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Not for distribution to U.S. Newswire services or for distribution in the United States . TRICON RESIDENTIAL Tricon Delivers Strong Q4 2020 Results as Single - Family Rental Flourishes Toronto , Ontario - March 3 , 2021 - Tricon Residential Inc. ( TSX : TCN ) ( " Tricon " or the " Company " ) , a rental housing company catering to the middle - market demographic throughout the United States and Canada , announced today its consolidated financial results for the year ended December 31 , 2020. The Company also provided an update on recent operating trends . All financial information is presented in U.S. dollars unless otherwise indicated . The Company reported strong operational and financial results in the fourth quarter , including the following highlights : Net income increased by 87 % year - over - year to $ 81.5 million , and diluted earnings per share increased by 86 % to $ 0.39 ; Core FFO per share increased by 60 % year - over - year to $ 0.16 ( C $ 0.21 ) driven by strong performance in the growing single - family rental business and improved earnings from for - sale housing investments , both of which benefited from robust demand driven by de - urbanization , de densification and work - from - home trends over the course of the COVID - 19 pandemic ; Same home Net Operating Income ( " NOI " ) for the single - family rental business increased by 5.1 % year - over - year , and same home NOI margin increased to a record - high 66.8 % , as a result of continued revenue growth and controlled expense management . Same home occupancy increased by 1.4 % year - over - year to 97.3 % , and blended rent growth was 5.6 % ( comprised of new lease rent growth of 11.3 % and renewal rent growth of 3.0 % ) ; As of the end of February , Tricon had collected 99 % of rents billed in Q4 2020 across its single family rental business and 98 % of rents billed in its U.S. multi - family rental business ; and Subsequent to quarter - end , the Company announced a joint venture with two leading institutional investors who will acquire an 80 % ownership interest in Tricon's U.S. multi - family rental portfolio . The transaction is valued at $ 1.331 billion , including in - place debt , and is expected to close in March of 2021 . In addition to strong quarterly operational and financial results , Tricon achieved several significant strategic milestones in 2020 : During the year , the Company completed its transition to a rental housing company by realigning its corporate structure and senior reporting relationships , adopting consolidated accounting and REIT - like disclosure , and rebranding as Tricon Residential Inc. The Company's rebranding created a unified company which is now supported by a new resident - centric website ( www.triconresidential.com ) , as announced on January 6 , 2021 . In September 2020 , Tricon issued exchangeable preferred units of a subsidiary to a syndicate of investors led by Blackstone Real Estate Income Trust for aggregate subscription proceeds of Page 1 of 9