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Ill TRICON RESIDENTIAL Tricon Reports Record Earnings and SFR Acquisition Pace in Q3 2021 Toronto , Ontario - November 9 , 2021 - Tricon Residential Inc. ( NYSE : TCN , 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 nine months ended September 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 third quarter , including the following highlights : Net income from continuing operations increased by 280 % year - over - year to $ 201.9 million compared to $ 53.2 million in Q3 2020 ; diluted earnings per share from continuing operations increased by 338 % year - over - year to $ 0.92 compared to $ 0.21 per share in Q3 2020 ; Core FFO per share increased by 17 % year - over - year to $ 0.14 ( C $ 0.18 ) driven by strong operating fundamentals and continued acquisitions in the single - family rental business as well as higher fees generated from new Investment Vehicles created through the syndication of the U.S. multi - family rental portfolio and the formation of new SFR joint ventures ; Same home Net Operating Income ( " NOI " ) for the single - family rental business grew by 6.5 % year - over - year with the same home NOI margin increasing nominally to 66.6 % as a result of strong secular demand for rental housing . Same home occupancy increased by 0.3 % year over - year to 97.7 % , and blended rent growth was 9.1 % ( comprised of new lease rent growth of 20.8 % and renewal rent growth of 5.0 % ) . In addition , Tricon's continued focus on resident retention led to a record - low annualized same home turnover rate of 19.8 % ; The Company continued to expand its single - family rental portfolio through the organic acquisition of a record 2,292 homes in the quarter ; Same home rent growth was 8.0 % in October , including 20.4 % growth on new leases and 5.2 % growth on renewals , while the same home occupancy remained stable at 97.6 % . The strong pace of acquisitions continued and management expects to acquire over 1,600 homes in Q4 2021 ; On July 19 , 2021 , the Company announced a new joint venture arrangement ( " SFR JV - 2 " ) with approximately $ 5.0 billion of purchasing potential ( including associated leverage ) that is expected to acquire approximately 18,000 single - family homes through resale channels in its U.S. Sun Belt target markets ; On September 9 , 2021 , the Company completed its previously - announced redemption of its outstanding 5.75 % extendible convertible unsecured subordinated debentures due March 31 , 2022 ( the " 2022 convertible debentures " ) and issued a total of 16,449,980 common shares in connection with the conversion and redemption of the aggregate principal amount of $ 172.4 million ; and Subsequent to quarter - end , on October 7 , 2021 , the Company's common shares were listed for trading on the New York Stock Exchange . On October 12 , 2021 , the Company closed a public Page 1 of 7