Page 1

Not for distribution to U.S. Newswire services or for distribution in the United States . TRICON RESIDENTIAL ● Tricon Reports Strong Operational Results in Q1 2021 ; Launches New Growth Vehicles and Raises $ 1 Billion of Equity from Third - Party Investors Toronto , Ontario - May 12 , 2021 - Tricon Residential Inc. ( TSX : TCN ) ( " Tricon " or the " Company " ) , an owner and operator of single - family rental homes and multi - family rental apartments in the United States and Canada , announced today its consolidated financial results for the three months ended March 31 , 2021. 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 first quarter , including the following highlights : Net income from continuing operations was $ 41.9 million compared to a net loss of $ 46.5 million in the prior year ; diluted earnings per share from continuing operations was $ 0.21 compared to a $ 0.24 loss per share in the prior year ; Core FFO per share increased by 30 % year - over - year to $ 0.13 ( C $ 0.16 ) driven by solid operating results in the single - family rental portfolio and improved investment performance in U.S. residential developments ; Same home Net Operating Income ( " NOI " ) for the single - family rental business grew by 4.1 % year - over - year and same home NOI margin reached 66.7 % as a result of continued revenue growth and controlled expense management . Excluding the impact of the Texas winter storm , NOI margin would have been 67.1 % , representing a 4.9 % increase year - over - year . Same home occupancy increased by 0.8 % year - over - year to 97.3 % , and blended rent growth was 6.6 % ( comprised of new lease rent growth of 12.3 % and renewal rent growth of 4.1 % ) ; On March 23 , 2021 , the Company announced a new joint venture with Canada Pension Plan Investment Board ( " CPP Investments " ) to invest up to C $ 500 million of equity capital in build - to core multi - family rental projects in the Greater Toronto Area ; On March 31 , 2021 , the Company sold an 80 % interest in its U.S. multi - family rental business to two institutional investors . The transaction generated gross sales proceeds of approximately $ 432 million to Tricon , which strengthened the Company's balance sheet and reduced its proportionate leverage to 45.6 % net debt to assets ; and Subsequent to quarter - end , the Company announced a new joint venture ( " Homebuilder Direct JV " ) with two leading institutional investors to acquire up to 5,000 newly built single - family rental homes from national and regional homebuilders , for a total purchasing potential of up to $ 1.5 billion , including associated leverage . " In the first quarter of 2021 , Tricon delivered another period of solid operating performance and made significant progress on the various growth initiatives and debt reduction plans we promised our shareholders , " said Gary Berman , President and CEO of Tricon . " With same home NOI growth Page 1 of 8