Associated tags: Housing, Tricon Residential, Construction & Property, Residential Building & Real Estate, TCN, TSX, Commercial Building & Real Estate, Tricon, Property management, NYSE, REIT, Security (finance), Other Construction & Property, Sun Belt
Locations: ONTARIO, UNITED STATES, NORTH AMERICA, CANADA
Professional Services,
Other Construction & Property,
Residential Building & Real Estate,
Finance,
Construction & Property,
REIT,
Indian stock exchange,
LLP,
J.P. Morgan & Co.,
TCN,
Wells Fargo,
News,
Capital market,
RBC Capital Markets,
Schedule,
TSX,
Partnership,
TD Securities,
Toronto Stock Exchange,
Simpson Thacher & Bartlett,
Transaction,
PJT Partners,
BofA Securities,
Scotiabank,
BX,
Goodmans,
Committee,
Letter Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced the closing of the previously-announced statutory plan of arrangement under the Business Corporations Act (Ontario) pursuant to which Blackstone Real Estate Partners X (“BREP X”), together with Blackstone Real Estate Income Trust, Inc. (“BREIT”), acquired all of the outstanding common shares of Tricon (“Common Shares”) for $11.25 per Common Share in cash (the “Transaction”) for a total equity transaction value of $3.5 billion.
Key Points:
- Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced the closing of the previously-announced statutory plan of arrangement under the Business Corporations Act (Ontario) pursuant to which Blackstone Real Estate Partners X (“BREP X”), together with Blackstone Real Estate Income Trust, Inc. (“BREIT”), acquired all of the outstanding common shares of Tricon (“Common Shares”) for $11.25 per Common Share in cash (the “Transaction”) for a total equity transaction value of $3.5 billion.
- "This transaction marks an exciting new chapter in Tricon’s history, one poised to deliver exceptional outcomes for our residents," said Gary Berman, President & CEO of Tricon.
- Please see the Circular for a discussion of certain Canadian and U.S. federal income tax considerations relating to the Transaction.
- Morgan Stanley & Co. LLC and RBC Capital Markets acted as financial advisors to Tricon.
Residential Building & Real Estate,
Construction & Property,
Professional Services,
Finance,
Indian stock exchange,
TCN,
Competition Act,
TSX,
Toronto Stock Exchange,
Transaction,
Arrangement,
Letter,
Investment Canada Act,
Security (finance) Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced receipt of Investment Canada Act approval in connection with the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) 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 (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
Key Points:
- Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced receipt of Investment Canada Act approval in connection with the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) 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 (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
- 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.
Residential Building & Real Estate,
Commercial Building & Real Estate,
Construction & Property,
REIT,
Indian stock exchange,
Letter,
TCN,
Registered,
Toronto Stock Exchange,
TSX,
Arrangement,
Investment Canada Act,
Transaction Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that the Ontario Superior Court of Justice (Commercial List) has granted a final order approving its previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) 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 the Tricon (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
Key Points:
- Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that the Ontario Superior Court of Justice (Commercial List) has granted a final order approving its previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) 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 the Tricon (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
- Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of 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.
- Exchange Act”).
Residential Building & Real Estate,
Commercial Building & Real Estate,
Construction & Property,
REIT,
Indian stock exchange,
Letter,
Form 6-K,
TCN,
Minority,
Proxy,
Toronto Stock Exchange,
Commercial,
Meeting,
TSX,
Arrangement,
Investment Canada Act,
Transaction,
Security (finance) Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) is pleased to announce that at its special meeting (“Meeting”) of shareholders of the Company (“Company Shareholders”) held earlier today, Company Shareholders voted to approve the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. (and together with their respective affiliates, “Blackstone”) will acquire all of the outstanding common shares of Tricon (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
Key Points:
- Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) is pleased to announce that at its special meeting (“Meeting”) of shareholders of the Company (“Company Shareholders”) held earlier today, Company Shareholders voted to approve the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. (and together with their respective affiliates, “Blackstone”) will acquire all of the outstanding common shares of Tricon (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
- 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% of the votes cast by Company Shareholders.
- The Company’s full report of voting results will be filed under the Company’s issuer profile at www.sedarplus.ca and on Form 6-K at https://www.sec.gov .
- Tricon intends to seek a final order from the Ontario Superior Court of Justice (Commercial list) to approve the Arrangement on April 5, 2024 (the “Final Order”).
Residential Building & Real Estate,
Commercial Building & Real Estate,
Construction & Property,
REIT,
Certification,
Culture,
LEED,
TCN,
Ethics,
Sale,
Sun Belt,
TSX,
Gold,
Sustainability,
Family Tricon Residential Inc. (NYSE: TCN, TSX: TCN) ("Tricon" or the “Company”), an owner, operator and developer of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, released its annual sustainability report today.
Key Points:
- Tricon Residential Inc. (NYSE: TCN, TSX: TCN) ("Tricon" or the “Company”), an owner, operator and developer of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, released its annual sustainability report today.
- The report is a comprehensive review of the Company’s progress toward its five strategic sustainability priorities: Our People, Our Residents, Our Impact, Our Governance and Our Innovation.
- “I am incredibly proud to share our annual sustainability report, which highlights our commitment to responsible business practices and showcases how Tricon’s best-in-class resident experience is deeply intertwined with our sustainability program,” said Gary Berman, Chief Executive Officer and President of Tricon.
- The full 2023 Sustainability report, a summary digest version, and our 2023 Sustainability performance scorecard are available on Tricon’s website at www.triconresidential.com/about/sustainability/ .
