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TORONTO, June 2, 2020 /CNW/ - Tricon Capital Group
Inc. (TSX: TCN) ("Tricon" or the "Company", carrying on business as
Tricon Residential), a rental housing company catering to the
middle-market demographic throughout the
United States and Canada,
announced an update on its May rental operating trends. All
financial information is presented in U.S. dollars unless otherwise
indicated.
Single-family rental
As of May 31, 2020, same home
occupancy in the single-family rental business remained at a record
level of 97.6% while annualized turnover was below historical
levels, at 20.2% for the month. Average blended rent growth
remained strong at 5.1%, driven by 8.9% growth on new move-ins and
3.5% growth on renewals.
The Company had collected 96.1% of May rents by month-end,
consistent with April's performance at the same point in time
(Tricon has since collected 98.7% of April rents). Fewer than 1% of
Tricon's single-family rental residents have requested a rent
deferral plan because of economic hardship.
U.S. multi-family rental
In the U.S. multi-family rental business, occupancy was stable
at 93.4% as of May 31, 2020 and
annualized turnover was below historical levels at 45.3% for the
month. Average rents for leases signed in May decreased by 1.0%
from the previous lease, comprised of a 2.6% decrease on new
move-ins and a 0.1% decrease on renewals. This marks a material
improvement from April's decrease of 2.2% on a blended basis.
The Company had collected 95.4% of May rents by month-end,
consistent with April's performance at the same point in time
(Tricon has since collected 98.4% of April rents). Approximately
1.6% of Tricon's multi-family rental residents have been approved
for a rent deferral plan in the month of May because of economic
hardship.
Canadian multi-family rental (The Selby)
In the Canadian multi-family rental business, occupancy at The
Selby increased to 88.0% as of May 31,
2020 compared to 87.2% at the end of April. The Company had
collected 97.3% of May rents by month-end, which is ahead of
April's performance at the same point in time.
About Tricon
Founded in 1988, Tricon is a rental housing company catering to
the middle-market demographic throughout the United States and Canada. We own and manage over 30,000
single-family rental homes and multi-family rental units through an
integrated, technology-enabled operating platform. More information
about Tricon is available at www.triconresidential.com.
This news release may contain forward-looking statements
relating to expected future events and financial and operating
results and projections of the Company. Such forward-looking
information and statements involve risks and uncertainties and are
based on management's current expectations, intentions and
assumptions in light of its understanding of relevant current
market conditions, investee business plans, and the Company's
prospects. If unknown risks arise, or if any of the assumptions
underlying the forward-looking statements prove incorrect, actual
results may differ materially from management expectations as
projected in such forward-looking statements. Examples of such
risks are described in the Company's continuous disclosure
materials from time to time, available on SEDAR at www.sedar.com.
Accordingly, although the Company believes that its anticipated
future results, performance or achievements expressed or implied by
the forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless required by
applicable law. The ongoing impact of the current COVID-19
pandemic on Tricon's income, liquidity and operations remains
uncertain. Please refer to the Company's most recent
Management's Discussion and Analysis, available on SEDAR.
SOURCE Tricon Capital Group Inc.