Tricon Residential Inc. - TCN STOCK NEWS

Tricon Residential Inc. reported strong operational and financial results for Q2 2023. Net income from continuing operations was $46.8 million, and basic and diluted earnings per share were $0.17 and $0.16, respectively. Core FFO decreased by 17.5% year-over-year to $42.1 million. Same home NOI growth for the single-family rental portfolio was 6.3% year-over-year. The Company acquired 805 homes during the quarter at an average price of $326,000 per home. Positive rent trends continued into Q3, with same home rent growth of 7.2% in July 2023. Tricon closed a new securitization involving the issuance and sale of five classes of fixed-rate pass-through certificates with a face amount of approximately $416 million.

Tricon Residential Inc. has priced its 2023-SFR1 securitization transaction, involving the issuance and sale of 5 offered classes of fixed-rate certificates with a total face amount of $416.4 million. The transaction was priced at a weighted average yield of approximately 5.86% with a term to maturity of approximately 5 years. The transaction reflected strong demand, with subscriptions of 3.5x the offered amount and participation from 26 investors, including four new to Tricon.

Tricon Residential Inc. (NYSE: TCN; TSX: TCN) invites stakeholders to join a live conference call on May 10, 2023, at 11 a.m. ET to discuss its first-quarter 2023 financial results. The financial statements will be available prior to the call on the Company's website and regulatory filings. Participants can join the call via phone or webcast, and a replay will be accessible from 2 p.m. ET on the same day until midnight ET on June 10, 2023. Tricon is a significant player in the U.S. Sun Belt rental market, managing a portfolio of about 36,000 single-family rental homes and multi-family apartments in Canada. The Company focuses on addressing housing supply shortages and providing quality rental options for families.

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) reported strong Q4 2022 results, with a net income of $55.9 million and Core FFO surging 112.2% to $96.8 million. Basic earnings per share were $0.19, driven by a 9.7% increase in same home NOI and solid rent growth of 7.4%. The company acquired 815 homes at an average price of $331,000, expanding their portfolio to 35,908 homes. Tricon's liquidity remains robust with $704 million available. Looking ahead, the company anticipates a slower acquisition pace in 2023, expecting to acquire 2,000-4,000 homes, with Core FFO per share guidance set at $0.54-$0.59.

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.