# EDGAR Filing Document

**Accession Number:** 0001584425
**File Stem:** 0001584425-23-000007
**Filing Date:** 2023-3
**Character Count:** 985183
**Document Hash:** a2621a8fbe75960be8d3b893f4631651
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001584425-23-000007.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001584425-23-000007

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 274

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tricon Residential Inc.
- **CENTRAL INDEX KEY:** 0001584425
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40889
- **FILM NUMBER:** 23695025

**BUSINESS ADDRESS:**
- **STREET 1:** 7 ST. THOMAS STREET
- **STREET 2:** SUITE 801
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5S 2B7
- **BUSINESS PHONE:** 416-323-2482

**MAIL ADDRESS:**
- **STREET 1:** 7 ST. THOMAS STREET
- **STREET 2:** SUITE 801
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5S 2B7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tricon Capital Group Inc.
- **DATE OF NAME CHANGE:** 20130814

?xml version="1.0" ? tri-20221231

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**<br>

__________________

**FORM 40-F**

__________________

☐&nbsp;&nbsp;&nbsp;&nbsp;**Registration Statement pursuant to Section 12 of the Securities Exchange Act of 1934**

**or**

☒&nbsp;&nbsp;&nbsp;&nbsp;**Annual Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934**

**For the fiscal year ended December 31, 2022 Commission File Number: 001-40889**

__________________

**TRICON RESIDENTIAL INC.**

*(Exact name of Registrant as specified in its charter)*

__________________

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| | | |
|:---|:---|:---|
| **Ontario, Canada** | **6510** | **Not Applicable** |
| *(Province or other jurisdiction of<br>incorporation or organization)* | *(Primary Standard Industrial<br>Classification Code Number)* | *(I.R.S. Employer Identification*<br>*Number)* |

---

**7 St. Thomas Street, Suite 801**

**Toronto, ON M5S 2B7**

**Tel: 416-925-7228** *(Address and telephone number of Registrant's principal executive offices)*

**Corporation Service Company**

**1180 Avenue of the Americas, Suite 210, New York, NY 10036-8401**

**Tel: (800) 927-9800** *(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)*

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Shares, no par value** | **TCN** | **The New York Stock Exchange** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act: None**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None**

For annual reports, indicate by check mark the information filed with this Form:

☒ Annual Information Form ☒ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:

**273,464,780 Common Shares outstanding as of December 31, 2022**

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

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† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ The Annual Information Form for the year ended December 31, 2022, Management's Discussion and Analysis for the year ended December 31, 2022 and the consolidated financial statements for the years ended December 31, 2022 and 2021, in each case, of Tricon Residential Inc. (the "Company" or "Tricon"), included as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, respectively, to this annual report on Form 40-F of the Company (the "Annual Report"), are incorporated by reference into and as an exhibit to the Company's Registration Statement on Form F-10 (File No. 333-260043), and the Annual Report is incorporated by reference into the Company's Registration Statement on Form S-8 (File No. 333-261526).

------

**FORWARD-LOOKING STATEMENTS**

Certain statements in this Annual Report are considered "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). This document should be read in conjunction with material contained in current consolidated financial statements of the Company along with the Company's other publicly filed documents. Words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "project", "continue", "target" and similar expressions identify these forward-looking statements. Statements containing forward-looking information are not historical facts but instead reflect management's expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Tricon and its investments and are based on information currently available to management and on assumptions that management believes to be reasonable. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by management of the Company as of the date of this Annual Report, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to the Company's future growth potential; results of operations; future prospects and opportunities; demographic and industry trends; no change in legislative or regulatory matters; future levels of indebtedness; the tax laws as currently in effect; the continuing availability of capital; current economic conditions, including levels of inflation and the prevailing interest rate environment; and the anticipated impact and aftermath of COVID-19.

This Annual Report may include forward-looking statements pertaining to the following (see "Description of the Business" in the Annual Information Form (the "AIF") of the Company for the year ended December 31, 2022):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** Anticipated investment and operating performance (including, in particular: projected returns, timelines, development plans, the rollout of operational initiatives, sales expectations, unrealized investment value, and projected cash flows). These measures are based on Tricon's own analysis of relevant market conditions and the prospects for its business and investments, and on projected cash flows and project plans for incomplete projects in its Investment Vehicles. Projected cash flows for properties under development are determined based on detailed quarterly and annual budgets and cash flow projections prepared by developers for all incomplete projects. Numerous factors may cause actual investment performance to differ from current projections, including those factors noted under "Risk Factors" in the AIF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** Anticipated demand for single-family and multi-family rental properties, apartment suites and homebuilding, and any corresponding effect on occupancy rates and more generally on the Company's performance. These statements are based on management's analysis of demographic and employment data and other information that it considers to be relevant indicators of trends in residential real property demand in the markets in which the Company operates. Housing demand is dependent on a number of factors, including macroeconomic factors, many of which are discussed in the AIF under "Risk Factors". If these or other factors lead to declining demand, occupancy and the pace or pricing of home sales may be negatively impacted, with a corresponding negative impact on the value of the Company's assets and its financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** The pace of acquisition and the ongoing availability of single-family rental homes at prices that match the Company's underwriting model. These statements are based on management's analysis of market data that it considers to be relevant indicators of trends in home pricing and availability in the markets in which the Company carries on its business. Home prices are dependent on a number of factors, including macroeconomic factors, many of which are discussed in the AIF under "Risk Factors". If these or other factors lead to increases in home prices above expectations, it may become more difficult for the Company to find rental homes at prices that match its underwriting model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** The intentions to build portfolios and attract further third-party investment in the Company's businesses. These statements are based on management's current intentions in light of its analysis of current market conditions, the growth prospects for the Company's businesses, and the Company's understanding of investor interest in the sectors, which are factors outside of the Company's control. Should market conditions or other factors impact the Company's ability to build portfolios or its ability to execute on its current strategies, actual results may differ from its current intentions.

Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors, including those noted above, could cause Tricon's actual results, performance or achievements to be materially different from any results, performance or achievements that may be expressed or implied by forward-looking statements in this Annual Report, including, without limitation, those listed under "Risk Factors" in the AIF.

------

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this Annual Report. See "Risk Factors" in the AIF for a more complete list of risks relating to an investment in the Company and an indication of the impact the materialization of such risks could have on the Company, and therefore cause actual results to deviate from the forward-looking statements.

Although the forward-looking statements contained in this Annual Report are based upon what management currently believes to be reasonable assumptions, there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this Annual Report are expressly qualified in their entirety by this cautionary statement. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking statements in this Annual Report are made as of the date of this document and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements or information, to reflect new information, events, results or circumstances or otherwise after the date on which such statements are made to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Company is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Company prepares its financial statements, which are filed with this Annual Report in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**INCORPORATED DOCUMENTS**

*Annual Information Form*

The Company's AIF is filed as <u>Exhibit 99.1</u> to this Annual Report.

*Management's Discussion and Analysis*

The Company's management's discussion and analysis ("MD&A") is filed as <u>Exhibit 99.2</u> to this Annual Report.

*Audited Annual Financial Statements*

The Company's consolidated financial statements and the report of our Independent Registered Public Accounting Firm thereon are filed as <u>Exhibit 99.3</u> to this Annual Report.

**DISCLOSURE CONTROLS AND PROCEDURES**

The information relating to the Company's disclosure controls and procedures is included under the heading "Accounting estimates and policies, controls and procedures, and risk analysis – Controls and Procedures" in the MD&A, which is filed as Exhibit 99.2 hereto and incorporated by reference herein.

**MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

The required disclosure is included in the "Management's Report on Internal Control Over Financial Reporting" that accompanies the Registrant's Consolidated Financial Statements for the fiscal year ended December 31, 2022, filed as Exhibit 99.3 to this annual report.

**ATTESTATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Company's auditor has attested to internal control over financial reporting for the fiscal year ended December 31, 2022. The auditor's attestation immediately precedes the audited consolidated financial statements of the Company in <u>Exhibit 99.3</u> and is incorporated by reference in this Annual Report.

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**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

The required disclosure is included under the heading "Accounting estimates and policies, controls and procedures, and risk analysis – Controls and Procedures" in the MD&A, which is filed as Exhibit 99.2 hereto and incorporated by reference herein.

**NOTICES PURSUANT TO REGULATION BTR**

The Company was not required by Rule 104 of Regulation BTR to send any notices to any of its directors or executive officers during the fiscal year ended December 31, 2022.

**AUDIT COMMITTEE FINANCIAL EXPERT**

The Company's board of directors (the "Board") has determined that it has at least one audit committee financial expert serving on its Audit Committee. The Board has determined that Michael Knowlton is an audit committee financial expert and is independent, as that term is defined by the Exchange Act and the NYSE's corporate governance standards applicable to the Company.

The Commission has indicated that the designation of a person as an audit committee financial expert does not make such person an "expert" for any purpose, impose on such person any duties, obligations or liability that are greater than those imposed on such person as a member of the Audit Committee and the Board in the absence of such designation and does not affect the duties, obligations or liability of any other member of the Audit Committee or Board.

**CODE OF ETHICS**

The Board has adopted a written code of business conduct and ethics (the "Code"), by which it and all officers and employees of the Company, including the Company's principal executive officer, principal financial officer and principal accounting officer or controller, abide. There were no waivers granted in respect of the Code during the fiscal year ended December 31, 2022. The Code is posted on the Company's website at www.triconresidential.com. If there is an amendment to the Code, or if a waiver of the Code is granted to any of Company's principal executive officer, principal financial officer, principal accounting officer or controller, the Company intends to disclose any such amendment or waiver by posting such information on the Company's website. Unless and to the extent specifically referred to herein, the information on the Company's website shall not be deemed to be incorporated by reference in this Annual Report.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

PricewaterhouseCoopers LLP acted as the Company's independent registered public accounting firm (PCAOB ID 271) for the fiscal year ended December 31, 2022. See the section entitled "Audit Committee Information – External Auditor Service Fees" in the Company's Annual Information Form, which is attached hereto as Exhibit 99.1, for the total amount billed to the Company by PricewaterhouseCoopers LLP for services performed in the last two fiscal years by category of service (for audit fees, audit-related fees, tax fees and all other fees).

**AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES**

See the section entitled "Audit Committee information – Audit Committee Oversight" in the Company's Annual Information Form, which is attached hereto as Exhibit 99.1. No audit-related fees, tax fees or other non-audit fees were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**OFF-BALANCE SHEET ARRANGEMENTS**

During the year ended December 31, 2022, the Company did not have any commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons (which are not otherwise discussed in the its Management's Discussion and Analysis for the fiscal year ended December 31, 2022, which is attached hereto as Exhibit 99.2) that have or are reasonably likely to have a material current or future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources of the Company.

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**IDENTIFICATION OF THE AUDIT COMMITTEE**

The Board has a separately designated standing Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act and satisfies the requirements of Exchange Act Rule 10A-3. The Company's Audit Committee is comprised of Michael Knowlton, Ira Gluskin, Camille Douglas and Renée Glover, all of whom, in the opinion of the Company's Board of Directors, are independent (as determined under Rule 10A-3 of the Exchange Act and the NYSE Company Guide) and are financially literate.

**CORPORATE GOVERNANCE PRACTICES**

There are certain differences between the corporate governance practices applicable to the Company and those applicable to U.S. companies under NYSE listing standards. A summary of the significant differences can be found on the Company's website at www.triconresidential.com.

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**A.Undertaking**

The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**B.Consent to Service of Process**

The Company has filed an Appointment of Agent for Service of Process and Undertaking on Form F-X with respect to the class of securities in relation to which the obligation to file this Annual Report arises.

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Annual Information Form for the year ended December 31, 2022](tricon2022aif.htm)</u> |
| 99.2 | <u>[Management's Discussion and Analysis for the year ended December 31, 2022](triconmda-2022q4.htm)</u> |
| 99.3 | <u>[Consolidated financial statements for the years ended December 31, 2022 and 2021](tri-20221231_d2.htm)</u> |
| 99.4 | <u>[Certificate of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](tricon40-ffy2022x994.htm)</u> |
| 99.5 | <u>[Certificate of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](tricon40-ffy2022x995.htm)</u> |
| 99.6 | <u>[Certificate of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](tricon40-ffy2022x996.htm)</u> |
| 99.7 | <u>[Certificate of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](tricon40-ffy2022x997.htm)</u> |
| 99.8 | <u>[Consent of](tri-20221231_d3.htm)</u><u>[PricewaterhouseCoopers LLP](tri-20221231_d3.htm)</u> (ID: 238) |
| 101 | Interactive Data File (formatted as Inline XBRL) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

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**SIGNATURE**

Pursuant to the requirements of the Exchange Act, Tricon Residential Inc. certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Dated: February 28, 2023

**TRICON RESIDENTIAL INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <u>/s/</u> *<u>Gary Berman</u>*

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: Gary Berman

Title: President and Chief Executive Officer

## Exhibit 99.1

![](tricon2022aif001.jpg)

ANNUAL INFORMATION FORM For the fiscal year ended December 31, 2022 February 28, 2023 C O M M U N I T Y

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![](tricon2022aif002.jpg)

**TABLE OF CONTENTS** GENERAL MATTERS 1 GLOSSARY OF TERMS 2 CORPORATE STRUCTURE 4 DESCRIPTION OF THE BUSINESS 5 VISION AND GUIDING PRINCIPLES 5 BUSINESS AND GROWTH STRATEGY 6 ADJACENT RESIDENTIAL BUSINESSES 7 ENVIRONMENTAL, SOCIAL AND GOVERNANCE 9 ACTIVE INVESTMENT VEHICLES 10 GENERAL DEVELOPMENT OF THE BUSINESS 12 OUR REVENUES 13 SENIOR MANAGEMENT TEAM 13 EMPLOYEES 17 RISK FACTORS 17 DIVIDENDS 32 DESCRIPTION OF CAPITAL STRUCTURE 32 MARKET FOR SECURITIES 35 ESCROW OF SECURITIES 35 DIRECTORS AND OFFICERS 36 PROMOTERS 39 LEGAL PROCEEDINGS AND REGULATORY ACTIONS 40 TRANSFER AGENT AND REGISTRAR 40 AUDIT COMMITTEE INFORMATION 40 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS 41 INTERESTS OF EXPERTS 41 MATERIAL CONTRACTS 41 ADDITIONAL INFORMATION 42 ADDENDA 43 SCHEDULE A – AUDIT COMMITTEE CHARTER 43

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![](tricon2022aif003.jpg)

2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 1 GENERAL MATTERS Unless otherwise indicated or the context otherwise requires, "Company" or "Tricon" refers to Tricon Residential Inc. and its material direct and indirect subsidiary entities. The terms "we" and "our" are references to the Company. Unless otherwise indicated, all dollar amounts in this Annual Information Form ("AIF") are expressed in U.S. dollars and references to "$" are to U.S. dollars; references to "C$" are to Canadian dollars. Market data and other statistical information in this AIF are based on independent industry publications, government publications, reports by market research firms, or other published independent sources. Some data is also based on the Company's good faith estimates that are derived from its review of internal data and information, as well as independent sources, including those listed above. Although the Company believes these sources are reliable, the Company has not independently verified the information and cannot guarantee its accuracy or completeness. The information contained in this AIF is as of December 31, 2022, unless otherwise indicated. Forward-Looking Statements Certain statements in this AIF are considered "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). This document should be read in conjunction with material contained in the Company's current consolidated financial statements along with the Company's other publicly filed documents. Words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "project", "continue", "target" and similar expressions identify these forward-looking statements. Statements containing forward-looking information are not historical facts but instead reflect management's expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Tricon and its investments and are based on information currently available to management and on assumptions that management believes to be reasonable. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by management of the Company as of the date of this AIF, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the Company's future growth potential; results of operations; future prospects and opportunities; demographic and industry trends; no change in legislative or regulatory matters; future levels of indebtedness; the tax laws as currently in effect; the continuing availability of capital; current economic conditions, including levels of inflation and the prevailing interest rate environment; and the anticipated impact and aftermath of COVID-19. This AIF may include forward-looking statements pertaining to the following (see "Description of the Business"): • Anticipated investment and operating performance (including, in particular: projected returns, timelines, development plans, the rollout of operational initiatives, sales expectations, unrealized investment value, and projected cash flows). These measures are based on Tricon's own analysis of relevant market conditions and the prospects for its business and investments, and on projected cash flows and project plans for incomplete projects in its Investment Vehicles. Projected cash flows for properties under development are determined based on detailed quarterly and annual budgets and cash flow projections prepared by developers for all incomplete projects. Numerous factors may cause actual investment performance to differ from current projections, including those factors noted under "Risk Factors". • Anticipated demand for single-family and multi-family rental properties, apartment suites and homebuilding, and any corresponding effect on occupancy rates and more generally on the Company's performance. These statements are based on management's analysis of demographic and employment data and other information that it considers to be relevant indicators of trends in residential real property demand in the markets in which the Company operates. Housing demand is dependent on a number of factors, including macroeconomic factors, many of which are discussed in this AIF under "Risk Factors". If these or other factors lead to declining demand, occupancy and the pace or pricing of home sales may be negatively impacted, with a corresponding negative impact on the value of the Company's assets and its financial performance. • The pace of acquisition and the ongoing availability of single-family rental homes at prices that match the Company's underwriting model. These statements are based on management's analysis of market data that it considers to be relevant indicators of trends in home pricing and availability in the markets in which the Company carries on its business. Home prices are dependent on a number of factors, including macroeconomic factors, many of which are discussed in this AIF under "Risk Factors". If these or other factors lead to increases in home prices above expectations, it may become more difficult for the Company to find rental homes at prices that match its underwriting model.

------

![](tricon2022aif004.jpg)

2 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM • The intentions to build portfolios and attract further third-party investment in the Company's businesses. These statements are based on management's current intentions in light of its analysis of current market conditions, the growth prospects for the Company's businesses, and the Company's understanding of investor interest in the sectors, which are factors outside of the Company's control. Should market conditions or other factors impact the Company's ability to build portfolios or its ability to execute on its current strategies, actual results may differ from its current intentions. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors, including those noted above, could cause Tricon's actual results, performance or achievements to be materially different from any results, performance or achievements that may be expressed or implied by forward-looking statements in this AIF, including, without limitation, those listed under "Risk Factors". Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this AIF. See "Risk Factors" for a more complete list of risks relating to an investment in the Company and an indication of the impact the materialization of such risks could have on the Company, and therefore cause actual results to deviate from the forward-looking statements. Although the forward-looking statements contained in this AIF are based upon what management currently believes to be reasonable assumptions, there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this AIF are expressly qualified in their entirety by this cautionary statement. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward- looking statements in this AIF are made as of the date of this document and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements or information to reflect new information, events, results or circumstances or otherwise after the date on which such statements are made to reflect the occurrence of unanticipated events, except as required by law, including securities laws. Non-IFRS Measures The Company measures the success of the business by employing several key performance indicators that are not recognized under IFRS. These indicators should not be considered an alternative to IFRS financial measures such as net income. As non-IFRS financial measures do not have standardized definitions prescribed by IFRS, they are less likely to be comparable with other issuers or peer companies. The key performance indicators used by the Company are described in detail in the 2022 MD&A. GLOSSARY OF TERMS In this Annual Information Form, the following terms have the meanings set forth below, unless otherwise indicated. Words importing the singular include the plural and vice versa, and words importing any gender include all genders: "2022 Financial Statements" means the Company's consolidated financial statements for the year ended December 31, 2022. "2022 MD&A" means the Company's Management's Discussion and Analysis for the year ended December 31, 2022, available on SEDAR at www.sedar.com. "Active Investment Vehicles" means, collectively, the Separate Accounts, commingled funds, Side-cars and Syndicated Investments described under "Description of the Business – Active Investment Vehicles". "ASRS" means Arizona State Retirement System. "Audit Committee" means the audit committee of the Board of Directors. "Board of Directors" or "Board" means the board of directors of Tricon Residential Inc. "Canadian MF JV" means the joint venture arrangement entered into between the Company and Canada Pension Plan Investment Board in 2021 focused on a rental apartment strategy in Toronto that will be developed and managed by the Company. "commingled fund" means a closed-end commingled fund managed by Tricon and formed for the purpose of investing in development properties or other transactions. "Common Shares" means the common shares in the capital of Tricon Residential Inc. "ESG" means environmental, social and governance. "HBD JV" means Homebuilder Direct, the joint venture arrangement entered into between the Company and two institutional investors to assemble a portfolio of newly built single-family rental homes that will be acquired and managed by the Company.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 3 "institutional investors" means entities that generally have substantial assets and investment experience including, but not limited to, sovereign wealth funds, pension funds, endowment funds, insurance companies and banks. "Investment Vehicle" means an investment vehicle managed by Tricon, including commingled funds, Separate Accounts and Side-cars. "Johnson" means The Johnson Companies LP. "middle-market" means U.S. households with household incomes of $75,000 to $125,000 per annum that would be expected, based on this income level, to seek home rental rates of $1,400 to $2,300 per month. "MPC" means master-planned community. "NYSE" means the New York Stock Exchange. "Performance Fees" means incentive or performance fees earned from achieving target investment returns in an Investment Vehicle. "Sarbanes-Oxley Act" means the U.S. Sarbanes-Oxley Act of 2002. "Separate Account" means an Investment Vehicle in which the Company manages an investment on behalf of one to three institutional investors (and invests alongside those investors) for a singular investment or strategy and in respect of which Tricon earns fee income. "SFR JV-1" means the joint venture arrangement entered into between the Company and two institutional investors in 2018 to assemble a portfolio of single-family rental homes that will be managed by the Company. "SFR JV-2" means the joint venture arrangement entered into between the Company and three institutional investors in 2021 to assemble a portfolio of single-family rental homes that will be managed by the Company. "Side-car" or "Side-car Investment" or "Syndicated Investment" means an Investment Vehicle that invests alongside a commingled fund in respect of a particular investment. "Sun Belt" means the series of states in the southwestern and southern U.S. commonly known as the "Sun Belt". "Syndicated Investment" – see "Side-car". "THP US SP1" means Tricon Housing Partners US Syndicated Pool 1, a Separate Account. "THP US SP2" means Tricon Housing Partners US Syndicated Pool 2, a Separate Account. "THP1 Canada" means Tricon Housing Partners Canada LP (formerly Tricon VIII Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities. "THP1 US" means Tricon Housing Partners US LP (formerly Tricon IX, L.P.), a limited partnership formed under the laws of the State of Delaware, together with associated fund entities. "THP2 Canada" means Tricon Housing Partners Canada II LP (formerly Tricon X Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities. THP2 Canada was liquidated and dissolved effective December 31, 2022. "THP2 US" means Tricon Housing Partners US II LP (formerly Tricon XI, L.P.), a limited partnership formed under the laws of the State of Delaware, together with associated fund entities. "THP3 Canada" means Tricon Housing Partners Canada III LP (formerly Tricon XII Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities. "THPAS JV-1" means the joint venture arrangement entered into between the Company and ASRS to fund single-family rental build-to-rent development projects and some for-sale housing development projects. "THPAS JV-2" means the joint venture arrangement entered into between the Company and ASRS to fund single-family rental build-to-rent development projects and some for-sale housing development projects. "TSX" means the Toronto Stock Exchange. "US MF JV" means the joint venture arrangement entered into between the Company and two institutional investors in connection with the syndication of an 80% interest in the Company's U.S. multi-family portfolio in 2021. The US MF JV ended in connection with the sale of the Company's interest in that joint venture in October 2022.

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4 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM CORPORATE STRUCTURE Name, Address and Information A predecessor of the Company was incorporated under the Business Corporations Act (Ontario) on June 3, 1988 as "Tri Continental Capital Management Inc." On June 16, 1997, the Company was incorporated under the Business Corporations Act (Ontario) as "Tri Continental Management Inc.", and continued to carry on the business. The Company changed its name to "TCC Management Inc." on July 10, 1997, to "Tri Continental Capital Ltd." on March 19, 1999, and to "Tricon Capital Group Inc." on May 20, 2005, before changing its name to "Tricon Residential Inc." on July 7, 2020. The Company's head and registered office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7. Inter-Corporate Relationships The following diagram depicts the inter-corporate relationships among the Company's key subsidiaries as at the date hereof and indicates which of the Company's investments and activities are carried on through them: The diagram above does not depict the structure of further subsidiary entities through which specific investments or activities are undertaken. The voting securities of all subsidiaries depicted are beneficially owned, directly or indirectly as depicted, entirely by the Company. Tricon American Homes LLC, Tricon Single-Family Rental REIT LLC, Tricon US Topco LLC, Tricon US Rental Topco LLC, Tricon US Rental REIT LLC, SFR JV-1 Investor LLC, SFR JV-2 Investor LLC, SFR JV-HD Investor LLC, Tricon Holdings USA LLC, THP JV-1E LLC, THP JV-2E LLC, Tricon USA Inc. and Tricon JDC LLC are Delaware entities. All other entities are Ontario corporations or limited partnerships. Residential Development/ Single-Family Rental Residential Development/ Single-Family Rental TRICON RESIDENTIAL INC. Private Funds and Advisory Canadian Multi-Family Residential Development Private Funds and Advisory Residential Development Investment in The Johnson Companies LP Single-Family Rental Single-Family Rental Residential Development Single-Family Rental Single-Family Rental Tricon Capital GP Inc. Tricon US Rental Canco Inc. Tricon US Rental REIT LLC Tricon Lifestyle Rentals Investment LP Tricon Holdings Canada Inc. Tricon US Topco LLC Tricon USA Inc. Tricon Housing Partners US Co-Investment Inc. Tricon JDC LLC SFR JV-1 Investor LLC Tricon Single- Family Rental REIT LLC SFR JV-2 Investor LLC SFR JV-HD Investor LLC THP JV-1E LLC Tricon US Rental Topco LLC Tricon American Homes LLC THP JV-2E LLC Tricon Holdings USA LLC

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 5 DESCRIPTION OF THE BUSINESS Tricon is an owner and operator of a growing portfolio of more than 36,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy. We provide high-quality rental housing options for families across the United States and Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life's potential. For more information, visit www.triconresidential.com. The Company's common shares are traded under the symbol TCN on both the TSX and the NYSE. Vision and Guiding Principles Tricon was founded in 1988 as a fund manager for private clients and institutional investors focused on for-sale residential real estate development. The pursuit of continuous improvement as well as a desire to diversify and facilitate succession planning drove the Company's decision to become publicly traded in 2010. While the U.S. for-sale housing industry was decimated in the Great Recession of 2007–2009, Tricon's strong foundation and its leaders' resilience helped it endure the downturn and learn valuable lessons that informed the Company's decision to ultimately focus on rental housing. In the decade that followed, Tricon embarked on a deliberate transformation away from for-sale housing, which is inherently cyclical, to become a rental housing company that addresses the needs of a new generation facing reduced home affordability and a desire for meaningful human connections, convenience and a sense of community. Today, Tricon provides high-quality, essential shelter to residents. It is a defensive business that is designed to outperform in good times and perform relatively well in more challenging times. Tricon was among the first to enter into and institutionalize the U.S. single-family rental industry. Our success has been built on a culture of innovation and a willingness to adopt new technologies to drive efficiencies and improve our residents' lives. We believe that our ability to bring together capital, ideas, people and technology under one roof is unique in real estate and allows us to improve the resident experience, safeguard our stakeholders' investments, and drive superior returns. Tricon strives to be North America's pre-eminent single-family rental housing company serving the middle-market demographic by owning quality properties in attractive markets, focusing on operational excellence, and delivering an exceptional resident experience. Tricon is driven by its purpose statement – Imagine a world where housing unlocks life's potential – and encourages its employees to conduct themselves every day according to the following guiding principles: • Go above and beyond to enrich the lives of our residents • Commit to and inspire excellence in everything we do • Ask questions, embrace problems, thrive on the process of innovation • Do what is right, not what is easy • Elevate each other so together we leave an enduring legacy Tricon's guiding principles underpin our business strategy and culture of taking care of our employees first who in turn are empowered and inspired to provide residents with superior service and to positively impact local communities. When our residents are satisfied, they rent with us longer, treat our properties as their own, and are likely to refer friends and family to become new residents. We have realized that the best way to drive returns for shareholders and private investors is to ensure our team and residents are fulfilled. This is why Our People and Our Residents are also two of our key ESG priorities. See "Environmental, Social and Governance" for more details surrounding these key priorities.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 7 III. Technology-enabled operating platform Tricon has developed a technology-enabled platform that supports its growth, provides its residents an elevated living experience, and optimizes operating efficiencies. The Company's proprietary suite of software applications, referred to as "TriApps", automates many facets of the single-family rental business, as described below. The Company has systematized the process of home acquisitions and, once homes are acquired, renovates them to a common standard before making them available for rent. Prospective residents are directed to the Company's website where they can rent a home in a few easy steps. In the leasing process, Tricon leverages 360-degree online tours, self-showing technology, virtual self-move-ins and a statistical screening model to underwrite residents and drive retention. The proprietary TriForce App allows for dynamic coordination of repairs and maintenance activities among field personnel, centralized office staff and third-party vendors by automating workflows, standardizing work scope and compressing the delegation of authority. Tricon uses logistics software and mobile inventory management to ensure its maintenance technicians can service homes in the most efficient manner and with a high first-time fix rate. In its call center, Tricon leverages intelligent virtual agents to automate leasing and maintenance inquiry intake so the call center team can focus on higher value work such as inside sales or customer service. In revenue management, Tricon has pioneered revenue optimization tools to balance occupancy, time on market and rent growth, and to smooth out lease expiration schedules. Finally, Tricon is in the early stages of building a first-to-market, single-family rental smartphone application for residents ("resident app") that will ultimately enable our residents to enjoy a product that transcends their physical home. In addition to employing easy-to-use functions for paying rent, making a maintenance request or controlling the indoor climate of a home, the resident app will allow residents to reap the benefits of living in a "virtual" community with positive network effects. Management believes the Company has a significant competitive advantage arising from its technology-enabled property management platform that is difficult to replicate and is highly scalable. Additional details of the Company's single-family rental business, including financial performance metrics and key performance indicators, are set out in the 2022 MD&A. Adjacent Residential Businesses Multi-Family Rental Tricon operates The Selby, a 500-unit Class A rental property situated at Bloor Street East and Sherbourne Street in downtown Toronto, which was completed in 2019. Tricon partnered with a major Canadian pension plan to form a Separate Account on an 85/15 basis (Investor/Tricon). The project was developed by Tricon and is currently managed through Tricon's vertically integrated platform, including local property management employees. The Taylor, a 286-unit tower and Tricon's second apartment development in Toronto, began lease-up in 2022. Tricon partnered with a major Canadian pension plan to form a Separate Account for this project on a 70/30 basis (Investor/Tricon). The project has been developed by Tricon and is being managed through the Company's property management platform. During the year, Tricon held a 20% interest in the US MF JV, which owned a portfolio of 23 high-quality, affordably priced garden- style apartments located in desirable suburban sub-markets, primarily in the Sun Belt. Tricon managed the US MF JV and was the property manager for the portfolio. The Company sold its interest in the US MF JV (and ceased property management of the portfolio) in the fourth quarter of 2022. Additional details of the Company's multi-family rental business are set out in the 2022 MD&A. Residential Development Tricon develops new residential real estate properties, predominantly rental housing intended for long-term ownership. Such developments include (i) Class A multi-family rental apartments in Canada, (ii) single-family rental communities in the United States, intended to operate as part of the single-family rental portfolio upon stabilization, and (iii) legacy land development and homebuilding projects predominantly in the United States. (i) Canadian Class A Multi-Family Rental Apartments Tricon is one of the most active multi-family rental developers of Class A purpose-built rental apartment buildings in downtown Toronto, with eight projects under development and one income-producing property, The Taylor (See "Multi-family Rental", above) that is in the stabilization phase, totaling approximately 4,280 units, and in which Tricon holds a 40% weighted average ownership interest based on net asset value. Tricon holds these assets in partnership with pension plans and strategic partners who have an investment bias towards long-term ownership and stable recurring cash flows. These institutional investors or strategic partners pay Tricon development management fees, asset management fees and possibly Performance Fees, enabling the Company to enhance its return on investment. The Company's Canadian multi-family development projects are described briefly below. 386 Symington is a 1.9-acre land parcel in Toronto's Junction Triangle neighborhood, which will be developed into a 368-unit rental apartment building. The project represents the second investment in the Canadian MF JV and is being developed by Tricon.

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8 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM The first project in the Canadian MF JV, Queen and Ontario, is a two tower, 725-unit rental Tricon development located in Toronto's Downtown East neighborhood. The Ivy is a 231-unit rental building development located just south of the Yonge and Bloor Street intersection. For this project, Tricon partnered with a strategic investor on a 53/47 basis (Investor/Tricon). The project is being co-developed by Tricon and Angel Developments. The West Don Lands is a large-scale mixed-income community under development consisting of four projects in multiple blocks in Toronto's West Don Lands comprising approximately 2,525 rental units and ancillary retail and potential office space. The projects are being developed in partnership with Dream Unlimited Corp. and Kilmer Group on an equal ownership basis. The James is Tricon's flagship rental development prominently located in the Rosedale/Summerhill neighborhood. The development site is adjacent to The Shops of Summerhill, a commercial property also wholly owned by Tricon. (ii) U.S. Single-Family Rental Communities The Company's build-to-rent strategy is focused on developing well-designed, dedicated single-family home rental communities, which often include shared amenities such as parks, playgrounds, pools and community gathering spaces. This strategy adds another growth channel to Tricon's single-family rental business, and leverages the Company's complementary expertise in land development, homebuilding and single-family rental property management. Once developed and stabilized, these build-to-rent communities will be integrated into the Company's technology-enabled property management platform. (iii) U.S. Land Development and Homebuilding The Company's legacy business provides equity or equity-type financing to experienced local or regional developers and builders of for-sale housing primarily in the United States. These investments are typically made through Investment Vehicles that hold an interest in land development and homebuilding projects, including master-planned communities. Tricon also serves as the developer of certain of its MPCs through its Houston-based subsidiary, The Johnson Companies LP. Johnson is an integrated development platform with expertise in land entitlement, infrastructure, municipal bond finance and placemaking, and has deep relationships with public and regional homebuilders and commercial developers. Johnson's reputation for developing high-quality MPCs is further evidenced by Johnson having three MPCs ranked in the top 50 based on homebuilder sales in 2022, according to RCLCO Real Estate Consulting. Additional details of Tricon's residential development business are set out in the 2022 MD&A. Private Funds and Advisory Tricon manages a number of Investment Vehicles on behalf of third parties that are invested alongside the Company in its single-family rental and adjacent residential businesses (see "Active Investment Vehicles"). Tricon earns fees from managing third-party capital co-invested in, and services provided to, its Investment Vehicles. Activities of this business include: (i) Asset management of third-party capital: Tricon manages capital on behalf of institutional investors, including pension funds, sovereign wealth funds, insurance companies, and others who seek exposure to the residential real estate industry. For its services, Tricon earns asset management fees and may earn Performance Fees provided targeted investment returns are achieved. Tricon manages third-party capital for 13 of the top 100 largest institutional real estate investors in the world (source: "PERE Global Investor 100" ranking, October 2022). In 2022, Tricon ranked 53rd globally and second in Canada (compared to 58th globally and second in Canada in 2021) among global real estate investment managers based on the institutional equity raised since 2017 (source: "2022 PERE 100" manager ranking, June 2022). (ii) Development management and related advisory services: Tricon earns development management fees from its rental development projects in Toronto, which leverage its fully integrated development team. In addition, Tricon earns contractual development fees and sales commissions from the development and sale of single-family lots, residential land parcels, and commercial land within the MPCs managed by its Johnson subsidiary. (iii) Property management of rental properties: Tricon provides integrated property management services to its entire rental portfolio. The property management business is headquartered in Orange County, California, and provides resident-facing services including marketing, leasing, and repairs and maintenance delivered through a dedicated call center and local field offices. For its services, Tricon earns property management fees, typically calculated as a set percentage of the gross revenues of each property, as well as leasing, construction and acquisition fees. Further details of Tricon's Private Funds and Advisory business are set out in the 2022 MD&A.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 9 Environmental, Social and Governance Environmental, social and governance principles have guided Tricon's 34-year history of delivering business excellence. Our ESG objectives are centered around the following strategic priorities which underpin all aspects of our business: Our People: Tricon is committed to engaging, supporting and enriching the lives of our employees so they can thrive and, in turn, take care of our residents and the communities in which we operate. To align our purpose-driven culture with our ESG strategy, Tricon focuses on: (i) creating an exceptional employee experience by empowering and enabling employees to unlock their potential, (ii) delivering company-wide professional development opportunities to promote high-performing work teams, and (iii) fostering a culture of diversity and inclusion and belonging to increase cognitive diversity and perspective. We are proud to have earned and maintained certification as a Great Place to Work for 2022 in Canada and the United States. The Great Place to Work Trust Index benchmarks employee attitudes, opinions and satisfaction against other similarly sized Fortune Global 500 companies and the certification affirms our focus on what is important – creating a workplace culture that puts people first: our team members, our residents and our communities. Our Residents: Tricon's goal is to build meaningful communities where people can connect, grow and prosper. In addition to Tricon's efforts to assist residents by self-governing rent growth on renewals, deferring late fees and offering flexible rental payment plans throughout the COVID-19 pandemic, in early 2022, we announced the launch of Tricon Vantage, a market-leading suite of programs and services designed to enhance the financial well-being of our residents. Tricon Vantage provides our U.S. residents with access to tools, resources and services to help them realize their financial goals. In collaboration with Operation HOPE, Tricon Vantage gives residents complimentary access to financial literacy workshops, one-on-one coaching and guided group sessions tailored to their financial health and objectives. Tricon Vantage also offers residents access to a credit builder program to help build or improve residents' credit scores and a "first-look" home purchase program that gives qualifying residents the first opportunity to purchase the home they are renting in the event Tricon elects to sell it. Finally, in the second half of 2022, we formally launched the last component of Tricon Vantage, our resident down payment assistance program, which provides qualifying long-term residents with up to $5,000 towards the down payment for a home purchase. Then, in the fourth quarter of 2022, Tricon launched an industry-leading Bill of Rights, the first commitment of its kind among single-family housing providers in the U.S. The Tricon Resident Bill of Rights underscores our resident-first approach and pledges to provide our single-family rental home residents with the following rights, described in more detail on the Company's website: Right to Shelter; Right to Renewals; Right to Fair Advance Notice; Right to Moderated Rent Increases; Right to Participate in Financial Health and Credit Builder Programs; Right to Buy Your Home if We Decide to Sell; Right to Our Support if You Buy Another Home; Right to Respect. We believe that taking a compassionate approach to serving our residents, as evidenced by our Bill of Rights and Tricon Vantage program, is the right thing to do and also a key contributing factor to our high occupancy, industry-low turnover rate and leading resident satisfaction scores. Our Innovation: Tricon is firmly committed to leveraging innovative technologies and housing solutions to drive convenience, connectivity and affordability. Core service offerings are guided by two key desired outcomes: (i) delivering superior service that creates exceptional resident experiences, and (ii) developing offerings that enhance the lives of residents while addressing their housing needs. Our Impact: Tricon is committed to making investments and operational decisions that reduce our environmental impact and enhance our assets' sustainability and resource efficiency. The environmental impact portion of our ESG program focuses on: (i) developing and implementing sustainable methodologies to ensure our investments, developments and renovation projects adhere to our ESG objectives and commitments, (ii) investigating and investing in new technologies, materials and renovation methods to reduce resource consumption across our real estate portfolio, and (iii) investigating and investing in the reduction of resource consumption across our property management and corporate office operations. Our Governance: Tricon aims to proactively identify, understand and manage the risks to our business, while acting in a manner that exemplifies our commitment to ethics, integrity, trust and transparency. Our ESG program focuses on the following governance initiatives: (i) maintaining a culture of compliance, integrity and ethics; (ii) embedding a strong risk management culture by setting a foundation for effectively identifying, analyzing and managing material and systematic risks, and (iii) fostering and maintaining Board and leadership diversity. Details of our key ESG commitments, initiatives, policies and performance progress can be found on the Company's website under Sustainability.

