Tricon Residential Announces Receipt of Interim Order for Proposed Take Private by Blackstone Real Estate and Provides Details of Special Meeting

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that on February 15, 2024, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an interim order (the “Interim Order”) 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 (“BREP X”), together with Blackstone Real Estate Income Trust, Inc. (“BREIT”, and together with BREP X and their respective affiliates, “Blackstone”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.18 based on the Bank of Canada USD/CAD exchange rate at February 15, 2024) per Common Share (the “Consideration”) in cash (the “Transaction”). 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 Consideration of $11.25 per Common Share in cash represents a premium of approximately 30% to the closing price of the Common Shares on the New York Stock Exchange (“NYSE”) as of January 18, 2024, the last trading day prior to the public announcement of the Arrangement, and a premium of approximately 42% to the volume weighted average share price on the NYSE over the 90-day period ended January 18, 2024. BREIT will maintain its approximately 11% ownership stake in the Company post-closing.

On the unanimous recommendation of a special committee of the board of directors of the Company (the “Board”) consisting entirely of independent directors, the Board (excluding the conflicted director), in consultation with its financial and legal advisors, 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 10:00 a.m. (Toronto time) in virtual-only format via live audio webcast, including any adjournments or postponements thereof. Company Shareholders of record as of the close of business on Tuesday, February 13, 2024 are entitled to receive notice of, to participate in, and to vote their Common Shares at the Special Meeting.