Tricon Residential ^{Priced, NYSE: TCN}

Tricon is a residential real estate company primarily focused on owning and operating rental housing in the United States and Canada. Tricon’s U.S. rental strategy, in both single-family and multi-family rental, is focused on select geographic markets in the U.S. Sun Belt and targets the “middle-market” resident demographic. The middle-market demographic consists of over seven million working-class U.S. renter households.1 The Company defines the middle-market cohort as those households earning between US$70,000 and US$110,000 per year and with monthly rental payments of US$1,300 to US$2,100. These rent levels typically represent approximately 20–25% of household income, which provides each household with a meaningful cushion to continue paying rent in times of economic hardship and when experiencing a decline in income. Conversely, Tricon has the flexibility to increase rents and defray higher operating costs in a stronger economic environment without significantly impacting its residents’ financial well-being. Focusing on qualified middle-market families who are likely to be long-term residents is expected to result in lower turnover rates, thereby reducing turn costs and providing stable cash flows for the Company.