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10 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Active Investment Vehicles Each of the Company's Active Investment Vehicles is profiled briefly below. Single-Family Rental Separate Accounts On July 19, 2021, the Company entered into SFR JV-2, a joint venture arrangement with three leading institutional investors which serves as a successor to SFR JV-1, targeting the acquisition of single-family homes via resale channels and existing portfolio acquisitions. Tricon acts as the asset and property manager for the joint venture, which is funded by a total equity commitment of $1.55 billion. On May 10, 2021, the Company entered into HBD JV, a joint venture arrangement with two leading institutional investors and funded by a total equity commitment of $450 million. Tricon serves as the asset and property manager for the joint venture, which aims to acquire newly-built single-family rental homes either as scattered homes or recently-completed single-family rental communities. SFR JV-1 is a joint venture arrangement formed in 2018 between the Company and two leading institutional investors to assemble a portfolio of single-family rental homes, which is now fully assembled and being managed by Tricon. The joint venture is funded by a total equity commitment of $750 million. Multi-Family Separate Accounts The US MF JV was a joint venture arrangement between the Company and two institutional investors that held the Company's U.S. multi-family rental portfolio. Tricon sold its interest in the US MF JV, and that joint venture ended, in October 2022. The Canadian MF JV is a joint venture formed in March 2021 with a leading institutional investor which aims to invest in multi- family rental development projects in the Greater Toronto Area. Tricon will serve as the developer, asset manager and property manager of the joint venture's projects. The joint venture will provide up to C$1.5 billion of equity capital, which amount was increased during 2022. The Company has a number of other Separate Accounts in respect of its Canadian multi-family rental stabilized assets and development projects, which are described above under the headings "Multi-Family Rental" and "Residential Development". U.S. Residential Development Investment Vehicles Grand Central Park Separate Account Grand Central Park is a Separate Account formed in March 2022 following the recapitalization of the project, in which Tricon had first invested in 2013, to support the development of a large mixed-use master-planned community in the city of Conroe (Houston MSA), Texas. Tricon has committed approximately 10% of the required capital for the Separate Account, with the balance being committed by its institutional partner. The property is being developed by Johnson. THPAS JV-2 Separate Account On June 13, 2022, Tricon entered into THPAS JV-2 with ASRS. THPAS JV-2 is a follow-on to THPAS JV-1 (described below) and has a similar investment strategy, backed by total committed equity of $500 million, including $400 million from ASRS and $100 million from Tricon. Pursuant to its agreements with ASRS, Tricon will increase its ownership interest in communities developed with the venture to 50% following their stabilization. THPAS JV-1 Separate Account Tricon entered into THPAS JV-1, its first separate account with ASRS, in August 2019. The total equity committed to this venture is $450 million, including $400 million from ASRS and $50 million from Tricon. Through this joint venture, Tricon aims to fund the development of single-family build-to-rent communities to be incorporated into the Company's rental operations platform, with some secondary investments in for-sale housing assets. THPAS JV-1 is now fully-committed to projects. Tricon Housing Partners US Syndicated Pool 2 THP US SP2 is a Separate Account formed in March 2017 to support the acquisition and development of a land parcel located in Queen Creek, Arizona. Tricon has committed approximately 20% of the required capital for the investment, with the remainder being committed by its partner. Tricon Housing Partners US Syndicated Pool 1 THP US SP1 is a Separate Account formed in 2016 to invest in two for-sale housing projects in Belmont, California and Phoenix, Arizona. Tricon has committed approximately 20% of the required capital for the investments, with the remainder being committed by its partner.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 11 Viridian Separate Account Viridian is a Separate Account formed in 2015 to support the acquisition and development of an existing 2,083-acre master- planned community in Dallas-Fort Worth, Texas. Tricon committed approximately 18% of the required capital for the investment, with the balance being committed by an institutional investor. The property is being developed by Johnson. Arantine Hills Side-car Investment Arantine Hills is a Side-car Investment made in 2014 to support the acquisition and development of a master-planned community located in Corona, California. THP2 US committed approximately 25% of the required capital for the transaction, with the remaining capital being committed 90% by an institutional investor and 10% by Tricon. Vistancia West Side-car Investment Vistancia West is a Side-car Investment made in 2013 to support the acquisition and for-sale development of an age-targeted, resort-style community in Phoenix, Arizona. THP2 US committed approximately 27% of the required capital for the transaction, with the remaining capital being committed 90% by an institutional investor and 10% by Tricon. The property is being developed by Trilogy Active Lifestyle Communities. In December 2020, Tricon's institutional capital partner sold its interest in the project to the developer. Tricon and THP2 US remain invested in the project. THP2 US THP2 US is a commingled fund that had its final closing in December 2013 with approximately $334 million of total capital commitments. The fund is fully invested in for-sale housing projects in the U.S. THP3 Canada THP3 Canada is a commingled fund that had its final closing in early 2012 with total committed capital of approximately C$196 million. The fund is fully invested in for-sale housing projects in selected urban markets in Canada. Cross Creek Ranch Separate Account Cross Creek Ranch is a Separate Account formed in 2012 to invest in the acquisition and development of a master-planned community located just southwest of Houston, Texas. Tricon committed approximately 10% of the required capital for the Separate Account, with the balance being committed by an institutional partner. The property is being developed by Johnson. THP1 US THP1 US is a commingled fund that had its final closing in January 2009 with total committed capital of $332.8 million. The fund is fully invested in for-sale housing projects in the U.S. The Company acquired an approximate 68.4% limited partnership interest in THP1 US in 2013. THP2 Canada THP2 Canada was a commingled fund that had its final closing in April 2009 with total committed capital of approximately C$85 million. THP2 Canada was fully invested in for-sale housing projects in Toronto and Alberta. The fund was dissolved as of December 31, 2022. THP1 Canada THP1 Canada is a commingled fund that had its final closing in December 2005 with total committed capital of approximately C$100 million. THP1 Canada is fully invested in for-sale housing projects in Toronto and Alberta. Canadian Syndicated Investments The Company has two Canadian Syndicated Investments (5 St. Joseph and Heritage Valley) that have co-invested alongside its active Canadian commingled funds.

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12 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM General Development of the Business The general development of the Company's business over the past three fiscal years is summarized below. See also the description of the Company's businesses above under the headings "Business Growth and Strategy" and "Active Investment Vehicles". General Developments The Company has grown its managed portfolio of U.S. single-family rental homes to 35,908 homes in 21 core markets across ten states as of December 31, 2022. On October 18, 2022, the Company sold its remaining interest in the US MF JV and its underlying U.S. multi-family portfolio (see "Adjacent Residential Businesses" and "Active Investment Vehicles"). In October 2021, Tricon's common shares were listed for trading on the NYSE under the symbol "TCN" in connection with the Company's initial U.S. public offering, described below under "Public Financing and Reporting". On May 14, 2020, Tricon announced that, as a final step in its transformation to a rental housing company, the Company was realigning its operating structure, rebranding itself and its operations, and changing its name to "Tricon Residential Inc.", which name change was duly approved by the Company's shareholders and became effective on July 7, 2020. The Company's harmonized operating structure eliminated the parent company/operating subsidiary model that existed under investment entity accounting (including the elimination of the monikers "Tricon American Homes" (single-family rental), "Tricon Lifestyle Rentals" (multi-family rental) and "Tricon Housing Partners" (for-sale housing)). In keeping with the restructuring, changes were made to Tricon's executive leadership team to reflect the realignment and harmonization of the Company's operations (see "Description of the Business – Senior Management Team" and "Directors and Officers"). Private Funds and Advisory On June 13, 2022, Tricon entered into THPAS JV-2. Further details are set out above under "Active Investment Vehicles". On July 19, 2021, the Company entered into SFR JV-2. Further details are set out above under "Active Investment Vehicles". On May 10, 2021, the Company entered into HBD JV. Further details are set out above under "Active Investment Vehicles". The US MF JV was formed on March 31, 2021 upon the syndication of an 80% interest in the Company's U.S. multi-family rental portfolio, which was first acquired in June 2019. As noted above, the joint venture ended upon the sale of the Company's interest in October 2022. In March 2021, Tricon entered into the Canadian MF JV and announced the joint venture's first project. In 2022, Tricon and its investor agreed to increase the total amount that can be invested under the venture to C$1.5 billion. Further details are set out above under "Active Investment Vehicles" and "Business and Growth Strategy". Public Financing and Reporting On October 12, 2021, the Company closed its initial public offering of Common Shares in the United States and concurrent public offering in Canada. Concurrent with this offering, the Company issued Common Shares on a private placement basis pursuant to the exercise of pre-existing investor participation rights. A total of 46,248,746 Common Shares were issued for aggregate gross proceeds to the Company of approximately $570 million. On September 9, 2021, Tricon completed the redemption of its outstanding 5.75% extendible convertible unsecured subordinated debentures due March 31, 2022. In total during 2021, the Company issued 16,449,980 Common Shares in connection with the conversion or redemption of such debentures in an aggregate principal amount of $172.4 million. On June 8, 2021, the Company completed a public offering of Common Shares on a bought deal basis. A total of 15,480,725 Common Shares were issued at a price of C$13.00 per Common Share for total gross proceeds to the Company of approximately C$201 million, including gross proceeds from the private placement of Common Shares pursuant to the exercise of pre-existing investor participation rights. On August 26, 2020, Tricon and its subsidiary, Tricon PIPE LLC, entered into subscription agreements pursuant to which a syndicate of investors subscribed for exchangeable preferred units of the subsidiary, which are exchangeable into Common Shares, for an aggregate subscription price of $300 million. The transaction was completed on September 3, 2020 and its material terms are summarized in the Company's related material change report which, together with the material transaction documents, is available on SEDAR at www.sedar.com.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 13 In January 2020, the Company completed its transition to an owner and operator of diversified rental housing, resulting in the Company determining that it no longer meets the criteria for being an investment entity under International Financial Reporting Standards 10, Consolidated Financial Statements ("IFRS 10"). As a result, the Company began consolidating the financial results of controlled subsidiaries, including those holding its investments in single-family rental homes and U.S. multi-family rental properties, resulting in the inclusion of these subsidiaries' assets, liabilities and non-controlling interests in the balance sheet of the Company on a prospective basis in accordance with the relevant guidance of IFRS 10. Our Revenues The Company earns revenues and income from its single-family rental properties, adjacent residential businesses, and through its Private Funds and Advisory business. The business segment contribution to the Company's revenues over the past two fiscal years is detailed in the 2022 Financial Statements and the 2022 MD&A, which also contain more detailed explanations of the Company's revenue recognition. In particular, Section 7.1 of the 2022 MD&A contains a detailed discussion of the Company's revenue and income recognition, which discussion is incorporated herein by reference. Senior Management Team The strategic direction and leadership of Tricon are provided by a senior management team that has substantial expertise in all aspects of the Company's business. The Company believes that the quality and commitment of its management team are the most important factors in the Company's success. Biographies of the members of the senior management team as of the date of this AIF are set out below and on the Company's website at www.triconresidential.com. Gary Berman, President and Chief Executive Officer Gary Berman is responsible for Tricon's overall operations, including strategic planning, investment decisions, capital commitments, relationship management and private fundraising. Since joining the Company in 2002, Mr. Berman has helped transform Tricon from a private provider of equity and mezzanine capital to the for-sale housing industry to a publicly-listed company focused on rental housing. Under his leadership, Tricon has established itself as a people-first residential company with a growing portfolio of single-family rental homes, multi-family properties, and build-to-rent communities. He is a member of the Company's Board of Directors as well as its Investment and Executive Committees. Mr. Berman is a Governor of the Corporation of Massey Hall and Roy Thomson Hall, where he also serves on the Massey Hall Revitalization Committee, a former Trustee of the Urban Land Institute and a former member of the University of Toronto Real Estate Advisory Committee. He is the co-founder of the Pug Awards, an online awards and education-based charity that, for a decade, helped to increase architectural awareness and elevate planning and design standards in Toronto. Mr. Berman has a Master of Business Administration degree from Harvard Business School, where he was designated a Baker Scholar, and a Bachelor of Commerce degree from McGill University, where he graduated first overall in the Faculty of Management. David Berman, Co-Founder and Executive Chairman David Berman has been involved in all phases of Tricon's development since co-founding the Company in 1988. He served as the Company's Chairman and Chief Executive Officer until March 2015, and has since transitioned into the role of Executive Chairman. Mr. Berman is a member of Tricon's Executive Committee and is Chair of its Investment Committee. He has close to 50 years of experience in the real estate industry in the United States, Canada and abroad. Mr. Berman began his career in North America in 1978 at what is now Citibank Canada, where he was Vice President of real estate lending. In 1982, he joined First City Development Corporation as Vice President, focusing on real estate acquisitions and equity lending. Prior to co-founding Tricon, Mr. Berman was an Executive Vice President at Lakeview Estates Limited, where he was responsible for land development and single-family homebuilding. Mr. Berman has served on the boards of a number of charitable and educational organizations, including the Royal Conservatory of Music in Toronto, the University of Toronto's Real Estate Advisory Committee and the Fisher Center at the University of California at Berkeley. Mr. Berman has a Master of Business Administration degree, graduating with high distinction, and a Bachelor of Science degree from the University of the Witwatersrand in Johannesburg, South Africa.

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14 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Geoff Matus, Co-Founder and Director Geoff Matus co-founded Tricon in 1988 and continues to provide consulting services to the Company. He is a member of the Board of Directors, chairs the Executive Committee and is a member of the Investment Committee. Mr. Matus is the Chair and co-founder of Cidel Bank of Canada, an international financial services group. He is also the Chair of The Team Companies, an employer of record payroll provider for the advertising and entertainment industries. He is a past member of the board of Mount Sinai Hospital (where he currently serves on the Research Advisory Committee), the board of Governing Council of the University of Toronto (where he currently chairs the Pension and Endowment Investment Advisory Committee and the Real Estate Committee) and the Canadian Opera Company. He is a director of the MaRS Discovery District (where he is Chair of the Real Estate Committee) and an honorary director and past Chair of the board of directors of the Baycrest Centre for Geriatric Care. He is the honorary Chair of the Hospital for Sick Kids/Nelson Mandela Children's Hospital Project. Mr. Matus has founded several other companies and remains a director of some of them. In 2005, Mr. Matus received the Jewish Federation award for outstanding service to his community. In 2010, he received the Arbor Award for outstanding service to the University of Toronto and, in 2011, was honored as a "Man of Distinction" by the Israel Cancer Research Fund. Mr. Matus has Bachelor of Commerce and Law degrees from the University of the Witwatersrand in Johannesburg, South Africa, and a Master of Laws degree from Columbia University in New York. In 2018, the University of Toronto conferred upon Mr. Matus an honorary Doctor of Laws degree. Wissam Francis, Executive Vice President and Chief Financial Officer Wissam Francis oversees all aspects of Tricon's financial management, including financial reporting and analysis, treasury, capital market strategies, investor relations, private capital fundraising, and the internal audit and tax functions. Mr. Francis has extensive experience in financial reporting, capital markets, mergers and acquisitions, corporate finance and strategy formulation. He has more than 20 years of experience in real estate and has been actively involved in a variety of projects and sectors, including residential, retail, industrial, office, mixed-use and development. Before joining Tricon in 2014, Mr. Francis was a senior member of Ernst & Young's Transaction Real Estate advisory practice. Prior to that, he was the Director of Finance and Acquisitions at First Capital Realty. Mr. Francis has a CPA, CMA designation and a Master of Business Administration degree from Wilfrid Laurier University, a Master of Arts degree in Economics and Statistics from the University of Waterloo, and a Bachelor of Arts degree in Finance and an Honors degree in Economics from the University of Western Ontario. He also completed Harvard Business School's Leadership for Senior Executives Program. Jonathan Ellenzweig, Executive Vice President and Chief Investment Officer Jonathan Ellenzweig is responsible for the strategic oversight of Tricon's rental housing and development platforms. He helps design and implement investment strategy, manages relationships with key stakeholders, sources new opportunities and oversees teams responsible for business plan execution and asset management. In addition, Mr. Ellenzweig is a member of Tricon's Investment Committee and leads its San Francisco office. Since joining Tricon in 2005, Mr. Ellenzweig has been an integral part of many of its defining strategic initiatives, including its initial public offering in 2010, the launch of its single-family rental business in 2012 and its entry into U.S. multi-family rental in 2019. Prior to joining Tricon, Mr. Ellenzweig worked in investment banking in New York and Toronto for Citigroup Global Markets, where he was a member of the coverage and transaction execution teams for financial services and media/telecom companies. He is a member of the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley, plays a leadership role in the Urban Land Institute, and serves on the Board of Directors of the Lark Theatre, a non-profit single-screen arthouse cinema in Marin County, California. Mr. Ellenzweig has an Honors Bachelor of Commerce degree with First Class Honors from Queen's University.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 15 Kevin Baldridge, Executive Vice President and Chief Operating Officer Kevin Baldridge is responsible for the operational oversight of Tricon's U.S. single-family rental and U.S. and Canadian multi-family rental businesses and is a key partner in establishing the strategic direction of the business. Mr. Baldridge leads Tricon's organic single-family rental acquisition program and its daily operating activities, including marketing, innovation and IT initiatives. Prior to joining Tricon in 2015, Mr. Baldridge was the President of Irvine Company Apartment Communities, where he was responsible for overseeing all property operations, asset management and acquisitions. Prior to that, he was a Senior Vice President of Boston-based General Investment and Development. Mr. Baldridge is the President and a board member of the National Rental Housing Council and an advisory board member of Zillow. Mr. Baldridge and his wife founded and run Hope in Motion International, a charity that provides medical assistance to orphanages and villages in Latin America. He has also held board positions on the National Multifamily Housing Council, the California Apartment Association, Serving People in Need and JSerra High School. Mr. Baldridge has a Bachelor of Arts degree in Economics from the University of California, Los Angeles and a Master of Science degree in Finance and Accounting from the London School of Economics. David Veneziano, Executive Vice President, Chief Legal Officer and Corporate Secretary David Veneziano is responsible for overseeing all legal affairs and governance matters related to Tricon Residential's operational and strategic objectives. Mr. Veneziano has been Tricon's General Counsel since 2014, providing advice on all aspects of its operations, investments, corporate structuring and finance, compliance and corporate governance. He is also Tricon's Corporate Secretary and its Chief Compliance Officer. Before joining Tricon in 2014, Mr. Veneziano served as Vice President and General Counsel of Leisureworld Senior Care Corporation (now Sienna Senior Living), where he was responsible for all legal and governance matters. Prior to working at Leisureworld, Mr. Veneziano practiced law at Goodmans LLP, where he advised a wide array of public and private enterprises in matters relating to tax, mergers and acquisitions, corporate finance, compliance and restructuring. Mr. Veneziano is a graduate of the University of Toronto Law School and has a Bachelor of Science (Honors) degree in Human Biology and Bioethics from the University of Toronto, from which he graduated with high distinction. Sherrie Suski, Executive Vice President and Chief People Officer Sherrie Suski is responsible for overseeing Tricon's human resources function, including the sourcing, recruiting, vetting, hiring, development and retention of employees. She acts as a strategic business advisor to the executive team and departmental heads regarding key business and management issues, organizational strategy and operational effectiveness, and helps elevate team performance through innovative leadership. In order to further Tricon's ambitious growth plans, Ms. Suski focuses on the hiring, training and development of caring, talented employees – as they are the foundation and future leaders of Tricon Residential. Ms. Suski brings to Tricon more than 20 years of experience in building, inspiring and retaining high-performance teams. Prior to joining Tricon in 2015, she led human resources and administrative functions for several large multinational organizations and numerous venture-backed start-ups, including in the high-tech and big data space. Ms. Suski is a member of the invitation-only Forbes Human Resources Council and is a regular contributor to Forbes. Ms. Suski has a Bachelor of Arts degree in Psychology from the University of California, Irvine, where she graduated Cum Laude and Phi Beta Kappa, and a Master of Arts degree in Organizational Psychology from California State University, Long Beach. Gina McMullan, Chief Accounting Officer Gina McMullan is responsible for overseeing all aspects of Tricon's corporate accounting, public company financial reporting, private funds and advisory reporting, and accounting policy functions and is responsible for the property accounting operations of Tricon's single-family and multi-family rental portfolios, as well as leading technical research and applying a sound accounting approach to all complex strategic transactions. Ms. McMullan's full biography can be found on the Company's website. Alan O'Brien, Chief Resident Experience Officer Alan O'Brien is responsible for oversight of Tricon's property management business, including leasing, maintenance, call center operations and customer service, and is a thought leader in process improvement and efficiency through innovation and the employment of technology. Mr. O'Brien's full biography can be found on the Company's website. Douglas P. Quesnel, Chief Transformation Officer Douglas Quesnel is responsible for executing Tricon's enterprise transformation strategy through effective end-to-end integration within and between functional areas, continuous technology enablement and the optimization of service delivery models to support the growth of the business. He is responsible for financial business systems development, policy formulation and governance, and new business advisory. Mr. Quesnel's full biography can be found on the Company's website.

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16 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Andy Carmody, Senior Managing Director, Investments and Head of Sustainability Andy Carmody oversees Tricon's U.S. residential development and single-family build-to-rent business, in which role he designs and implements strategy, manages relationships with key stakeholders, sources investment opportunities and oversees the investment team responsible for business plan execution and asset management. Mr. Carmody is also Head of Sustainability, which includes overseeing the development and implementation of Tricon's ESG program. Mr. Carmody's full biography can be found on the Company's website. Andrew Joyner, Managing Director, Investments Andrew Joyner leads Tricon's Canadian multi-family rental business, in which role he designs and implements strategy, sources investment opportunities, manages senior relationships with joint venture partners and oversees teams responsible for business plan execution, including development, construction and ongoing asset management. Mr. Joyner's full biography can be found on the Company's website. Bill Richard, Managing Director, Asset Management and Acquisitions Bill Richard oversees the asset management of Tricon's rental housing portfolio, as well as single-family rental acquisitions, in which roles he is responsible for portfolio analytics and optimization, revenue management, ancillary revenue, and Tricon's national organic single-family rental acquisition program. Mr. Richard's full biography can be found on the Company's website. Rick Timmins, Managing Director, Investments Rick Timmins manages strategic growth initiatives for Tricon's U.S. multi-family and single-family rental businesses and is responsible for joint venture capital-raising and structuring, investment management and strategic growth planning, as well as maintaining key private investor relationships. Mr. Timmins' full biography can be found on the Company's website. Julie Burdick, Managing Director, Investments Julie Burdick is focused on driving strategic growth and spearheading major operational initiatives across Tricon's rental housing platforms. She also sources and leads a variety of acquisition opportunities in the U.S. Ms. Burdick's full biography can be found on the Company's website. Evelyne Dubé, Managing Director, Private Funds Evelyne Dubé is responsible for Tricon's private capital-raising team, business development efforts and sustainability initiatives and serves as the primary liaison with institutional investors in private investment strategies, including pension funds, insurance companies and sovereign wealth funds. Ms. Dubé's full biography can be found on the Company's website. Wojtek Nowak, Managing Director, Capital Markets Wojtek Nowak is responsible for managing Tricon's budgeting, planning and financial analysis functions, public markets investor relations and sustainability initiatives and also serves as a key liaison for Tricon's shareholders, research analysts and capital markets partners. Mr. Nowak's full biography can be found on the Company's website. David Mark, Managing Director, Finance David Mark is responsible for Tricon's debt financing activities in the U.S. and Canada, including managing the origination, structuring, negotiation and execution of all debt solutions. Mr. Mark's full biography can be found on the Company's website. Ali Merali, Head of Strategic Initiatives Ali Merali is responsible for managing Tricon's strategic initiatives and operational priorities, working closely with leadership teams from across the organization to ensure seamless cross-functional collaboration, effective communication, and informed decision-making. Mr. Merali's full biography can be found on the Company's website. Reshma Block, Head of Innovation and Technology Reshma Block is responsible for providing IT leadership and strategic direction for Tricon and for introducing innovative new technologies that improve the resident experience and advance the enterprise's operating efficiencies. Ms. Block's full biography can be found on the Company's website. John English, Head of Development John English is responsible for overseeing the development of all Tricon's Canadian multi-family projects and leads cross-functional teams through the project underwriting, municipal approvals, design, budgeting and construction processes. Mr. English's full biography can be found on the Company's website. Sandra Pereira, Senior Vice President, Head of Tax Services Sandra Pereira is responsible for Tricon's global tax function, including strategy, planning, reporting, governance and tax compliance matters. Ms. Pereira's full biography can be found on the Company's website.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 17 Jude Fitzgerald, Head of Marketing and Communications Jude Fitzgerald is responsible for all aspects of creating, building and bringing to life the Tricon Residential brand across U.S. and Canadian markets, and aligning Tricon's marketing and communications programs with its business, financial and people first goals. Ms. Fitzgerald's full biography can be found on the Company's website. Thomas Walsh, General Counsel, Property Operations Thomas Walsh is responsible for overseeing all property-related legal, compliance and strategic risk management for Tricon. Mr. Walsh's full biography can be found on the Company's website. Employees As of December 31, 2022, Tricon had 1,010 employees in Toronto, Ontario, San Francisco and Orange County, California, and in its field offices across the United States and Canada. In addition, The Johnson Companies LP and its subsidiaries employ approximately 94 individuals. RISK FACTORS There are certain risks inherent in the Company's activities and those of its investees, including the ones described below, which may impact the Company's financial and operating performance, the value of its investments and the value of its securities. The risks described below are not the only ones facing the Company and holders of Common Shares. Additional risks not currently known to us or that we currently consider to be immaterial may also affect our activities. General Economic Conditions The success of our business is highly dependent upon conditions in the Canadian and United States real estate markets (and in particular the residential sector) and economic conditions throughout North America that are outside our control and difficult to predict. Factors such as interest rates, housing prices, availability of credit, inflation rates, energy prices, economic uncertainty, changes in laws (including laws relating to taxation), trade barriers, currency exchange rates and controls, and national and international political circumstances (including wars, terrorist acts or security operations) could have a material negative impact on our financial performance and the value of our investments. With respect to the current economic environment, the COVID-19 pandemic and resulting economic impact, including increased inflation and related increased interest rates, have created significant volatility in financial and commodity markets. The pandemic and its aftermath may result in a global recessionary environment with continued market volatility. Such unpredictable or unstable market conditions, adverse economic conditions, or volatility in the capital markets may result in reduced opportunities to find suitable risk-adjusted investments to deploy capital, may reduce the market value of our assets, and may make it more difficult for the Company and its Investment Vehicles to generate revenues or to exit and realize value from existing real estate holdings, any of which could materially adversely affect our revenues, the value of our investments, and our ability to raise and deploy new capital and sustain our profitability and growth. Real Estate Industry Conditions The residential real estate industry is cyclical and is significantly affected by changes in general and local economic and industry conditions, such as employment levels, availability of financing for homebuyers, interest rates, consumer confidence, levels of new and existing homes for sale, demographic trends and housing demand. In addition, an oversupply of new homes or alternatives to new homes, such as resale homes, including homes held for sale by investors and speculators, foreclosed homes and rental properties, may reduce the ability to rent or sell residential properties, depress prices and reduce margins from the rental and sale of residential properties. Conversely, if property prices in target markets increase at a rate faster than rents, this could result in downward pressure on gross rental yields and impact the ability to make acquisitions. A similar situation could arise in the climate of rising interest rates. Any of these factors could negatively impact the Company's financial condition and performance. Builders, developers and renovators are also subject to risks related to the availability and cost of materials and labor, and adverse weather conditions that can cause delays in construction schedules and cost overruns. Furthermore, the market value of undeveloped land, buildable lots and housing inventories can fluctuate significantly as a result of changing economic and real estate market conditions and may result in impairment charges. If there are significant adverse changes in economic or real estate market conditions, residential properties may have to be sold at a loss, rented at less than expected rates, or held longer than planned. These circumstances can result in losses in a poorly performing investment or market. If market conditions deteriorate, the Company's financial condition and performance may be adversely impacted.

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18 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Indebtedness and Rising Interest Rates The degree to which the Company is leveraged could have important consequences to the Company, including: (i) the Company's future ability to obtain additional financing for working capital, capital expenditures or other purposes may be limited; (ii) the Company may be unable to refinance indebtedness on terms acceptable to the Company or at all; (iii) a significant portion of the Company's cash flow could be dedicated to the payment of the principal of and interest on its indebtedness, thereby reducing funds available for future operations, capital expenditures and/or dividends on its Common Shares and increasing the risk of default on the Company's debt obligations; (iv) the Company's financial performance may be negatively impacted by rising interest rates; and (v) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures. In addition to the potential consequences noted above, rising interest rates may impact the Company's ability to finance its future growth and cause the Company to slow its property acquisition pace, which itself could impact its ability to earn rent and fee revenue, raise future investment vehicles, or optimize its portfolio, all of which could negatively impact its financial condition and performance. Moreover, rising interest rates, decreased availability of mortgage financing or of certain mortgage programs, higher down payment requirements or increased monthly mortgage costs may increase the cost of capital for the Company and may lead to reduced demand for new home sales and resales and mortgage loans, which could negatively impact our financial condition and performance. The Company manages interest rate risk by structuring its financings to stagger the maturities of its debt, thereby mitigating the exposure to interest rate and other credit rate fluctuations. However, there can be no assurance that the Company will be able to continue to stagger and fix its debt in the future on favorable terms or at all. Inflation In an attempt to combat recent inflation through cooling demand, the Bank of Canada and the Federal Reserve have tightened monetary policy through fiscal 2022 by increasing the overnight lending rate. In a rising interest rate environment, the cost of acquiring, financing, developing, expanding and renovating investment properties also increases, and together with upward pressure on capitalization rates and decreased investment property demand, the Company's investment property values may decline as a result. Inflation in Canada and the U.S. is currently at historically high levels. The rate of inflation impacts the general economic and business environment in which the Company operates. Recent inflationary pressures experienced domestically and globally, external supply constraints, tight labor markets and strong demand for goods and resources, together with the imposition by governments of higher interest rates or wage and price controls as a means of curbing inflationary increases, will put pressure on the Company's development, financing, operation and labor costs and could negatively impact levels of demand for real property. Accordingly, continued inflationary pressures and the resulting economic impacts may adversely affect our financial condition and results of operations. If inflation at elevated levels persists and interest rates continue to climb, an economic contraction is possible. Higher inflation and the prospect of moderated growth also negatively impacts the debt and equity markets in which the Company seeks capital, and in turn might impact our ability to obtain capital in the future on favorable terms, or at all. While the Company's portfolio and market position, as well as its stable resident base, provide it with flexibility to navigate volatile economic conditions, there can be no assurances regarding the impact of a significant economic contraction on the business, operations, and financial performance of the Company. Portfolio Concentration Although our real estate holdings span numerous markets across North America, real estate is a local business, and our revenues are directly and indirectly derived from residential real estate located in our primary geographic markets. A prolonged downturn in the economies of these markets, or the impact that a downturn in the overall national economies of the United States or Canada may have upon these markets, could negatively impact our financial condition and performance. Furthermore, because we are focused on residential real estate (as compared to a more diversified real estate portfolio), a decrease in demand specifically for residential real estate could adversely affect our financial condition and performance.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 19 Competition The residential real estate business is competitive and each segment of our business is subject to competition in varying degrees. We compete on the basis of a number of factors, including, but not limited to, the quality of our employees, transaction execution, innovation, reputation and above all, our rental operations. Numerous developers, managers and owners of properties compete with the Company in seeking attractive residents and home purchasers, in the efficiency of their operations, and in the quality of their service offering. In addition, there is significant competition for suitable real property investments, with other operators and investors seeking similar assets to those targeted by the Company. A number of these investors may have greater financial resources than those of the Company, or operate without the same investment or operating restrictions. An increase in competition for real property investments may increase purchase prices, diminish the number of suitable investments available, and reduce the ability to achieve optimal portfolio size or expected yields, which could impact the Company's investments and financial performance. Furthermore, we compete in pursuit of investor capital to be invested in our securities and Investment Vehicles. Competition for investor capital, in particular, is intense and investors are increasingly seeking to manage their own assets or reduce their management fees. Further, our competitors may have certain competitive advantages, including greater financial, technical, marketing and other resources, more personnel, less onerous regulatory requirements, or a lower cost of capital, and access to funding sources or other resources that are not available to us. These pressures, or an increase in competition, could impact our revenues and operating margins and negatively affect our overall financial condition. The residential, development, homebuilding, renovation and rental industries are themselves highly competitive. Residential developers, homebuilders, renovators and operators compete not only for homebuyers and/or tenants on the basis of price and product offering, but also for desirable properties, building materials, labor and capital. Competitive conditions in the industry could result in: difficulty in acquiring suitable properties at acceptable prices; increased selling or rental incentives; lower sales volumes and prices; higher vacancy; lower profit margins and development yields; impairments in the value of inventory and other assets; increased construction costs; and delays in construction. These factors may negatively impact the Company's financial condition and performance. Investment Pipeline An important component of the Company's growth strategy is the ongoing availability of attractive real estate acquisition or investment opportunities. If we are not able to find sufficient residential real estate investments in a timely manner, our performance could be adversely affected. Furthermore, if we do not have sufficient investment opportunities, we may elect to limit our growth and reduce the rate at which we attract third-party capital, which could impact our growth plans and revenues. Finally, a scarcity of desirable investment opportunities may lead us to make investments with lower expected returns than those we have historically targeted. Any of these factors could negatively impact our financial condition and performance. Liquidity Risk Residential real estate assets generally cannot be sold quickly, particularly if local market conditions are poor. As a result, the Company may not be able to acquire or sell assets promptly in response to economic or other conditions. If the Company were required to quickly liquidate its assets, there is a risk that we would realize sale proceeds of less than the current book value of our real estate investments. This inability to promptly reallocate capital or exit the market in a timely manner could adversely affect the Company's financial condition and performance. Additionally, financial difficulties of other property owners resulting in distressed sales could depress real estate values in the markets in which we invest. These restrictions could reduce our ability to respond to changes in the performance of our portfolios and could adversely affect our financial condition and performance. Transaction Execution Before making investments, we conduct extensive due diligence reviews that we deem reasonable and appropriate based on the facts and circumstances applicable to each asset. Our due diligence process includes in-depth reference checks of developers (where applicable), environmental audits, market analysis, site analysis, financial and construction cost analysis and legal review. When conducting due diligence, we may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence process in varying degrees depending on the asset class and size of transaction. Nevertheless, when conducting due diligence, we rely on the resources available to us, including information provided by the developer or operating partner (where applicable) and, in some circumstances, third-party investigations. The due diligence investigation that we carry out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such opportunity. Moreover, such an investigation will not necessarily result in the investment being successful. Unknown factors or unforeseen risks may cause performance to fall short of expectations and may negatively impact our financial condition and performance.

