Tricon Residential Inc. Receives Final Court Approval for Take Private by Blackstone Real Estate

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. 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 (the “U.S. Exchange Act”).

Enclosed with the management information circular of the Company dated February 15, 2024 (the “Circular”) was a letter of transmittal explaining how registered shareholders of the Company (“Shareholders”) 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 email at [e-mail]. 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.