Residential Building & Real Estate,
Commercial Building & Real Estate,
Construction & Property,
REIT,
Glass Lewis,
Committee,
TCN,
Proxy,
Special,
Circular,
EDGAR,
News,
Indian stock exchange,
TSX,
Arrangement,
Security (finance) Company Shareholders are reminded that the deadline to vote is fast approaching.
Key Points:
- Company Shareholders are reminded that the deadline to vote is fast approaching.
- Company Shareholders are encouraged to submit their vote in advance by completing the instructions in their form of proxy (in the case of registered Company Shareholders) or voting instruction form (in the case of non-registered Company Shareholders.
- Visit Tricon’s Investor Relations website at www.triconresidential.com to access materials and information related to the upcoming Special Meeting.
- Details of the Special Meeting and how Company Shareholders or their duly appointed proxyholders can attend, access, participate in and vote at the Special Meeting are set out in the Circular.
Retrieved on:
Tuesday, February 27, 2024
Other Construction & Property,
Commercial Building & Real Estate,
Construction & Property,
REIT,
Public expenditure,
SFR,
Growth,
Sale,
Appendix,
NOI,
Cryptocurrency For the basis of presentation of the Company’s non-IFRS measures and reconciliations, refer to the “Non-IFRS Measures” section and Appendix A.
Key Points:
- For the basis of presentation of the Company’s non-IFRS measures and reconciliations, refer to the “Non-IFRS Measures” section and Appendix A.
- Core FFO for the fourth quarter of 2023 was $45.7 million, a decrease of $51.2 million or 53% compared to $96.8 million in the fourth quarter of 2022.
- This reduction was partly offset by NOI growth in the SFR business and strong performance from U.S. residential developments.
- During the twelve months ended December 31, 2023, Core FFO decreased by $64.7 million or 27% to $172.6 million compared to $237.3 million in the prior year, for the reasons noted above.
Retrieved on:
Friday, February 16, 2024
Residential Building & Real Estate,
Commercial Building & Real Estate,
Construction & Property,
REIT,
Court,
Interim order,
TCN,
Arrangement,
Circular,
Special,
TSX,
Bank,
EDGAR,
Transaction,
Proxy,
Competition Act,
Indian stock exchange,
The Sundays,
Investment Canada Act,
Minority,
SPECIAL,
Security (finance) The Interim Order authorizes the calling and holding of a special meeting on March 28, 2024 (the “Special Meeting”) of the holders of Common Shares (the “Company Shareholders”), the granting of dissent rights to registered Company Shareholders, and other matters relating to the conduct of the Special Meeting.
Key Points:
- The Interim Order authorizes the calling and holding of a special meeting on March 28, 2024 (the “Special Meeting”) of the holders of Common Shares (the “Company Shareholders”), the granting of dissent rights to registered Company Shareholders, and other matters relating to the conduct of the Special Meeting.
- The Interim Order authorizes and orders that the Special Meeting be held on Thursday, March 28, 2024 at 10:00 a.m. (Toronto time) in virtual-only format via live audio webcast, including any adjournments or postponements thereof.
- Details of the Special Meeting and how Company Shareholders or their duly appointed proxyholders can attend, access, participate in and vote at the Special Meeting are set out in the Circular.
- Registered Company Shareholders and duly appointed proxyholders will be able to attend, participate and vote at the Special Meeting online.
Retrieved on:
Wednesday, February 7, 2024
Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”), an owner, operator and developer of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, announced today that it intends to release its financial results for the fourth quarter of 2023 after markets close on February 27th, 2024.
Key Points:
- Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”), an owner, operator and developer of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, announced today that it intends to release its financial results for the fourth quarter of 2023 after markets close on February 27th, 2024.
- The company will not be holding a conference call following the release.
- Tricon’s financial statements and management’s discussion and analysis for the fourth quarter and year ended December 31, 2023 will be made available on the Company’s website, on the U.S. Securities and Exchange Commission website at www.sec.gov and on the Canadian Securities Administrators’ website at www.sedar.com .
- The Company will also release supplementary information which will be available on the Tricon Residential Investor Relations website at www.triconresidential.com .
Commercial Building & Real Estate,
Construction & Property,
Finance,
Asset Management,
Building Systems,
Professional Services,
Other Construction & Property,
Residential Building & Real Estate,
Special,
Simpson Thacher & Bartlett,
TCN,
Committee,
Schedule,
Indian stock exchange,
J.P. Morgan & Co.,
Multilateral,
Wells Fargo,
Transaction,
RBC Capital Markets,
Form 6-K,
Investment Canada Act,
Arrangement,
LLP,
TSX,
BX,
Proxy,
Goodmans,
BofA Securities,
Scotiabank,
Minority,
Security (finance) Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that they have entered into an arrangement agreement (the “Arrangement Agreement”) under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. (“BREIT”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.17) per Common Share in cash (the “Transaction”).
Key Points:
- Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that they have entered into an arrangement agreement (the “Arrangement Agreement”) under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. (“BREIT”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.17) per Common Share in cash (the “Transaction”).
- Tricon serves communities in high-growth markets such as Atlanta, Charlotte, Dallas, Tampa and Phoenix as well as Toronto, Canada.
- “Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together,” said Nadeem Meghji, Global Co-Head of Blackstone Real Estate.
- In certain circumstances, Blackstone is required to pay a $526,000,000 reverse termination fee to Tricon upon the termination of the Arrangement Agreement.