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20 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Benchmark Interest Rate Reform Risk Regulators in the United Kingdom and elsewhere have recommended and are seeking to implement broad changes to benchmark interest rates, such as London Interbank Offered Rate ("LIBOR"). The transition away from the widespread use of LIBOR and such other benchmark rates to alternative reference rates and other potential interest rate benchmark reforms is expected to continue in the short term. For example, the current U.S. dollar LIBOR publication is scheduled to end by June 30, 2023. On December 16, 2022, the United States Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on Secured Overnight Financing Rate ("SOFR") that will replace LIBOR in certain financial contracts after June 30, 2023. The discontinuation of LIBOR, and the transition to SOFR and other alternative reference rates, could lead to market instability, and could adversely impact the pricing, liquidity, value or return of the Company's debt instruments, affect the Company's ability to meet its payment obligations thereunder, require extensive changes to documentation, result in disputes, or cause the Company to incur additional costs and interest rate expense. Depending on these and several other factors, many of which are beyond the Company's control, the Company's business, financial condition and results of operations could be materially adversely impacted by such market transition and reform of benchmark interest rates. It remains uncertain how such changes would be implemented and the effects such changes may have on the Company, its business, financial condition and results of operations, its investees and financial markets generally. The Company continues to actively monitor these potential changes and to include alternative rate-setting methodologies in its newly issued debt instruments. Sustaining Growth Our continuing growth has caused, and if it continues will continue to cause, significant demands on our legal, accounting and operational infrastructure, and increased expenses. In addition, we are required to continuously develop our systems and infrastructure in response to the increasing sophistication of the residential real estate investment industry, the investment management market, and legal, accounting and regulatory developments. Our future growth will depend, among other things, on our ability to maintain an operating platform and management systems sufficient to address our growth, and will require us to incur additional expenses and to commit additional senior management and operational resources. There can be no assurance that we will be able to manage our expanding operations effectively or that we will be able to continue to grow, and any failure to do so could adversely affect our ability to generate revenue and control our expenses. Insurance We have various types of insurance, including errors and omissions insurance and general commercial liability insurance as well as relevant insurance obtained to protect the value of our assets. The adequacy of insurance coverage is evaluated on an ongoing basis, including the cost relative to the benefits. However, there can be no assurance that potential claims or losses will not exceed the limits, or fall outside the scope, of available insurance coverage or that any claim or claims will be ultimately satisfied by an insurer. A loss or judgment in excess of available insurance or in respect of which insurance is not available could have a material adverse effect on our financial condition and the value of our assets. There can be no assurance that insurance coverage on favorable economic terms will continue to be available in the future. Environmental Risk Our real estate portfolios are subject to various Canadian and United States federal, provincial, state and municipal laws relating to environmental matters. These laws could hold developers or property owners liable for the costs of removal and remediation of certain hazardous substances or wastes released or deposited on properties or disposed of at other locations. The failure to remove or remediate such substances, if any, or to address such matters through alternative measures prescribed by the governing authority, could adversely affect the developer's or owner's ability to sell the properties or to borrow using real estate as collateral, and could potentially result in claims or other proceedings. We are not aware of any material non-compliance with environmental laws in respect of our assets or those in which our Investment Vehicles invest. We are also not aware of any material pending or threatened investigations or actions by environmental regulatory authorities, or any material pending or threatened claims relating to environmental conditions, in connection with any of the residential real estate in which we or our Investment Vehicles invest. Environmental laws and regulations can change rapidly and may impose more stringent environmental laws and regulations in the future, increasing the risk of non-compliance. Non-compliance with applicable environmental laws and regulations, or compliance with more stringent legislative frameworks, could have an adverse effect on our financial condition and performance.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 21 Disease Outbreak Risks A local, regional, national or international outbreak of a contagious disease, including, but not limited to, the ongoing COVID-19 pandemic, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu, or any other similar illness could result in or continue to result in: a general or acute decline in economic activity in the regions where the Company holds assets and conducts business, a decrease in the willingness or ability of the general population to travel, staff and labor shortages, diversion of management attention, reduced resident and customer traffic and demand, reduced employment and financial wherewithal of our residents, mobility restrictions and other quarantine measures, supply shortages, increased government regulation (including regulations impacting property operations, limiting rent increases or limiting eviction actions), and the quarantine or contamination of one or more of the Company's rental properties. Contagion in a Tricon building or market in which the Company operates could negatively impact the Company's occupancy, its reputation or the attractiveness of that market. An outbreak may affect a resident's ability to meet their payment obligations, by disrupting their employment or income, and negatively impacting local, national or global economies. These and other related consequences could negatively impact: rental revenue, the ability to collect rent and enforce leases, fee income and other revenue sources, vacancy levels, mortgage renewals and refinancings, rental rates and for-sale housing prices, property values, bad debt expense, liquidity, the Company's ability to grow and expand its portfolios, development timelines, project cash flows, compliance with debt covenants and default risk, and the Company's ability to achieve its financial and strategic goals and targets. In addition, the Company's response to such a crisis may be made in the context of economic and epidemiological uncertainty and changing legal regulations, which may increase the risk of legal or regulatory liability to the Company. Increased government regulation in response to the COVID-19 pandemic specifically, or other similar outbreaks, could result in legislation or regulations that may restrict the Company's ability to enforce material provisions under its leases, among the other potential adverse impacts noted above. Additionally, the COVID-19 pandemic and its aftermath have resulted in a general economic downturn and increased volatility in financial markets, which may negatively impact the market price for the Company's securities and could create difficulty in raising capital in debt and equity markets, both of which could adversely affect the Company's operations and financial performance. In addition, the pandemic may result in a global recessionary environment with continued market volatility, which could further impact the Company's operations and financial performance. While governments and central banks have implemented monetary and fiscal measures intended to stabilize economic conditions, the impact of these measures remains uncertain. The COVID-19 pandemic continues to evolve, and the duration and impact of such outbreak and its aftermath is currently unknown. As such, it is not possible to reliably estimate the length and severity of COVID-19-related impacts on the financial results and operations of the Company. Climate Change Risks To the extent that significant changes in the climate occur in areas where our properties are located, increasingly extreme weather, changes in precipitation, flooding, wildfires, hurricanes and rising temperatures in those areas may result in physical damage to, or a decrease in demand for, properties located in those areas or affected by those conditions. Should the impact of climate change be material in nature, including significant property damage to or destruction of our properties, or occur for lengthy periods of time, our financial condition and performance may be adversely affected. Climate change, to the extent it causes changes in weather patterns, could also increase the cost of property insurance and utilities at our properties and impact demographic trends in ways that result in decreased demand for our properties. In addition, changes in federal, provincial, state and local laws based on concerns about climate change could result in reduced operational flexibility and/or increased expenses on our existing properties (for example, to improve their energy efficiency and/or resistance to inclement weather or to reduce their carbon footprint) without a corresponding increase in revenue, which could adversely affect our performance. Lenders, investors, credit rating agencies and regulators are increasingly viewing climate change as an important issue that requires greater consideration. An unsuccessful investment strategy and operational management plan concerning climate change may have an adverse effect on the Company's ability to raise funds via debt and/or equity, as well as related investment returns and sentiment. While the Company evaluates the potential impact of climate change and material risks on a regular basis, as well as maintains adequate insurance coverage for weather-related events, there is no certainty that such a strategy will mitigate any material adverse effects on the Company or its properties.

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22 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Conflicts of Interest Some of the parties in which and with which we currently invest may have competing interests in the markets in which Tricon invests. While the Company takes precautions and negotiates contractual restrictions in definitive legal documentation in order to avoid such conflicts, conflicts of interest may nonetheless arise and may have an adverse effect on the Company's financial condition and performance. Certain of the directors and officers of the Company may also serve as directors and/or officers of other companies and consequently the possibility exists for such directors and officers to be in a position of conflict. Any decision made by any such director or officer involving the Company is to be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Company, but there can be no assurance that a conflict of interest will not have an adverse effect on the Company or its financial condition. Management Team The Company's executive officers and other senior management have a significant role in our success and oversee the execution of our strategy. Our continued ability to respond promptly to opportunities and challenges as they arise depends on cooperation across our organization and our team-oriented management structure, which benefits greatly from management continuity. Our ability to retain our management group or attract suitable replacements, should any members of the management group leave, is dependent on, among other matters, the competitive nature of the employment market and the career opportunities that we can offer. Ensuring that we continue to pay market compensation in order to retain key professionals may lead to increasing costs. We have experienced departures of key professionals in the past and may do so in the future, and we cannot predict the impact that any such departures will have on our ability to achieve our objectives. Competition for the best people is intense and the loss of services from key members of the management group or a limitation in their availability could adversely impact our financial performance. Furthermore, such a loss could be negatively perceived in the capital markets. Government Regulation The Company's activities are subject to numerous regulations across various jurisdictions in North America. Changes in legislation and regulation could result in increased costs, limitations on the Company's ability to carry on its business in certain jurisdictions, and increased risk of non-compliance, which could adversely affect the Company's financial condition and performance. Certain jurisdictions have enacted residential tenancy legislation which imposes, among other things, rent control guidelines that limit the ability to raise rental rates at residential properties. In addition to limiting the ability to raise rental rates, residential tenancy legislation in some jurisdictions prescribes certain limitations on terminations of residential tenancies. Certain jurisdictions enacted rent control regulations and/or eviction moratoria in response to the COVID-19 pandemic. It is possible that future similar changes in applicable federal, provincial, state, local, or common laws or regulations or changes in their enforcement or regulatory interpretation could result in changes in the legal requirements affecting the Company (including with retroactive effect). Any changes in the laws to which the Company is subject could materially adversely affect the Company's rights and title to its assets or its ability to carry on its business in the ordinary course. In particular, any limits on the Company's ability to raise rental rates at its properties, to terminate defaulting tenancies, or to lease its properties or otherwise carry on its businesses, may adversely affect our financial condition and performance. Acquisitions and development projects undertaken by the Company may require zoning and other approvals from local government agencies. The process of obtaining such approvals may take months or years, and there can be no assurance that the necessary approvals for any particular project will be obtained. Holding costs accrue while regulatory approvals are being sought, and delays could negatively impact performance. Construction Industry Risks Our success is very often dependent on stability in the construction industry. This industry may from time to time experience significant difficulties in the supply of materials and services, including with respect to: shortages of qualified tradespeople; labor disputes; shortages of building materials; unforeseen environmental and engineering problems; and increases in the cost of certain materials. When any of these difficulties occur, it may cause delays and increase anticipated costs, which could adversely affect the Company's financial condition and performance.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 23 Taxation Risks We endeavor to structure our holdings and operations to be efficient under the prevailing U.S. and Canadian tax frameworks. Changes in tax legislation or policy could adversely affect the after-tax return we can earn on our investments and activities, capital available for growth and investment (including from our institutional investors), and the willingness of investors to acquire our securities or invest in our Investment Vehicles. A number of other factors may increase our effective tax rates, which would have a negative impact on our net income. These include, but are not limited to, changes in the valuation of our deferred tax assets and liabilities, and any reassessment of taxes by a taxation authority. Furthermore, tax changes (such as rising property and franchise tax rates) could impact the efficiency of our operations and could also impact the overall economic conditions relevant to the success of our business. For example, in the United States, the significant expenses of owning a home, including mortgage interest and state and property tax, are generally deductible for tax purposes (subject to various limitations). Any changes to modify these benefits could increase the after-tax cost of owning a new home, which could adversely impact housing demand and/or sales prices. Cybersecurity and Information Technology Risks Cyberattacks are increasingly common and sophisticated, leading to unauthorized access and fraudulent activities threatening the confidentiality, integrity or availability of our information resources. Cyberattacks could cause disruption of operations, data corruption or theft of confidential information. Given the increased work from home arrangements which continue in the wake of the COVID-19 pandemic, Tricon's reliance on using information technology systems is further elevated during this time period. The consequences of cybersecurity risk may include remediation costs, additional regulatory scrutiny, litigation and reputational damage, any of which could negatively impact our financial condition and performance. We have security procedures and measures in place to protect our systems and information from cyberattacks and we monitor our systems for malicious threats in an effort to ensure we maintain high privacy and security standards; however, these measures do not guarantee that the Company's financial or operational results will not be negatively impacted by such an incident. The protection of resident, employee, and company data is critically important to the Company. The Company's business requires it, including some of its vendors, to use and store personally identifiable and other sensitive information of its residents and employees. The collection and use of personally identifiable information are governed by U.S. and Canadian federal and state/ provincial laws and regulations. Privacy and information security laws continue to evolve and may be inconsistent from one jurisdiction to another. Compliance with all such laws and regulations may increase the Company's operating costs and adversely impact the Company's ability to market the Company's properties and services. The security measures put in place by the Company and its vendors cannot provide absolute security, and the Company and its vendors' information technology infrastructure may be vulnerable to criminal cyberattacks or data security incidents, including ransom of data such as resident and/or employee information, due to employee error, malfeasance, or other vulnerabilities. Any such incident could compromise the Company's or such vendors' networks, and the information stored by the Company or such vendors could be accessed, misused, publicly disclosed, corrupted, lost, or stolen, resulting in fraud, including wire fraud related to Company assets, or other harm. Moreover, if a data security incident or breach affects the Company's systems or such vendors' systems or results in the unauthorized release of personally identifiable information, the Company's reputation and brand could be materially damaged and the Company may be exposed to a risk of loss or litigation and possible liability, including, without limitation, loss related to the fact that agreements with such vendors, or such vendors' financial condition, may not allow the Company to recover all costs related to a cyber breach for which they alone, or they and the Company, should be jointly responsible, which could result in a material adverse effect on the Company's business, results of operations and financial condition. Privacy and information security risks have generally increased in recent years because of the proliferation of new technologies, such as ransomware, and the increased sophistication and activities of perpetrators of cyberattacks. In the future, the Company may expend additional resources to continue to enhance the Company's information security measures and/or to investigate and remediate any information security vulnerabilities. Despite these steps, there can be no assurance that the Company will not suffer a data security incident, that unauthorized parties will not gain access to sensitive data stored on the Company's systems, or that any such incident will be discovered in a timely manner. Further, the techniques used by criminals to obtain unauthorized access to sensitive data, such as phishing and other forms of human engineering, are increasing in sophistication and are often novel or change frequently; accordingly, the Company may be unable to anticipate these techniques or implement adequate preventative measures.

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24 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM If the Company does not allocate and effectively manage the resources necessary to build and sustain reliable information technology infrastructure, fails to timely identify or appropriately respond to cybersecurity incidents, or the Company's or its third-party vendors' information systems are damaged, destroyed, shut down, interrupted or cease to function properly, the Company's business could be disrupted and the Company could, among other things, be subject to: the loss of or failure to attract new residents; the loss of revenue; the loss of or unauthorized access to confidential information or other assets; the loss of or damage to trade secrets; damage to its reputation; litigation; regulatory enforcement actions; violation of privacy, security or other laws and regulations; and remediation costs. To reduce the level of vulnerability to information security risks, the Company has implemented various security measures, including the monitoring, testing and maintenance of protective systems and contingency plans, in order to protect and to prevent unauthorized access to confidential and personal information and to reduce the likelihood of disruptions to its information technology systems. Access to confidential and personal information is controlled through organizational measures and technical information technology security mechanisms. The Company is not audited or certified to top information security standards; however, the Company's external auditors review the Company's internal controls with respect to information technology as part of their general financial audit. The Company has cybersecurity insurance coverage and continues to monitor and assess the risks surrounding the collection, usage, storage, protection, and retention/destruction practices of confidential and personal information. The Company's management, Audit Committee and Board are responsible for the review and oversight of the Company's privacy, information technology and cybersecurity risk exposures. Reputational Risk The Company relies on its continuing positive reputation to maintain its financial condition and performance. Challenges to Tricon's reputation resulting from negative publicity or public sentiment regarding the Company, its business, or the rental housing industry in general, could negatively impact the Company in numerous ways that may be difficult to predict, but which may include reducing demand for the Company's homes and services (including reducing the Company's ability to form new Investment Vehicles) or informing regulatory actions which may impact the Company and its business. Expanding Social Media Vehicles The use of social media could cause the Company to suffer brand damage or information leakage. Negative posts or comments about the Company or its properties on any social networking website could damage the Company's reputation. In addition, employees or others might disclose non-public sensitive information relating to the Company's business through external media channels. The continuing evolution of social media will present the Company with new challenges and risks. Lease Renewal and Turnover Risk If a resident decides to vacate a rental property, whether as a result of deciding not to renew their lease or by vacating prior to the expiry of the lease, the Company may not be able to re-let that property in a short amount of time or at all. Additionally, even if we are successful in renewing a lease or re-letting a property, the terms of the renewal or re-letting may be less favorable than the original terms. The ability to rent residential properties is affected by many factors, including changes in general economic conditions (such as the availability and cost of mortgage funds, vacancy rates, the availability of suitable potential residents and the job market for prospective residents), local conditions (such as an oversupply of space or a reduction in demand for real estate in the area), government regulations, changing demographics or social preferences, competition from other available properties, and various other factors. If the Company is unable to promptly renew leases or re-let properties, or if the rental rates upon renewal or re-letting are significantly lower than expected rates, our financial condition and performance may be negatively impacted. Furthermore, if a significant number of residents are unable to meet their obligations under their leases or if a significant number of properties become vacant and cannot be re-let on economically favorable terms, the Company may not generate revenues sufficient to meet operating expenses, including debt service and capital expenditures.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 25 Resident Default The success of the Company's rental operations depends in large part upon the ability to attract and retain qualified residents. This will depend, in turn, upon the ability to screen applicants, identify qualified residents, and avoid residents who may default. The Company relies on information supplied by prospective residents in their rental applications to make leasing decisions, and this information may not be accurate. The Company may not successfully screen applicants, and as a result, may rent to residents who default on leases or fail to comply with the terms of the lease or applicable homeowners' association regulations, which may negatively affect financial performance, reputation, and the quality and value of our properties. In the event of a resident default or bankruptcy, we may experience delays in enforcing our rights as landlord and obtaining possession of the premises and may incur legal, maintenance and other costs in protecting the value of our assets. In addition, we will incur turnover costs associated with re-letting the property such as marketing and brokerage commissions, will not collect revenue while the property sits vacant, and may be unable to re-let the property at the rental rate previously received. Reliance on Vendors The Company relies on local vendors and service providers, including house renovation professionals, maintenance providers, leasing agents and property management companies in situations where it is cost-effective to do so or if our internal staff is unable to perform these functions. We generally do not have exclusive or long-term contractual relationships with any of these providers, and can provide no assurance that we will have uninterrupted or unlimited access to their services. Furthermore, selecting, managing and supervising these service providers requires significant management resources and expertise. Poor performance by service providers, especially those who interact with residents at our properties, will reflect poorly on the Company, could significantly damage our reputation among desirable residents, and potentially impact financial performance. Moreover, notwithstanding efforts to implement and enforce strong policies and practices regarding service providers, we may not successfully detect and prevent fraud, incompetence or theft by service providers, which could expose us to liability or responsibility for associated damages and cause us to incur fines or penalties. In addition, any delay in identifying a service provider or removal or termination of existing service providers would require the Company to seek new vendors or providers, which could create delays and adversely affect financial and operating results. Increased Expenses The failure to maintain stable or increasing average monthly rental rates combined with acceptable occupancy levels would likely have a material adverse effect on our business, cash flows, financial condition and results of operations. Certain significant expenditures, including property taxes, maintenance costs, mortgage payments, insurance costs and related charges, must be made throughout the period of ownership of real property regardless of whether a property is producing any income. There is a risk that property taxes may be increased as a result of revaluations of properties and their adherent tax rates. In some instances, enhancements to properties may result in significant increases in property assessments following a revaluation. Additionally, our operating expenses have been subject to considerable price escalation and any significant increase in these costs that we cannot charge back to our residents may have an adverse effect on our business, cash flows, financial condition and results of operations. Substitutions for Rental Properties Demand for rental properties is impacted by and inversely related to the relative cost of home ownership. The cost of home ownership depends upon, among other things, interest rates offered by financial institutions on mortgages and similar home financing transactions. If economic conditions favor home ownership, demand for rental properties may be adversely affected. An economic downturn may also impact job markets and the ability of residents to afford the rents associated with certain rental properties, which may result in increased demand for lower-cost rental options. Such a reduction in demand may have an adverse effect on our rental revenues. Tenant Relief Laws As the landlord of numerous properties, the Company is involved from time to time in evicting residents who are not paying their rent or who are otherwise in material violation of the terms of their lease. Eviction activities impose legal and managerial expenses that increase costs and expose us to potential negative publicity. The eviction process is typically subject to legal barriers, mandatory "cure" policies, internal policies and procedures and other sources of expense and delay, each of which may delay our ability to gain possession and stabilize the property. Additionally, state, provincial and local landlord-tenant laws may impose legal duties to assist residents in relocating to new housing, or restrict the landlord's ability to remove the resident on a timely basis or to recover certain costs or charge residents for damage residents cause to the landlord's premises. Because such laws vary by state, province and locality, the Company must be familiar with and take all appropriate steps to comply with all applicable landlord-tenant laws, and needs to incur supervisory and legal expenses to ensure such compliance. To the extent that we do not comply with state, provincial or local laws, we may be subject to civil litigation filed by individuals, in class actions or actions by state, provincial or local law enforcement, and the Company's reputation and financial results may suffer. The Company may be required to pay adversaries' litigation fees and expenses if judgment is entered against us in such litigation or if we settle such litigation.

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26 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Title Risk The Company's acquisition of single-family rental homes is often completed through a title company with an owner's title insurance policy being obtained. However, U.S. distressed single-family homes may also be acquired through trustee auctions. Although the Company conducts due diligence and employs a title company to review title on target housing assets prior to purchasing such homes, title on the homes purchased through foreclosure sales and auctions is occasionally only assumed weeks after the purchase. Furthermore, an owner's title insurance policy is not available to protect against the inherent title risk arising through the foreclosure auction process. In the event that the Company fails to independently and properly assess a title risk or fails to assume one or more homes because of such failed analysis, it may not achieve its expected financial performance. Homeowners' Association Issues A number of our properties are located within homeowner associations ("HOAs"), which are private entities that regulate the activities of and levy assessments on properties in a residential subdivision. HOAs in which we own properties may have or enact onerous or arbitrary rules that restrict our ability to renovate, market or lease our properties or require us to renovate or maintain such properties at standards or costs that are in excess of our planned operating budgets. Such rules may include requirements for landscaping, limitations on signage promoting a property for lease or sale, or the use of specific construction materials in renovations. HOAs also levy fees or penalties for non-compliance with their rules which may be costly for the Company to pay or challenge. Some HOAs also impose limits on the number of property owners who may rent their homes, which if met or exceeded, would cause us to incur additional costs to resell properties within the HOA and may also result in opportunity costs of lost rental income. Many HOAs impose restrictions on the conduct of occupants of homes and the use of common areas, and we may have residents who violate HOA rules and for which we may be liable as the property owner. The boards of directors of the HOAs in which we own properties may not make important disclosures about the properties or may block our access to HOA records, initiate litigation, restrict our ability to sell our properties, impose assessments, or arbitrarily change the HOA rules. We may be unaware of or unable to review or comply with HOA rules before purchasing a property and any such excessively restrictive or arbitrary regulations may cause us to sell such property at a loss, prevent us from renting such property, or otherwise reduce our cash flow from such property, which would have an adverse effect on our financial condition and performance. Government Subsidies Some of our rental income is derived from government subsidized rental support programs, such as the Section 8 program operated by the U.S. Department of Housing and Urban Development. A reduction or elimination of government funding of such programs could result in higher rental turnover and downward pressure on rental rates, which could negatively impact our financial performance. Guarantees of Project Debt The Company may agree to provide financial assistance to the subsidiary entities through which it carries on its activities. Such financial assistance may include the provision of payment guarantees to a project entity's lenders of acquisition financing, construction debt or long-term financing, and the provision of construction completion guarantees. Such guarantees may be joint or several with other partners in a particular investment. The Company's and its partners' guarantees of project-level obligations may not be in proportion to their respective investments in the project entity. The provision of such guarantees may reduce the Company's capacity to borrow funds under its separate credit facilities, which may impact its ability to finance its operations. If such guarantees are called upon for payment or performance, they may have a negative impact on the Company's cash position and financial performance. If the Company provides a joint guarantee with an investment partner, a default by the partner in its payment or performance obligation under the guarantee could cause the Company to pay a disproportionate amount in satisfaction of the guarantee, which may have a negative impact on the Company's cash position and financial performance. Operational and Credit Risks On a strategic and selective basis, we and our for-sale housing Investment Vehicles provide financing to develop properties. The residential real estate development business involves significant risks that could adversely affect performance, including: the developer may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in selling the properties; the developer may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations for the properties; the developer may not be able to sell properties on favorable terms or at all; construction costs, total investment amounts and the Company's or Investment Vehicle's share of remaining funding may exceed our estimates; and projects may not be completed and delivered as planned. The Company endeavors to minimize operational losses in this area by ensuring that effective infrastructure and controls exist. These controls are constantly reviewed, and improvements are implemented, if deemed necessary; however, they do not guarantee that the Company's financial or operational results will not be negatively impacted.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 27 Our for-sale housing investments are made through the financing of local developers, including Johnson, and, consequently, we rely to a great extent on those developers to successfully manage their development projects. Furthermore, given the Company's majority interest in Johnson, we rely on Johnson's ability to execute on portions of our for-sale housing business strategy. Investments in partnerships, joint ventures or other entities may involve risks not present were a third party not involved, including the possibility that the development partners might become bankrupt or otherwise fail to fund their share of required capital contributions. Additionally, the development partners might at any time have economic or other business interests or goals which are inconsistent with our business interests or goals. In addition, we do not have sole control of certain important decisions relating to these development properties, including decisions relating to: the sale of the development properties; refinancing; timing and amount of distributions of cash from such development properties; and capital improvements. Any of these factors could negatively impact the value of our investments and our financial condition and performance. Long Investment Periods The investment horizons in our for-sale housing assets are relatively long and these extended timelines increase the risk that circumstances will arise which delay investment realization, and that markets may deteriorate between the time of our initial investment and our exit. This may be the result of many factors that present themselves over the duration of an investment, including local and overall market and economic conditions, increasing competition over time, market value fluctuation and changing interest rates. Delays or market deterioration over time could have an adverse effect on the returns from our investments, our fee revenue, and our financial condition and performance. Formation of Future Investment Vehicles The ability to raise capital for any future investment vehicles remains subject to various conditions which Tricon cannot control, including the negotiation and execution of definitive legal documentation and commitments made by third-party investors. There can be no assurance that any capital will be raised through future investment vehicles or that any future warehoused investments of the Company will be acquired by any other future vehicles. A failure to raise sufficient capital through other investment vehicles could impair our future revenues and growth. Structure of Future Investment Vehicles There can be no assurance that the manner in which our private funds and advisory revenues and/or investment income are calculated in respect of future investment vehicles will be the same as the Active Investment Vehicles. Any such changes could result in the Company earning lesser fees from investment vehicles of the same nature and size as the Active Investment Vehicles and could expose the Company's co-investments in such future investment vehicles to increased risk, including, but not limited to, the risk of reduced income (at comparable investment performance levels) and the increased risk of loss of capital of the Company. Ongoing Investment Performance We believe that our ongoing investment performance is one of the most important factors for the success and growth of our Private Funds and Advisory activities. Poor investment performance could impair our ability to raise future private capital, which could impact our ability to earn private funds and advisory revenue. In addition, our ability to earn Performance Fees is directly related to our investment performance and therefore poor investment performance may cause us to earn less or no Performance Fees. Investment Vehicle Governance The governing agreements for certain Active Investment Vehicles provide that the general partner or manager of the Investment Vehicle may be removed by the investors in certain prescribed circumstances, including in some cases (and with the approval of a prescribed number of investors), without cause. These agreements may not provide for termination payments to the general partner or manager in the event of removal without cause. The removal of the general partner or the manager of an Active Investment Vehicle prior to the termination of such investment vehicle could materially adversely affect the reputation of Tricon, reduce our private funds and advisory revenue, and have a negative impact on our financial condition and performance. Capital Commitment The third-party investors in Tricon's Investment Vehicles comprise a relatively small group of reputable, primarily institutional, investors. To date, each of these investors has met its commitments on called capital and we have received no indications that any investor will be unable to meet its capital commitments in the future. While our experience with our investors suggests that commitments will be honored, and notwithstanding the adverse consequences to a defaulting investor under the terms of the applicable Investment Vehicle, no assurances can be given that an investor will meet its entire commitment over the life of an Investment Vehicle. A failure by one or more investors to satisfy a drawdown request could impair an Investment Vehicle's ability to fully finance its investment, which could have a material adverse effect on the performance and value of that investment, which in turn could negatively impact the Company's financial condition and performance.

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28 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Stock Exchange Prices The market price of our Common Shares on the TSX and NYSE could fluctuate significantly as a result of many factors, including the following: • economic and stock market conditions generally and specifically as they may impact participants in the real estate industry; • our earnings and results of operations and other developments affecting our business; • changes in financial estimates and recommendations by securities analysts following our Common Shares; • earnings and other announcements by, and changes in market evaluations of, participants in the real estate industry; • changes in business or regulatory conditions affecting participants in the real estate industry; • addition or departure of the Company's executive officers and other key personnel; • sales or perceived sales of additional Common Shares; and • trading volume of the Common Shares. In addition, the financial markets in which we operate may experience significant price and volume fluctuations that affect the market prices of equity securities of companies and that are unrelated to the operating performance, underlying asset value or prospects of such companies. Accordingly, the market price of our Common Shares may decline even if our operating results or prospects have not changed. The value of the Common Shares is also subject to market fluctuations based upon factors which influence the Company's operations, such as legislative or regulatory developments, competition, technological change and global capital market activity. As well, certain institutional investors may base their investment decisions on consideration of the Company's environmental, social and governance practices and performance against such institutions' respective investment guidelines and criteria, and failure to meet such criteria may result in limited or no investment in the Common Shares by those institutions, which could adversely affect the trading price of the Common Shares. Additional Capital The Company's ability to carry on its business generally, and in particular to take advantage of investment opportunities, may require it to raise additional capital. Additional capital may be sought through public or private debt or equity financings by Tricon or another Tricon entity and may result in dilution to or otherwise may have a negative effect on existing Tricon shareholders. Further, there can be no assurances that additional financing will be available to Tricon when required or desired by Tricon, on advantageous terms or at all, which may adversely affect Tricon's ability to carry on its business. Dividends Holders of Common Shares do not have a right to dividends on such shares unless declared by the Board of Directors. Although the Board has established a dividend policy authorizing the declaration and payment of dividends to holders of Common Shares on a quarterly basis, the declaration of dividends is at the discretion of the Board of Directors even if the Company has sufficient funds, net of its liabilities, to pay such dividends. The Company may not declare or pay a dividend if there are reasonable grounds to believe that (i) the Company is, or would after the payment be, unable to pay its liabilities as they become due, or (ii) the realizable value of the Company's assets would thereby be less than the aggregate quantum of its liabilities. Liabilities of the Company will include those arising in the ordinary course of business and indebtedness. Future Sales and Dilution The Company's articles permit the issuance of an unlimited number of Common Shares, and shareholders have no pre-emptive rights in connection with such further issuances. The Board has the discretion to determine the price and the terms of issue of further issuances of Common Shares and securities convertible into Common Shares. Any future issuances of Common Shares could be dilutive to shareholder interests at the time of issuance. Holding Company Tricon Residential Inc. is a holding company and a substantial portion of its assets are the equity interests in its subsidiaries. As a result, investors are subject to the risks attributable to its subsidiaries. As a holding company, the Company conducts substantially all of its business and makes its investments through its subsidiaries, which generate substantially all of its revenues. Consequently, the Company's performance and growth are dependent on the earnings of its subsidiaries and the distribution of those earnings to the Company. The ability of these entities to pay distributions will depend on their operating results and may be subject to applicable laws and regulations and to contractual restrictions contained in the instruments governing their debt. In the event of a bankruptcy, liquidation or reorganization of any of the Company's subsidiaries, holders of indebtedness and trade creditors will generally be entitled to payment of their claims from the assets of those subsidiaries before any assets are made available for distribution to the Company.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 29 Financial Reporting and Other Public Company Requirements As a public company and dual-listed issuer, we are subject to the reporting requirements of the Canadian Securities Administrators (the "CSA"), including National Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings, and the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations of the listing standards of the TSX and NYSE and the Sarbanes-Oxley Act. The requirements of these laws, rules and regulations have increased and will continue to increase Tricon's legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming, and costly, and place significant strain on our personnel, systems, and resources. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with each of the CSA and U.S. Securities and Exchange Commission (the "SEC") is recorded, processed, summarized, and reported within the time periods specified in applicable CSA and SEC rules and forms and that information required to be disclosed in reports under applicable securities laws is accumulated and communicated to our executive officers. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight. Management does not expect that Tricon's disclosure controls and procedures and internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and implemented, can provide only reasonable, not absolute, assurance that its objectives will be met. Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective internal controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the CSA and SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which could have a negative effect on the trading price of our Common Shares. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the TSX and/or NYSE. Foreign Private Issuer Status As a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which may limit the information publicly available to our shareholders. As of the date hereof, we are a "foreign private issuer" as such term is defined in Rule 405 under the United States Securities Act of 1933, as amended, and are permitted, under a multijurisdictional disclosure system adopted by the United States and Canada, to prepare our disclosure documents filed under the Exchange Act in accordance with Canadian disclosure requirements. Under the Exchange Act, we are subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we do not file the same reports that a U.S. domestic issuer would file with the SEC, although we are required to file or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In addition, our officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell shares, as the reporting deadlines under the corresponding Canadian insider reporting requirements are longer. As a foreign private issuer, we are exempt from the rules and regulations under the Exchange Act related to the furnishing and content of proxy statements. We are also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While we expect to comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the Exchange Act and Regulation FD and shareholders should not expect to receive in every case the same information at the same time as such information is provided by U.S. domestic companies. In addition, as a foreign private issuer, we have the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that we disclose the requirements we are not following and describe the Canadian practices we follow instead. As a result, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all U.S. corporate governance requirements.

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30 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM We may cease to qualify as a foreign private issuer if a majority of our shares are held in the United States and we fail to meet the additional requirements necessary to avoid loss of foreign private issuer status, such as if (i) a majority of our directors or executive officers are U.S. citizens or residents; (ii) a majority of our assets are located in the United States; or (iii) our business is administered principally in the United States. If we cease to qualify, we will be subject to the same reporting requirements and corporate governance requirements as a U.S. domestic issuer, which may increase our costs of being a public company in the United States. Additionally, the regulatory and compliance costs to us under securities laws as a U.S. domestic issuer will be significantly more than the costs incurred as a Canadian foreign private issuer. Enforcing Judgments As the Company is a Canadian corporation and most of its directors and officers reside in Canada, it may be difficult or impossible for investors in the United States to effect service or to realize on judgments obtained in the United States predicated upon the civil liability provisions of the U.S. federal securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. Investors should not assume that Canadian courts: (i) would enforce judgments of U.S. courts obtained in actions against the Company or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or the securities or blue-sky laws of any state within the United States, or (ii) would enforce, in original actions, liabilities against the Company or such persons predicated upon the U.S. federal securities laws or any such state securities or blue-sky laws. Similarly, some of the Company's directors and officers are residents of countries other than Canada and all or a substantial portion of the assets of such persons are located outside Canada. As a result, it may be difficult or impossible for Canadian investors to initiate a lawsuit within Canada against these persons. In addition, it may not be possible for Canadian investors to collect from these persons judgments obtained in courts in Canada predicated on the civil liability provisions of securities legislation of certain of the provinces and territories of Canada. It may also be difficult or impossible for Canadian investors to succeed in a lawsuit in the United States based solely on violations of Canadian securities laws. Listing Standards of TSX and NYSE The Company must meet continuing listing standards to maintain the listing of the Common Shares on the TSX and the NYSE, including minimum price of such Common Shares. If the Company fails to comply with listing standards and the TSX or NYSE delists the Common Shares, the Company and its shareholders could face significant material adverse consequences, including: a limited availability of market quotations for the Common Shares; reduced liquidity for the Common Shares; a determination that the Common Shares are "penny stock," which would require brokers trading in the Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the Common Shares; a limited amount of news about the Company and analyst coverage; and a decreased ability for the Company to issue additional equity securities or obtain additional equity or debt financing in the future. Dual Listed Shares and Volatility The Company's listing on both the TSX and NYSE may increase volatility due to the ability to buy and sell Common Shares in two places, different market conditions in different capital markets, and different trading volumes. This may result in less liquidity on both exchanges, different liquidity levels, and different prevailing trading prices. Limited Market for Securities The Common Shares are listed on the TSX and on the NYSE; however, there can be no assurance that an active and liquid market for the Common Shares will be maintained and an investor may find it difficult to resell any securities of the Company. The market price for Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are outside of the Company's control. Increased Costs as a U.S. Public Company As a dual-listed public company in the United States, we incur additional legal, accounting, NYSE, reporting and other expenses that we formerly did not incur as a public company in Canada. The additional demands associated with being a U.S. public company may disrupt the regular operations of our business by diverting the attention of some of our senior management team away from revenue-producing activities to additional management and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty of both retaining professionals and managing and growing our business. Any of these effects could harm our business, results of operations and financial condition. If our efforts to comply with new United States laws, regulations and standards differ from the activities intended by regulatory or governing bodies, such regulatory bodies or third parties may initiate legal proceedings against us and our business may be adversely affected. As a public company in the United States, it is more expensive for us to maintain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to continue our coverage. These factors could also make it more difficult for us to attract and retain qualified directors.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 31 The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting. Pursuant to Section 404 of the Sarbanes-Oxley Act ("Section 404"), we are required to furnish a report by our management on our internal control over financial reporting ("ICFR"), including an attestation report on ICFR issued by our independent registered public accounting firm. However, while we were an "emerging growth company" as defined in the Jumpstart Our Business Startups (JOBS) Act, our auditors were not required to formally attest to the effectiveness of our ICFR. As of the end of our fiscal year ended December 31, 2022, we qualified as a "large accelerated filer" as defined in the Exchange Act and, as a result, ceased to qualify as an emerging growth company. Accordingly, commencing with our Annual Report on Form 40-F for the year ended December 31, 2022, we are required to have our auditors formally attest to the effectiveness of our ICFR pursuant to Section 404. To achieve compliance with Section 404, we are required to document and evaluate our ICFR, which is both costly and challenging, and these costs have increased because we are no longer an emerging growth company. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to assess and document the adequacy of our ICFR, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for ICFR. Despite our efforts, there is a risk that neither we nor our independent registered public accounting firm will be able to conclude that our ICFR is effective as required by Section 404. This could result in a determination that there are one or more material weaknesses in our ICFR, which could cause an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements. In addition, in the event that we are not able to demonstrate compliance with the Sarbanes-Oxley Act, that we or our independent registered public accounting firm identifies deficiencies or material weaknesses in the Company's ICFR, that our internal control over financial reporting is perceived as inadequate, or that we are unable to produce timely or accurate financial statements, we may be required to make prospective or retroactive changes to our financial statements, consider other areas for further attention or improvement, or be unable to obtain the required attestation in a timely manner, if at all, and investors may lose confidence in our operating results and the price of our Common Shares may decline. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the NYSE. Corporate Responsibility and ESG There is an increasing focus by investors, institutional investors, market participants, and other stakeholders on sustainability practices and environmental, social, and governance (ESG) initiatives of companies. Although the Company makes disclosures surrounding ESG and prioritizes diversity and sustainability initiatives, there can be no assurances that the Company will score highly on ESG matters in the future. Investors may use ESG scores to compare peer companies when evaluating their investment strategies. The criteria by which ESG practices are assessed are constantly evolving, which could result in greater expectations and may require the Company to undertake costly initiatives to satisfy any new criteria. If we elect not to or are unable to satisfy new criteria, including not meeting the criteria of a specific third-party evaluator of ESG scores, some investors may conclude that our business practices are inadequate. We may face reputational damages in the event that our corporate responsibility standards do not meet the standards that various stakeholders seek. In the event that we communicate to undertake certain ESG goals or initiatives, and should we fail or be perceived to have failed in achieving the goals or initiatives, we could be criticized for the scope of our goals or initiatives. If we fail to meet or satisfy the ESG expectations of stakeholders or investors, or our initiatives are not executed as planned, this could negatively impact the Company's financial condition and performance and cause the value of the Common Shares to decline. In addition, we could incur additional costs and require additional resources to help monitor, report on and comply with various ESG practices. Investors may decide to refrain from investing in the Company as a result of their assessment of our approach and consideration of various ESG factors. Shareholder Activism Increasingly, shareholders are leading campaigns to effect changes at publicly-traded companies. The campaigns may be led by investors seeking to increase shareholder value through actions such as proxy contests, increased debt, financial restructurings, special dividends, share repurchases, or a sale of assets or the entire company. Shareholder activism could create perceived uncertainties as to the Company's future direction, which could result in the loss of potential business opportunities and make it more difficult to attract and retain qualified personnel and business partners. Furthermore, the election of individuals to the Board with a specific agenda could adversely affect the Company's ability to effectively and timely implement our strategic plans. Responding to any shareholder activist campaigns or engaging in a proxy contest if initiated may be time-consuming and costly and divert the attention of our management team and employees from executing our business plan, which could in turn adversely affect our business and results of operations and cause the value of the Common Shares to decline.

