Mr. Wissam Francis reports

TRICON RESIDENTIAL ANNOUNCES RECEIPT OF INTERIM ORDER FOR PROPOSED TAKE PRIVATE BY BLACKSTONE REAL ESTATE AND PROVIDES DETAILS OF SPECIAL MEETING

On Feb. 15, 2024, the Ontario Superior Court of Justice (commercial list) granted an interim order in connection with the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust Inc., will acquire all outstanding common shares of Tricon Residential Inc. for $11.25 (U.S.) (approximately $15.18 (Canadian) based on the Bank of Canada U.S.-dollar/Canadian-dollar exchange rate at Feb. 15, 2024) per common share in cash. The interim order authorizes the calling and holding of a special meeting on March 28, 2024, of the holders of common shares, the granting of dissent rights to registered company shareholders and other matters relating to the conduct of the special meeting.

The consideration of $11.25 (U.S.) per common share in cash represents a premium of approximately 30 per cent to the closing price of the common shares on the New York Stock Exchange as of Jan. 18, 2024, the last trading day prior to the public announcement of the arrangement, and a premium of approximately 42 per cent to the volume-weighted average share price on the NYSE over the 90-day period ended Jan. 18, 2024. BREIT will maintain its approximately 11-per-cent ownership stake in the company postclosing.

On the unanimous recommendation of a special committee of the board of directors of the company consisting entirely of independent directors, the board (excluding the conflicted director), in consultation with its financial and legal advisers, determined that the arrangement is in the best interests of the company and fair to the company shareholders (excluding Blackstone) and unanimously recommends that company shareholders vote for the resolution relating to the arrangement at the special meeting.

Details of the special meeting of company shareholders

The interim order authorizes and orders that the special meeting be held on Thursday, March 28, 2024, at 10 a.m. Toronto time, in virtual-only format by live audio webcast, including any adjournments or postponements thereof. Company shareholders of record as of the close of business on Tuesday, Feb. 13, 2024, are entitled to receive notice of, to participate in and to vote their common shares at the special meeting.

The management information circular and related proxy materials in respect of the special meeting have been filed and are available under Tricon's profile on SEDAR+, and are in the process of being mailed to company shareholders. A Schedule 13E-3 transaction statement, which includes the circular and related proxy materials, has been filed with the U.S. Securities and Exchange Commission, and is available under Tricon's profiles on SEDAR+ and EDGAR. Details of the special meeting and how company shareholders or their duly appointed proxyholders can attend, participate in and vote at the special meeting are set out in the circular.

The transaction is subject to the approval of: (i) at least two-thirds (66-2/3rds per cent) of the votes cast by company shareholders present or represented by proxy at the special meeting, voting as a single class; and (ii) because the proposed arrangement is a business combination subject to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), a simple majority (more than 50 per cent) of the votes cast by company shareholders present or represented by proxy at the special meeting, excluding the votes of Blackstone and other company shareholders whose votes are required to be excluded pursuant to MI 61-101.

How to vote

The special meeting will be held on Thursday, March 28, 2024, at 10 a.m. Toronto time, in virtual format by live audio webcast at the Lumi Connect website (passcode: tricon2024 (case-sensitive) and meeting ID: 411-155-572).

Registered company shareholders and duly appointed proxyholders will be able to attend, participate and vote at the special meeting on-line. Guests and non-registered company shareholders (being shareholders who hold their common shares through an intermediary) must duly appoint themselves as proxyholder to be able to vote or ask questions at the special meeting.

Company shareholders are encouraged to submit their vote in advance by completing a form of proxy accompanying the circular (in the case of registered company shareholders) or voting instruction form provided by their intermediary (in the case of non-registered company shareholders).

Company shareholders must vote their proxy before 10 a.m. Toronto time on Tuesday, March 26, 2024 (or, if the special meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened special meeting).

Completion of the transaction

In addition to the receipt of the requisite approval of the company shareholders at the special meeting, the completion of the transaction is subject to the final approval of the arrangement by the court, regulatory approvals under the Competition Act (Canada) and Investment Canada Act, and the satisfaction or waiver of the other customary conditions. Completion of the transaction is expected to occur in the second quarter of this year.

Investors and company shareholders are urged to read carefully and in their entirety the circular, Schedule 13E-3 (including any supplements thereto) and other proxy materials filed on SEDAR+ and EDGAR, as they contain important information about Tricon, the transaction, the special meeting and related matters. In addition to receiving the circular and related proxy materials by mail, company shareholders are also able to obtain these documents, as well as other filings containing information about Tricon, the transaction, the special meeting and related matters, without charge, on Tricon's investor relations website, as well as under Tricon's profiles on SEDAR+ and EDGAR.

About Tricon Residential Inc.

Tricon (New York Stock Exchange: TCN and Toronto Stock Exchange: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sunbelt and multifamily apartments in Toronto, Canada. Its commitment to enriching the lives of its employees, residents and local communities underpins Tricon's culture and business philosophy. It provides high-quality rental housing options for families across the United States and in Toronto, Canada, through its technology-enabled operating platform and dedicated on-the-ground operating teams. Its development programs are also delivering thousands of new rental homes and apartments as part of its commitment to help solve the housing supply shortage. At Tricon, it imagines a world where housing unlocks life's potential.

Questions

If you have any questions about the information contained in this news release in connection with the special meeting or require any assistance voting, please contact its proxy solicitation agent and shareholder communications adviser, Laurel Hill Advisory Group, at 1-877-452-7184 (toll-free within North America) or 1-416-304-0211 (outside of North America) or by e-mail at assistance@laurelhill.com.

We seek Safe Harbor.