Tricon Launches Market-Leading Down Payment Assistance Program, Expands Environmental Sustainability Initiatives and Releases ESG Report
“As a leader in single-family rental and a people-first company, we believe it is our duty to be a good corporate citizen and a responsible housing provider,” said
“I am also proud to share our progress on a range of environmental sustainability initiatives that are taking our ESG program to new heights, along with a comprehensive account of our 2021 performance in our annual ESG report,”
Tricon’s
Tricon is committed to providing housing options to its residents, including the ability to rent or own a home. Tricon’s market-leading down payment assistance program is a key component of Tricon Vantage, a set of tools and resources to help Tricon’s residents achieve their financial goals and enhance their long-term economic stability.
Under the program, Tricon’s single-family rental residents can qualify for assistance of
Environmental Sustainability Initiatives
Tricon is pleased to report progress on several sustainability initiatives that demonstrate a clear and dedicated action plan to create a positive long-term impact on the environment:
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Completed energy efficiency upgrades on
70% of the single-family rental portfolio - Deploying rooftop solar across 1,175 newly constructed homes
- Piloting a Net Zero single-family rental community
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Targeting LEED Gold certification across
90% of Canadian multi-family portfolio
Details of these initiatives include:
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Sustainable Renovation Practices: Tricon focuses on a number of high impact sustainability priorities when renovating or turning each home, including: (i) assessing and replacing major mechanical systems with energy-efficient alternatives, including ENERGY STAR®-certified home appliances and energy-efficient HVAC and hot water systems, (ii) installing low-flow faucets and toilets to reduce water consumption, (iii) installing smart thermostats to allow our residents to better control energy use from the heating/cooling of their homes, and (iv) installing natural and eco-friendly materials to reduce the environmental impact of renovation activities. As of year-end 2021, Tricon has installed new appliances, HVAC systems and/or water heaters in over 20,000 homes, representing approximately
70% of its single-family rental portfolio. The combined impact of these renovations results in an estimated annual savings of over 43.5 MWh of energy and nearly 2.0 million gallons of water.
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Rooftop Solar Deployment: Tricon currently has 1,175 homes slated for construction in six build-to-rent communities throughout
California that will be equipped with solar power. Upon completion, these homes will have the capacity to generate a combined 4.5 MW of clean renewable solar energy and are projected to offset100% of a resident’s average home electricity consumption, resulting in a reduction of approximately 6,570 tons in carbon dioxide emissions per year. In addition, Tricon is piloting solar energy upgrades on select existing homes in theSouthwestern U.S. and anticipates expanding this program to several hundred homes over the next year.
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Net Zero Pilot: Tricon is working in conjunction with a subsidiary of
Highland Homes , HHS Residential, its largest build-to-rent partner inTexas , to design a Net Zero pilot community. This community features homes that will generate a below-zero Home Energy Rating System (HERS) Index rating, meaning the homes will be able to generate more energy than they consume over the course of a typical year, resulting in excess clean energy which can be made available for other uses such as electric vehicles and/or contribution to the power grid.
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Canadian Multi-Family LEED Certification: In
Toronto , Tricon’s growing multi-family portfolio of ~4,800 suites under operation or development represents one of the most sustainable, large-scale residential development programs inNorth America . Over90% of Tricon’s current development pipeline, encompassing more than 3.9 million square feet of residential space, is targeted to achieve LEED Gold certification. Tricon also proudly supports the Toronto Green Standards (TGS) program, Toronto’s sustainable design performance requirements for new developments. Over50% of the entire portfolio is meeting or exceeding TGS Tier 2 certification requirements.
2021 ESG Report
Tricon today released its 2021 ESG report. Highlights include:
Our People
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Certified as a
Great Place to Work® for the second year in a row through multiple programs that support employee well-being and engagement. -
Supported employee career goals and professional development through the launch of
Tricon Academy , which enabled over 10,000 hours of leadership and technical skills training. -
Developed a Diversity, Inclusion and Belonging (“DIB”) Roadmap and formed a
DIB Council to create an inclusive and respectful workplace culture, champion employee action, and measure impact. -
Hired 511 new employees in 2021, of which
61% identified as Black, Indigenous and people of color (BIPOC) and39% identified as female.
Our Residents
- Introduced Tricon Vantage, a market-leading program aimed at providing Tricon’s residents with tools and resources to set financial goals and enhance their long-term economic stability. This includes a resident down payment assistance program, which provides qualifying residents with down payment assistance to buy a home.
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Continued to deliver an exceptional resident experience, reflected in Tricon’s 4.5-star
Google rating and record-low resident turnover rate of19.7% in 2021.
Our Impact
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Invested over
in energy efficiency measures, covering nearly$68 million 70% of Tricon’s single-family rental homes. - Launched a pilot study for net-zero homes, including solar power installations, insulation upgrades, and electric vehicle charging stations.
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Targeting LEED Gold certification across
90% of the current Canadian multi-family development portfolio, representing nearly 3.9 million square feet of residential space.
Our Governance
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Reached the Board of Directors gender diversity standards of
30% Club Canada. - Signed onto the BlackNorth CEO initiative pledge, joining Canada’s largest businesses in this united commitment to counter systemic anti-Black racism, and met our public commitment to fostering leadership diversity.
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Completed inaugural GRESB submission and became a signatory to the
United Nations -supportedPrinciples for Responsible Investment .
Our Innovation
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Launched proprietary
Innovation Lab at Tricon’s operational headquarters, focused on turning emerging technologies and resident insights into new service offerings and operational improvements. - Expanded Intelligent Virtual Agent (IVA) technology to facilitate maintenance requests as well as leasing activities at Tricon’s centralized call center.
- Expanded TriPOD, Tricon’s proprietary customer relationship management platform, to the multi-family portfolio to enhance service delivery and operational efficiency.
Additional details about Tricon’s ESG goals and progress, and our 2021 ESG Report, can be found in the Sustainability section of Tricon’s website at www.triconresidential.com.
About
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This news release contains information regarding expected future initiatives and outcomes which reflect the Company’s current expectations and intentions but are subject to change. It also contains environmental performance metrics derived from publicly available information which the Company believes to be accurate but has not independently verified.
Resident qualification for the down payment assistance program and the details of their participation are subject to further terms and conditions established by the Company.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005443/en/
Investors
EVP & Chief Financial Officer
Managing Director, Capital Markets
Email: investorsupport@triconresidential.com
Media
Vice President, Communications
Email: ttucker@triconresidential.com
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