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32 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM DIVIDENDS All dividends paid by the Company are subject to declaration by Tricon's Board of Directors. The Company expects that, to the extent permitted under applicable laws, the Board will declare, and the Company will pay, quarterly dividends of $0.058 per share on its Common Shares. The Board re-evaluates its dividend policy from time to time and in October 2021, the Company announced its intention to change the denomination of its quarterly dividends declared and paid on Common Shares to U.S. dollars from Canadian dollars and, consistent with this, on November 8, 2021, the Board declared a dividend of $0.058 per Common Share in U.S. dollars payable on or after January 15, 2022. The payment of dividends is not guaranteed, however, and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors and will be established on the basis of a number of factors, including, but not limited to: Tricon's earnings; financial requirements for the Company's operations; the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends; and the satisfaction of any applicable regulatory capital requirements. The table below sets out the amount of cash dividends paid by the Company in each of the three most recently completed fiscal years. Year Ended Cash Dividend per Common Share 2020 C$0.280 2021 C$0.280 2022 US$0.232 DESCRIPTION OF CAPITAL STRUCTURE As at December 31, 2022: (i) there were 273,464,780 Common Shares issued by the Company, of which 272,840,692 were outstanding and 624,088 were reserved to settle restricted share awards; and (ii) a subsidiary of the Company had $295.3 million in outstanding exchangeable preferred units exchangeable into Common Shares at an exchange price of $8.50 per Common Share, as may be adjusted from time to time in accordance with the terms governing the preferred units. As at December 31, 2022, this equates to 34,744,118 Common Shares underlying such exchangeable preferred units. Common Shares Holders of Common Shares are entitled to receive notice of and to attend and vote at all meetings of shareholders of the Company, except meetings of holders of another class of shares. Each Common Share entitles the holder thereof to one vote. Subject to the preferences accorded to holders of any other shares of the Company ranking senior to the Common Shares from time to time with respect to the payment of dividends, holders of Common Shares are entitled to receive, if, as and when declared by the Board, such dividends as may be declared thereon by the Board from time to time in equal amounts per share on the Common Shares at the time outstanding, without preference or priority. In the event of the voluntary or involuntary liquidation, dissolution or winding-up of the Company, or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs (a "Distribution"), holders of Common Shares are entitled, after payment of debts and other liabilities, in each case subject to the preferences accorded to the holders of any other shares of the Company ranking senior to the Common Shares from time to time with respect to payment on a Distribution, to share equally, share for share, in the remaining property of the Company. Ratings The following information regarding ratings is provided as it relates to the terms of agreements that refer to such ratings. The pass-through certificates (the "Certificates"), representing an interest in the Company's outstanding single-family rental securitized loans, the key terms of which are described in the 2022 Financial Statements (together, the "Securitized Loans"), have been assigned the following ratings by all or some of the following: Kroll Bond Rating Agency, Inc. ("KBRA"), Moody's Investors Service Inc. ("Moody's") and/or Morningstar Credit Ratings, LLC ("Morningstar" and, collectively with KBRA and Moody's, the "Rating Agencies", and each a "Rating Agency"):

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 33 2022-2 Certificates 2022-1 Certificates Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class A AAA(sf)/Aaa(sf)/NA Class A AAA(sf)/Aaa(sf)/NA Class B AA(sf)/Aa3(sf)/NA Class B AA-(sf)/Aa3(sf)/NA Class C A+(sf)/A3(sf)/NA Class C A(sf)/A3(sf)/NA Class D A(sf)/Baa2(sf)/NA Class D A-(sf)/Baa3(sf)/NA Class E BBB+(sf)/NR/NA Class E-1 BBB+(sf)/NR/NA Class E-2 BBB-(sf)/NR/NA 2021-1 Certificates 2020-2 Certificates Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class A NA/Aaa(sf)/AAA(sf) Class A NA/Aaa(sf)/AAA(sf) Class B NA/Aa3(sf)/AA(high)(sf) Class B NA/Aa3(sf)/AA(sf) Class C NA/A3(sf)/AA(low)(sf) Class C NA/A1(sf)/A(sf) Class D NA/Baa3(sf)/A(low)(sf) Class D NA/Baa1(sf)/BBB(high)(sf) Class E-1 NA/NR/BBB(high)(sf) Class E-1 NA/NR/BBB(sf) Class E-2 NA/NR/BBB(low)(sf) Class E-2 NA/NR/BBB(low)(sf) Class F NA/NR/BB(sf) Class G NA/NR/B(high)(sf) 2020-1 Certificates 2019-1 Certificates Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class A AAA(sf)/Aaa(sf)/NA Class A AAA(sf)/Aaa(sf)/AAA(sf) Class B AAA(sf)/Aa1(sf)/NA Class B AAA(sf)/Aa1(sf)/AAA(sf) Class C AA-(sf)/Aa2(sf)/NA Class C AA(sf)/Aa2(sf)/AA(high)(sf) Class D A(sf)/A3(sf)/NA Class D A+(sf)/A1(sf)/A(high)(sf) Class E A-(sf)/NR/NA Class E A-(sf)/NR/BBB(high)(sf) Class F BBB(sf)/NR/NA Class F NR/NR/BBB(low)(sf) 2018-1 Certificates 2017-2 Certificates Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class of Certificates Rating (KBRA/Moody's/ Morningstar) Class A AAA(sf)/Aaa(sf)/AAA(sf) Class A AAA(sf)/Aaa(sf)/AAA(sf) Class B AAA(sf)/Aaa(sf)/AA(high)(sf) Class B AAA(sf)/Aaa(sf)/AA(high)(sf) Class C AAA(sf)/Aa1(sf)/A(high)(sf) Class C AAA(sf)/Aa1(sf)/A(high)(sf) Class D AA+(sf)/Aa3(sf)/A(low)(sf) Class D AA+(sf)/Aa2(sf)/A(low)(sf) Class E AA(sf)/NR/BBB(high)(sf) Class E AA(sf)/NR/BBB(sf) Class F AA-(sf)/NR/NR Class F A+(sf)/NR/NR The ratings address the likelihood of the timely receipt by certificate holders of interest and principal. The ratings take into consideration the credit quality of the underlying single-family rental homes and the Securitized Loans, structural and legal aspects associated with the Certificates, and the extent to which the payment streams of the Securitized Loans are adequate to make the payments required under the Certificates.

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34 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM The ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by any Rating Agency. In addition, these ratings do not address: (i) the likelihood, timing or frequency of prepayments (both voluntary and involuntary) and their impact on interest payments; (ii) the possibility that a certificate holder might suffer a lower than anticipated yield; (iii) the likelihood of receipt of spread maintenance premiums or default interest; (iv) the likelihood of experiencing prepayment interest shortfalls or of receiving compensating interest payments; (v) the tax treatment of the Certificates or the effect of taxes on the payments received; (vi) the likelihood or willingness of the parties to the respective documents to meet their contractual obligations; or (vii) other non-credit risks. The following information relating to the credit rating methodology of each Rating Agency is based on information made available to the public by the Rating Agencies. Morningstar uses a set of letter ratings ranging from AAA to D to express its opinion of the credit quality of an obligor or security, based on its policies and procedures. Morningstar also provides finer gradations of the ratings ranging from AA to CCC by adding a plus (+) or minus (-) sign to indicate relative strength within the rating categories. Moody's uses a set of letter ratings ranging from Aaa to C to express its opinion of the relative credit risks of financial obligations, based on its policies and procedures. Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Moody's appends an "(sf)" indicator to ratings assigned to structured finance obligations. KBRA uses a set of letter ratings ranging from AAA to D to express its opinion of the relative credit risks of financial obligations, based on its policies and procedures. KBRA may also provide finer gradations of the ratings ranging from AA to CCC by adding a plus (+) or minus (-) sign to indicate relative strength within the rating categories. KBRA appends an "(sf)" indicator to ratings assigned to structured finance obligations. Dividend Reinvestment Plan The Company's Dividend Reinvestment Plan ("DRIP") dated November 15, 2012, and amended as of May 10, 2016, provides eligible holders of Common Shares with the opportunity to reinvest their cash dividends paid on the Common Shares to purchase additional Common Shares at a price equal to the Average Market Price (as defined in the DRIP) on the applicable dividend payment date, less an applicable discount. The Common Shares acquired under the DRIP will, at the discretion of the Company, either be purchased through the facilities of the TSX or issued by the Corporation from treasury. Details of the DRIP are available on the Company's website at www.triconresidential.com. Normal Course Issuer Bid On October 13, 2022, the Company announced that the TSX had approved its notice of intention to make a normal course issuer bid ("NCIB") to repurchase up to 2,500,000 of its common shares trading on the TSX, the NYSE and/or alternative Canadian trading systems during the twelve-month period ending on October 17, 2023. As of December 31, 2022, the Company had repurchased 338,100 Common Shares on the TSX and 339,566 Common Shares on the NYSE under the NCIB for $5.4 million. The repurchased Common Shares were subsequently cancelled. Shareholder Rights Plan The Company has in place a Rights Plan, which was continued, amended and restated by the Company's shareholders on June 22, 2022. The Rights Plan is intended to ensure that a person seeking to acquire control of Tricon gives shareholders and the Board of Directors sufficient time to evaluate a potential bid, negotiate with the initial bidder and encourage competing bids to emerge. The Rights Plan protects shareholders by requiring all potential bidders to comply with certain "Permitted Bid" conditions, or else such bidders will be subject to the dilutive features of the Rights Plan. A more detailed summary and the full text of the Rights Plan are included in the Company's Management Information Circular dated May 10, 2022, available at www.sedar.com.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 35 MARKET FOR SECURITIES The Common Shares are listed and posted for trading on the TSX and the NYSE under the trading symbol TCN. The high and low trading prices and total volume traded of the Common Shares on the TSX and NYSE for each month of the most recently completed fiscal year are set out below. TSX High (C$) Low (C$) Volume January $19.52 $17.86 13,075,542 February $19.65 $18.67 13,079,049 March $21.32 $18.13 30,747,867 April $20.08 $18.59 10,247,398 May $18.02 $15.31 15,844,828 June $15.82 $12.31 20,027,258 July $13.92 $12.96 11,934,519 August $15.56 $13.71 10,108,343 September $14.31 $11.73 12,703,956 October $12.30 $11.17 14,174,938 November $12.09 $10.99 17,187,803 December $11.64 $9.88 14,643,587 NYSE High ($) Low ($) Volume January $15.44 $14.14 9,680,718 February $15.44 $14.61 8,978,332 March $17.01 $14.22 24,981,155 April $16.05 $14.49 18,840,974 May $14.02 $11.90 19,207,775 June $12.60 $9.44 24,924,136 July $10.88 $10.18 19,329,458 August $12.10 $10.44 14,046,464 September $11.02 $8.56 11,853,298 October $9.12 $8.08 25,685,736 November $9.10 $8.12 22,407,512 December $8.69 $7.26 17,491,015 ESCROW OF SECURITIES The following chart sets out the Common Shares held in escrow in connection with the Company's Restricted Share Plan as of December 31, 2022. Designation of class Number of securities held in escrow or that are subject to a contractual restriction on transfer Percentage of class Common Shares 624,088 0.23% The Common Shares listed above were acquired pursuant to the Company's Restricted Share Plan and are held by Solium Capital Inc., as custodian, on behalf of plan participants while the applicable restrictions remain unsatisfied. The restrictions on the Common Shares listed above will lapse on various dates between October 2026 and December 2033 subject to earlier forfeiture in accordance with the terms of the Company's Restricted Share Plan.

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36 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM DIRECTORS AND OFFICERS The Company's Board of Directors is comprised of 10 directors, seven of whom are independent in accordance with the meaning given to such term in National Policy 58-201 – Corporate Governance Guidelines. The by-laws of the Company require that all directors stand for re-election on an annual basis at a meeting of shareholders. Two of the 10 directors have served since the initial public offering of Tricon's Common Shares in May 2010. Michael Knowlton was first elected to the Board on May 18, 2011. Peter Sacks and Gary Berman were first elected to the Board on May 21, 2014. Siân Matthews was first elected to the Board on May 20, 2015. Ira Gluskin was first appointed to the Board on November 7, 2016. Camille Douglas was first appointed to the Board on August 7, 2018. Frank Cohen was first appointed to the Board on September 3, 2020. Renée Glover was appointed to the Board on July 13, 2021. The term of office for each director expires at the end of the next annual meeting of shareholders, unless re-elected. Except as described in their biographies below, or above under the heading "Description of the Business – Senior Management Team", none of the directors are currently directors of other issuers that are also reporting issuers (or the equivalent) in a territory of Canada or in a foreign territory. The following table lists the directors and executive officers of Tricon as of the date hereof, their municipality of residence, position with the Company and current principal occupation, if different than the position held with the Company. The principal occupations of the directors and executive officers during the past five years are included in their biographies below, or above under the heading "Description of the Business – Senior Management Team". Name and Municipality of Residence Position With the Company Current Principal Occupation (If Different than Position Held) David Berman Toronto, Ontario Co-Founder and Executive Chairman – Peter Sacks(2) Toronto, Ontario Lead Independent Director Corporate Director Michael Knowlton(1),(2),(3) Toronto, Ontario Independent Director Corporate Director Siân Matthews(2),(4) Calgary, Alberta Independent Director Corporate Director Camille Douglas(1) New York, NY, USA Independent Director Senior Managing Director, LeFrak Ira Gluskin(1) Toronto, Ontario Independent Director Chief Investment Officer, Irager + Associates Inc. Frank Cohen New York, NY, USA Independent Director Senior Managing Director, Blackstone Renée Lewis Glover(1) Atlanta, Georgia Independent Director Founder and Managing Member, Catalyst Group LLC Geoffrey Matus Toronto, Ontario Co-Founder and Director Consultant and Corporate Director Gary Berman Toronto, Ontario Director, President and Chief Executive Officer – Wissam Francis Toronto, Ontario Executive Vice President and Chief Financial Officer – Jonathan Ellenzweig Larkspur, CA, USA Executive Vice President and Chief Investment Officer – Kevin Baldridge Laguna Beach, CA, USA Executive Vice President and Chief Operating Officer – Sherrie Suski Mission Viejo, CA, USA Executive Vice President and Chief People Officer – David Veneziano Toronto, Ontario Executive Vice President, Chief Legal Officer and Corporate Secretary – (1) Member of the Audit Committee of the Board. (2) Member of the Compensation, Nominating and Corporate Governance Committee of the Board. (3) Chair of the Audit Committee of the Board. (4) Chair of the Compensation, Nominating and Corporate Governance Committee of the Board.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 37 The directors and executive officers of the Company, as a group, directly or indirectly, beneficially own, control or direct 8,493,644 Common Shares of the Company, representing approximately 3.1% of the total issued and outstanding Common Shares as of December 31, 2022. The following are brief biographies of the directors of the Company other than David Berman, Geoff Matus and Gary Berman, whose biographies are included above under "Description of the Business – Senior Management Team". Peter D. Sacks is the Lead Director of the Company. Peter Sacks (B.Comm., CA) retired as the founding partner of Cidel Asset Management Inc., now part of Cidel – a Canadian Private Bank. His experience in Wealth Management followed an extensive career in banking during which he held executive positions in Treasury Management at CIBC, Chase Manhattan Bank Canada and Midland Bank Canada. Mr. Sacks is a former independent director/trustee of several U.S. publicly-traded closed-end and open-end funds managed by Standard Life Aberdeen PLC and a former trustee of Aberdeen Funds. His other past directorships include Kinross Mortgage Corporation Ltd., CIBC Trust Company Ltd., CIBC Limited and Horizons BetaPro ETFs. He also served on the Investment Advisory Committee of the Ontario Public Guardian and Trustee and was Chair of the Independent Review Committee of Children's Education Funds Inc. His community service has included directorships of Young People's Theatre, Childhood Now and TSCC 1849. J. Michael Knowlton is a Director of the Company and the Chair of the Audit Committee. Michael Knowlton retired from Dundee Realty Corporation in 2011, where he was President and COO of Dundee Real Estate Investment Trust. He joined Dundee Realty in 1998, and held a variety of positions with Dundee Realty and Dundee Real Estate Investment Trust, including Executive Vice President and COO, Executive Vice President and CFO and Managing Director of Limited Partnerships, before becoming President of the REIT in 2006. Prior to that, he was Senior Vice President and CFO of OMERS Realty Corp. from 1990 until 1998. Mr. Knowlton is a trustee and the Chair of Crombie Real Estate Investment Trust (TSX: CRR.UN) and a trustee and member of the Audit Committee and Governance Committee of Dream Industrial Real Estate Investment Trust (TSX: DIR.UN). He is a former member of the boards of trustees of Dream Global Real Estate Investment Trust, True North Apartment Real Estate Investment Trust and Northwest Healthcare Properties Real Estate Investment Trust. Mr. Knowlton has a Bachelor of Science (Engineering) degree and a Master of Business Administration degree from Queen's University. He is a Chartered Accountant and has an ICD.D designation. Siân Matthews is a Director of the Company and Chair of the Compensation, Nominating and Corporate Governance Committee of the Board. Siân Matthews is a corporate director. Until 2009, she was a partner and head of the Private Services Group at Bennett Jones LLP and she began her legal career at Macleod Dixon LLP in Calgary. Ms. Matthews is also a director of Cidel Bank Canada, The Calgary Foundation and the Southern Alberta Opera Association, and a past director and Chair of the Governance Committee of the Calgary Municipal Lands Corporation, a past director and Chair of the Governance Committee of the Heritage Park Society and a past director of the Calgary Opera Association. She is also a director of several private corporations. Ms. Matthews is the past Chair of Canada Post Corporation, where she had also served as Chair of the Strategic Initiatives Oversight Committee, Chair of the Corporate Social Responsibility and Environmental Risks Committee and a member of the Audit Committee, Governance Committee, Human Resources Committee and Pension Committee. Ms. Matthews has nationally recognized legal expertise in the areas of taxation and governance and has been distinguished by her peers by inclusion on the Best Lawyers in Canada and the Lexpert Leading Practitioners lists. Ms. Matthews is a member of the Law Society of Alberta and has a Bachelor of Arts degree from the University of Waterloo, a Juris Doctor degree from the University of Ottawa and an ICD.D designation.

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38 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Ira Gluskin is a Director of the Company. Ira Gluskin is the Chief Investment Officer of Irager + Associates Inc., a family office overseeing strategy and investments. He is also the co-founder of Gluskin Sheff + Associates Inc., one of Canada's pre-eminent wealth management firms. He served as the firm's President and Chief Investment Officer until 2009, and as a Director and the firm's Vice-Chairman until 2013. Before co-founding Gluskin Sheff, Mr. Gluskin was a highly-ranked real estate securities analyst at a leading Canadian investment dealer. Mr. Gluskin serves on the Board of Trustees of First Capital REIT (TSX: FCR.UN), the Board of Directors of European Residential Real Estate Investment Trust (TSX-V: ERE.UN) and is a member of the Advisory Boards of Vision Capital Corporation, Ewing Morris & Co. Investment Partners Ltd. and the University of Toronto's Real Estate Advisory Committee. He is also a member of the University of Toronto's Boundless Campaign Executive Committee, the Sinai Health System's Board of Directors and Investment Committee and the boards of the Canadian Jewish News, The Walrus Magazine, Capitalize for Kids and the National Theatre School of Canada. Mr. Gluskin is the former Chair of the University of Toronto Asset Management Corporation and the former Chair of the Investment Advisory Committee for the Jewish Foundation of Greater Toronto, where he is currently a member of its Investment Committee. Mr. Gluskin has a Bachelor of Commerce degree from the University of Toronto. In 2019, he received an Honorary Doctorate of Laws degree from Wilfrid Laurier University. Camille Douglas is a Director of the Company. Camille Douglas is a senior executive in the real estate industry with more than 30 years of experience in real estate transactions and financial strategy. Her work has included corporate and project-based acquisitions, dispositions and financing, including pioneering work on commercial mortgage-backed securities and cross-border equity investment. Ms. Douglas is Senior Managing Director, Acquisitions and Capital Markets at LeFrak, a real estate investment and development company. Since joining LeFrak in 2010, she has been responsible for strategic real estate acquisition and development initiatives. Ms. Douglas serves on the Board of Trustees of Starwood Property Trust (NYSE: STWD), where she is a member of the Audit Committee. In addition, she has been an Adjunct Professor in Finance and Economics at Columbia Business School since 2004. Ms. Douglas has a Master of Urban Planning degree from Harvard University Graduate School of Design and a Bachelor of Arts degree from Smith College. Frank Cohen is a Director of the Company. Frank Cohen is a Senior Managing Director at Blackstone, a leading global investment firm that he joined in 1996. In this capacity, he is the Chairman and CEO of Blackstone Real Estate Income Trust. During his career with the firm, he has been involved in more than $100 billion of real estate transactions. He serves as a director for several Blackstone-affiliated companies, including Blackstone Real Estate Income Trust and EQ Office, and was formerly a director of Hudson Pacific Properties (NYSE: HPP). He is also active in several industry and civic organizations; he is a Trustee of the Urban Land Institute, on the NAREIT Advisory Board of Governors, on the Board of the Regional Plan Association and on the Board of Visitors of the Weinberg College of Arts and Sciences at Northwestern University. Mr. Cohen has a Bachelor of Arts degree from Northwestern University, where he graduated from the Honors Program in Mathematical Methods in the Social Sciences, with a double major in political science. Renée Lewis Glover is a Director of the Company. Renée Glover is the founder and managing member of the Catalyst Group LLC, a national consulting firm focused on urban revitalization, real estate development, community building and urban policy. She previously served as President and CEO of the Atlanta Housing Authority for almost 20 years, where she pioneered the implementation of master-planned, mixed-use and mixed-income communities. Ms. Glover currently serves on the Board of Directors of Fannie Mae, the Board of Trustees of Enterprise Community Partners, the Board of Advisors of the University of Pennsylvania's Institute of Urban Research and the Azimuth GRC Advisory Board. She formerly served on the Boards of Habitat for Humanity International and the Federal Reserve Bank of Atlanta, among other organizations. This broad experience is augmented by numerous accolades and awards, including induction as a National Academy of Public Administration Fellow. Ms. Glover has also been honored by HousingWire as one of 40 Women of Influence in Real Estate. Ms. Glover has a Bachelor of Arts degree from Fisk University, a Master of Arts degree from Yale University and a Juris Doctor degree from Boston University.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 39 Cease Trade Orders, Bankruptcies, Penalties or Sanctions None of the directors or executive officers or proposed directors of the Company is, as at the date of this Annual Information Form, or has been within the ten years before the date of this Annual Information Form, a director, chief executive officer or chief financial officer of any person or company (including the Company) that was subject to one of the following orders, that was in effect for a period of more than 30 consecutive days: (a) a cease trade order, an order similar to a cease trade order or an order that denied the company access to any exemption under securities legislation that was issued while the director or executive officer was acting in his or her capacity as director or executive officer; or (b) a cease trade order, an order similar to a cease trade order or an order that denied the company access to any exemption under securities legislation that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in his or her capacity as director, chief executive officer or chief financial officer. None of the directors or executive officers of the Company, or shareholders holding a sufficient number of securities of the Company to materially affect its control: (a) is, as at the date of this Annual Information Form, or has been within the ten years before the date of this Annual Information Form, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (b) has, within the ten years before the date of this Annual Information Form, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder; or (c) has had imposed any penalties or sanctions by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority or has had imposed any penalties or sanctions by a court or a regulatory body that would likely be considered important to a reasonable investor in making an investment decision. Conflicts of Interest The directors of the Company are required by law to act honestly and in good faith with a view to the best interest of the Company and to disclose any interests which they may have in any project or opportunity of the Company. However, the Company's directors and officers may serve on the boards and/or as officers of other companies which may compete in the same industry as the Company, giving rise to potential conflicts of interest. To the extent that such other companies may participate in ventures in which the Company may participate or enter into contracts with the Company, they may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In the event that a conflict of interest arises at a meeting of the directors of the Company, such conflict of interest must be declared and the declaring parties must recuse themselves from the meeting and abstain from participating and voting for or against the approval of any project or opportunity in which they may have an interest. Provided such steps are followed and subject to any limitations in the Company's constating documents, a transaction would not be void or voidable because it was made between the Company and one or more of its directors or by reason of such director being present at the meeting at which such agreement or transaction was approved. The remaining directors will determine whether or not the Company will participate in any such project or opportunity. To the best of the Company's knowledge, there are no known existing or potential conflicts of interest among the Company's directors, executive officers or other members of management of the Company as a result of their outside business interests. The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest, and the Company will rely upon such laws in respect of any directors' or officers' conflicts of interest or in respect of any breaches of duty by any of its directors or officers. PROMOTERS No person was considered a promoter of Tricon for the purposes of applicable securities legislation during the last two completed fiscal years of the Company.

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40 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM LEGAL PROCEEDINGS AND REGULATORY ACTIONS The Company was not party to, nor was its property the subject of, any material legal proceedings during the 2022 fiscal year, nor is it aware that any such proceedings are contemplated. No penalties or sanctions relating to securities legislation were imposed, nor were any related settlement agreements entered into, nor were there any other material penalties or sanctions imposed by a court or regulatory body, on or by the Company during the 2022 fiscal year. TRANSFER AGENT AND REGISTRAR The transfer agent and registrar for the Common Shares is TSX Trust Company at its principal office located at 301–100 Adelaide Street West, Toronto, Ontario M5H 4H1. AUDIT COMMITTEE INFORMATION Audit Committee Charter The full text of the Charter of the Audit Committee is set out in Schedule A. Audit Committee Composition The Audit Committee is composed of four independent,1 financially literate2 directors as of the date of this AIF: Michael Knowlton (who chairs the committee), Ira Gluskin, Camille Douglas and Renée Glover. An outline of the Audit Committee members' work experience and education is set out above under "Directors and Officers". The Board believes that the composition of the Audit Committee reflects a high level of financial literacy. Each member of the Audit Committee has education and experience that is relevant to his or her performance as an Audit Committee member and has, in particular, education and experience that have provided the member with: (a) an understanding of the accounting principles used by the Company to prepare its financial statements; (b) the ability to assess the general application of the above-noted principles in connection with estimates, accruals and reserves; (c) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements, or experience actively supervising individuals engaged in such activities; and (d) an understanding of internal controls and procedures for financial reporting. (1) Pursuant to National Instrument 52-110 – Audit Committees, as amended, of the Canadian Securities Administrators ("NI 52-110"), a member of an audit committee is independent if the member has no direct or indirect material relationship with the Company, which could, in the view of the Board, reasonably interfere with the exercise of a member's independent judgment. (2) An individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. The Board has determined that each member of the Audit Committee is financially literate, having reference to the definition contained in NI 52-110 and based on consideration of the relevant education and experience of each member of the Audit Committee. Reliance on Certain Exemptions At no time since the commencement of the Company's most recently completed fiscal year has the Company relied on the exemptions in Sections 2.4 (De Minimis Non-Audit Services), 3.2 (Initial Public Offerings), 3.3(2) (Controlled Companies), 3.4 (Events Outside Control of Members), 3.5 (Death, Disability or Resignation of Audit Committee Member), 3.6 (Temporary Exemption for Limited and Exceptional Circumstances), or 3.8 (Acquisition of Financial Literacy) of NI 52-110, or an exemption from NI 52-110, in whole or in part, granted under Part 8 thereof. Audit Committee Oversight At no time since the commencement of the Company's most recently completed fiscal year has the Audit Committee made a recommendation to nominate or compensate an external auditor that was not adopted by the Board. The Audit Committee is authorized by the Board to review the performance of the Company's external auditors, to approve in advance the provision of services other than auditing and to consider the independence of the external auditors, including conducting a review of the range of services provided in the context of all consulting services provided to the Company. The Audit Committee is authorized to approve in writing any non-audit services or additional work which the Chair of the Audit Committee deems necessary, and the Chair will notify the other members of the Audit Committee of such non-audit or additional work and the reasons for such non-audit work for the Audit Committee's consideration, and, if thought advisable, approval in writing.

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 41 External Auditor Service Fees PricewaterhouseCoopers LLP was first appointed as auditors of the Company on January 26, 2010. The aggregate fees paid to PricewaterhouseCoopers LLP for the fiscal years 2021 and 2022 are as follows. Fiscal Year Ended December 31 Audit Fees Audit-Related Fees Tax Fees All Other Fees 2022 $3,137,382 $257,395 $ Nil $49,505 2021 1,837,582 450,000 Nil 5,623 "Audit Fees" comprise services that would normally be provided by the external auditor in connection with the Company's annual audit, its subsidiaries' statutory audits and the Company-managed investment vehicles' financial statements audits. This category also includes reasonable services provided to the Company with respect to its filings with securities commissions. "Audit-Related Fees" comprise specified audit procedures performed in connection with the Company's securitization transaction that was not considered to be a statutory requirement. "All Other Fees" relate to the Company's subscription to PwC 's online technical accounting library. An additional 7% administrative fee and sales taxes were charged on the fee amounts noted above. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS No director, executive officer or shareholder who beneficially owns, directly or indirectly, or exercises control or direction over, more than 10% of the outstanding Common Shares, or any known associate or affiliate of any such person, has or had any material interest, direct or indirect, in any transaction or proposed transaction within the three most recently completed fiscal years or during the current fiscal year that has materially affected or will materially affect the Company or a subsidiary of the Company. INTERESTS OF EXPERTS The Company's auditors are PricewaterhouseCoopers LLP, Chartered Professional Accountants, who have issued a report of independent registered public accounting firm dated February 28, 2023 in respect of the Company's consolidated financial statements as at December 31, 2022 and 2021 and for each of the years then ended. PricewaterhouseCoopers LLP has advised the Company that they are independent with respect to the Company within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct and comply with the rules of the U.S. Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) on auditor independence. MATERIAL CONTRACTS The following are the only material contracts, other than contracts in the ordinary course of business, which have been entered into by the Company and which are still in effect: • A seventh amended and restated credit agreement dated as of December 9, 2022, as amended from time to time, among the Company, Royal Bank of Canada and other financial institutions, pursuant to which such financial institutions have made available to the Company a $500 million revolving credit facility. Amounts borrowed under the facility bear interest at an applicable reference rate (SOFR, Canadian prime rate, or U.S. base rate, all as defined in the credit agreement), depending on the type of loan advanced, plus an applicable margin, depending on the type of loan and the Utilization Percentage (as calculated under the agreement). The range of applicable margins is 275–400 basis points for SOFR loans and 175–300 basis points for other loan types. Tricon Residential Inc. is the borrower under the facility and the facility is guaranteed by certain of its subsidiaries and is subject to customary financial and non-financial covenants. The credit facility has been converted to a Sustainability-linked Loan that links the borrowing cost directly to the Company's performance in certain environmental and social priority areas of its ESG strategy. • The following agreements entered into on or around August 26, 2020 and September 3, 2020 in connection with the issuance of exchangeable preferred units of Tricon PIPE LLC, as amended from time to time and as described in detail in the Company's Material Change Report filed on SEDAR (www.sedar.com) on August 31, 2020: (i) Exchange and Support Agreement; (ii) Limited Liability Company Agreement of Tricon PIPE LLC; (iii) Investor Rights Agreement; (iv) Investor Subscription Agreement and (v) Subordinated Guaranty Agreement.

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42 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM ADDITIONAL INFORMATION Additional financial information relating to the Company is available in its financial statements and the 2022 MD&A. These documents, as well as additional information relating to the Company, are available on SEDAR at www.sedar.com. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans, will be contained in the Company's Management Information Circular for its annual meeting of shareholders to be held in 2023. Toronto, Ontario February 28, 2023

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 43 SCHEDULE A – AUDIT COMMITTEE CHARTER The purpose of this Charter of the Audit Committee ("Charter") is to set out the mandate and responsibilities of the Audit Committee (the "Committee") of Tricon Residential Inc. (the "Company"), subject to the provisions of applicable statutes. 1. Composition The Committee shall have a minimum of three members, including a Committee chair (the "Chair"), who are appointed (and may be replaced at any time) by the Board. All Committee members must qualify as "independent" as defined in the New York Stock Exchange Listed Corporation Manual and National Policy 58-201 – Corporate Governance Guidelines. They must also be financially literate (or acquire that familiarity within a reasonable period after appointment). This shall, at a minimum, include the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity that can reasonably be expected to be raised by the Company's financial statements. In addition, at least one member of the audit committee must have accounting or related financial management expertise. No member of the Committee shall accept (directly or indirectly) any consulting, advisory or other compensatory fee from the Company (other than remuneration for acting in his or her capacity as a director) or be an "affiliated person" of the Company. (For this purpose, an "affiliate" of a person is a person that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with the first person.) Without the approval of the Board, no member of the Committee shall concurrently serve on the audit committee of a competitor or client. 2. Responsibilities The Committee is appointed by the Board to assist in the oversight and evaluation of: • the quality and integrity of the financial statements of the Company; • the adequacy and effectiveness of internal control and financial reporting systems of the Company; • the compliance by the Company with legal and regulatory requirements; • the Company's enterprise risk management framework, including policies with respect to risk assessment and risk management; • the qualifications and independence of the Company's independent auditors; • the performance of the Company's internal audit function and independent auditors; • The Company's approach to and management of ESG matters; • the performance of the Company's Chief Financial Officer; and • any additional duties set out in this Charter or otherwise delegated to the Committee by the Board. In addition, the Committee provides an avenue for communication between the independent auditor, financial management, other employees and the Board concerning accounting and auditing matters. The Committee is directly responsible for the appointment, compensation, retention (and termination) and oversight of the work of the independent auditor (including oversight of the resolution of any disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing audit reports or performing other audit, review or attest services for the Company. The fundamental responsibility for the Company's financial statements and disclosure rests with management and the independent auditors are responsible for auditing those financial statements. It is not the duty of the Committee to conduct investigations, to itself resolve disagreements (if any) between management and the independent auditor or to ensure compliance with applicable legal and regulatory requirements. It is recognized that, in fulfilling their responsibilities, members of the Committee are not full-time employees of the Company. As such, it is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to determine that the Company's financial statements are complete and accurate. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which it receives information, and (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary (which shall be promptly reported to the Board).

