Mr. Wissam Francis reports

TRICON RESIDENTIAL INC. ANNOUNCES RECEIPT OF INVESTMENT CANADA ACT APPROVAL FOR TAKE PRIVATE BY BLACKSTONE REAL ESTATE

Tricon Residential Inc. has received Investment Canada Act approval 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 of the outstanding common shares of Tricon for $11.25 (U.S.) per common share in cash.

The transaction previously received clearance under the Competition Act (Canada) and shareholder approval, and the parties have received a final order from the Ontario Superior Court of Justice (commercial list) approving the arrangement. No further regulatory or shareholder approvals are required in connection with the transaction. Subject to the satisfaction or waiver of certain customary closing conditions, the transaction is expected to be completed on or around May 1, 2024. 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 shareholders of the company can submit their common shares in order to receive the consideration to which they are entitled in connection with the transaction. Registered 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 txstis@tmx.com. Beneficial shareholders holding common shares that 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 in order to receive the consideration to which they are entitled in connection with the transaction.

About Tricon Residential Inc.

Tricon Residential is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the United States Sun Belt and multifamily apartments in Toronto, Canada. The company's commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy. Tricon 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. The company's development programs are also delivering thousands of new rental homes and apartments as part of its commitment to help solve the housing supply shortage. Tricon imagines a world where housing unlocks life's potential.

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