Mr. Wissam Francis reports

TRICON SHAREHOLDERS APPROVE PROPOSED TAKE PRIVATE BY BLACKSTONE REAL ESTATE

At Tricon Residential Inc.'s special meeting of shareholders of the company held earlier today, company shareholders voted to approve 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 of the outstanding common shares of Tricon for $11.25 (U.S.) per common share in cash.

The arrangement required 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 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 meeting, excluding the votes of Blackstone and other company shareholders, whose votes were required to be excluded pursuant to MI 61-101.

Of the votes cast at the meeting with respect to the arrangement, a total of 208,391,666 common shares were voted in favour of the special resolution approving the arrangement, representing approximately 99.3 per cent of the votes cast by company shareholders. In addition, a total of 173,887,643 common shares were voted in favour of the special resolution approving the arrangement, representing approximately 99.2 per cent of the votes cast by company shareholders, excluding those common shares required to be excluded pursuant to MI 61-101. The company's full report of voting results will be filed under the company's issuer profile at SEDAR+ and on Form 6-K.

Tricon intends to seek a final order from the Ontario Superior Court of Justice (commercial list) to approve the arrangement on April 5, 2024. Completion of the transaction remains subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of the final order and regulatory approval under the Investment Canada Act. Subject to the satisfaction or waiver of all of the conditions to the transaction, the transaction is expected to be completed in the second quarter of this year. Following completion of the transaction, it is anticipated that the common shares will be delisted from the New York Stock Exchange and the Toronto Stock Exchange and that the company will apply to cease to be a reporting issuer under applicable Canadian securities laws and will deregister the common shares under the U.S. Securities Exchange Act of 1934, as amended.

Enclosed with the management information circular of the company dated Feb. 15, 2024, was a letter of transmittal explaining how registered company shareholders can submit their common shares to receive the consideration to which they are entitled in connection with the transaction. Registered company shareholders who have questions on how to complete the letter of transmittal should direct their questions to the company's transfer agent and depositary, TSX Trust, at 1-866-600-5869 (toll-free within North America) or at 416-342-1091 (outside of North America) or by e-mail at tsxtis@tmx.com. Beneficial company shareholders holding common shares who are registered in the name of an intermediary must contact their broker or other intermediary to submit their instructions with respect to the arrangement and to arrange for the surrender of their common shares to receive the consideration to which they are entitled in connection with the transaction.

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.

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