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44 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM The Committee shall have authority over, and shall be responsible for, the following specific matters: Independent Auditors For the purposes of this section, references to "independent auditors" include a reference to the independent auditors of any material subsidiary of the Company if different than the independent auditors of the Company (a "Subsidiary Auditor"). The Committee shall: • Recommend to the Board the independent auditor to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attestation services for the Company; • Establish the compensation of the independent auditor; • Obtain confirmation from the independent auditor that it ultimately is accountable, and will report directly, to the Committee and the Board; • Oversee the independent auditor and, in the context thereof, require the independent auditor to report to the Committee (among other things) any disagreement between management and the independent auditor regarding financial reporting and the resolution of each such disagreement; • Adopt policies and procedures for the pre-approval of the retention of the Company's independent auditor for all audit and permitted non-audit services (subject to any restrictions on such services imposed by applicable legislation), including procedures for the delegation of authority to provide such approval to one or more members of the Committee; • At least annually, review the qualifications, performance and independence of the independent auditor (in doing so, the Committee shall, among other things, undertake the measures set forth in Appendix "A" to this Charter); and • Discuss with the Committee the responsibilities, budget and staffing of the internal audit function. The independent auditors shall provide an annual report describing the firm's internal quality-control procedures; any material issues raised by the firm's most recent internal quality-control review, or peer review, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; all of the firm's relationships with the Company; all critical accounting policies and practices used by the Company; all alternative accounting treatments of financial information within generally accepted accounting principles that have been discussed with management, including the ramifications of the use of such alternatives and the treatment preferred by the independent registered public accounting firm; and all material written communications between the accounting firm and management of the Company. The Audit Process, Financial Statements and Related Disclosure The Committee shall, as it determines to be appropriate: • Review with management, the Company's Disclosure Committee and independent auditor and, where appropriate, any Subsidiary Auditor: • the proposed audit plan and scope of review by the independent auditor or Subsidiary Auditor; • before public disclosure, the Company's annual audited financial statements and quarterly unaudited financial statements, the Company's accompanying disclosure of management's discussion and analysis of financial condition and results of operations ("MD&A"), supplemental information packages and earnings press releases and make recommendations to the Board as to the approval and dissemination of those statements and disclosure; • the adequacy of the procedures for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, other than the public disclosure referred to in the immediately preceding paragraph and periodically assess the adequacy of those procedures and consider whether they are complete and consistent with the information known to committee members; • financial information and any earnings guidance provided to analysts and rating agencies, recognizing that this review and discussion may be done generally (consisting of a discussion of the types of information to be disclosed and the types of presentations to be made) and need not take place in advance of the disclosure of each release or provision of guidance; • any significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including any significant changes in the selection or application of accounting principles, any major issues regarding auditing principles and practices, and the adequacy of internal controls that could significantly affect the Company's financial statements; • all critical accounting policies and practices used; • all alternative treatments of financial information within International Financial Reporting Standards ("IFRS") that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor; • the use of "pro forma" or "adjusted" non-IFRS information;

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2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 45 • the effect of regulatory and accounting initiatives, as well as any off-balance sheet structures, transactions, arrangements and obligations (contingent or otherwise), on the Company's financial statements; • any disclosures concerning any weaknesses or any deficiencies in the design or operation of internal controls or disclosure controls made to the Committee by the Chief Executive Officer and the Chief Financial Officer during their certification process in documents filed with applicable securities regulators; • the adequacy of the Company's internal accounting controls and management information systems and its financial, auditing and accounting organizations and personnel and any special steps adopted in light of any significant deficiencies or any material weaknesses in the design or operation of the Company's internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information and any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting; and • the establishment, and periodic review, of procedures for the review of financial information extracted or derived from the Company's consolidated financial statements. • Review with management the Company's guidelines and policies with respect to risk assessment and management including the Company's major financial and business risk exposures and the steps management has taken to monitor and control such exposures. • Review with the independent auditor or any Subsidiary Auditor: • the quality as well as the acceptability of the accounting principles that have been applied; • any problems or difficulties the independent auditor may have encountered during the provision of its audit-related services, including any restrictions on the scope of activities or access to requested information and any significant disagreements with management, any management letter provided by the independent auditor or other material communication (including any schedules of unadjusted differences) to management and the Company's response to that letter or communication; and • any changes to the Company's significant accounting principles and practices suggested by the independent auditor and members of management. • Review with management all related party transactions and the development of policies and procedures related to those transactions. • Following completion of the annual audit, review with each of management and the independent auditors (or Subsidiary Auditors) any significant issues, concerns or difficulties encountered during the course of the audit including: • restrictions on the scope of work or on access to required or requested information; • issues or concerns that arose during the course of the audit concerning the Company's internal accounting controls, or the fair presentation, completeness or accuracy of the financial statements; and • analyses prepared by management or the auditors setting forth significant financial reporting issues and judgments made in connection with preparation of the financial statements (including analysis of the effects of alternative treatments under generally accepted accounting principles). • Periodically review reports on the Company's information technology systems that support the financial reporting process. • Receive and review reports from other Board committees with regard to matters that could affect the audit or results of operations. • Oversee appropriate disclosure of the Charter, and other information required to be disclosed by applicable legislation in the Company's public disclosure documents, including any management information circular distributed in connection with the solicitation of proxies from the Company's security holders. Internal Audit Function The Committee shall, as it determines appropriate: • Regularly meet with the internal auditor to review and approve the audit plan, budget, objectives, and audit activities. • Review and discuss with the internal auditor, issues reported to management and management's responses. • Periodically review the internal auditor's ongoing assessment of the Company's risk management processes and systems of internal control. • Evaluate the status of control weaknesses reported by the internal auditor as well as the internal auditor's assessment of residual risk throughout the Company. • Periodically review internal audit scope, access to information, resource limitations or any difficulties encountered by the internal auditor.

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![](tricon2022aif048.jpg)

46 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM Disclosure Committee The Committee shall, as it determines appropriate: • Meet with the Disclosure Committee to discuss the Company's management of its continuous disclosure obligations and systems of disclosure controls and internal controls over financial reporting. • Receive reports and quarterly certification from the Disclosure Committee confirming the Disclosure Committee's review and approval of disclosure documents to be reviewed by the Committee. • Annually review the Disclosure Committee's assessment of the Company's systems of internal control. • Periodically review the Disclosure Committee's mandate and composition. Environmental Social and Governance ("ESG") Matters The Audit Committee will contribute to the Board's oversight of ESG matters by: • Monitoring ESG metrics, performance indicators and disclosures and ESG-related disclosure controls and procedures; • Integrating ESG into the Company's risk management including climate and other sustainability and ESG risks, along with monitoring and mitigation strategies; • Reviewing the results of any significant examination or audit by regulatory agencies or external verification agents concerning ESG matters and reviewing the engagement and approach of any external verification agents retained by the Company related to material ESG matters; and • Monitoring any whistleblower complaints relating to ESG matters. Compliance The Committee shall, as it determines appropriate: • Review with the Company's Chief Financial Officer, other members of management and the independent auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports, which raise material issues regarding the Company's financial statements or accounting policies. • Review with the Company's external legal counsel legal matters that may have a material impact on the financial statements or accounting policies. • Review independent financial analyst commentary concerning the Company and its financial reporting. • Establish and maintain a whistleblower policy and procedures for: • the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters; and • the confidential, anonymous submission by employees of the Company with concerns regarding any accounting or auditing matters. Delegation To avoid any confusion, the Committee responsibilities identified above are the sole responsibility of the Committee and may not be delegated to a different committee. 3. Meetings The Chair of the Committee shall be selected by the Board. If the Chair of the Committee is not present, the members of the Committee may designate a Chair for the meeting by majority vote of the members of the Committee present. The Committee shall meet in accordance with a schedule established each year by the Committee, and at other times that the Committee may determine. Quorum for all meetings shall be a majority of the Committee members. Minutes shall be maintained of all meetings of the Committee and copies of the minutes shall be made available to all members of the Board. The Committee shall meet periodically with the Chief Financial Officer, the independent auditors and external legal counsel in separate sessions. Meeting agendas shall be developed by the Chair of the Committee in consultation with the Company's management and the independent auditors. Committee members may propose agenda items through communication with the Chair of the Committee or the Chief Financial Officer. Agendas, together with appropriate briefing materials, shall be circulated to Committee members prior to meetings. At the discretion of the Committee, members of management and others may attend Committee meetings other than the separate sessions with the independent auditors, the Chief Financial Officer and the external legal counsel.

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![](tricon2022aif049.jpg)

2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM 47 4. Reports The Committee shall report to the Board on a regular basis and, in any event, before the public disclosure by the Company of its quarterly and annual financial results. The reports of the Committee shall include any issues of which the Committee is aware with respect to: • the quality or integrity of the Company's financial statements; • the compliance by the Company with legal or regulatory requirements; • the policies with respect to risk assessment and risk management; • the qualifications and independence of the Company's independent auditor; • the adequacy and effectiveness of the internal audit function and independent auditor; • the effectiveness of systems of control established by management to safeguard the assets (real and intangible) of the Company; and • the proper maintenance of accounting and other records. The Committee shall also prepare, as required by applicable law, any audit committee report required for inclusion in the Company's publicly filed documents. 5. Independent Advice In discharging its mandate, the Committee may in consultation with the Compensation, Nominating and Corporate Governance Committee, retain, at the expense of the Company, independent counsel, advisors, auditors or other professionals as the Committee determines to be necessary to permit it to carry out its duties. 6. Annual Evaluation At least annually, the Committee shall, in a manner it determines to be appropriate: • Perform a review and evaluation of the performance of the Committee and its members, including the compliance of the Committee with this Charter. • Review and assess the adequacy of its Charter (including with respect to the procedures regarding the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements) and recommend to the Board any improvements to this Charter that the Committee determines to be appropriate.

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![](tricon2022aif050.jpg)

48 2022 ANNUAL INFORMATION FORM TRICON RESIDENTIAL 2022 ANNUAL INFORMATION FORM APPENDIX "A" QUALIFICATIONS, PERFORMANCE AND INDEPENDENCE OF INDEPENDENT AUDITOR • Review the experience and qualifications of the senior members of the independent auditor's team. • Confirm with the independent auditor that it is in compliance with applicable legal, regulatory and professional standards relating to auditor independence. • Review and approve clear policies for the hiring by the Company of employees or partners or former employees or former partners of the current and former independent auditor. • Review annual reports from the independent auditor regarding its independence and consider whether there are any non-audit services or relationships that may affect the objectivity and independence of the independent auditor and, if so, recommend that the Board take appropriate action to satisfy itself of the independence of the independent auditor. • Obtain and review such report(s) from the independent auditor as may be required by applicable legal and regulatory requirements. • Conduct an evaluation (taking into account the opinions of management) of the independent auditor's qualifications, performance and independence and present to the Board the Committee's conclusion in such regard. • Review, as required, the independent auditor's plans with respect to the partner rotation.

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![](tricon2022aif051.jpg)

Doing what is right for the communities we serve. 7 St. Thomas Street, Suite 801 Toronto, Ontario M5S 2B7 T 416 925 7228 www.triconresidential.com

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## Exhibit 99.1

![image_0.jpg](image_0.jpg)****

<br> **Tricon Residential Inc.**

**ANNUAL INFORMATION FORM**

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022**

**February 28, 2023**

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![image_2.jpg](image_2.jpg) **Annual Information Form**<br>

**TABLE OF CONTENTS** 

**Page No.**

---

| | |
|:---|:---|
| <u>[GENERAL MATTERS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [2](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[GLOSSARY OF TERMS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [3](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[CORPORATE STRUCTURE](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [5](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[DESCRIPTION OF THE BUSINESS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [6](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Vision and Guiding Principles](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [7](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Business and Growth Strategy](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [7](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Adjacent Residential Businesses](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [9](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Environmental, Social and Governance](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [11](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Active Investment Vehicles](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [13](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[General Development of the Business](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [15](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Our Revenues](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [16](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Senior Management Team](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [17](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[Employees](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [22](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[RISK FACTORS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [22](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[DIVIDENDS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [40](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[DESCRIPTION OF CAPITAL STRUCTURE](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [40](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[MARKET FOR SECURITIES](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [43](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[ESCROW OF SECURITIES](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [44](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[DIRECTORS AND OFFICERS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [44](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[PROMOTERS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [49](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[LEGAL PROCEEDINGS AND REGULATORY ACTIONS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [49](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[TRANSFER AGENT AND REGISTRAR](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [49](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[AUDIT COMMITTEE INFORMATION](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [49](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [51](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[INTERESTS OF EXPERTS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [51](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[MATERIAL CONTRACTS](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [51](#i1efb0d54134945a8a92cfd7db8a807e0_7) |
| <u>[ADDITIONAL INFORMATION](#i1efb0d54134945a8a92cfd7db8a807e0_7)</u> | [52](#i1efb0d54134945a8a92cfd7db8a807e0_7) |

---

**ADDENDA**

SCHEDULE A – AUDIT COMMITTEE CHARTER

- i -

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

**GENERAL MATTERS**

Unless otherwise indicated or the context otherwise requires, "**Company**" or "**Tricon**" refers to Tricon Residential Inc. and its material direct and indirect subsidiary entities. The terms "**we**" and "**our**" are references to the Company. Unless otherwise indicated, all dollar amounts in this Annual Information Form ("**AIF**") are expressed in U.S. dollars and references to "$" are to U.S. dollars; references to "C$" are to Canadian dollars.

Market data and other statistical information in this AIF are based on independent industry publications, government publications, reports by market research firms, or other published independent sources. Some data is also based on the Company's good faith estimates that are derived from its review of internal data and information, as well as independent sources, including those listed above. Although the Company believes these sources are reliable, the Company has not independently verified the information and cannot guarantee its accuracy or completeness.

The information contained in this AIF is as of December 31, 2022, unless otherwise indicated.

**<u>Forward-Looking Statements</u>** 

Certain statements in this AIF are considered "forward-looking information" as defined under applicable securities laws ("**forward-looking statements**"). This document should be read in conjunction with material contained in the Company's current consolidated financial statements along with the Company's other publicly filed documents. Words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "project", "continue", "target" and similar expressions identify these forward-looking statements. Statements containing forward-looking information are not historical facts but instead reflect management's expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Tricon and its investments and are based on information currently available to management and on assumptions that management believes to be reasonable. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by management of the Company as of the date of this AIF, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the Company's future growth potential; results of operations; future prospects and opportunities; demographic and industry trends; no change in legislative or regulatory matters; future levels of indebtedness; the tax laws as currently in effect; the continuing availability of capital; current economic conditions, including levels of inflation and the prevailing interest rate environment; and the anticipated impact and aftermath of COVID-19.

This AIF may include forward-looking statements pertaining to the following (see "Description of the Business"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipated investment and operating performance (including, in particular: projected returns, timelines, development plans, the rollout of operational initiatives, sales expectations, unrealized investment value, and projected cash flows). These measures are based on Tricon's own analysis of relevant market conditions and the prospects for its business and investments, and on projected cash flows and project plans for incomplete projects in its Investment Vehicles. Projected cash flows for properties under development are determined based on detailed quarterly and annual budgets and cash flow projections prepared by developers for all incomplete projects. Numerous factors may cause actual investment performance to differ from current projections, including those factors noted under "Risk Factors".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipated demand for single-family and multi-family rental properties, apartment suites and homebuilding, and any corresponding effect on occupancy rates and more generally on the Company's performance. These statements are based on management's analysis of demographic and employment data and other information that it considers to be relevant indicators of trends in residential real property demand in the markets in which the Company operates. Housing demand is dependent on a number of factors, including macroeconomic factors, many of which are discussed in this AIF under "Risk Factors". If these or other factors lead to declining demand, occupancy and the pace or pricing of home sales may be negatively impacted, with a corresponding negative impact on the value of the Company's assets and its financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pace of acquisition and the ongoing availability of single-family rental homes at prices that match the Company's underwriting model. These statements are based on management's analysis of market data that it considers to be relevant indicators of trends in home pricing and availability in

- ii -

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

the markets in which the Company carries on its business. Home prices are dependent on a number of factors, including macroeconomic factors, many of which are discussed in this AIF under "Risk Factors". If these or other factors lead to increases in home prices above expectations, it may become more difficult for the Company to find rental homes at prices that match its underwriting model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The intentions to build portfolios and attract further third-party investment in the Company's businesses. These statements are based on management's current intentions in light of its analysis of current market conditions, the growth prospects for the Company's businesses, and the Company's understanding of investor interest in the sectors, which are factors outside of the Company's control. Should market conditions or other factors impact the Company's ability to build portfolios or its ability to execute on its current strategies, actual results may differ from its current intentions.

Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors, including those noted above, could cause Tricon's actual results, performance or achievements to be materially different from any results, performance or achievements that may be expressed or implied by forward-looking statements in this AIF, including, without limitation, those listed under "Risk Factors".

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this AIF. See "Risk Factors" for a more complete list of risks relating to an investment in the Company and an indication of the impact the materialization of such risks could have on the Company, and therefore cause actual results to deviate from the forward-looking statements.

Although the forward-looking statements contained in this AIF are based upon what management currently believes to be reasonable assumptions, there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this AIF are expressly qualified in their entirety by this cautionary statement. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking statements in this AIF are made as of the date of this document and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements or information to reflect new information, events, results or circumstances or otherwise after the date on which such statements are made to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

**<u>Non-IFRS Measures</u>**

The Company measures the success of the business by employing several key performance indicators that are not recognized under IFRS. These indicators should not be considered an alternative to IFRS financial measures such as net income. As non-IFRS financial measures do not have standardized definitions prescribed by IFRS, they are less likely to be comparable with other issuers or peer companies. The key performance indicators used by the Company are described in detail in the 2022 MD&A.

**GLOSSARY OF TERMS**

In this Annual Information Form, the following terms have the meanings set forth below, unless otherwise indicated. Words importing the singular include the plural and vice versa, and words importing any gender include all genders:

**"2022 Financial Statements"** means the Company's consolidated financial statements for the year ended December 31, 2022.

"**2022 MD&A**" means the Company's Management's Discussion and Analysis for the year ended December 31, 2022, available on SEDAR at <u>www.sedar.com</u>.

"**Active Investment Vehicles**" means, collectively, the Separate Accounts, commingled funds, Side-cars and Syndicated Investments described under "Description of the Business – Active Investment Vehicles".

"**ASRS**" means Arizona State Retirement System.

- iii -

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

"**Audit Committee**" means the audit committee of the Board of Directors.

"**Board of Directors**" or "**Board**" means the board of directors of Tricon Residential Inc.

"**Canadian MF JV**" means the joint venture arrangement entered into between the Company and Canada Pension Plan Investment Board in 2021 focused on a rental apartment strategy in Toronto that will be developed and managed by the Company.

"**commingled fund**" means a closed-end commingled fund managed by Tricon and formed for the purpose of investing in development properties or other transactions.

"**Common Shares**" means the common shares in the capital of Tricon Residential Inc.

"**ESG**" means environmental, social and governance.

"**HBD JV**" means Homebuilder Direct, the joint venture arrangement entered into between the Company and two institutional investors to assemble a portfolio of newly built single-family rental homes that will be acquired and managed by the Company.

"**institutional investors**" means entities that generally have substantial assets and investment experience including, but not limited to, sovereign wealth funds, pension funds, endowment funds, insurance companies and banks.

"**Investment Vehicle**" means an investment vehicle managed by Tricon, including commingled funds, Separate Accounts and Side-cars.

"**Johnson**" means The Johnson Companies LP.

"**middle-market**" means U.S. households with household incomes of $75,000 to $125,000 per annum that would be expected, based on this income level, to seek home rental rates of $1,400 to $2,300 per month.

"**MPC**" means master-planned community.

"**NYSE**" means the New York Stock Exchange.

"**Performance Fees**" means incentive or performance fees earned from achieving target investment returns in an Investment Vehicle.

**"Sarbanes-Oxley Act**" means the U.S. *Sarbanes-Oxley Act of 2002*.

"**Separate Account**" means an Investment Vehicle in which the Company manages an investment on behalf of one to three institutional investors (and invests alongside those investors) for a singular investment or strategy and in respect of which Tricon earns fee income.

"**SFR JV-1**" means the joint venture arrangement entered into between the Company and two institutional investors in 2018 to assemble a portfolio of single-family rental homes that will be managed by the Company.

"**SFR JV-2**" means the joint venture arrangement entered into between the Company and three institutional investors in 2021 to assemble a portfolio of single-family rental homes that will be managed by the Company.

"**Side-car**" or "**Side-car Investment**" or "**Syndicated Investment**" means an Investment Vehicle that invests alongside a commingled fund in respect of a particular investment.

"**Sun Belt**" means the series of states in the southwestern and southern U.S. commonly known as the "Sun Belt".

"**Syndicated Investment**" – see "Side-car".

"**THP US SP1**" means Tricon Housing Partners US Syndicated Pool 1, a Separate Account.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

"**THP US SP2**" means Tricon Housing Partners US Syndicated Pool 2, a Separate Account.

"**THP1 Canada**" means Tricon Housing Partners Canada LP (formerly Tricon VIII Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities.

"**THP1 US**" means Tricon Housing Partners US LP (formerly Tricon IX, L.P.), a limited partnership formed under the laws of the State of Delaware, together with associated fund entities.

"**THP2 Canada**" means Tricon Housing Partners Canada II LP (formerly Tricon X Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities. THP2 Canada was liquidated and dissolved effective December 31, 2022.

"**THP2 US**" means Tricon Housing Partners US II LP (formerly Tricon XI, L.P.), a limited partnership formed under the laws of the State of Delaware, together with associated fund entities.

"**THP3 Canada**" means Tricon Housing Partners Canada III LP (formerly Tricon XII Limited Partnership), a limited partnership formed under the laws of the Province of Ontario, together with associated fund entities.

"**THPAS JV-1**" means the joint venture arrangement entered into between the Company and ASRS to fund single-family rental build-to-rent development projects and some for-sale housing development projects.

"**THPAS JV-2**" means the joint venture arrangement entered into between the Company and ASRS to fund single-family rental build-to-rent development projects and some for-sale housing development projects.

"**TSX**" means the Toronto Stock Exchange.

**"US MF JV"** means the joint venture arrangement entered into between the Company and two institutional investors in connection with the syndication of an 80% interest in the Company's U.S. multi-family portfolio in 2021. The US MF JV ended in connection with the sale of the Company's interest in that joint venture in October 2022.

**CORPORATE STRUCTURE**

**<u>Name, Address and Information</u>**

A predecessor of the Company was incorporated under the *Business Corporations Act* (Ontario) on June 3, 1988 as "Tri Continental Capital Management Inc." On June 16, 1997, the Company was incorporated under the *Business Corporations Act* (Ontario) as "Tri Continental Management Inc.", and continued to carry on the business. The Company changed its name to "TCC Management Inc." on July 10, 1997, to "Tri Continental Capital Ltd." on March 19, 1999, and to "Tricon Capital Group Inc." on May 20, 2005, before changing its name to "Tricon Residential Inc." on July 7, 2020. The Company's head and registered office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7.

**<u>Inter-Corporate Relationships</u>**

The following diagram depicts the inter-corporate relationships among the Company's key subsidiaries as at the date hereof and indicates which of the Company's investments and activities are carried on through them:

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

![image_32.jpg](image_32.jpg)

The diagram above does not depict the structure of further subsidiary entities through which specific investments or activities are undertaken. The voting securities of all subsidiaries depicted are beneficially owned, directly or indirectly as depicted, entirely by the Company. Tricon American Homes LLC, Tricon Single-Family Rental REIT LLC, Tricon US Topco LLC, Tricon US Rental Topco LLC, Tricon US Rental REIT LLC, SFR JV-1 Investor LLC, SFR JV-2 Investor LLC, SFR JV-HD Investor LLC, Tricon Holdings USA LLC, THP JV-1E LLC, THP JV-2E LLC, Tricon USA Inc. and Tricon JDC LLC are Delaware entities. All other entities are Ontario corporations or limited partnerships.

**DESCRIPTION OF THE BUSINESS**

<br>Tricon is an owner and operator of a growing portfolio of more than 36,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy. We provide high-quality rental housing options for families across the United States and Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life's potential. For more information, visit <u>www.triconresidential.com</u>.

The Company's common shares are traded under the symbol TCN on both the TSX and the NYSE.

**<u>Vision and Guiding Principles</u>**

Tricon was founded in 1988 as a fund manager for private clients and institutional investors focused on for-sale residential real estate development. The pursuit of continuous improvement as well as a desire to diversify and facilitate succession planning drove the Company's decision to become publicly traded in 2010. While the U.S. for-sale housing industry was decimated in the Great Recession of 2007-2009, Tricon's strong foundation and its leaders' resilience helped it endure the downturn and learn valuable lessons that informed the Company's decision to ultimately focus on rental housing.

In the decade that followed, Tricon embarked on a deliberate transformation away from for-sale housing, which is inherently cyclical, to become a rental housing company that addresses the needs of a new generation facing reduced home affordability and a desire for meaningful human connections, convenience and a sense of community. Today, Tricon provides high-quality, essential shelter to residents. It is a

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

defensive business that is designed to outperform in good times and perform relatively well in more challenging times.

Tricon was among the first to enter into and institutionalize the U.S. single-family rental industry. Our success has been built on a culture of innovation and a willingness to adopt new technologies to drive efficiencies and improve our residents' lives. We believe that our ability to bring together capital, ideas, people and technology under one roof is unique in real estate and allows us to improve the resident experience, safeguard our stakeholders' investments, and drive superior returns.

Tricon strives to be North America's pre-eminent single-family rental housing company serving the middle-market demographic by owning quality properties in attractive markets, focusing on operational excellence, and delivering an exceptional resident experience. Tricon is driven by its purpose statement - **Imagine a world where housing unlocks life's potential** - and encourages its employees to conduct themselves every day according to the following guiding principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go above and beyond to enrich the lives of our residents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commit to and inspire excellence in everything we do

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ask questions, embrace problems, thrive on the process of innovation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do what is right, not what is easy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Elevate each other so together we leave an enduring legacy

Tricon's guiding principles underpin our business strategy and culture of taking care of our employees first who in turn are empowered and inspired to provide residents with superior service and to positively impact local communities. When our residents are satisfied, they rent with us longer, treat our properties as their own, and are likely to refer friends and family to become new residents. We have realized that the best way to drive returns for shareholders and private investors is to ensure our team and residents are fulfilled. This is why Our People and Our Residents are also two of our key ESG priorities. See "Environmental, Social and Governance" for more details surrounding these key priorities.

**<u>Business and Growth Strategy</u>**

Tricon is an owner and operator of a growing portfolio of approximately 36,000 single-family rental homes located primarily in the Sun Belt. The Company also invests in "adjacent residential businesses" which include multi-family rental properties and residential development assets. Since the Company's initial public offering in 2010, Tricon has evolved from an asset manager focused on investing in "for-sale" housing development to a growth-oriented rental housing company with a comprehensive technology-enabled operating platform. As at December 31, 2022, about 97% of the Company's real estate assets are stabilized single-family rental homes and the remaining 3% are invested in adjacent residential businesses.

<u>Tricon's Differentiated Strategy</u> 

Tricon's U.S. single-family rental strategy targets the "middle-market" resident demographic which consists of over seven million U.S. renter households (source: U.S. Census Bureau). The Company defines the middle-market cohort as those households earning between $75,000 and $125,000 per year and with monthly rental payments of $1,400 to $2,300. These rent levels typically represent approximately 20-25% of household income, which provides each household with a meaningful cushion to continue paying rent in times of economic hardship. Conversely, Tricon has the flexibility to increase rents and defray higher operating costs in a stronger economic environment without significantly impacting its residents' financial well-being. Focusing on qualified middle-market families that are likely to be long-term residents is expected to result in lower turnover rates, thereby reducing turn costs and providing stable cash flows for the Company. Tricon offers its residents economic mobility and the convenience of renting a high-quality, renovated home without costly overhead expenses such as maintenance and property taxes, and with a focus on superior customer service.

In addition to targeting the middle-market demographic, Tricon is focused on the Sun Belt, which is home to approximately 40% of all U.S. households and is expected to experience population growth in excess of 10% in most markets from 2020 to 2030 (source: The Cooper Center at the University of Virginia, 2018). The Sun Belt has experienced significant population and job growth over time, driven by a friendly business environment, lower tax rates, enhanced affordability and a warm climate. The Company expects that the de-

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

urbanization and de-densification trends that were accelerated by the COVID-19 pandemic will continue to support these demographic shifts toward our core markets. Furthermore, the Company believes that work-from-home trends and in-migration to the Sun Belt states will likely continue as employers continue to permit more flexible work arrangements and employees gravitate towards more affordable housing markets.

*I. Superior growth profile*

There is a significant runway for growth in the single-family rental industry as only ~3% of the 16 million rental homes in the United States are institutionally owned (source: Green Street U.S. Single-Family Rental Outlook, January 2022). We believe we are particularly well positioned to take advantage of this opportunity as one of the leading owners and operators in the industry, with one of the largest portfolios of single-family rental homes in the Sun Belt.

Tricon is focused on disciplined, long-term growth of its single-family rental home portfolio and has a sophisticated acquisition platform that is capable of deploying large amounts of capital across multiple acquisition channels and markets simultaneously. Tricon sources acquisition opportunities of existing homes through traditional channels, including Multiple Listing Services ("MLS"), "iBuyer" direct channels and portfolio acquisitions. These traditional channels will account for the majority of Tricon's planned acquisitions over the near term and leverage the Company's acquisition platform which filters and ranks many listings per year while standardizing hundreds of key underwriting parameters, enabling the Company to efficiently convert these listings into offers.

In an undersupplied housing market, Tricon also believes in adding to the supply of rental homes and providing accessible housing solutions through its three newest home growth channels. These include the development of dedicated "build-to-rent" communities and the acquisition of both scattered new homes and completed single-family rental communities directly from homebuilders. In aggregate, our six existing and new home acquisition channels are expected to provide the Company with sufficient volume to meet its acquisition targets.

*II. Differentiated strategic partnership model*

*III. Technology-enabled operating platform*

Tricon has developed a technology-enabled platform that supports its growth, provides its residents an elevated living experience, and optimizes operating efficiencies. The Company's proprietary suite of software applications, referred to as "TriApps", automates many facets of the single-family rental business, as described below.

The Company has systematized the process of home acquisitions and, once homes are acquired, renovates them to a common standard before making them available for rent. Prospective residents are directed to the Company's website where they can rent a home in a few easy steps. In the leasing process, Tricon leverages 360-degree online tours, self-showing technology, virtual self-move-ins and a statistical screening model to underwrite residents and drive retention. The proprietary TriForce App allows for dynamic coordination of repairs and maintenance activities among field personnel, centralized office staff and third-party vendors by automating workflows, standardizing work scope and compressing the delegation of authority. Tricon uses logistics software and mobile inventory management to ensure its maintenance technicians can service homes in the most efficient manner and with a high first-time fix rate. In its call center, Tricon leverages intelligent virtual agents to automate leasing and maintenance inquiry intake so the call center team can focus on higher value work such as inside sales or customer service. In revenue management, Tricon has pioneered revenue optimization tools to balance occupancy, time on market and rent growth, and to smooth out lease expiration schedules. Finally, Tricon is in the early stages of building a first-to-market, single-family rental smartphone application for residents ("resident app") that will ultimately

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

enable our residents to enjoy a product that transcends their physical home. In addition to employing easy-to-use functions for paying rent, making a maintenance request or controlling the indoor climate of a home, the resident app will allow residents to reap the benefits of living in a "virtual" community with positive network effects. Management believes the Company has a significant competitive advantage arising from its technology-enabled property management platform that is difficult to replicate and is highly scalable.

Additional details of the Company's single-family rental business, including financial performance metrics and key performance indicators, are set out in the 2022 MD&A.

**<u>Adjacent Residential Businesses</u>**

<u>Multi-Family Rental</u>

Tricon operates The Selby, a 500-unit Class A rental property situated at Bloor Street East and Sherbourne Street in downtown Toronto, which was completed in 2019. Tricon partnered with a major Canadian pension plan to form a Separate Account on an 85/15 basis (Investor/Tricon). The project was developed by Tricon and is currently managed through Tricon's vertically integrated platform, including local property management employees.

The Taylor, a 286-unit tower and Tricon's second apartment development in Toronto, began lease-up in 2022. Tricon partnered with a major Canadian pension plan to form a Separate Account for this project on a 70/30 basis (Investor/Tricon). The project has been developed by Tricon and is being managed through the Company's property management platform.

During the year, Tricon held a 20% interest in the US MF JV, which owned a portfolio of 23 high-quality, affordably priced garden-style apartments located in desirable suburban sub-markets, primarily in the Sun Belt. Tricon managed the US MF JV and was the property manager for the portfolio. The Company sold its interest in the US MF JV (and ceased property management of the portfolio) in the fourth quarter of 2022.

Additional details of the Company's multi-family rental business are set out in the 2022 MD&A.

<u>Residential Development</u> 

Tricon develops new residential real estate properties, predominantly rental housing intended for long-term ownership. Such developments include (i) Class A multi-family rental apartments in Canada, (ii) single-family rental communities in the United States, intended to operate as part of the single-family rental portfolio upon stabilization, and (iii) legacy land development and homebuilding projects predominantly in the United States.

*(i) Canadian Class A Multi-Family Rental Apartments*

Tricon is one of the most active multi-family rental developers of Class A purpose-built rental apartment buildings in downtown Toronto, with eight projects under development and one income-producing property, The Taylor (See "Multi-family Rental", above) that is in the stabilization phase, totaling approximately 4,280 units, and in which Tricon holds a 40% weighted average ownership interest based on net asset value. Tricon holds these assets in partnership with pension plans and strategic partners who have an investment bias towards long-term ownership and stable recurring cash flows. These institutional investors or strategic partners pay Tricon development management fees, asset management fees and possibly Performance Fees, enabling the Company to enhance its return on investment.

The Company's Canadian multi-family development projects are described briefly below.

386 Symington is a 1.9-acre land parcel in Toronto's Junction Triangle neighborhood, which will be developed into a 368-unit rental apartment building. The project represents the second investment in the Canadian MF JV and is being developed by Tricon.

The first project in the Canadian MF JV, Queen and Ontario, is a two tower, 725-unit rental Tricon development located in Toronto's Downtown East neighborhood.

The Ivy is a 231-unit rental building development located just south of the Yonge and Bloor Street intersection. For this project, Tricon partnered with a strategic investor on a 53/47 basis (Investor/Tricon). The project is being co-developed by Tricon and Angel Developments.

The West Don Lands is a large-scale mixed-income community under development consisting of four projects in multiple blocks in Toronto's West Don Lands comprising approximately 2,525 rental units and

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

ancillary retail and potential office space. The projects are being developed in partnership with Dream Unlimited Corp. and Kilmer Group on an equal ownership basis.

The James is Tricon's flagship rental development prominently located in the Rosedale/Summerhill neighborhood. The development site is adjacent to The Shops of Summerhill, a commercial property also wholly owned by Tricon.

*(ii) U.S. Single-Family Rental Communities*

The Company's build-to-rent strategy is focused on developing well-designed, dedicated single-family home rental communities, which often include shared amenities such as parks, playgrounds, pools and community gathering spaces. This strategy adds another growth channel to Tricon's single-family rental business, and leverages the Company's complementary expertise in land development, homebuilding and single-family rental property management. Once developed and stabilized, these build-to-rent communities will be integrated into the Company's technology-enabled property management platform.

*(iii) U.S. Land Development and Homebuilding*

The Company's legacy business provides equity or equity-type financing to experienced local or regional developers and builders of for-sale housing primarily in the United States. These investments are typically made through Investment Vehicles that hold an interest in land development and homebuilding projects, including master-planned communities.

Tricon also serves as the developer of certain of its MPCs through its Houston-based subsidiary, The Johnson Companies LP. Johnson is an integrated development platform with expertise in land entitlement, infrastructure, municipal bond finance and placemaking, and has deep relationships with public and regional homebuilders and commercial developers. Johnson's reputation for developing high-quality MPCs is further evidenced by Johnson having three MPCs ranked in the top 50 based on homebuilder sales in 2022, according to RCLCO Real Estate Consulting.

Additional details of Tricon's residential development business are set out in the 2022 MD&A.

<u>Private Funds and Advisory</u>

Tricon manages a number of Investment Vehicles on behalf of third parties that are invested alongside the Company in its single-family rental and adjacent residential businesses (see "Active Investment Vehicles"). Tricon earns fees from managing third-party capital co-invested in, and services provided to, its Investment Vehicles. Activities of this business include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Asset management of third-party capital: Tricon manages capital on behalf of institutional investors, including pension funds, sovereign wealth funds, insurance companies, and others who seek exposure to the residential real estate industry. For its services, Tricon earns asset management fees and may earn Performance Fees provided targeted investment returns are achieved.

Tricon manages third-party capital for 13 of the top 100 largest institutional real estate investors in the world (source: "PERE Global Investor 100" ranking, October 2022). In 2022, Tricon ranked 53<sup>rd</sup> globally and second in Canada (compared to 58<sup>th</sup> globally and second in Canada in 2021) among global real estate investment managers based on the institutional equity raised since 2017 (source: "2022 PERE 100" manager ranking, June 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Development management and related advisory services: Tricon earns development management fees from its rental development projects in Toronto, which leverage its fully integrated development team. In addition, Tricon earns contractual development fees and sales commissions from the development and sale of single-family lots, residential land parcels, and commercial land within the MPCs managed by its Johnson subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Property management of rental properties: Tricon provides integrated property management services to its entire rental portfolio. The property management business is headquartered in Orange County, California, and provides resident-facing services including marketing, leasing, and repairs and maintenance delivered through a dedicated call center and local field offices. For its services, Tricon earns property management fees, typically calculated as a set percentage of the gross revenues of each property, as well as leasing, construction and acquisition fees.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Further details of Tricon's Private Funds and Advisory business are set out in the 2022 MD&A.

**<u>Environmental, Social and Governance</u>**

Environmental, social and governance principles have guided Tricon's 34-year history of delivering business excellence. Our ESG objectives are centered around the following strategic priorities which underpin all aspects of our business:

<u>Our People</u>: Tricon is committed to engaging, supporting and enriching the lives of our employees so they can thrive and, in turn, take care of our residents and the communities in which we operate. To align our purpose-driven culture with our ESG strategy, Tricon focuses on: (i) creating an exceptional employee experience by empowering and enabling employees to unlock their potential, (ii) delivering company-wide professional development opportunities to promote high-performing work teams, and (iii) fostering a culture of diversity and inclusion and belonging to increase cognitive diversity and perspective. We are proud to have earned and maintained certification as a Great Place to Work for 2022 in Canada and the United States. The Great Place to Work Trust Index benchmarks employee attitudes, opinions and satisfaction against other similarly sized Fortune Global 500 companies and the certification affirms our focus on what is important – creating a workplace culture that puts people first: our team members, our residents and our communities.

<u>Our Residents</u>: Tricon's goal is to build meaningful communities where people can connect, grow and prosper. In addition to Tricon's efforts to assist residents by self-governing rent growth on renewals, deferring late fees and offering flexible rental payment plans throughout the COVID-19 pandemic, in early 2022, we announced the launch of Tricon Vantage, a market-leading suite of programs and services designed to enhance the financial well-being of our residents.

Tricon Vantage provides our U.S. residents with access to tools, resources and services to help them realize their financial goals. In collaboration with Operation HOPE, Tricon Vantage gives residents complimentary access to financial literacy workshops, one-on-one coaching and guided group sessions tailored to their financial health and objectives. Tricon Vantage also offers residents access to a credit builder program to help build or improve residents' credit scores and a "first-look" home purchase program that gives qualifying residents the first opportunity to purchase the home they are renting in the event Tricon elects to sell it. Finally, in the second half of 2022, we formally launched the last component of Tricon Vantage, our resident down payment assistance program, which provides qualifying long-term residents with up to $5,000 towards the down payment for a home purchase.

Then, in the fourth quarter of 2022, Tricon launched an industry-leading Bill of Rights, the first commitment of its kind among single-family housing providers in the U.S. The Tricon Resident Bill of Rights underscores our resident-first approach and pledges to provide our single-family rental home residents with the following rights, described in more detail on the Company's website: Right to Shelter; Right to Renewals; Right to Fair Advance Notice; Right to Moderated Rent Increases; Right to Participate in Financial Health and Credit Builder Programs; Right to Buy Your Home if We Decide to Sell; Right to Our Support if You Buy Another Home; Right to Respect.

