Tricon Residential Inc. - TCN STOCK NEWS

Tricon Residential reported impressive Q1 2022 results with a 290% year-over-year increase in net income from continuing operations to $163.5 million. Diluted earnings per share surged 181% to $0.59. Core FFO per share rose 7.7% to $0.14, supported by a 32% increase in net operating income (NOI) from single-family rentals. The company expanded its portfolio by 1,935 homes, achieving a record 98% occupancy rate. Guidance for same home NOI growth was boosted to 7.5% to 9.5% for the year.

Tricon Residential Inc. (NYSE: TCN) will host a conference call on May 11, 2022, at 11 a.m. ET to discuss its financial results for Q1 2022. Financial statements and management analysis will be available prior to the call on the Company’s website and regulatory platforms. Interested parties can join the call by dialing (888) 550-5422 or (646) 960-0676 with Conference ID #3699415. A replay will be accessible from 2 p.m. ET on May 11 until midnight ET on June 11, 2022.

Tricon Residential Inc. (NYSE: TCN) announced that President & CEO Gary Berman will participate in a roundtable discussion at the 2022 Citi Global Property CEO Conference on March 7, 2022, at 3:30 PM Eastern Time. A live audio webcast will be accessible on Tricon's Investor Relations website, and a replay will be available until April 7, 2022. Tricon operates approximately 37,000 rental homes and apartments in the U.S. and Canada, focusing on enriching resident lives and improving the rental experience through technology.

Tricon Residential reported impressive financial results for Q4 2021, with net income from continuing operations rising 67% to $127 million year-over-year. Diluted EPS increased 28% to $0.46. Core FFO grew 10% to $45.6 million, while same home NOI and occupancy rates increased by 10.3% and 0.3%, respectively. The company also expanded its single-family rental portfolio with the acquisition of 2,016 homes and anticipates similar growth in 2022. Furthermore, the Core FFO per share for 2022 is projected to be between $0.60 and $0.64.

Johnson Development Corp. has appointed Michael J. Smith as President and CEO effective February 3, 2022, succeeding the late Larry D. Johnson, who founded the company in 1975. Smith, previously Co-President and COO, brings over two decades of industry experience. His leadership aims to build upon the strong foundation established by Larry Johnson. The company has developed numerous master-planned communities across major U.S. markets, including Houston and Dallas-Fort Worth. This leadership transition is expected to maintain continuity in the company’s vision and growth strategy.

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) will hold a live conference call on March 3, 2022, at 10 a.m. ET, to discuss its financial results for the fourth quarter and year-end of 2021. Financial statements and management discussions will be released prior to the call on its website and other regulatory platforms. Investors can join the call by dialing (888) 550-5422 or (646) 960-0676 (Conference ID #3699415). A replay will be available starting at 1 p.m. ET on the same day until April 2, 2022.

Tricon Residential (NYSE: TCN) has launched Tricon Vantage, a program designed to enhance the financial wellbeing of its U.S. residents. Central to this initiative is voluntary self-governing on renewal rents, capping annual increases below market rates. Key features include financial literacy programs in collaboration with Operation HOPE, a credit builder initiative, and a home purchase program for renters. Additionally, Tricon offers an emergency assistance fund and plans a down payment assistance program for long-term residents, reaffirming its commitment to resident stability and empowerment.

Tricon Residential Inc. (TSX: TCN, NYSE: TCN) announced the expansion of its build-to-rent community pipeline, now exceeding 3,000 units in 23 communities across the U.S. Sun Belt. These developments target the middle market, featuring predominantly 3-4 bedroom single-family homes with modern amenities. With over 600 homes projected for completion by 2022 and full delivery expected by 2024, Tricon aims to address the affordable housing shortage while stimulating local economies. The company leverages technology to enhance resident experiences in its rental communities.