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Not for distribution to U.S. Newswire services or for distribution in the United States . TRICON RESIDENTIAL Tricon Delivers Solid Q2 2021 Results with Major SFR Growth Initiatives in Place Toronto , Ontario August 11 , 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 and six months ended June 30 , 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 second quarter , including the following highlights : Net income from continuing operations was $ 146.3 million compared to $ 30.2 million in the prior year ; diluted earnings per share from continuing operations was $ 0.72 compared to $ 0.16 per share in the prior year ; Core FFO per share increased by 27 % year - over - year to $ 0.14 ( C $ 0.17 ) and is attributable to the strong operating performance in the single - family rental business , increased fee revenue and healthy performance from U.S. residential developments ; Same home Net Operating Income ( " NOI " ) for the single - family rental business grew by 5.5 % year - over - year and same home NOI margin reached 66.6 % . Excluding the impact of the Texas winter storm , the same home NOI margin would have been 66.9 % and same home NOI growth would have been 6.1 % year - over - year . Same home occupancy increased by 0.1 % year - over year to 97.6 % , and blended rent growth was 8.0 % ( comprised of new lease rent growth of 17.0 % and renewal rent growth of 4.7 % ) ; Same home rent growth accelerated in July , with blended rent growth of 9.3 % , including 20.7 % growth on new leases and 4.9 % growth on renewals , while the same home occupancy remained stable at 97.5 % . The pace of acquisitions has also increased , and management expects to acquire over 2,000 single - family rental homes in Q3 2021 ; The Company expanded its single - family rental portfolio through the organic acquisition of a record 1,504 homes ; On May 10 , 2021 , the Company announced a new joint venture ( " SFR JV - HD " ) with two leading institutional investors to acquire up to 5,000 newly built single - family rental homes from national and regional homebuilders . The joint venture has committed capital of up to $ 450 million , for a total purchasing potential of up to $ 1.5 billion including associated leverage ; Subsequent to quarter - end , on July 19 , 2021 , the Company announced a new joint venture ( " SFR JV - 2 " ) with three institutional investors to acquire over 18,000 existing single - family rental homes targeting the middle - market demographic in the U.S. Sun Belt . The joint venture has committed capital of up to $ 1.55 billion , for a total purchasing potential of up to $ 5 billion including associated leverage ; and Page 1 of 8