We believe that taking a compassionate approach to serving our residents, as evidenced by our Bill of Rights and Tricon Vantage program, is the right thing to do and also a key contributing factor to our high occupancy, industry-low turnover rate and leading resident satisfaction scores.

<u>Our Innovation:</u> Tricon is firmly committed to leveraging innovative technologies and housing solutions to drive convenience, connectivity and affordability. Core service offerings are guided by two key desired outcomes: (i) delivering superior service that creates exceptional resident experiences, and (ii) developing offerings that enhance the lives of residents while addressing their housing needs.

<u>Our Impact</u>: Tricon is committed to making investments and operational decisions that reduce our environmental impact and enhance our assets' sustainability and resource efficiency. The environmental impact portion of our ESG program focuses on: (i) developing and implementing sustainable methodologies

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

to ensure our investments, developments and renovation projects adhere to our ESG objectives and commitments, (ii) investigating and investing in new technologies, materials and renovation methods to reduce resource consumption across our real estate portfolio, and (iii) investigating and investing in the reduction of resource consumption across our property management and corporate office operations.

<u>Our Governance</u>: Tricon aims to proactively identify, understand, and manage the risks to our business, while acting in a manner that exemplifies our commitment to ethics, integrity, trust and transparency. Our ESG program focuses on the following governance initiatives: (i) maintaining a culture of compliance, integrity and ethics; (ii) embedding a strong risk management culture by setting a foundation for effectively identifying, analyzing and managing material and systematic risks, and (iii) fostering and maintaining Board and leadership diversity.

Details of our key ESG commitments, initiatives, policies, and performance progress can be found on the Company's website under Sustainability.

**<u>Active Investment Vehicles</u>**

Each of the Company's Active Investment Vehicles is profiled briefly below.

<u>Single-Family Rental Separate Accounts</u>

On July 19, 2021, the Company entered into SFR JV-2, a joint venture arrangement with three leading institutional investors which serves as a successor to SFR JV-1, targeting the acquisition of single-family homes via resale channels and existing portfolio acquisitions. Tricon acts as the asset and property manager for the joint venture, which is funded by a total equity commitment of $1.55 billion.

On May 10, 2021, the Company entered into HBD JV, a joint venture arrangement with two leading institutional investors and funded by a total equity commitment of $450 million. Tricon serves as the asset and property manager for the joint venture, which aims to acquire newly-built single-family rental homes either as scattered homes or recently-completed single-family rental communities.

SFR JV-1 is a joint venture arrangement formed in 2018 between the Company and two leading institutional investors to assemble a portfolio of single-family rental homes, which is now fully assembled and being managed by Tricon. The joint venture is funded by a total equity commitment of $750 million.

<u>Multi-Family Separate Accounts</u>

The US MF JV was a joint venture arrangement between the Company and two institutional investors that held the Company's U.S. multi-family rental portfolio. Tricon sold its interest in the US MF JV, and that joint venture ended, in October 2022.

The Canadian MF JV is a joint venture formed in March 2021 with a leading institutional investor which aims to invest in multi-family rental development projects in the Greater Toronto Area. Tricon will serve as the developer, asset manager and property manager of the joint venture's projects. The joint venture will provide up to C$1.5 billion of equity capital, which amount was increased during 2022.

The Company has a number of other Separate Accounts in respect of its Canadian multi-family rental stabilized assets and development projects, which are described above under the headings "Multi-Family Rental" and "Residential Development".

<u>U.S. Residential Development Investment Vehicles</u>

*Grand Central Park Separate Account*

Grand Central Park is a Separate Account formed in March 2022 following the recapitalization of the project, in which Tricon had first invested in 2013, to support the development of a large mixed-use master-planned community in the city of Conroe (Houston MSA), Texas. Tricon has committed approximately 10% of the required capital for the Separate Account, with the balance being committed by its institutional partner. The property is being developed by Johnson.

*THPAS JV-2 Separate Account*

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

On June 13, 2022, Tricon entered into THPAS JV-2 with ASRS. THPAS JV-2 is a follow-on to THPAS JV-1 (described below) and has a similar investment strategy, backed by total committed equity of $500 million, including $400 million from ASRS and $100 million from Tricon. Pursuant to its agreements with ASRS, Tricon will increase its ownership interest in communities developed with the venture to 50% following their stabilization.

*THPAS JV-1 Separate Account*

Tricon entered into THPAS JV-1, its first separate account with ASRS, in August 2019. The total equity committed to this venture is $450 million, including $400 million from ASRS and $50 million from Tricon. Through this joint venture, Tricon aims to fund the development of single-family build-to-rent communities to be incorporated into the Company's rental operations platform, with some secondary investments in for-sale housing assets. THPAS JV-1 is now fully-committed to projects.

*Tricon Housing Partners US Syndicated Pool 2*

THP US SP2 is a Separate Account formed in March 2017 to support the acquisition and development of a land parcel located in Queen Creek, Arizona. Tricon has committed approximately 20% of the required capital for the investment, with the remainder being committed by its partner.

*Tricon Housing Partners US Syndicated Pool 1*

THP US SP1 is a Separate Account formed in 2016 to invest in two for-sale housing projects in Belmont, California and Phoenix, Arizona. Tricon has committed approximately 20% of the required capital for the investments, with the remainder being committed by its partner.

*Viridian Separate Account*

Viridian is a Separate Account formed in 2015 to support the acquisition and development of an existing 2,083-acre master-planned community in Dallas-Fort Worth, Texas. Tricon committed approximately 18% of the required capital for the investment, with the balance being committed by an institutional investor. The property is being developed by Johnson.

*Arantine Hills Side-car Investment* 

Arantine Hills is a Side-car Investment made in 2014 to support the acquisition and development of a master-planned community located in Corona, California. THP2 US committed approximately 25% of the required capital for the transaction, with the remaining capital being committed 90% by an institutional investor and 10% by Tricon.

*Vistancia West Side-car Investment*

Vistancia West is a Side-car Investment made in 2013 to support the acquisition and for-sale development of an age-targeted, resort-style community in Phoenix, Arizona. THP2 US committed approximately 27% of the required capital for the transaction, with the remaining capital being committed 90% by an institutional investor and 10% by Tricon. The property is being developed by Trilogy Active Lifestyle Communities. In December 2020, Tricon's institutional capital partner sold its interest in the project to the developer. Tricon and THP2 US remain invested in the project.

*THP2 US*

THP2 US is a commingled fund that had its final closing in December 2013 with approximately $334 million of total capital commitments. The fund is fully invested in for-sale housing projects in the U.S.

*THP3 Canada*

THP3 Canada is a commingled fund that had its final closing in early 2012 with total committed capital of approximately C$196 million. The fund is fully invested in for-sale housing projects in selected urban markets in Canada.

*Cross Creek Ranch Separate Account*

Cross Creek Ranch is a Separate Account formed in 2012 to invest in the acquisition and development of a master-planned community located just southwest of Houston, Texas. Tricon committed approximately 10% of the required capital for the Separate Account, with the balance being committed by an institutional partner. The property is being developed by Johnson.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

*THP1 US*

THP1 US is a commingled fund that had its final closing in January 2009 with total committed capital of $332.8 million. The fund is fully invested in for-sale housing projects in the U.S. The Company acquired an approximate 68.4% limited partnership interest in THP1 US in 2013.

*THP2 Canada*

THP2 Canada was a commingled fund that had its final closing in April 2009 with total committed capital of approximately C$85 million. THP2 Canada was fully invested in for-sale housing projects in Toronto and Alberta. The fund was dissolved as of December 31, 2022.

*THP1 Canada*

THP1 Canada is a commingled fund that had its final closing in December 2005 with total committed capital of approximately C$100 million. THP1 Canada is fully invested in for-sale housing projects in Toronto and Alberta.

*Canadian Syndicated Investments*

The Company has two Canadian Syndicated Investments (5 St. Joseph and Heritage Valley) that have co-invested alongside its active Canadian commingled funds.

**<u>General Development of the Business</u>**

The general development of the Company's business over the past three fiscal years is summarized below. See also the description of the Company's businesses above under the headings "Business Growthand Strategy" and "Active Investment Vehicles".

<u>General Developments</u>

The Company has grown its managed portfolio of U.S. single-family rental homes to 35,908 homes in 21 core markets across ten states as of December 31, 2022.

On October 18, 2022, the Company sold its remaining interest in the US MF JV and its underlying U.S. multi-family portfolio (see "Adjacent Residential Businesses" and "Active Investment Vehicles").

In October 2021, Tricon's common shares were listed for trading on the NYSE under the symbol "TCN" in connection with the Company's initial U.S. public offering, described below under "Public Financing and Reporting".

On May 14, 2020, Tricon announced that, as a final step in its transformation to a rental housing company, the Company was realigning its operating structure, rebranding itself and its operations, and changing its name to "Tricon Residential Inc.", which name change was duly approved by the Company's shareholders and became effective on July 7, 2020. The Company's harmonized operating structure eliminated the parent company/operating subsidiary model that existed under investment entity accounting (including the elimination of the monikers "Tricon American Homes" (single-family rental), "Tricon Lifestyle Rentals" (multi-family rental) and "Tricon Housing Partners" (for-sale housing)). In keeping with the restructuring, changes were made to Tricon's executive leadership team to reflect the realignment and harmonization of the Company's operations (see "Description of the Business – Senior Management Team" and "Directors and Officers").

<u>Private Funds and Advisory</u>

On June 13, 2022, Tricon entered into THPAS JV-2. Further details are set out above under "Active Investment Vehicles".

On July 19, 2021, the Company entered into SFR JV-2. Further details are set out above under "Active Investment Vehicles".

On May 10, 2021, the Company entered into HBD JV. Further details are set out above under "Active Investment Vehicles".

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

The US MF JV was formed on March 31, 2021 upon the syndication of an 80% interest in the Company's U.S. multi-family rental portfolio, which was first acquired in June 2019. As noted above, the joint venture ended upon the sale of the Company's interest in October 2022.

In March 2021, Tricon entered into the Canadian MF JV and announced the joint venture's first project. In 2022, Tricon and its investor agreed to increase the total amount that can be invested under the venture to C$1.5 billion. Further details are set out above under "Active Investment Vehicles" and "Business and Growth Strategy".

<u>Public Financing and Reporting</u>

On October 12, 2021, the Company closed its initial public offering of Common Shares in the United States and concurrent public offering in Canada. Concurrent with this offering, the Company issued Common Shares on a private placement basis pursuant to the exercise of pre-existing investor participation rights. A total of 46,248,746 Common Shares were issued for aggregate gross proceeds to the Company of approximately $570 million.

On September 9, 2021, Tricon completed the redemption of its outstanding 5.75% extendible convertible unsecured subordinated debentures due March 31, 2022. In total during 2021, the Company issued 16,449,980 Common Shares in connection with the conversion or redemption of such debentures in an aggregate principal amount of $172.4 million.

On June 8, 2021, the Company completed a public offering of Common Shares on a bought deal basis. A total of 15,480,725 Common Shares were issued at a price of C$13.00 per Common Share for total gross proceeds to the Company of approximately C$201 million, including gross proceeds from the private placement of Common Shares pursuant to the exercise of pre-existing investor participation rights.

On August 26, 2020, Tricon and its subsidiary, Tricon PIPE LLC, entered into subscription agreements pursuant to which a syndicate of investors subscribed for exchangeable preferred units of the subsidiary, which are exchangeable into Common Shares, for an aggregate subscription price of $300 million. The transaction was completed on September 3, 2020 and its material terms are summarized in the Company's related material change report which, together with the material transaction documents, is available on SEDAR at <u>www.sedar.com</u>.

In January 2020, the Company completed its transition to an owner and operator of diversified rental housing, resulting in the Company determining that it no longer meets the criteria for being an investment entity under International Financial Reporting Standards 10, *Consolidated Financial Statements* ("**IFRS 10**"). As a result, the Company began consolidating the financial results of controlled subsidiaries, including those holding its investments in single-family rental homes and U.S. multi-family rental properties, resulting in the inclusion of these subsidiaries' assets, liabilities and non-controlling interests in the balance sheet of the Company on a prospective basis in accordance with the relevant guidance of IFRS 10.

**<u>Our Revenues</u>**

The Company earns revenues and income from its single-family rental properties, adjacent residential businesses, and through its Private Funds and Advisory business. The business segment contribution to the Company's revenues over the past two fiscal years is detailed in the 2022 Financial Statements and the 2022 MD&A, which also contain more detailed explanations of the Company's revenue recognition. In particular, Section 7.1 of the 2022 MD&A contains a detailed discussion of the Company's revenue and income recognition, which discussion is incorporated herein by reference.

**<u>Senior Management Team</u>** 

The strategic direction and leadership of Tricon are provided by a senior management team that has substantial expertise in all aspects of the Company's business. The Company believes that the quality and commitment of its management team are the most important factors in the Company's success. Biographies of the members of the senior management team as of the date of this AIF are set out below and on the Company's website at <u>www.triconresidential.com</u>.

***Gary Berman, President and Chief Executive Officer***

Gary Berman is responsible for Tricon's overall operations, including strategic planning, investment decisions, capital commitments, relationship management and private fundraising. Since joining the Company in 2002, Mr. Berman has helped transform Tricon from a private provider of equity and mezzanine capital to the for-sale housing industry to a publicly-listed company focused on rental housing. Under his leadership, Tricon has established itself as a people-first residential company with a growing portfolio of

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

single-family rental homes, multi-family properties, and build-to-rent communities. He is a member of the Company's Board of Directors as well as its Investment and Executive Committees.

Mr. Berman is a Governor of the Corporation of Massey Hall and Roy Thomson Hall, where he also serves on the Massey Hall Revitalization Committee, a former Trustee of the Urban Land Institute and a former member of the University of Toronto Real Estate Advisory Committee. He is the co-founder of the Pug Awards, an online awards and education-based charity that, for a decade, helped to increase architectural awareness and elevate planning and design standards in Toronto.

Mr. Berman has a Master of Business Administration degree from Harvard Business School, where he was designated a Baker Scholar, and a Bachelor of Commerce degree from McGill University, where he graduated first overall in the Faculty of Management.

***David Berman, Co-Founder and Executive Chairman***

David Berman has been involved in all phases of Tricon's development since co-founding the Company in 1988. He served as the Company's Chairman and Chief Executive Officer until March 2015, and has since transitioned into the role of Executive Chairman. Mr. Berman is a member of Tricon's Executive Committee and is Chair of its Investment Committee. He has close to 50 years of experience in the real estate industry in the United States, Canada and abroad.

Mr. Berman began his career in North America in 1978 at what is now Citibank Canada, where he was Vice President of real estate lending. In 1982, he joined First City Development Corporation as Vice President, focusing on real estate acquisitions and equity lending. Prior to co-founding Tricon, Mr. Berman was an Executive Vice President at Lakeview Estates Limited, where he was responsible for land development and single-family homebuilding.

Mr. Berman has served on the boards of a number of charitable and educational organizations, including the Royal Conservatory of Music in Toronto, the University of Toronto's Real Estate Advisory Committee and the Fisher Center at the University of California at Berkeley.

Mr. Berman has a Master of Business Administration degree, graduating with high distinction, and a Bachelor of Science degree from the University of the Witwatersrand in Johannesburg, South Africa.

***Geoff Matus, Co-Founder and Director***

Geoff Matus co-founded Tricon in 1988 and continues to provide consulting services to the Company. He is a member of the Board of Directors, chairs the Executive Committee and is a member of the Investment Committee.

Mr. Matus is the Chair and co-founder of Cidel Bank of Canada, an international financial services group. He is also the Chair of The Team Companies, an employer of record payroll provider for the advertising and entertainment industries. He is a past member of the board of Mount Sinai Hospital (where he currently serves on the Research Advisory Committee), the board of Governing Council of the University of Toronto (where he currently chairs the Pension and Endowment Investment Advisory Committee and the Real Estate Committee) and the Canadian Opera Company. He is a director of the MaRS Discovery District (where he is Chair of the Real Estate Committee) and an honorary director and past Chair of the board of directors of the Baycrest Centre for Geriatric Care. He is the honorary Chair of the Hospital for Sick Kids/Nelson Mandela Children's Hospital Project. Mr. Matus has founded several other companies and remains a director of some of them.

In 2005, Mr. Matus received the Jewish Federation award for outstanding service to his community. In 2010, he received the Arbor Award for outstanding service to the University of Toronto and, in 2011, was honored as a "Man of Distinction" by the Israel Cancer Research Fund.

Mr. Matus has Bachelor of Commerce and Law degrees from the University of the Witwatersrand in Johannesburg, South Africa, and a Master of Laws degree from Columbia University in New York. In 2018, the University of Toronto conferred upon Mr. Matus an honorary Doctor of Laws degree.

***Wissam Francis, Executive Vice President and Chief Financial Officer***

Wissam Francis oversees all aspects of Tricon's financial management, including financial reporting and analysis, treasury, capital market strategies, investor relations, private capital fundraising, and the internal audit and tax functions.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Mr. Francis has extensive experience in financial reporting, capital markets, mergers and acquisitions, corporate finance and strategy formulation. He has more than 20 years of experience in real estate and has been actively involved in a variety of projects and sectors, including residential, retail, industrial, office, mixed-use and development.

Before joining Tricon in 2014, Mr. Francis was a senior member of Ernst & Young's Transaction Real Estate advisory practice. Prior to that, he was the Director of Finance and Acquisitions at First Capital Realty. Mr. Francis has a CPA, CMA designation and a Master of Business Administration degree from Wilfrid Laurier University, a Master of Arts degree in Economics and Statistics from the University of Waterloo, and a Bachelor of Arts degree in Finance and an Honors degree in Economics from the University of Western Ontario. He also completed Harvard Business School's Leadership for Senior Executives Program.

***Jonathan Ellenzweig, Executive Vice President and Chief Investment Officer***

Jonathan Ellenzweig is responsible for the strategic oversight of Tricon's rental housing and development platforms. He helps design and implement investment strategy, manages relationships with key stakeholders, sources new opportunities and oversees teams responsible for business plan execution and asset management. In addition, Mr. Ellenzweig is a member of Tricon's Investment Committee and leads its San Francisco office.

Since joining Tricon in 2005, Mr. Ellenzweig has been an integral part of many of its defining strategic initiatives, including its initial public offering in 2010, the launch of its single-family rental business in 2012 and its entry into U.S. multi-family rental in 2019.

Prior to joining Tricon, Mr. Ellenzweig worked in investment banking in New York and Toronto for Citigroup Global Markets, where he was a member of the coverage and transaction execution teams for financial services and media/telecom companies. He is a member of the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley, plays a leadership role in the Urban Land Institute, and serves on the Board of Directors of the Lark Theatre, a non-profit single-screen arthouse cinema in Marin County, California.

Mr. Ellenzweig has an Honors Bachelor of Commerce degree with First Class Honors from Queen's University.

***Kevin Baldridge, Executive Vice President and Chief Operating Officer***

Kevin Baldridge is responsible for the operational oversight of Tricon's U.S. single-family rental and U.S. and Canadian multi-family rental businesses and is a key partner in establishing the strategic direction of the business. Mr. Baldridge leads Tricon's organic single-family rental acquisition program and its daily operating activities, including marketing, innovation and IT initiatives.

Prior to joining Tricon in 2015, Mr. Baldridge was the President of Irvine Company Apartment Communities, where he was responsible for overseeing all property operations, asset management and acquisitions. Prior to that, he was a Senior Vice President of Boston-based General Investment and Development. Mr. Baldridge is the President and a board member of the National Rental Housing Council and an advisory board member of Zillow. Mr. Baldridge and his wife founded and run Hope in Motion International, a charity that provides medical assistance to orphanages and villages in Latin America. He has also held board positions on the National Multifamily Housing Council, the California Apartment Association, Serving People in Need and JSerra High School.

Mr. Baldridge has a Bachelor of Arts degree in Economics from the University of California, Los Angeles and a Master of Science degree in Finance and Accounting from the London School of Economics.

***David Veneziano, Executive Vice President, Chief Legal Officer and Corporate Secretary***

David Veneziano is responsible for overseeing all legal affairs and governance matters related to Tricon Residential's operational and strategic objectives. Mr. Veneziano has been Tricon's General Counsel since 2014, providing advice on all aspects of its operations, investments, corporate structuring and finance, compliance and corporate governance. He is also Tricon's Corporate Secretary and its Chief Compliance Officer.

Before joining Tricon in 2014, Mr. Veneziano served as Vice President and General Counsel of Leisureworld Senior Care Corporation (now Sienna Senior Living), where he was responsible for all legal and governance matters. Prior to working at Leisureworld, Mr. Veneziano practiced law at Goodmans LLP, where he advised a wide array of public and private enterprises in matters relating to tax, mergers and acquisitions, corporate finance, compliance and restructuring.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Mr. Veneziano is a graduate of the University of Toronto Law School and has a Bachelor of Science (Honors) degree in Human Biology and Bioethics from the University of Toronto, from which he graduated with high distinction.

***Sherrie Suski, Executive Vice President and Chief People Officer***

Sherrie Suski is responsible for overseeing Tricon's human resources function, including the sourcing, recruiting, vetting, hiring, development and retention of employees. She acts as a strategic business advisor to the executive team and departmental heads regarding key business and management issues, organizational strategy and operational effectiveness, and helps elevate team performance through innovative leadership. In order to further Tricon's ambitious growth plans, Ms. Suski focuses on the hiring, training and development of caring, talented employees – as they are the foundation and future leaders of Tricon Residential.

Ms. Suski brings to Tricon more than 20 years of experience in building, inspiring and retaining high-performance teams. Prior to joining Tricon in 2015, she led human resources and administrative functions for several large multinational organizations and numerous venture-backed start-ups, including in the high-tech and big data space. Ms. Suski is a member of the invitation-only Forbes Human Resources Council and is a regular contributor to Forbes.

Ms. Suski has a Bachelor of Arts degree in Psychology from the University of California, Irvine, where she graduated Cum Laude and Phi Beta Kappa, and a Master of Arts degree in Organizational Psychology from California State University, Long Beach.

***Gina McMullan, Chief Accounting Officer***

Gina McMullan is responsible for overseeing all aspects of Tricon's corporate accounting, public company financial reporting, private funds and advisory reporting, and accounting policy functions and is responsible for the property accounting operations of Tricon's single-family and multi-family rental portfolios, as well as leading technical research and applying a sound accounting approach to all complex strategic transactions. Ms. McMullan's full biography can be found on the Company's website.

***Alan O'Brien, Chief Resident Experience Officer***

Alan O'Brien is responsible for oversight of Tricon's property management business, including leasing, maintenance, call center operations and customer service, and is a thought leader in process improvement and efficiency through innovation and the employment of technology. Mr. O'Brien's full biography can be found on the Company's website.

***Douglas P. Quesnel, Chief Transformation Officer***

Douglas Quesnel is responsible for executing Tricon's enterprise transformation strategy through effective end-to-end integration within and between functional areas, continuous technology enablement and the optimization of service delivery models to support the growth of the business. He is responsible for financial business systems development, policy formulation and governance, and new business advisory. Mr. Quesnel's full biography can be found on the Company's website.

***Andy Carmody, Senior Managing Director, Investments and Head of Sustainability***

Andy Carmody oversees Tricon's U.S. residential development and single-family build-to-rent business, in which role he designs and implements strategy, manages relationships with key stakeholders, sources investment opportunities and oversees the investment team responsible for business plan execution and asset management. Mr. Carmody is also Head of Sustainability, which includes overseeing the development and implementation of Tricon's ESG program. Mr. Carmody's full biography can be found on the Company's website.

***Andrew Joyner, Managing Director, Investments***

Andrew Joyner leads Tricon's Canadian multi-family rental business, in which role he designs and implements strategy, sources investment opportunities, manages senior relationships with joint venture partners and oversees teams responsible for business plan execution, including development, construction and ongoing asset management. Mr. Joyner's full biography can be found on the Company's website.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

<br>***<br>Bill Richard, Managing Director, Asset Management and Acquisitions***

<br>Bill Richard oversees the asset management of Tricon's rental housing portfolio, as well as single-family rental acquisitions, in which roles he is responsible for portfolio analytics and optimization, revenue management, ancillary revenue, and Tricon's national organic single-family rental acquisition program. Mr. Richard's full biography can be found on the Company's website.

***Rick Timmins, Managing Director, Investments***

Rick Timmins manages strategic growth initiatives for Tricon's U.S. multi-family and single-family rental businesses and is responsible for joint venture capital-raising and structuring, investment management and strategic growth planning, as well as maintaining key private investor relationships. Mr. Timmins' full biography can be found on the Company's website.

***Julie Burdick, Managing Director, Investments***

<br>Julie Burdick is focused on driving strategic growth and spearheading major operational initiatives across Tricon's rental housing platforms. She also sources and leads a variety of acquisition opportunities in the U.S. Ms. Burdick's full biography can be found on the Company's website.

***Evelyne Dubé, Managing Director, Private Funds***

Evelyne Dubé is responsible for Tricon's private capital-raising team, business development efforts and sustainability initiatives and serves as the primary liaison with institutional investors in private investment strategies, including pension funds, insurance companies and sovereign wealth funds. Ms. Dubé's full biography can be found on the Company's website.

***Wojtek Nowak, Managing Director, Capital Markets***

Wojtek Nowak is responsible for managing Tricon's budgeting, planning and financial analysis functions, public markets investor relations and sustainability initiatives and also serves as a key liaison for Tricon's shareholders, research analysts and capital markets partners. Mr. Nowak's full biography can be found on the Company's website.

***David Mark, Managing Director, Finance***

David Mark is responsible for Tricon's debt financing activities in the U.S. and Canada, including managing the origination, structuring, negotiation and execution of all debt solutions. Mr. Mark's full biography can be found on the Company's website.

***Ali Merali, Head of Strategic Initiatives***

Ali Merali is responsible for managing Tricon's strategic initiatives and operational priorities, working closely with leadership teams from across the organization to ensure seamless cross-functional collaboration, effective communication, and informed decision-making. Mr. Merali's full biography can be found on the Company's website.

***Reshma Block, Head of Innovation and Technology***

Reshma Block is responsible for providing IT leadership and strategic direction for Tricon and for introducing innovative new technologies that improve the resident experience and advance the enterprise's operating efficiencies. Ms. Block's full biography can be found on the Company's website.

***John English, Head of Development***

John English is responsible for overseeing the development of all Tricon's Canadian multi-family projects and leads cross-functional teams through the project underwriting, municipal approvals, design, budgeting and construction processes. Mr. English's full biography can be found on the Company's website.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

***Sandra Pereira, Senior Vice President, Head of Tax Services***

Sandra Pereira is responsible for Tricon's global tax function, including strategy, planning, reporting, governance and tax compliance matters. Ms. Pereira's full biography can be found on the Company's website.

***Jude Fitzgerald, Head of Marketing and Communications***

Jude Fitzgerald is responsible for all aspects of creating, building and bringing to life the Tricon Residential brand across U.S. and Canadian markets, and aligning Tricon's marketing and communications programs with its business, financial and people first goals. Ms. Fitzgerald's full biography can be found on the Company's website.

***Thomas Walsh, General Counsel, Property Operations***

Thomas Walsh is responsible for overseeing all property-related legal, compliance and strategic risk management for Tricon. Mr. Walsh's full biography can be found on the Company's website.

**<u>Employees</u>**

As of December 31, 2022, Tricon had 1,010 employees in Toronto, Ontario, San Francisco and Orange County, California, and in its field offices across the United States and Canada. In addition, The Johnson Companies LP and its subsidiaries employ approximately 94 individuals.

**RISK FACTORS** 

There are certain risks inherent in the Company's activities and those of its investees, including the ones described below, which may impact the Company's financial and operating performance, the value of its investments and the value of its securities. The risks described below are not the only ones facing the Company and holders of Common Shares. Additional risks not currently known to us or that we currently consider to be immaterial may also affect our activities.

***General Economic Conditions***

The success of our business is highly dependent upon conditions in the Canadian and United States real estate markets (and in particular the residential sector) and economic conditions throughout North America that are outside our control and difficult to predict. Factors such as interest rates, housing prices, availability of credit, inflation rates, energy prices, economic uncertainty, changes in laws (including laws relating to taxation), trade barriers, currency exchange rates and controls, and national and international political circumstances (including wars, terrorist acts or security operations) could have a material negative impact on our financial performance and the value of our investments.

With respect to the current economic environment, the COVID-19 pandemic and resulting economic impact, including increased inflation and related increased interest rates, have created significant volatility in financial and commodity markets. The pandemic and its aftermath may result in a global recessionary environment with continued market volatility. Such unpredictable or unstable market conditions, adverse economic conditions, or volatility in the capital markets may result in reduced opportunities to find suitable risk-adjusted investments to deploy capital, may reduce the market value of our assets, and may make it more difficult for the Company and its Investment Vehicles to generate revenues or to exit and realize value from existing real estate holdings, any of which could materially adversely affect our revenues, the value of our investments, and our ability to raise and deploy new capital and sustain our profitability and growth.

***Real Estate Industry Conditions***

The residential real estate industry is cyclical and is significantly affected by changes in general and local economic and industry conditions, such as employment levels, availability of financing for homebuyers, interest rates, consumer confidence, levels of new and existing homes for sale, demographic trends and housing demand. In addition, an oversupply of new homes or alternatives to new homes, such as resale homes, including homes held for sale by investors and speculators, foreclosed homes and rental properties, may reduce the ability to rent or sell residential properties, depress prices and reduce margins from the rental and sale of residential properties. Conversely, if property prices in target markets increase at a rate faster than rents, this could result in downward pressure on gross rental yields and impact the ability to make acquisitions. A similar situation could arise in the climate of rising interest rates. Any of these factors could negatively impact the Company's financial condition and performance.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Builders, developers and renovators are also subject to risks related to the availability and cost of materials and labor, and adverse weather conditions that can cause delays in construction schedules and cost overruns. Furthermore, the market value of undeveloped land, buildable lots and housing inventories can fluctuate significantly as a result of changing economic and real estate market conditions and may result in impairment charges. If there are significant adverse changes in economic or real estate market conditions, residential properties may have to be sold at a loss, rented at less than expected rates, or held longer than planned. These circumstances can result in losses in a poorly performing investment or market. If market conditions deteriorate, the Company's financial condition and performance may be adversely impacted.

***Indebtedness and Rising Interest Rates***

The degree to which the Company is leveraged could have important consequences to the Company, including: (i) the Company's future ability to obtain additional financing for working capital, capital expenditures or other purposes may be limited; (ii) the Company may be unable to refinance indebtedness on terms acceptable to the Company or at all; (iii) a significant portion of the Company's cash flow could be dedicated to the payment of the principal of and interest on its indebtedness, thereby reducing funds available for future operations, capital expenditures and/or dividends on its Common Shares and increasing the risk of default on the Company's debt obligations; (iv) the Company's financial performance may be negatively impacted by rising interest rates; and (v) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures.

In addition to the potential consequences noted above, rising interest rates may impact the Company's ability to finance its future growth and cause the Company to slow its property acquisition pace, which itself could impact its ability to earn rent and fee revenue, raise future investment vehicles, or optimize its portfolio, all of which could negatively impact its financial condition and performance.

Moreover, rising interest rates, decreased availability of mortgage financing or of certain mortgage programs, higher down payment requirements or increased monthly mortgage costs may increase the cost of capital for the Company and may lead to reduced demand for new home sales and resales and mortgage loans, which could negatively impact our financial condition and performance.

The Company manages interest rate risk by structuring its financings to stagger the maturities of its debt, thereby mitigating the exposure to interest rate and other credit rate fluctuations. However, there can be no assurance that the Company will be able to continue to stagger and fix its debt in the future on favorable terms or at all.

***Inflation***

<br> In an attempt to combat recent inflation through cooling demand, the Bank of Canada and the Federal Reserve have tightened monetary policy through fiscal 2022 by increasing the overnight lending rate. In a rising interest rate environment, the cost of acquiring, financing, developing, expanding and renovating investment properties also increases, and together with upward pressure on capitalization rates and decreased investment property demand, the Company's investment property values may decline as a result.

Inflation in Canada and the U.S. is currently at historically high levels. The rate of inflation impacts the general economic and business environment in which the Company operates. Recent inflationary pressures experienced domestically and globally, external supply constraints, tight labor markets and strong demand for goods and resources, together with the imposition by governments of higher interest rates or wage and price controls as a means of curbing inflationary increases, will put pressure on the Company's development, financing, operation and labor costs and could negatively impact levels of demand for real property. Accordingly, continued inflationary pressures and the resulting economic impacts may adversely affect our financial condition and results of operations. If inflation at elevated levels persists and interest rates continue to climb, an economic contraction is possible. Higher inflation and the prospect of moderated growth also negatively impacts the debt and equity markets in which the Company seeks capital, and in turn might impact our ability to obtain capital in the future on favorable terms, or at all. While the Company's portfolio and market position, as well as its stable resident base, provide it with flexibility to navigate volatile economic conditions, there can be no assurances regarding the impact of a significant economic contraction on the business, operations, and financial performance of the Company.

***Portfolio Concentration***

Although our real estate holdings span numerous markets across North America, real estate is a local business, and our revenues are directly and indirectly derived from residential real estate located in our primary geographic markets. A prolonged downturn in the economies of these markets, or the impact that a

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

downturn in the overall national economies of the United States or Canada may have upon these markets, could negatively impact our financial condition and performance.

Furthermore, because we are focused on residential real estate (as compared to a more diversified real estate portfolio), a decrease in demand specifically for residential real estate could adversely affect our financial condition and performance.

***Competition***

The residential real estate business is competitive and each segment of our business is subject to competition in varying degrees. We compete on the basis of a number of factors, including, but not limited to, the quality of our employees, transaction execution, innovation, reputation and above all, our rental operations. Numerous developers, managers and owners of properties compete with the Company in seeking attractive residents and home purchasers, in the efficiency of their operations, and in the quality of their service offering. In addition, there is significant competition for suitable real property investments, with other operators and investors seeking similar assets to those targeted by the Company. A number of these investors may have greater financial resources than those of the Company, or operate without the same investment or operating restrictions. An increase in competition for real property investments may increase purchase prices, diminish the number of suitable investments available, and reduce the ability to achieve optimal portfolio size or expected yields, which could impact the Company's investments and financial performance.

Furthermore, we compete in pursuit of investor capital to be invested in our securities and Investment Vehicles. Competition for investor capital, in particular, is intense and investors are increasingly seeking to manage their own assets or reduce their management fees. Further, our competitors may have certain competitive advantages, including greater financial, technical, marketing and other resources, more personnel, less onerous regulatory requirements, or a lower cost of capital, and access to funding sources or other resources that are not available to us. These pressures, or an increase in competition, could impact our revenues and operating margins and negatively affect our overall financial condition.

The residential, development, homebuilding, renovation and rental industries are themselves highly competitive. Residential developers, homebuilders, renovators and operators compete not only for homebuyers and/or tenants on the basis of price and product offering, but also for desirable properties, building materials, labor and capital. Competitive conditions in the industry could result in: difficulty in acquiring suitable properties at acceptable prices; increased selling or rental incentives; lower sales volumes and prices; higher vacancy; lower profit margins and development yields; impairments in the value of inventory and other assets; increased construction costs; and delays in construction. These factors may negatively impact the Company's financial condition and performance.

***Investment Pipeline***

An important component of the Company's growth strategy is the ongoing availability of attractive real estate acquisition or investment opportunities. If we are not able to find sufficient residential real estate investments in a timely manner, our performance could be adversely affected. Furthermore, if we do not have sufficient investment opportunities, we may elect to limit our growth and reduce the rate at which we attract third-party capital, which could impact our growth plans and revenues. Finally, a scarcity of desirable investment opportunities may lead us to make investments with lower expected returns than those we have historically targeted. Any of these factors could negatively impact our financial condition and performance.

***Liquidity Risk***

Residential real estate assets generally cannot be sold quickly, particularly if local market conditions are poor. As a result, the Company may not be able to acquire or sell assets promptly in response to economic or other conditions. If the Company were required to quickly liquidate its assets, there is a risk that we would realize sale proceeds of less than the current book value of our real estate investments. This inability to promptly reallocate capital or exit the market in a timely manner could adversely affect the Company's financial condition and performance.

Additionally, financial difficulties of other property owners resulting in distressed sales could depress real estate values in the markets in which we invest. These restrictions could reduce our ability to respond to changes in the performance of our portfolios and could adversely affect our financial condition and performance.

***Transaction Execution***

Before making investments, we conduct extensive due diligence reviews that we deem reasonable and appropriate based on the facts and circumstances applicable to each asset. Our due diligence process

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

includes in-depth reference checks of developers (where applicable), environmental audits, market analysis, site analysis, financial and construction cost analysis and legal review. When conducting due diligence, we may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence process in varying degrees depending on the asset class and size of transaction. Nevertheless, when conducting due diligence, we rely on the resources available to us, including information provided by the developer or operating partner (where applicable) and, in some circumstances, third-party investigations. The due diligence investigation that we carry out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such opportunity. Moreover, such an investigation will not necessarily result in the investment being successful. Unknown factors or unforeseen risks may cause performance to fall short of expectations and may negatively impact our financial condition and performance.

***Benchmark Interest Rate Reform Risk***

Regulators in the United Kingdom and elsewhere have recommended and are seeking to implement broad changes to benchmark interest rates, such as London Interbank Offered Rate ("**LIBOR**"). The transition away from the widespread use of LIBOR and such other benchmark rates to alternative reference rates and other potential interest rate benchmark reforms is expected to continue in the short term. For example, the current U.S. dollar LIBOR publication is scheduled to end by June 30, 2023. On December 16, 2022, the United States Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on Secured Overnight Financing Rate ("**SOFR**") that will replace LIBOR in certain financial contracts after June 30, 2023.

The discontinuation of LIBOR, and the transition to SOFR and other alternative reference rates, could lead to market instability, and could adversely impact the pricing, liquidity, value or return of the Company's debt instruments, affect the Company's ability to meet its payment obligations thereunder, require extensive changes to documentation, result in disputes, or cause the Company to incur additional costs and interest rate expense. Depending on these and several other factors, many of which are beyond the Company's control, the Company's business, financial condition and results of operations could be materially adversely impacted by such market transition and reform of benchmark interest rates. It remains uncertain how such changes would be implemented and the effects such changes may have on the Company, its business, financial condition and results of operations, its investees and financial markets generally. The Company continues to actively monitor these potential changes and to include alternative rate-setting methodologies in its newly issued debt instruments.

