an 11.6% ownership stake post-closing. The Common Shares are expected to be de-listed from NYSE and TSX on May 2, 2024, with Tricon ceasing to be a reporting issuer. Detailed information on the Transaction is available in the Circular and on SEDAR+ and SEC websites.

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Tricon Residential Inc. Announces Receipt of Investment Canada Act Approval for Take Private by Blackstone Real Estate

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Tricon Residential Inc. announces the receipt of Investment Canada Act approval for the take-private transaction by Blackstone Real Estate. The deal involves Blackstone acquiring all outstanding common shares of Tricon for US$11.25 per share in cash. The transaction has already received clearance under the Competition Act and shareholder approval, with a final court order in place. The deal is expected to be completed by May 1, 2024, leading to the delisting of Tricon's shares from NYSE and TSX.
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Tricon Residential Inc. Receives Final Court Approval for Take Private by Blackstone Real Estate

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Tricon Residential Inc. (NYSE: TCN, TSX: TCN) announced a final order approving its acquisition by Blackstone Real Estate Partners X for US$11.25 per Common Share in cash. The Transaction is subject to customary closing conditions and regulatory approval under the Investment Canada Act, expected to be completed in the second quarter of this year.
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Tricon Shareholders Approve Proposed Take Private by Blackstone Real Estate

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Tricon Residential Inc. shareholders have approved a plan for Blackstone Real Estate Partners X to acquire all outstanding common shares for US$11.25 per share. The transaction is expected to be completed in the second quarter of this year, leading to the delisting of the Common Shares from NYSE and TSX.
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Tricon Residential Releases 2023 Annual Sustainability Report

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Tricon Residential Inc. releases its annual sustainability report showcasing commitment to resident satisfaction, employee wellbeing, and environmental stewardship. The report highlights key accomplishments such as investing in employee training, achieving pay equity, credit builder and down payment assistance programs for residents, and environmental initiatives.
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Tricon Reports Strong Q4 2023 Results

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Tricon Residential Inc. (NYSE: TCN, TSX: TCN) announced its financial results for Q4 2023, reporting a net loss of $35.5 million, Core FFO of $45.7 million, and same home NOI growth of 6.2%. The company also disclosed an arrangement agreement with Blackstone for a full acquisition.
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Tricon Residential Announces Receipt of Interim Order for Proposed Take Private by Blackstone Real Estate and Provides Details of Special Meeting

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Tricon Residential Inc. announces a special meeting for the acquisition by Blackstone Real Estate Partners X at a premium price of $11.25 per Common Share, representing a 30% premium to the closing price on NYSE. The Board recommends FOR vote at the Special Meeting on March 28, 2024.
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Tricon Announces Date for Fourth Quarter 2023 Earnings Release

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Tricon Residential Inc. (NYSE: TCN, TSX: TCN) announced the release of its financial results for Q4 2023 on February 27th, 2024. The company will not hold a conference call, and the financial statements will be available on the company's website and regulatory websites.
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Blackstone Real Estate to Take Tricon Residential Private

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Blackstone and Tricon Residential Inc. have entered into an arrangement agreement under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. will acquire all outstanding common shares of Tricon for $11.25 per Common Share in cash. The transaction represents a premium of 30% to Tricon’s closing share price on the NYSE on January 18, 2024, and a 42% premium to the volume weighted average share price on the NYSE over the previous 90 days, equating to a $3.5 billion equity transaction value based on fully-diluted shares outstanding. The acquisition aims to propel Tricon’s efforts to add housing supply across the U.S. and in Toronto, Canada.
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Tricon Reports Q3 2023 Results as Strong Property Fundamentals Continue

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Tricon Residential Inc. (NYSE: TCN, TSX: TCN) announced its Q3 2023 financial results, with net income from continuing operations decreasing by $97.7 million year-over-year, and diluted earnings per share from continuing operations decreasing to $0.18 compared to $0.49 per share in Q3 2022. Core FFO was $42.7 million and Core FFO per share was $0.14 in Q3 2023, a decrease of 7.9% and 6.7% year-over-year, respectively. Same home NOI growth for the single-family rental portfolio in Q3 2023 was 6.0% year-over-year. The company acquired 410 homes during the quarter at an average price of $310,000 per home for a total acquisition cost of $127 million. Tricon's proportionate share was $102 million. Positive rent trends continued into the fourth quarter, with same home rent growth of 6.8% in October 2023.
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FAQ

What is the current stock price of Tricon Residential (TCN)?

The current stock price of Tricon Residential (TCN) is $11.25 as of May 1, 2024.

What is the market cap of Tricon Residential (TCN)?

The market cap of Tricon Residential (TCN) is approximately 3.1B.

What is Tricon Residential Inc.?

Tricon Residential Inc. (TCN) is a principal investor and asset manager in the North American residential real estate sector.

What is the value of assets under Tricon Residential Inc.'s management?

Tricon manages assets worth approximately $4.6 billion (C$5.8 billion).

What types of properties does Tricon invest in?

Tricon invests in land and homebuilding assets, single-family rental homes, manufactured housing communities, and multi-family development projects.

What are Tricon's business objectives?

Tricon aims to generate investment income and capital appreciation through its principal investments and earn fee income via its private funds and advisory services.

How long has Tricon Residential Inc. been in operation?

Tricon Residential Inc. was founded in 1988.

What recent achievements has Tricon made?

Tricon has expanded its single-family rental portfolio and advanced multi-family development projects.

Who are Tricon's partners?

Tricon collaborates with several third-party investors to enhance its asset base and operational efficiencies.

How does Tricon generate returns for its stakeholders?

Tricon generates returns through investment income, capital appreciation, and fee income from its advisory services.

What is the total value of projects Tricon has invested in?

Tricon has invested in real estate and development projects valued at approximately $19 billion.

What is Tricon's strategic focus?

Tricon focuses on sustainable growth, quality investments, and strategic partnerships to ensure long-term value creation.

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Tricon Residential Inc.

NYSE:TCN

TCN Rankings

#1654 Ranked by Market Cap
#1360 Ranked by Dividends

TCN Stock Data

3.07B
264.29M
3.12%
78.64%
1.67%
Real Estate Services
Real Estate
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United States of America
Toronto