***Sustaining Growth***

Our continuing growth has caused, and if it continues will continue to cause, significant demands on our legal, accounting and operational infrastructure, and increased expenses. In addition, we are required to continuously develop our systems and infrastructure in response to the increasing sophistication of the residential real estate investment industry, the investment management market, and legal, accounting and regulatory developments.

Our future growth will depend, among other things, on our ability to maintain an operating platform and management systems sufficient to address our growth, and will require us to incur additional expenses and to commit additional senior management and operational resources. There can be no assurance that we will be able to manage our expanding operations effectively or that we will be able to continue to grow, and any failure to do so could adversely affect our ability to generate revenue and control our expenses.

***Insurance***

We have various types of insurance, including errors and omissions insurance and general commercial liability insurance as well as relevant insurance obtained to protect the value of our assets. The adequacy of insurance coverage is evaluated on an ongoing basis, including the cost relative to the benefits. However, there can be no assurance that potential claims or losses will not exceed the limits, or fall outside the scope, of available insurance coverage or that any claim or claims will be ultimately satisfied by an insurer. A loss or judgment in excess of available insurance or in respect of which insurance is not available could have a material adverse effect on our financial condition and the value of our assets. There can be no assurance that insurance coverage on favorable economic terms will continue to be available in the future.

***Environmental Risk***

Our real estate portfolios are subject to various Canadian and United States federal, provincial, state and municipal laws relating to environmental matters. These laws could hold developers or property owners liable for the costs of removal and remediation of certain hazardous substances or wastes released or

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

deposited on properties or disposed of at other locations. The failure to remove or remediate such substances, if any, or to address such matters through alternative measures prescribed by the governing authority, could adversely affect the developer's or owner's ability to sell the properties or to borrow using real estate as collateral, and could potentially result in claims or other proceedings. We are not aware of any material non-compliance with environmental laws in respect of our assets or those in which our Investment Vehicles invest. We are also not aware of any material pending or threatened investigations or actions by environmental regulatory authorities, or any material pending or threatened claims relating to environmental conditions, in connection with any of the residential real estate in which we or our Investment Vehicles invest. Environmental laws and regulations can change rapidly and may impose more stringent environmental laws and regulations in the future, increasing the risk of non-compliance. Non-compliance with applicable environmental laws and regulations, or compliance with more stringent legislative frameworks, could have an adverse effect on our financial condition and performance.

***Disease Outbreak Risks***

A local, regional, national or international outbreak of a contagious disease, including, but not limited to, the ongoing COVID-19 pandemic, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu, or any other similar illness could result in or continue to result in: a general or acute decline in economic activity in the regions where the Company holds assets and conducts business, a decrease in the willingness or ability of the general population to travel, staff and labor shortages, diversion of management attention, reduced resident and customer traffic and demand, reduced employment and financial wherewithal of our residents, mobility restrictions and other quarantine measures, supply shortages, increased government regulation (including regulations impacting property operations, limiting rent increases or limiting eviction actions), and the quarantine or contamination of one or more of the Company's rental properties. Contagion in a Tricon building or market in which the Company operates could negatively impact the Company's occupancy, its reputation or the attractiveness of that market. An outbreak may affect a resident's ability to meet their payment obligations, by disrupting their employment or income, and negatively impacting local, national or global economies. These and other related consequences could negatively impact: rental revenue, the ability to collect rent and enforce leases, fee income and other revenue sources, vacancy levels, mortgage renewals and refinancings, rental rates and for-sale housing prices, property values, bad debt expense, liquidity, the Company's ability to grow and expand its portfolios, development timelines, project cash flows, compliance with debt covenants and default risk, and the Company's ability to achieve its financial and strategic goals and targets. In addition, the Company's response to such a crisis may be made in the context of economic and epidemiological uncertainty and changing legal regulations, which may increase the risk of legal or regulatory liability to the Company.

Increased government regulation in response to the COVID-19 pandemic specifically, or other similar outbreaks, could result in legislation or regulations that may restrict the Company's ability to enforce material provisions under its leases, among the other potential adverse impacts noted above. Additionally, the COVID-19 pandemic and its aftermath have resulted in a general economic downturn and increased volatility in financial markets, which may negatively impact the market price for the Company's securities and could create difficulty in raising capital in debt and equity markets, both of which could adversely affect the Company's operations and financial performance. In addition, the pandemic may result in a global recessionary environment with continued market volatility, which could further impact the Company's operations and financial performance. While governments and central banks have implemented monetary and fiscal measures intended to stabilize economic conditions, the impact of these measures remains uncertain. The COVID-19 pandemic continues to evolve, and the duration and impact of such outbreak and its aftermath is currently unknown. As such, it is not possible to reliably estimate the length and severity of COVID-19-related impacts on the financial results and operations of the Company.

***Climate Change Risks***

To the extent that significant changes in the climate occur in areas where our properties are located, increasingly extreme weather, changes in precipitation, flooding, wildfires, hurricanes and rising temperatures in those areas may result in physical damage to, or a decrease in demand for, properties located in those areas or affected by those conditions. Should the impact of climate change be material in nature, including significant property damage to or destruction of our properties, or occur for lengthy periods of time, our financial condition and performance may be adversely affected. Climate change, to the extent it causes changes in weather patterns, could also increase the cost of property insurance and utilities at our properties and impact demographic trends in ways that result in decreased demand for our properties. In addition, changes in federal, provincial, state and local laws based on concerns about climate change could result in reduced operational flexibility and/or increased expenses on our existing properties (for example, to improve their energy efficiency and/or resistance to inclement weather or to reduce their carbon footprint) without a corresponding increase in revenue, which could adversely affect our performance.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Lenders, investors, credit rating agencies and regulators are increasingly viewing climate change as an important issue that requires greater consideration. An unsuccessful investment strategy and operational management plan concerning climate change may have an adverse effect on the Company's ability to raise funds via debt and/or equity, as well as related investment returns and sentiment.

While the Company evaluates the potential impact of climate change and material risks on a regular basis, as well as maintains adequate insurance coverage for weather-related events, there is no certainty that such a strategy will mitigate any material adverse effects on the Company or its properties.

***Conflicts of Interest***

Some of the parties in which and with which we currently invest may have competing interests in the markets in which Tricon invests. While the Company takes precautions and negotiates contractual restrictions in definitive legal documentation in order to avoid such conflicts, conflicts of interest may nonetheless arise and may have an adverse effect on the Company's financial condition and performance.

Certain of the directors and officers of the Company may also serve as directors and/or officers of other companies and consequently the possibility exists for such directors and officers to be in a position of conflict. Any decision made by any such director or officer involving the Company is to be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Company, but there can be no assurance that a conflict of interest will not have an adverse effect on the Company or its financial condition.

***Management Team***

The Company's executive officers and other senior management have a significant role in our success and oversee the execution of our strategy. Our continued ability to respond promptly to opportunities and challenges as they arise depends on cooperation across our organization and our team-oriented management structure, which benefits greatly from management continuity. Our ability to retain our management group or attract suitable replacements, should any members of the management group leave, is dependent on, among other matters, the competitive nature of the employment market and the career opportunities that we can offer. Ensuring that we continue to pay market compensation in order to retain key professionals may lead to increasing costs. We have experienced departures of key professionals in the past and may do so in the future, and we cannot predict the impact that any such departures will have on our ability to achieve our objectives. Competition for the best people is intense and the loss of services from key members of the management group or a limitation in their availability could adversely impact our financial performance. Furthermore, such a loss could be negatively perceived in the capital markets.

***Government Regulation***

The Company's activities are subject to numerous regulations across various jurisdictions in North America. Changes in legislation and regulation could result in increased costs, limitations on the Company's ability to carry on its business in certain jurisdictions, and increased risk of non-compliance, which could adversely affect the Company's financial condition and performance.

Certain jurisdictions have enacted residential tenancy legislation which imposes, among other things, rent control guidelines that limit the ability to raise rental rates at residential properties. In addition to limiting the ability to raise rental rates, residential tenancy legislation in some jurisdictions prescribes certain limitations on terminations of residential tenancies. Certain jurisdictions enacted rent control regulations and/or eviction moratoria in response to the COVID-19 pandemic. It is possible that future similar changes in applicable federal, provincial, state, local, or common laws or regulations or changes in their enforcement or regulatory interpretation could result in changes in the legal requirements affecting the Company (including with retroactive effect). Any changes in the laws to which the Company is subject could materially adversely affect the Company's rights and title to its assets or its ability to carry on its business in the ordinary course. In particular, any limits on the Company's ability to raise rental rates at its properties, to terminate defaulting tenancies, or to lease its properties or otherwise carry on its businesses, may adversely affect our financial condition and performance.

Acquisitions and development projects undertaken by the Company may require zoning and other approvals from local government agencies. The process of obtaining such approvals may take months or years, and there can be no assurance that the necessary approvals for any particular project will be obtained. Holding costs accrue while regulatory approvals are being sought, and delays could negatively impact performance.

***Construction Industry Risks***

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Our success is very often dependent on stability in the construction industry. This industry may from time to time experience significant difficulties in the supply of materials and services, including with respect to: shortages of qualified tradespeople; labor disputes; shortages of building materials; unforeseen environmental and engineering problems; and increases in the cost of certain materials. When any of these difficulties occur, it may cause delays and increase anticipated costs, which could adversely affect the Company's financial condition and performance.

***Taxation Risks***

We endeavor to structure our holdings and operations to be efficient under the prevailing U.S. and Canadian tax frameworks. Changes in tax legislation or policy could adversely affect the after-tax return we can earn on our investments and activities, capital available for growth and investment (including from our institutional investors), and the willingness of investors to acquire our securities or invest in our Investment Vehicles. A number of other factors may increase our effective tax rates, which would have a negative impact on our net income. These include, but are not limited to, changes in the valuation of our deferred tax assets and liabilities, and any reassessment of taxes by a taxation authority.

Furthermore, tax changes (such as rising property and franchise tax rates) could impact the efficiency of our operations and could also impact the overall economic conditions relevant to the success of our business. For example, in the United States, the significant expenses of owning a home, including mortgage interest and state and property tax, are generally deductible for tax purposes (subject to various limitations). Any changes to modify these benefits could increase the after-tax cost of owning a new home, which could adversely impact housing demand and/or sales prices.

***Cybersecurity and Information Technology Risks***

Cyberattacks are increasingly common and sophisticated, leading to unauthorized access and fraudulent activities threatening the confidentiality, integrity or availability of our information resources. Cyberattacks could cause disruption of operations, data corruption or theft of confidential information. Given the increased work from home arrangements which continue in the wake of the COVID-19 pandemic, Tricon's reliance on using information technology systems is further elevated during this time period. The consequences of cybersecurity risk may include remediation costs, additional regulatory scrutiny, litigation and reputational damage, any of which could negatively impact our financial condition and performance. We have security procedures and measures in place to protect our systems and information from cyberattacks and we monitor our systems for malicious threats in an effort to ensure we maintain high privacy and security standards; however, these measures do not guarantee that the Company's financial or operational results will not be negatively impacted by such an incident.

The protection of resident, employee, and company data is critically important to the Company. The Company's business requires it, including some of its vendors, to use and store personally identifiable and other sensitive information of its residents and employees. The collection and use of personally identifiable information are governed by U.S. and Canadian federal and state/provincial laws and regulations. Privacy and information security laws continue to evolve and may be inconsistent from one jurisdiction to another. Compliance with all such laws and regulations may increase the Company's operating costs and adversely impact the Company's ability to market the Company's properties and services.

The security measures put in place by the Company and its vendors cannot provide absolute security, and the Company and its vendors' information technology infrastructure may be vulnerable to criminal cyberattacks or data security incidents, including ransom of data such as resident and/or employee information, due to employee error, malfeasance, or other vulnerabilities. Any such incident could compromise the Company's or such vendors' networks, and the information stored by the Company or such vendors could be accessed, misused, publicly disclosed, corrupted, lost, or stolen, resulting in fraud, including wire fraud related to Company assets, or other harm. Moreover, if a data security incident or breach affects the Company's systems or such vendors' systems or results in the unauthorized release of personally identifiable information, the Company's reputation and brand could be materially damaged and the Company may be exposed to a risk of loss or litigation and possible liability, including, without limitation, loss related to the fact that agreements with such vendors, or such vendors' financial condition, may not allow the Company to recover all costs related to a cyber breach for which they alone, or they and the Company, should be jointly responsible, which could result in a material adverse effect on the Company's business, results of operations and financial condition.

Privacy and information security risks have generally increased in recent years because of the proliferation of new technologies, such as ransomware, and the increased sophistication and activities of perpetrators of cyberattacks. In the future, the Company may expend additional resources to continue to enhance the Company's information security measures and/or to investigate and remediate any information security vulnerabilities. Despite these steps, there can be no assurance that the Company will not suffer a data

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

security incident, that unauthorized parties will not gain access to sensitive data stored on the Company's systems, or that any such incident will be discovered in a timely manner. Further, the techniques used by criminals to obtain unauthorized access to sensitive data, such as phishing and other forms of human engineering, are increasing in sophistication and are often novel or change frequently; accordingly, the Company may be unable to anticipate these techniques or implement adequate preventative measures.

If the Company does not allocate and effectively manage the resources necessary to build and sustain reliable information technology infrastructure, fails to timely identify or appropriately respond to cybersecurity incidents, or the Company's or its third-party vendors' information systems are damaged, destroyed, shut down, interrupted or cease to function properly, the Company's business could be disrupted and the Company could, among other things, be subject to: the loss of or failure to attract new residents; the loss of revenue; the loss of or unauthorized access to confidential information or other assets; the loss of or damage to trade secrets; damage to its reputation; litigation; regulatory enforcement actions; violation of privacy, security or other laws and regulations; and remediation costs.

To reduce the level of vulnerability to information security risks, the Company has implemented various security measures, including the monitoring, testing and maintenance of protective systems and contingency plans, in order to protect and to prevent unauthorized access to confidential and personal information and to reduce the likelihood of disruptions to its information technology systems. Access to confidential and personal information is controlled through organizational measures and technical information technology security mechanisms. The Company is not audited or certified to top information security standards; however, the Company's external auditors review the Company's internal controls with respect to information technology as part of their general financial audit. The Company has cybersecurity insurance coverage and continues to monitor and assess the risks surrounding the collection, usage, storage, protection, and retention/destruction practices of confidential and personal information. The Company's management, Audit Committee and Board are responsible for the review and oversight of the Company's privacy, information technology and cybersecurity risk exposures.

***Reputational Risk***

The Company relies on its continuing positive reputation to maintain its financial condition and performance. Challenges to Tricon's reputation resulting from negative publicity or public sentiment regarding the Company, its business, or the rental housing industry in general, could negatively impact the Company in numerous ways that may be difficult to predict, but which may include reducing demand for the Company's homes and services (including reducing the Company's ability to form new Investment Vehicles) or informing regulatory actions which may impact the Company and its business.

***Expanding Social Media Vehicles***

The use of social media could cause the Company to suffer brand damage or information leakage. Negative posts or comments about the Company or its properties on any social networking website could damage the Company's reputation. In addition, employees or others might disclose non-public sensitive information relating to the Company's business through external media channels. The continuing evolution of social media will present the Company with new challenges and risks.

***Lease Renewal and Turnover Risk***

If a resident decides to vacate a rental property, whether as a result of deciding not to renew their lease or by vacating prior to the expiry of the lease, the Company may not be able to re-let that property in a short amount of time or at all. Additionally, even if we are successful in renewing a lease or re-letting a property, the terms of the renewal or re-letting may be less favorable than the original terms.

The ability to rent residential properties is affected by many factors, including changes in general economic conditions (such as the availability and cost of mortgage funds, vacancy rates, the availability of suitable potential residents and the job market for prospective residents), local conditions (such as an oversupply of space or a reduction in demand for real estate in the area), government regulations, changing demographics or social preferences, competition from other available properties, and various other factors.

If the Company is unable to promptly renew leases or re-let properties, or if the rental rates upon renewal or re-letting are significantly lower than expected rates, our financial condition and performance may be negatively impacted.

Furthermore, if a significant number of residents are unable to meet their obligations under their leases or if a significant number of properties become vacant and cannot be re-let on economically favorable terms, the Company may not generate revenues sufficient to meet operating expenses, including debt service and capital expenditures.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

***Resident Default***

The success of the Company's rental operations depends in large part upon the ability to attract and retain qualified residents. This will depend, in turn, upon the ability to screen applicants, identify qualified residents, and avoid residents who may default. The Company relies on information supplied by prospective residents in their rental applications to make leasing decisions, and this information may not be accurate. The Company may not successfully screen applicants, and as a result, may rent to residents who default on leases or fail to comply with the terms of the lease or applicable homeowners' association regulations, which may negatively affect financial performance, reputation, and the quality and value of our properties.

In the event of a resident default or bankruptcy, we may experience delays in enforcing our rights as landlord and obtaining possession of the premises and may incur legal, maintenance and other costs in protecting the value of our assets. In addition, we will incur turnover costs associated with re-letting the property such as marketing and brokerage commissions, will not collect revenue while the property sits vacant, and may be unable to re-let the property at the rental rate previously received.

***Reliance on Vendors***

The Company relies on local vendors and service providers, including house renovation professionals, maintenance providers, leasing agents and property management companies in situations where it is cost-effective to do so or if our internal staff is unable to perform these functions. We generally do not have exclusive or long-term contractual relationships with any of these providers, and can provide no assurance that we will have uninterrupted or unlimited access to their services. Furthermore, selecting, managing and supervising these service providers requires significant management resources and expertise. Poor performance by service providers, especially those who interact with residents at our properties, will reflect poorly on the Company, could significantly damage our reputation among desirable residents, and potentially impact financial performance. Moreover, notwithstanding efforts to implement and enforce strong policies and practices regarding service providers, we may not successfully detect and prevent fraud, incompetence or theft by service providers, which could expose us to liability or responsibility for associated damages and cause us to incur fines or penalties. In addition, any delay in identifying a service provider or removal or termination of existing service providers would require the Company to seek new vendors or providers, which could create delays and adversely affect financial and operating results.

***Increased Expenses***

The failure to maintain stable or increasing average monthly rental rates combined with acceptable occupancy levels would likely have a material adverse effect on our business, cash flows, financial condition and results of operations. Certain significant expenditures, including property taxes, maintenance costs, mortgage payments, insurance costs and related charges, must be made throughout the period of ownership of real property regardless of whether a property is producing any income. There is a risk that property taxes may be increased as a result of revaluations of properties and their adherent tax rates. In some instances, enhancements to properties may result in significant increases in property assessments following a revaluation. Additionally, our operating expenses have been subject to considerable price escalation and any significant increase in these costs that we cannot charge back to our residents may have an adverse effect on our business, cash flows, financial condition and results of operations.

***Substitutions for Rental Properties***

Demand for rental properties is impacted by and inversely related to the relative cost of home ownership. The cost of home ownership depends upon, among other things, interest rates offered by financial institutions on mortgages and similar home financing transactions. If economic conditions favor home ownership, demand for rental properties may be adversely affected.

An economic downturn may also impact job markets and the ability of residents to afford the rents associated with certain rental properties, which may result in increased demand for lower-cost rental options. Such a reduction in demand may have an adverse effect on our rental revenues.

***Tenant Relief Laws***

As the landlord of numerous properties, the Company is involved from time to time in evicting residents who are not paying their rent or who are otherwise in material violation of the terms of their lease. Eviction activities impose legal and managerial expenses that increase costs and expose us to potential negative publicity. The eviction process is typically subject to legal barriers, mandatory "cure" policies, internal policies and procedures and other sources of expense and delay, each of which may delay our ability to

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

gain possession and stabilize the property. Additionally, state, provincial and local landlord-tenant laws may impose legal duties to assist residents in relocating to new housing, or restrict the landlord's ability to remove the resident on a timely basis or to recover certain costs or charge residents for damage residents cause to the landlord's premises. Because such laws vary by state, province and locality, the Company must be familiar with and take all appropriate steps to comply with all applicable landlord-tenant laws, and needs to incur supervisory and legal expenses to ensure such compliance. To the extent that we do not comply with state, provincial or local laws, we may be subject to civil litigation filed by individuals, in class actions or actions by state, provincial or local law enforcement, and the Company's reputation and financial results may suffer. The Company may be required to pay adversaries' litigation fees and expenses if judgment is entered against us in such litigation or if we settle such litigation.

***Title Risk***

The Company's acquisition of single-family rental homes is often completed through a title company with an owner's title insurance policy being obtained. However, U.S. distressed single-family homes may also be acquired through trustee auctions. Although the Company conducts due diligence and employs a title company to review title on target housing assets prior to purchasing such homes, title on the homes purchased through foreclosure sales and auctions is occasionally only assumed weeks after the purchase. Furthermore, an owner's title insurance policy is not available to protect against the inherent title risk arising through the foreclosure auction process. In the event that the Company fails to independently and properly assess a title risk or fails to assume one or more homes because of such failed analysis, it may not achieve its expected financial performance.

***Homeowners' Association Issues***

A number of our properties are located within homeowner associations ("**HOAs**"), which are private entities that regulate the activities of and levy assessments on properties in a residential subdivision. HOAs in which we own properties may have or enact onerous or arbitrary rules that restrict our ability to renovate, market or lease our properties or require us to renovate or maintain such properties at standards or costs that are in excess of our planned operating budgets. Such rules may include requirements for landscaping, limitations on signage promoting a property for lease or sale, or the use of specific construction materials in renovations. HOAs also levy fees or penalties for non-compliance with their rules which may be costly for the Company to pay or challenge. Some HOAs also impose limits on the number of property owners who may rent their homes, which if met or exceeded, would cause us to incur additional costs to resell properties within the HOA and may also result in opportunity costs of lost rental income. Many HOAs impose restrictions on the conduct of occupants of homes and the use of common areas, and we may have residents who violate HOA rules and for which we may be liable as the property owner. The boards of directors of the HOAs in which we own properties may not make important disclosures about the properties or may block our access to HOA records, initiate litigation, restrict our ability to sell our properties, impose assessments, or arbitrarily change the HOA rules. We may be unaware of or unable to review or comply with HOA rules before purchasing a property and any such excessively restrictive or arbitrary regulations may cause us to sell such property at a loss, prevent us from renting such property, or otherwise reduce our cash flow from such property, which would have an adverse effect on our financial condition and performance.

***Government Subsidies***

Some of our rental income is derived from government subsidized rental support programs, such as the Section 8 program operated by the U.S. Department of Housing and Urban Development. A reduction or elimination of government funding of such programs could result in higher rental turnover and downward pressure on rental rates, which could negatively impact our financial performance.

***Guarantees of Project Debt***

The Company may agree to provide financial assistance to the subsidiary entities through which it carries on its activities. Such financial assistance may include the provision of payment guarantees to a project entity's lenders of acquisition financing, construction debt or long-term financing, and the provision of construction completion guarantees. Such guarantees may be joint or several with other partners in a particular investment. The Company's and its partners' guarantees of project-level obligations may not be in proportion to their respective investments in the project entity. The provision of such guarantees may reduce the Company's capacity to borrow funds under its separate credit facilities, which may impact its ability to finance its operations. If such guarantees are called upon for payment or performance, they may have a negative impact on the Company's cash position and financial performance. If the Company provides a joint guarantee with an investment partner, a default by the partner in its payment or performance obligation under the guarantee could cause the Company to pay a disproportionate amount in satisfaction of

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

the guarantee, which may have a negative impact on the Company's cash position and financial performance.

***Operational and Credit Risks***

On a strategic and selective basis, we and our for-sale housing Investment Vehicles provide financing to develop properties. The residential real estate development business involves significant risks that could adversely affect performance, including: the developer may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in selling the properties; the developer may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations for the properties; the developer may not be able to sell properties on favorable terms or at all; construction costs, total investment amounts and the Company's or Investment Vehicle's share of remaining funding may exceed our estimates; and projects may not be completed and delivered as planned. The Company endeavors to minimize operational losses in this area by ensuring that effective infrastructure and controls exist. These controls are constantly reviewed, and improvements are implemented, if deemed necessary; however, they do not guarantee that the Company's financial or operational results will not be negatively impacted.

Our for-sale housing investments are made through the financing of local developers, including Johnson, and, consequently, we rely to a great extent on those developers to successfully manage their development projects. Furthermore, given the Company's majority interest in Johnson, we rely on Johnson's ability to execute on portions of our for-sale housing business strategy. Investments in partnerships, joint ventures or other entities may involve risks not present were a third party not involved, including the possibility that the development partners might become bankrupt or otherwise fail to fund their share of required capital contributions. Additionally, the development partners might at any time have economic or other business interests or goals which are inconsistent with our business interests or goals. In addition, we do not have sole control of certain important decisions relating to these development properties, including decisions relating to: the sale of the development properties; refinancing; timing and amount of distributions of cash from such development properties; and capital improvements. Any of these factors could negatively impact the value of our investments and our financial condition and performance.

***Long Investment Periods***

The investment horizons in our for-sale housing assets are relatively long and these extended timelines increase the risk that circumstances will arise which delay investment realization, and that markets may deteriorate between the time of our initial investment and our exit. This may be the result of many factors that present themselves over the duration of an investment, including local and overall market and economic conditions, increasing competition over time, market value fluctuation and changing interest rates. Delays or market deterioration over time could have an adverse effect on the returns from our investments, our fee revenue, and our financial condition and performance.

***<br>Formation of Future Investment Vehicles***

The ability to raise capital for any future investment vehicles remains subject to various conditions which Tricon cannot control, including the negotiation and execution of definitive legal documentation and commitments made by third-party investors. There can be no assurance that any capital will be raised through future investment vehicles or that any future warehoused investments of the Company will be acquired by any other future vehicles. A failure to raise sufficient capital through other investment vehicles could impair our future revenues and growth.

***Structure of Future Investment Vehicles***

There can be no assurance that the manner in which our private funds and advisory revenues and/or investment income are calculated in respect of future investment vehicles will be the same as the Active Investment Vehicles. Any such changes could result in the Company earning lesser fees from investment vehicles of the same nature and size as the Active Investment Vehicles and could expose the Company's co-investments in such future investment vehicles to increased risk, including, but not limited to, the risk of reduced income (at comparable investment performance levels) and the increased risk of loss of capital of the Company.

***Ongoing Investment Performance***

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

We believe that our ongoing investment performance is one of the most important factors for the success and growth of our Private Funds and Advisory activities. Poor investment performance could impair our ability to raise future private capital, which could impact our ability to earn private funds and advisory revenue. In addition, our ability to earn Performance Fees is directly related to our investment performance and therefore poor investment performance may cause us to earn less or no Performance Fees.

***Investment Vehicle Governance***

The governing agreements for certain Active Investment Vehicles provide that the general partner or manager of the Investment Vehicle may be removed by the investors in certain prescribed circumstances, including in some cases (and with the approval of a prescribed number of investors), without cause. These agreements may not provide for termination payments to the general partner or manager in the event of removal without cause. The removal of the general partner or the manager of an Active Investment Vehicle prior to the termination of such investment vehicle could materially adversely affect the reputation of Tricon, reduce our private funds and advisory revenue, and have a negative impact on our financial condition and performance.

***Capital Commitment***

The third-party investors in Tricon's Investment Vehicles comprise a relatively small group of reputable, primarily institutional, investors. To date, each of these investors has met its commitments on called capital and we have received no indications that any investor will be unable to meet its capital commitments in the future. While our experience with our investors suggests that commitments will be honored, and notwithstanding the adverse consequences to a defaulting investor under the terms of the applicable Investment Vehicle, no assurances can be given that an investor will meet its entire commitment over the life of an Investment Vehicle. A failure by one or more investors to satisfy a drawdown request could impair an Investment Vehicle's ability to fully finance its investment, which could have a material adverse effect on the performance and value of that investment, which in turn could negatively impact the Company's financial condition and performance.

***Stock Exchange Prices***

The market price of our Common Shares on the TSX and NYSE could fluctuate significantly as a result of many factors, including the following:

• economic and stock market conditions generally and specifically as they may impact participants in the real estate industry;

• our earnings and results of operations and other developments affecting our business;

• changes in financial estimates and recommendations by securities analysts following our Common Shares;

• earnings and other announcements by, and changes in market evaluations of, participants in the real estate industry;

• changes in business or regulatory conditions affecting participants in the real estate industry;

• addition or departure of the Company's executive officers and other key personnel;

• sales or perceived sales of additional Common Shares; and

• trading volume of the Common Shares.

In addition, the financial markets in which we operate may experience significant price and volume fluctuations that affect the market prices of equity securities of companies and that are unrelated to the operating performance, underlying asset value or prospects of such companies. Accordingly, the market price of our Common Shares may decline even if our operating results or prospects have not changed. The value of the Common Shares is also subject to market fluctuations based upon factors which influence the Company's operations, such as legislative or regulatory developments, competition, technological change and global capital market activity. As well, certain institutional investors may base their investment decisions on consideration of the Company's environmental, social and governance practices and performance against such institutions' respective investment guidelines and criteria, and failure to meet such criteria may result in limited or no investment in the Common Shares by those institutions, which could adversely affect the trading price of the Common Shares.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

***Additional Capital***

The Company's ability to carry on its business generally, and in particular to take advantage of investment opportunities, may require it to raise additional capital. Additional capital may be sought through public or private debt or equity financings by Tricon or another Tricon entity and may result in dilution to or otherwise may have a negative effect on existing Tricon shareholders. Further, there can be no assurances that additional financing will be available to Tricon when required or desired by Tricon, on advantageous terms or at all, which may adversely affect Tricon's ability to carry on its business.

***Dividends***

Holders of Common Shares do not have a right to dividends on such shares unless declared by the Board of Directors. Although the Board has established a dividend policy authorizing the declaration and payment of dividends to holders of Common Shares on a quarterly basis, the declaration of dividends is at the discretion of the Board of Directors even if the Company has sufficient funds, net of its liabilities, to pay such dividends.

The Company may not declare or pay a dividend if there are reasonable grounds to believe that (i) the Company is, or would after the payment be, unable to pay its liabilities as they become due, or (ii) the realizable value of the Company's assets would thereby be less than the aggregate quantum of its liabilities. Liabilities of the Company will include those arising in the ordinary course of business and indebtedness.

***Future Sales and Dilution***

The Company's articles permit the issuance of an unlimited number of Common Shares, and shareholders have no pre-emptive rights in connection with such further issuances. The Board has the discretion to determine the price and the terms of issue of further issuances of Common Shares and securities convertible into Common Shares. Any future issuances of Common Shares could be dilutive to shareholder interests at the time of issuance.

***Holding Company***

Tricon Residential Inc. is a holding company and a substantial portion of its assets are the equity interests in its subsidiaries. As a result, investors are subject to the risks attributable to its subsidiaries. As a holding company, the Company conducts substantially all of its business and makes its investments through its subsidiaries, which generate substantially all of its revenues. Consequently, the Company's performance and growth are dependent on the earnings of its subsidiaries and the distribution of those earnings to the Company. The ability of these entities to pay distributions will depend on their operating results and may be subject to applicable laws and regulations and to contractual restrictions contained in the instruments governing their debt. In the event of a bankruptcy, liquidation or reorganization of any of the Company's subsidiaries, holders of indebtedness and trade creditors will generally be entitled to payment of their claims from the assets of those subsidiaries before any assets are made available for distribution to the Company.

***<br>Financial Reporting and Other Public Company Requirements***

As a public company and dual-listed issuer, we are subject to the reporting requirements of the Canadian Securities Administrators (the "**CSA**"), including National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings*, and the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules and regulations of the listing standards of the TSX and NYSE and the Sarbanes-Oxley Act. The requirements of these laws, rules and regulations have increased and will continue to increase Tricon's legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming, and costly, and place significant strain on our personnel, systems, and resources. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with each of the CSA and U.S. Securities and Exchange Commission (the "**SEC**") is recorded, processed, summarized, and reported within the time periods specified in applicable CSA and SEC rules and forms and that information required to be disclosed in reports under applicable securities laws is accumulated and communicated to our executive officers. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

continue to expend, significant resources, including accounting-related costs and significant management oversight.

Management does not expect that Tricon's disclosure controls and procedures and internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and implemented, can provide only reasonable, not absolute, assurance that its objectives will be met. Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective internal controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the CSA and SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which could have a negative effect on the trading price of our Common Shares. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the TSX and/or NYSE.

***Foreign Private Issuer Status***

As a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which may limit the information publicly available to our shareholders. As of the date hereof, we are a "foreign private issuer" as such term is defined in Rule 405 under the United States Securities Act of 1933, as amended, and are permitted, under a multijurisdictional disclosure system adopted by the United States and Canada, to prepare our disclosure documents filed under the Exchange Act in accordance with Canadian disclosure requirements. Under the Exchange Act, we are subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we do not file the same reports that a U.S. domestic issuer would file with the SEC, although we are required to file or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In addition, our officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell shares, as the reporting deadlines under the corresponding Canadian insider reporting requirements are longer.

As a foreign private issuer, we are exempt from the rules and regulations under the Exchange Act related to the furnishing and content of proxy statements. We are also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While we expect to comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the Exchange Act and Regulation FD and shareholders should not expect to receive in every case the same information at the same time as such information is provided by U.S. domestic companies.

In addition, as a foreign private issuer, we have the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that we disclose the requirements we are not following and describe the Canadian practices we follow instead. As a result, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all U.S. corporate governance requirements.

We may cease to qualify as a foreign private issuer if a majority of our shares are held in the United States and we fail to meet the additional requirements necessary to avoid loss of foreign private issuer status, such as if (i) a majority of our directors or executive officers are U.S. citizens or residents; (ii) a majority of our assets are located in the United States; or (iii) our business is administered principally in the United States. If we cease to qualify, we will be subject to the same reporting requirements and corporate governance requirements as a U.S. domestic issuer, which may increase our costs of being a public company in the United States. Additionally, the regulatory and compliance costs to us under securities laws as a U.S. domestic issuer will be significantly more than the costs incurred as a Canadian foreign private issuer.

***Enforcing Judgments***

As the Company is a Canadian corporation and most of its directors and officers reside in Canada, it may be difficult or impossible for investors in the United States to effect service or to realize on judgments obtained in the United States predicated upon the civil liability provisions of the U.S. federal securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. Investors should not assume that Canadian courts: (i) would enforce judgments of U.S. courts obtained in actions against the Company or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or the securities or blue-sky laws of any state within the United States, or (ii) would enforce, in original actions, liabilities against the Company or such persons predicated upon the U.S. federal securities laws or any such state securities or blue-sky laws. Similarly, some of the Company's directors and officers are residents of countries other than Canada and all or a substantial portion of the assets of such persons are located outside Canada. As a result, it may be difficult or impossible for Canadian investors to initiate a lawsuit within Canada against these persons. In addition, it may not be possible for Canadian investors to collect from these persons judgments obtained in courts in Canada predicated on the civil liability provisions of securities legislation of certain of the provinces and territories of Canada. It may also be difficult or impossible for Canadian investors to succeed in a lawsuit in the United States based solely on violations of Canadian securities laws.

***Listing Standards of TSX and NYSE***

The Company must meet continuing listing standards to maintain the listing of the Common Shares on the TSX and the NYSE, including minimum price of such Common Shares. If the Company fails to comply with listing standards and the TSX or NYSE delists the Common Shares, the Company and its shareholders could face significant material adverse consequences, including: a limited availability of market quotations for the Common Shares; reduced liquidity for the Common Shares; a determination that the Common Shares are "penny stock," which would require brokers trading in the Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the Common Shares; a limited amount of news about the Company and analyst coverage; and a decreased ability for the Company to issue additional equity securities or obtain additional equity or debt financing in the future.

***Dual Listed Shares and Volatility***

The Company's listing on both the TSX and NYSE may increase volatility due to the ability to buy and sell Common Shares in two places, different market conditions in different capital markets, and different trading volumes. This may result in less liquidity on both exchanges, different liquidity levels, and different prevailing trading prices.

***Limited Market for Securities***

The Common Shares are listed on the TSX and on the NYSE; however, there can be no assurance that an active and liquid market for the Common Shares will be maintained and an investor may find it difficult to resell any securities of the Company. The market price for Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are outside of the Company's control.

***Increased Costs as a U.S. Public Company***

As a dual-listed public company in the United States, we incur additional legal, accounting, NYSE, reporting and other expenses that we formerly did not incur as a public company in Canada. The additional demands associated with being a U.S. public company may disrupt the regular operations of our business by diverting the attention of some of our senior management team away from revenue-producing activities to additional management and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty of both retaining professionals and managing and growing our business. Any of these effects could harm our business, results of operations and financial condition.

If our efforts to comply with new United States laws, regulations and standards differ from the activities intended by regulatory or governing bodies, such regulatory bodies or third parties may initiate legal proceedings against us and our business may be adversely affected. As a public company in the United States, it is more expensive for us to maintain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to continue our coverage. These factors could also make it more difficult for us to attract and retain qualified directors.

The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting. Pursuant to Section 404 of the Sarbanes-Oxley Act ("**Section 404**"), we are required to furnish a report by our management on our internal control over financial reporting ("**ICFR**"), including an attestation report on ICFR issued by our independent registered public accounting firm. However, while we were an "emerging growth company" as defined in the Jumpstart Our Business Startups (JOBS) Act, our auditors were not required to formally attest to the effectiveness of our ICFR. As of the end of our fiscal year ended December 31, 2022, we qualified as a "large accelerated filer" as defined in the

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Exchange Act and, as a result, ceased to qualify as an emerging growth company. Accordingly, commencing with our Annual Report on Form 40-F for the year ended December 31, 2022, we are required to have our auditors formally attest to the effectiveness of our ICFR pursuant to Section 404.

To achieve compliance with Section 404, we are required to document and evaluate our ICFR, which is both costly and challenging, and these costs have increased because we are no longer an emerging growth company. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to assess and document the adequacy of our ICFR, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for ICFR. Despite our efforts, there is a risk that neither we nor our independent registered public accounting firm will be able to conclude that our ICFR is effective as required by Section 404. This could result in a determination that there are one or more material weaknesses in our ICFR, which could cause an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements. In addition, in the event that we are not able to demonstrate compliance with the Sarbanes-Oxley Act, that we or our independent registered public accounting firm identifies deficiencies or material weaknesses in the Company's ICFR, that our internal control over financial reporting is perceived as inadequate, or that we are unable to produce timely or accurate financial statements, we may be required to make prospective or retroactive changes to our financial statements, consider other areas for further attention or improvement, or be unable to obtain the required attestation in a timely manner, if at all, and investors may lose confidence in our operating results and the price of our Common Shares may decline. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the NYSE.

***Corporate Responsibility and ESG***

There is an increasing focus by investors, institutional investors, market participants, and other stakeholders on sustainability practices and environmental, social, and governance (ESG) initiatives of companies. Although the Company makes disclosures surrounding ESG and prioritizes diversity and sustainability initiatives, there can be no assurances that the Company will score highly on ESG matters in the future. Investors may use ESG scores to compare peer companies when evaluating their investment strategies. The criteria by which ESG practices are assessed are constantly evolving, which could result in greater expectations and may require the Company to undertake costly initiatives to satisfy any new criteria. If we elect not to or are unable to satisfy new criteria, including not meeting the criteria of a specific third-party evaluator of ESG scores, some investors may conclude that our business practices are inadequate. We may face reputational damages in the event that our corporate responsibility standards do not meet the standards that various stakeholders seek. In the event that we communicate to undertake certain ESG goals or initiatives, and should we fail or be perceived to have failed in achieving the goals or initiatives, we could be criticized for the scope of our goals or initiatives. If we fail to meet or satisfy the ESG expectations of stakeholders or investors, or our initiatives are not executed as planned, this could negatively impact the Company's financial condition and performance and cause the value of the Common Shares to decline. In addition, we could incur additional costs and require additional resources to help monitor, report on and comply with various ESG practices. Investors may decide to refrain from investing in the Company as a result of their assessment of our approach and consideration of various ESG factors.

***Shareholder Activism***

Increasingly, shareholders are leading campaigns to effect changes at publicly-traded companies. The campaigns may be led by investors seeking to increase shareholder value through actions such as proxy contests, increased debt, financial restructurings, special dividends, share repurchases, or a sale of assets or the entire company. Shareholder activism could create perceived uncertainties as to the Company's future direction, which could result in the loss of potential business opportunities and make it more difficult to attract and retain qualified personnel and business partners. Furthermore, the election of individuals to the Board with a specific agenda could adversely affect the Company's ability to effectively and timely implement our strategic plans. Responding to any shareholder activist campaigns or engaging in a proxy contest if initiated may be time-consuming and costly and divert the attention of our management team and employees from executing our business plan, which could in turn adversely affect our business and results of operations and cause the value of the Common Shares to decline.

**DIVIDENDS**

All dividends paid by the Company are subject to declaration by Tricon's Board of Directors. The Company expects that, to the extent permitted under applicable laws, the Board will declare, and the Company will pay, quarterly dividends of $0.058 per share on its Common Shares. The Board re-evaluates its dividend policy from time to time and in October 2021, the Company announced its intention to change the denomination of its quarterly dividends declared and paid on Common Shares to U.S. dollars from

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Canadian dollars and, consistent with this, on November 8, 2021, the Board declared a dividend of $0.058 per Common Share in U.S. dollars payable on or after January 15, 2022. The payment of dividends is not guaranteed, however, and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors and will be established on the basis of a number of factors, including, but not limited to: Tricon's earnings; financial requirements for the Company's operations; the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends; and the satisfaction of any applicable regulatory capital requirements.

The table below sets out the amount of cash dividends paid by the Company in each of the three most recently completed fiscal years.

---

| | |
|:---|:---|
| Year Ended | Cash Dividend per Common Share |
| 2020 | (C)$0.280 |
| 2021 | (C)$0.280 |
| 2022 | (US)$0.232 |

---

**DESCRIPTION OF CAPITAL STRUCTURE** 

As at December 31, 2022: (i) there were 273,464,780 Common Shares issued by the Company, of which 272,840,692 were outstanding and 624,088 were reserved to settle restricted share awards; and (ii) a subsidiary of the Company had $295.3 million in outstanding exchangeable preferred units exchangeable into Common Shares at an exchange price of $8.50 per Common Share, as may be adjusted from time to time in accordance with the terms governing the preferred units. As at December 31, 2022, this equates to 34,744,118 Common Shares underlying such exchangeable preferred units.

**<u>Common Shares</u>**

Holders of Common Shares are entitled to receive notice of and to attend and vote at all meetings of shareholders of the Company, except meetings of holders of another class of shares. Each Common Share entitles the holder thereof to one vote.

Subject to the preferences accorded to holders of any other shares of the Company ranking senior to the Common Shares from time to time with respect to the payment of dividends, holders of Common Shares are entitled to receive, if, as and when declared by the Board, such dividends as may be declared thereon by the Board from time to time in equal amounts per share on the Common Shares at the time outstanding, without preference or priority.

In the event of the voluntary or involuntary liquidation, dissolution or winding-up of the Company, or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs (a "**Distribution**"), holders of Common Shares are entitled, after payment of debts and other liabilities, in each case subject to the preferences accorded to the holders of any other shares of the Company ranking senior to the Common Shares from time to time with respect to payment on a Distribution, to share equally, share for share, in the remaining property of the Company.

**<u>Ratings</u>**

The following information regarding ratings is provided as it relates to the terms of agreements that refer to such ratings. The pass-through certificates (the "**Certificates**"), representing an interest in the Company's outstanding single-family rental securitized loans, the key terms of which are described in the 2022 Financial Statements (together, the "**Securitized Loans**"), have been assigned the following ratings by all or some of the following: Kroll Bond Rating Agency, Inc. ("**KBRA**"), Moody's Investors Service Inc. ("**Moody's**") and/or Morningstar Credit Ratings, LLC ("**Morningstar**" and, collectively with KBRA and Moody's, the "**Rating Agencies**", and each a "**Rating Agency**"):

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

![image_42.jpg](image_42.jpg)![image_521.jpg](image_521.jpg)

![image_621.jpg](image_621.jpg)![image_721.jpg](image_721.jpg)

![image_811.jpg](image_811.jpg)![image_911.jpg](image_911.jpg)

![image_101.jpg](image_101.jpg)![image_111.jpg](image_111.jpg)

The ratings address the likelihood of the timely receipt by certificate holders of interest and principal. The ratings take into consideration the credit quality of the underlying single-family rental homes and the Securitized Loans, structural and legal aspects associated with the Certificates, and the extent to which the

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

payment streams of the Securitized Loans are adequate to make the payments required under the Certificates.

The ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by any Rating Agency. In addition, these ratings do not address: (i) the likelihood, timing or frequency of prepayments (both voluntary and involuntary) and their impact on interest payments; (ii) the possibility that a certificate holder might suffer a lower than anticipated yield; (iii) the likelihood of receipt of spread maintenance premiums or default interest; (iv) the likelihood of experiencing prepayment interest shortfalls or of receiving compensating interest payments; (v) the tax treatment of the Certificates or the effect of taxes on the payments received; (vi) the likelihood or willingness of the parties to the respective documents to meet their contractual obligations; or (vii) other non-credit risks.

The following information relating to the credit rating methodology of each Rating Agency is based on information made available to the public by the Rating Agencies.

Morningstar uses a set of letter ratings ranging from AAA to D to express its opinion of the credit quality of an obligor or security, based on its policies and procedures. Morningstar also provides finer gradations of the ratings ranging from AA to CCC by adding a plus (+) or minus (-) sign to indicate relative strength within the rating categories.

Moody's uses a set of letter ratings ranging from Aaa to C to express its opinion of the relative credit risks of financial obligations, based on its policies and procedures. Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Moody's appends an "(sf)" indicator to ratings assigned to structured finance obligations.

KBRA uses a set of letter ratings ranging from AAA to D to express its opinion of the relative credit risks of financial obligations, based on its policies and procedures. KBRA may also provide finer gradations of the ratings ranging from AA to CCC by adding a plus (+) or minus (-) sign to indicate relative strength within the rating categories. KBRA appends an "(sf)" indicator to ratings assigned to structured finance obligations.

**<u>Dividend Reinvestment Plan</u>**

The Company's Dividend Reinvestment Plan ("**DRIP**") dated November 15, 2012, and amended as of May 10, 2016, provides eligible holders of Common Shares with the opportunity to reinvest their cash dividends paid on the Common Shares to purchase additional Common Shares at a price equal to the Average Market Price (as defined in the DRIP) on the applicable dividend payment date, less an applicable discount. The Common Shares acquired under the DRIP will, at the discretion of the Company, either be purchased through the facilities of the TSX or issued by the Corporation from treasury. Details of the DRIP are available on the Company's website at <u>www.triconresidential.com</u>.

**<u>Normal Course Issuer Bid</u>**

On October 13, 2022, the Company announced that the TSX had approved its notice of intention to make a normal course issuer bid ("**NCIB**") to repurchase up to 2,500,000 of its common shares trading on the TSX, the NYSE and/or alternative Canadian trading systems during the twelve-month period ending on October 17, 2023. As of December 31, 2022, the Company had repurchased 338,100 Common Shares on the TSX and 339,566 Common Shares on the NYSE under the NCIB for $5.4 million. The repurchased Common Shares were subsequently cancelled.

**<u>Shareholder Rights Plan</u>**

The Company has in place a Rights Plan, which was continued, amended and restated by the Company's shareholders on June 22, 2022. The Rights Plan is intended to ensure that a person seeking to acquire control of Tricon gives shareholders and the Board of Directors sufficient time to evaluate a potential bid, negotiate with the initial bidder and encourage competing bids to emerge. The Rights Plan protects shareholders by requiring all potential bidders to comply with certain "Permitted Bid" conditions, or else such bidders will be subject to the dilutive features of the Rights Plan. A more detailed summary and the full text of the Rights Plan are included in the Company's Management Information Circular dated May 10, 2022, available at <u>www.sedar.com</u>.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

**MARKET FOR SECURITIES**

The Common Shares are listed and posted for trading on the TSX and the NYSE under the trading symbol TCN. The high and low trading prices and total volume traded of the Common Shares on the TSX and NYSE for each month of the most recently completed fiscal year are set out below.

---

| | | | |
|:---|:---|:---|:---|
| **TSX** | **High (C$)** | **Low (C$)** | **Volume** |
| January | $19.52 | $17.86 | 13075542 |
| February | $19.65 | $18.67 | 13079049 |
| March | $21.32 | $18.13 | 30747867 |
| April | $20.08 | $18.59 | 10247398 |
| May | $18.02 | $15.31 | 15844828 |
| June | $15.82 | $12.31 | 20027258 |
| July | $13.92 | $12.96 | 11934519 |
| August | $15.56 | $13.71 | 10108343 |
| September | $14.31 | $11.73 | 12703956 |
| October | $12.30 | $11.17 | 14174938 |
| November | $12.09 | $10.99 | 17187803 |
| December | $11.64 | $9.88 | 14643587 |

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| | | | |
|:---|:---|:---|:---|
| **NYSE** | **High ($)** | **Low ($)** | **Volume** |
| January | $15.44 | $14.14 | 9680718 |
| February | $15.44 | $14.61 | 8978332 |
| March | $17.01 | $14.22 | 24981155 |
| April | $16.05 | $14.49 | 18840974 |
| May | $14.02 | $11.90 | 19207775 |
| June | $12.60 | $9.44 | 24924136 |
| July | $10.88 | $10.18 | 19329458 |
| August | $12.10 | $10.44 | 14046464 |
| September | $11.02 | $8.56 | 11853298 |
| October | $9.12 | $8.08 | 25685736 |
| November | $9.10 | $8.12 | 22407512 |
| December | $8.69 | $7.26 | 17491015 |

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**ESCROW OF SECURITIES**

The following chart sets out the Common Shares held in escrow in connection with the Company's Restricted Share Plan as of December 31, 2022.

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| | | |
|:---|:---|:---|
| **Designation of class** | **Number of securities held in escrow or that are subject to a contractual restriction on transfer** | **Percentage of class** |
| Common Shares | 624088 | 0.23% |

---

The Common Shares listed above were acquired pursuant to the Company's Restricted Share Plan and are held by Solium Capital Inc., as custodian, on behalf of plan participants while the applicable restrictions remain unsatisfied. The restrictions on the Common Shares listed above will lapse on various dates between October 2026 and December 2033 subject to earlier forfeiture in accordance with the terms of the Company's Restricted Share Plan.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

**DIRECTORS AND OFFICERS**

The Company's Board of Directors is comprised of 10 directors, seven of whom are independent in accordance with the meaning given to such term in National Policy 58-201 – *Corporate Governance Guidelines*. The by-laws of the Company require that all directors stand for re-election on an annual basis at a meeting of shareholders.

Two of the 10 directors have served since the initial public offering of Tricon's Common Shares in May 2010. Michael Knowlton was first elected to the Board on May 18, 2011. Peter Sacks and Gary Berman were first elected to the Board on May 21, 2014. Siân Matthews was first elected to the Board on May 20, 2015. Ira Gluskin was first appointed to the Board on November 7, 2016. Camille Douglas was first appointed to the Board on August 7, 2018. Frank Cohen was first appointed to the Board on September 3, 2020. Renée Glover was appointed to the Board on July 13, 2021. The term of office for each director expires at the end of the next annual meeting of shareholders, unless re-elected.

Except as described in their biographies below, or above under the heading "Description of the Business – Senior Management Team", none of the directors are currently directors of other issuers that are also reporting issuers (or the equivalent) in a territory of Canada or in a foreign territory.

The following table lists the directors and executive officers of Tricon as of the date hereof, their municipality of residence, position with the Company and current principal occupation, if different than the position held with the Company. The principal occupations of the directors and executive officers during the past five years are included in their biographies below, or above under the heading "Description of the Business – Senior Management Team".

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

![image_121.jpg](image_121.jpg)

The directors and executive officers of the Company, as a group, directly or indirectly, beneficially own, control or direct 8,493,644 Common Shares of the Company, representing approximately 3.1% of the total issued and outstanding Common Shares as of December 31, 2022.

The following are brief biographies of the directors of the Company other than David Berman, Geoff Matus and Gary Berman, whose biographies are included above under "Description of the Business – Senior Management Team".

**Peter D. Sacks** is the Lead Director of the Company.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Peter Sacks (B.Comm., CA) retired as the founding partner of Cidel Asset Management Inc., now part of Cidel – a Canadian Private Bank. His experience in Wealth Management followed an extensive career in banking during which he held executive positions in Treasury Management at CIBC, Chase Manhattan Bank Canada and Midland Bank Canada.

Mr. Sacks is a former independent director/trustee of several U.S. publicly-traded closed-end and open-end funds managed by Standard Life Aberdeen PLC and a former trustee of Aberdeen Funds. His other past directorships include Kinross Mortgage Corporation Ltd., CIBC Trust Company Ltd., CIBC Limited and Horizons BetaPro ETFs. He also served on the Investment Advisory Committee of the Ontario Public Guardian and Trustee and was Chair of the Independent Review Committee of Children's Education Funds Inc. His community service has included directorships of Young People's Theatre, Childhood Now and TSCC 1849.

**J. Michael Knowlton** is a Director of the Company and the Chair of the Audit Committee.

Michael Knowlton retired from Dundee Realty Corporation in 2011, where he was President and COO of Dundee Real Estate Investment Trust. He joined Dundee Realty in 1998, and held a variety of positions with Dundee Realty and Dundee Real Estate Investment Trust, including Executive Vice President and COO, Executive Vice President and CFO and Managing Director of Limited Partnerships, before becoming President of the REIT in 2006. Prior to that, he was Senior Vice President and CFO of OMERS Realty Corp. from 1990 until 1998.

Mr. Knowlton is a trustee and the Chair of Crombie Real Estate Investment Trust (TSX: CRR.UN) and a trustee and member of the Audit Committee and Governance Committee of Dream Industrial Real Estate Investment Trust (TSX: DIR.UN). He is a former member of the boards of trustees of Dream Global Real Estate Investment Trust, True North Apartment Real Estate Investment Trust and Northwest Healthcare Properties Real Estate Investment Trust.

Mr. Knowlton has a Bachelor of Science (Engineering) degree and a Master of Business Administration degree from Queen's University. He is a Chartered Accountant and has an ICD.D designation.

**Siân Matthews** is a Director of the Company and Chair of the Compensation, Nominating and Corporate Governance Committee of the Board.

Siân Matthews is a corporate director. Until 2009, she was a partner and head of the Private Services Group at Bennett Jones LLP and she began her legal career at Macleod Dixon LLP in Calgary.

Ms. Matthews is also a director of Cidel Bank Canada, The Calgary Foundation and the Southern Alberta Opera Association, and a past director and Chair of the Governance Committee of the Calgary Municipal Lands Corporation, a past director and Chair of the Governance Committee of the Heritage Park Society and a past director of the Calgary Opera Association. She is also a director of several private corporations.

Ms. Matthews is the past Chair of Canada Post Corporation, where she had also served as Chair of the Strategic Initiatives Oversight Committee, Chair of the Corporate Social Responsibility and Environmental Risks Committee and a member of the Audit Committee, Governance Committee, Human Resources Committee and Pension Committee.

Ms. Matthews has nationally recognized legal expertise in the areas of taxation and governance and has been distinguished by her peers by inclusion on the Best Lawyers in Canada and the Lexpert Leading Practitioners lists.

Ms. Matthews is a member of the Law Society of Alberta and has a Bachelor of Arts degree from the University of Waterloo, a Juris Doctor degree from the University of Ottawa and an ICD.D designation.

**Ira Gluskin** is a Director of the Company.

Ira Gluskin is the Chief Investment Officer of Irager + Associates Inc., a family office overseeing strategy and investments. He is also the co-founder of Gluskin Sheff + Associates Inc., one of Canada's pre-eminent wealth management firms. He served as the firm's President and Chief Investment Officer until 2009, and as a Director and the firm's Vice-Chairman until 2013. Before co-founding Gluskin Sheff, Mr. Gluskin was a highly-ranked real estate securities analyst at a leading Canadian investment dealer.

Mr. Gluskin serves on the Board of Trustees of First Capital REIT (TSX: FCR.UN), the Board of Directors of European Residential Real Estate Investment Trust (TSX-V: ERE.UN) and is a member of the Advisory

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Boards of Vision Capital Corporation, Ewing Morris & Co. Investment Partners Ltd. and the University of Toronto's Real Estate Advisory Committee. He is also a member of the University of Toronto's Boundless Campaign Executive Committee, the Sinai Health System's Board of Directors and Investment Committee and the boards of the Canadian Jewish News, The Walrus Magazine, Capitalize for Kids and the National Theatre School of Canada.

Mr. Gluskin is the former Chair of the University of Toronto Asset Management Corporation and the former Chair of the Investment Advisory Committee for the Jewish Foundation of Greater Toronto, where he is currently a member of its Investment Committee.

Mr. Gluskin has a Bachelor of Commerce degree from the University of Toronto. In 2019, he received an Honorary Doctorate of Laws degree from Wilfrid Laurier University.

**Camille Douglas** is a Director of the Company.

Camille Douglas is a senior executive in the real estate industry with more than 30 years of experience in real estate transactions and financial strategy. Her work has included corporate and project-based acquisitions, dispositions and financing, including pioneering work on commercial mortgage-backed securities and cross-border equity investment.

Ms. Douglas is Senior Managing Director, Acquisitions and Capital Markets at LeFrak, a real estate investment and development company. Since joining LeFrak in 2010, she has been responsible for strategic real estate acquisition and development initiatives.

Ms. Douglas serves on the Board of Trustees of Starwood Property Trust (NYSE: STWD), where she is a member of the Audit Committee. In addition, she has been an Adjunct Professor in Finance and Economics at Columbia Business School since 2004.

Ms. Douglas has a Master of Urban Planning degree from Harvard University Graduate School of Design and a Bachelor of Arts degree from Smith College.

**Frank Cohen** is a Director of the Company.

Frank Cohen is a Senior Managing Director at Blackstone, a leading global investment firm that he joined in 1996. In this capacity, he is the Chairman and CEO of Blackstone Real Estate Income Trust. During his career with the firm, he has been involved in more than $100 billion of real estate transactions.

He serves as a director for several Blackstone-affiliated companies, including Blackstone Real Estate Income Trust and EQ Office, and was formerly a director of Hudson Pacific Properties (NYSE: HPP). He is also active in several industry and civic organizations; he is a Trustee of the Urban Land Institute, on the NAREIT Advisory Board of Governors, on the Board of the Regional Plan Association and on the Board of Visitors of the Weinberg College of Arts and Sciences at Northwestern University.

Mr. Cohen has a Bachelor of Arts degree from Northwestern University, where he graduated from the Honors Program in Mathematical Methods in the Social Sciences, with a double major in political science.

**Renée Lewis Glover** is a Director of the Company.

Renée Glover is the founder and managing member of the Catalyst Group LLC, a national consulting firm focused on urban revitalization, real estate development, community building and urban policy. She previously served as President and CEO of the Atlanta Housing Authority for almost 20 years, where she pioneered the implementation of master-planned, mixed-use and mixed-income communities.

Ms. Glover currently serves on the Board of Directors of Fannie Mae, the Board of Trustees of Enterprise Community Partners, the Board of Advisors of the University of Pennsylvania's Institute of Urban Research and the Azimuth GRC Advisory Board. She formerly served on the Boards of Habitat for Humanity International and the Federal Reserve Bank of Atlanta, among other organizations.

This broad experience is augmented by numerous accolades and awards, including induction as a National Academy of Public Administration Fellow. Ms. Glover has also been honored by HousingWire as one of 40 Women of Influence in Real Estate.

Ms. Glover has a Bachelor of Arts degree from Fisk University, a Master of Arts degree from Yale University and a Juris Doctor degree from Boston University.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

**<u>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</u>**

None of the directors or executive officers or proposed directors of the Company is, as at the date of this Annual Information Form, or has been within the ten years before the date of this Annual Information Form, a director, chief executive officer or chief financial officer of any person or company (including the Company) that was subject to one of the following orders, that was in effect for a period of more than 30 consecutive days:

(a)&nbsp;&nbsp;&nbsp;&nbsp;a cease trade order, an order similar to a cease trade order or an order that denied the company access to any exemption under securities legislation that was issued while the director or executive officer was acting in his or her capacity as director or executive officer; or

(b)&nbsp;&nbsp;&nbsp;&nbsp;a cease trade order, an order similar to a cease trade order or an order that denied the company access to any exemption under securities legislation that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in his or her capacity as director, chief executive officer or chief financial officer.

<br>None of the directors or executive officers of the Company, or shareholders holding a sufficient number of securities of the Company to materially affect its control:

(a)is, as at the date of this Annual Information Form, or has been within the ten years before the date of this Annual Information Form, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

(b)has, within the ten years before the date of this Annual Information Form, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder; or

(c) &nbsp;&nbsp;&nbsp;&nbsp;has had imposed any penalties or sanctions by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority or has had imposed any penalties or sanctions by a court or a regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

**<u>Conflicts of Interest</u>**

The directors of the Company are required by law to act honestly and in good faith with a view to the best interest of the Company and to disclose any interests which they may have in any project or opportunity of the Company. However, the Company's directors and officers may serve on the boards and/or as officers of other companies which may compete in the same industry as the Company, giving rise to potential conflicts of interest. To the extent that such other companies may participate in ventures in which the Company may participate or enter into contracts with the Company, they may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In the event that a conflict of interest arises at a meeting of the directors of the Company, such conflict of interest must be declared and the declaring parties must recuse themselves from the meeting and abstain from participating and voting for or against the approval of any project or opportunity in which they may have an interest. Provided such steps are followed and subject to any limitations in the Company's constating documents, a transaction would not be void or voidable because it was made between the Company and one or more of its directors or by reason of such director being present at the meeting at which such agreement or transaction was approved. The remaining directors will determine whether or not the Company will participate in any such project or opportunity.

To the best of the Company's knowledge, there are no known existing or potential conflicts of interest among the Company's directors, executive officers or other members of management of the Company as a result of their outside business interests.

The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest, and the Company will rely upon such laws in respect of any directors' or officers' conflicts of interest or in respect of any breaches of duty by any of its directors or officers.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

**PROMOTERS**

No person was considered a promoter of Tricon for the purposes of applicable securities legislation during the last two completed fiscal years of the Company.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

The Company was not party to, nor was its property the subject of, any material legal proceedings during the 2022 fiscal year, nor is it aware that any such proceedings are contemplated.

No penalties or sanctions relating to securities legislation were imposed, nor were any related settlement agreements entered into, nor were there any other material penalties or sanctions imposed by a court or regulatory body, on or by the Company during the 2022 fiscal year.

**<br>TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar for the Common Shares is TSX Trust Company at its principal office located at 301-100 Adelaide Street West, Toronto, Ontario M5H 4H1.

**AUDIT COMMITTEE INFORMATION**

**<u>Audit Committee Charter</u>**

The full text of the Charter of the Audit Committee is set out in Schedule A.

**<u>Audit Committee Composition</u>**

<br>The Audit Committee is composed of four independent,<sup>1</sup> financially literate<sup>2</sup> directors as of the date of this AIF: Michael Knowlton (who chairs the committee), Ira Gluskin, Camille Douglas and Renée Glover. An outline of the Audit Committee members' work experience and education is set out above under "Directors and Officers". The Board believes that the composition of the Audit Committee reflects a high level of financial literacy. Each member of the Audit Committee has education and experience that is relevant to his or her performance as an Audit Committee member and has, in particular, education and experience that have provided the member with:

(a)an understanding of the accounting principles used by the Company to prepare its financial statements;

(b)the ability to assess the general application of the above-noted principles in connection with estimates, accruals and reserves;

(c)experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements, or experience actively supervising individuals engaged in such activities; and

(d)an understanding of internal controls and procedures for financial reporting.

**<u>Reliance on Certain Exemptions</u>**

<sup>1</sup> Pursuant to National Instrument 52-110 – *Audit Committees*, as amended, of the Canadian Securities Administrators ("**NI 52-110**"), a member of an audit committee is independent if the member has no direct or indirect material relationship with the Company, which could, in the view of the Board, reasonably interfere with the exercise of a member's independent judgment.

<sup>2</sup> An individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. The Board has determined that each member of the Audit Committee is financially literate, having reference to the definition contained in NI 52-110 and based on consideration of the relevant education and experience of each member of the Audit Committee.

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

At no time since the commencement of the Company's most recently completed fiscal year has the Company relied on the exemptions in Sections 2.4 (De Minimis Non-Audit Services), 3.2 (Initial Public Offerings), 3.3(2) (Controlled Companies), 3.4 (Events Outside Control of Members), 3.5 (Death, Disability or Resignation of Audit Committee Member), 3.6 (Temporary Exemption for Limited and Exceptional Circumstances), or 3.8 (Acquisition of Financial Literacy) of NI 52-110, or an exemption from NI 52-110, in whole or in part, granted under Part 8 thereof.

**<u>Audit Committee Oversight</u>**

<br>At no time since the commencement of the Company's most recently completed fiscal year has the Audit Committee made a recommendation to nominate or compensate an external auditor that was not adopted by the Board.

The Audit Committee is authorized by the Board to review the performance of the Company's external auditors, to approve in advance the provision of services other than auditing and to consider the independence of the external auditors, including conducting a review of the range of services provided in the context of all consulting services provided to the Company. The Audit Committee is authorized to approve in writing any non-audit services or additional work which the Chair of the Audit Committee deems necessary, and the Chair will notify the other members of the Audit Committee of such non-audit or additional work and the reasons for such non-audit work for the Audit Committee's consideration, and, if thought advisable, approval in writing.

**<u>External Auditor Service Fees</u>**

PricewaterhouseCoopers LLP was first appointed as auditors of the Company on January 26, 2010. The aggregate fees paid to PricewaterhouseCoopers LLP for the fiscal years 2021 and 2022 are as follows.

![image_132.jpg](image_132.jpg)

"Audit Fees" comprise services that would normally be provided by the external auditor in connection with the Company's annual audit, its subsidiaries' statutory audits and the Company-managed investment vehicles' financial statements audits. This category also includes reasonable services provided to the Company with respect to its filings with securities commissions. "Audit-Related Fees" comprise specified audit procedures performed in connection with the Company's securitization transaction that was not considered to be a statutory requirement. "All Other Fees" relate to the Company's subscription to PwC 's online technical accounting library. An additional 7% administrative fee and sales taxes were charged on the fee amounts noted above.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

No director, executive officer or shareholder who beneficially owns, directly or indirectly, or exercises control or direction over, more than 10% of the outstanding Common Shares, or any known associate or affiliate of any such person, has or had any material interest, direct or indirect, in any transaction or proposed transaction within the three most recently completed fiscal years or during the current fiscal year that has materially affected or will materially affect the Company or a subsidiary of the Company.

**INTERESTS OF EXPERTS**

The Company's auditors are PricewaterhouseCoopers LLP, Chartered Professional Accountants, who have issued a report of independent registered public accounting firm dated February 28, 2023 in respect of the Company's consolidated financial statements as at December 31, 2022 and 2021 and for each of the years then ended. PricewaterhouseCoopers LLP has advised the Company that they are independent with respect to the Company within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct and comply with the rules of the U.S. Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) on auditor independence.

**MATERIAL CONTRACTS**

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

The following are the only material contracts, other than contracts in the ordinary course of business, which have been entered into by the Company and which are still in effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A seventh amended and restated credit agreement dated as of December 9, 2022, as amended from time to time, among the Company, Royal Bank of Canada and other financial institutions, pursuant to which such financial institutions have made available to the Company a $500 million revolving credit facility. Amounts borrowed under the facility bear interest at an applicable reference rate (SOFR, Canadian prime rate, or U.S. base rate, all as defined in the credit agreement), depending on the type of loan advanced, plus an applicable margin, depending on the type of loan and the Utilization Percentage (as calculated under the agreement). The range of applicable margins is 275–400 basis points for SOFR loans and 175–300 basis points for other loan types. Tricon Residential Inc. is the borrower under the facility and the facility is guaranteed by certain of its subsidiaries and is subject to customary financial and non-financial covenants. The credit facility has been converted to a Sustainability-linked Loan that links the borrowing cost directly to the Company's performance in certain environmental and social priority areas of its ESG strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The following agreements entered into on or around August 26, 2020 and September 3, 2020 in connection with the issuance of exchangeable preferred units of Tricon PIPE LLC, as amended from time to time and as described in detail in the Company's Material Change Report filed on SEDAR (<u>www.sedar.com</u>) on August 31, 2020: (i) Exchange and Support Agreement; (ii) Limited Liability Company Agreement of Tricon PIPE LLC; (iii) Investor Rights Agreement; (iv) Investor Subscription Agreement and (v) Subordinated Guaranty Agreement.

**ADDITIONAL INFORMATION**

Additional financial information relating to the Company is available in its financial statements and the 2022 MD&A.

These documents, as well as additional information relating to the Company, are available on SEDAR at <u>www.sedar.com</u>. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans, will be contained in the Company's Management Information Circular for its annual meeting of shareholders to be held in 2023.

Toronto, Ontario

February 28, 2023

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

**Schedule A – Audit Committee Charter**

The purpose of this Charter of the Audit Committee ("**Charter**") is to set out the mandate and responsibilities of the Audit Committee (the "**Committee**") of Tricon Residential Inc. (the "**Company**"), subject to the provisions of applicable statutes.

&nbsp;&nbsp;&nbsp;&nbsp;**1.Composition**

The Committee shall have a minimum of three members, including a Committee chair (the "**Chair**"), who are appointed (and may be replaced at any time) by the Board. All Committee members must qualify as "independent" as defined in the New York Stock Exchange Listed Corporation Manual and National Policy 58-201 – *Corporate Governance Guidelines*. They must also be financially literate (or acquire that familiarity within a reasonable period after appointment). This shall, at a minimum, include the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity that can reasonably be expected to be raised by the Company's financial statements. In addition, at least one member of the audit committee must have accounting or related financial management expertise. No member of the Committee shall accept (directly or indirectly) any consulting, advisory or other compensatory fee from the Company (other than remuneration for acting in his or her capacity as a director) or be an "affiliated person" of the Company. (For this purpose, an "affiliate" of a person is a person that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with the first person.) Without the approval of the Board, no member of the Committee shall concurrently serve on the audit committee of a competitor or client.

&nbsp;&nbsp;&nbsp;&nbsp;**2.Responsibilities**

The Committee is appointed by the Board to assist in the oversight and evaluation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality and integrity of the financial statements of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy and effectiveness of internal control and financial reporting systems of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance by the Company with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's enterprise risk management framework, including policies with respect to risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the qualifications and independence of the Company's independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of the Company's internal audit function and independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's approach to and management of ESG matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of the Company's Chief Financial Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any additional duties set out in this Charter or otherwise delegated to the Committee by the Board.

In addition, the Committee provides an avenue for communication between the independent auditor, financial management, other employees and the Board concerning accounting and auditing matters.

The Committee is directly responsible for the appointment, compensation, retention (and termination) and oversight of the work of the independent auditor (including oversight of the resolution of any disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing audit reports or performing other audit, review or attest services for the Company.

The fundamental responsibility for the Company's financial statements and disclosure rests with management and the independent auditors are responsible for auditing those financial statements. It is not the duty of the Committee to conduct investigations, to itself resolve disagreements (if any) between management and the independent auditor or to ensure compliance with applicable legal and regulatory requirements.

It is recognized that, in fulfilling their responsibilities, members of the Committee are not full-time employees of the Company. As such, it is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to determine that the

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

Company's financial statements are complete and accurate. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which it receives information, and (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary (which shall be promptly reported to the Board).

The Committee shall have authority over, and shall be responsible for, the following specific matters:

<u>Independent Auditors</u>

For the purposes of this section, references to "independent auditors" include a reference to the independent auditors of any material subsidiary of the Company if different than the independent auditors of the Company (a "**Subsidiary Auditor**").

The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommend to the Board the independent auditor to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attestation services for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish the compensation of the independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain confirmation from the independent auditor that it ultimately is accountable, and will report directly, to the Committee and the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oversee the independent auditor and, in the context thereof, require the independent auditor to report to the Committee (among other things) any disagreement between management and the independent auditor regarding financial reporting and the resolution of each such disagreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt policies and procedures for the pre-approval of the retention of the Company's independent auditor for all audit and permitted non-audit services (subject to any restrictions on such services imposed by applicable legislation), including procedures for the delegation of authority to provide such approval to one or more members of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least annually, review the qualifications, performance and independence of the independent auditor (in doing so, the Committee shall, among other things, undertake the measures set forth in Appendix "A" to this Charter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discuss with the Committee the responsibilities, budget and staffing of the internal audit function.

The independent auditors shall provide an annual report describing the firm's internal quality-control procedures; any material issues raised by the firm's most recent internal quality-control review, or peer review, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; all of the firm's relationships with the Company; all critical accounting policies and practices used by the Company; all alternative accounting treatments of financial information within generally accepted accounting principles that have been discussed with management, including the ramifications of the use of such alternatives and the treatment preferred by the independent registered public accounting firm; and all material written communications between the accounting firm and management of the Company.

<u>The Audit Process, Financial Statements and Related Disclosure</u>

The Committee shall, as it determines to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with management, the Company's Disclosure Committee and independent auditor and, where appropriate, any Subsidiary Auditor:

othe proposed audit plan and scope of review by the independent auditor or Subsidiary Auditor;

obefore public disclosure, the Company's annual audited financial statements and quarterly unaudited financial statements, the Company's accompanying disclosure of management's discussion and analysis of financial condition and results of operations ("MD&A"),

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

supplemental information packages and earnings press releases and make recommendations to the Board as to the approval and dissemination of those statements and disclosure;

othe adequacy of the procedures for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, other than the public disclosure referred to in the immediately preceding paragraph and periodically assess the adequacy of those procedures and consider whether they are complete and consistent with the information known to committee members;

ofinancial information and any earnings guidance provided to analysts and rating agencies, recognizing that this review and discussion may be done generally (consisting of a discussion of the types of information to be disclosed and the types of presentations to be made) and need not take place in advance of the disclosure of each release or provision of guidance;

oany significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including any significant changes in the selection or application of accounting principles, any major issues regarding auditing principles and practices, and the adequacy of internal controls that could significantly affect the Company's financial statements;

oall critical accounting policies and practices used;

oall alternative treatments of financial information within International Financial Reporting Standards ("IFRS") that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor;

othe use of "pro forma" or "adjusted" non-IFRS information;

othe effect of regulatory and accounting initiatives, as well as any off-balance sheet structures, transactions, arrangements and obligations (contingent or otherwise), on the Company's financial statements;

oany disclosures concerning any weaknesses or any deficiencies in the design or operation of internal controls or disclosure controls made to the Committee by the Chief Executive Officer and the Chief Financial Officer during their certification process in documents filed with applicable securities regulators;

othe adequacy of the Company's internal accounting controls and management information systems and its financial, auditing and accounting organizations and personnel and any special steps adopted in light of any significant deficiencies or any material weaknesses in the design or operation of the Company's internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information and any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting; and

othe establishment, and periodic review, of procedures for the review of financial information extracted or derived from the Company's consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with management the Company's guidelines and policies with respect to risk assessment and management including the Company's major financial and business risk exposures and the steps management has taken to monitor and control such exposures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with the independent auditor or any Subsidiary Auditor:

othe quality as well as the acceptability of the accounting principles that have been applied;

oany problems or difficulties the independent auditor may have encountered during the provision of its audit-related services, including any restrictions on the scope of activities or access to requested information and any significant disagreements with management, any management letter provided by the independent auditor or other material communication (including any schedules of unadjusted differences) to management and the Company's response to that letter or communication; and

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

oany changes to the Company's significant accounting principles and practices suggested by the independent auditor and members of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with management all related party transactions and the development of policies and procedures related to those transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following completion of the annual audit, review with each of management and the independent auditors (or Subsidiary Auditors) any significant issues, concerns or difficulties encountered during the course of the audit including:

orestrictions on the scope of work or on access to required or requested information;

oissues or concerns that arose during the course of the audit concerning the Company's internal accounting controls, or the fair presentation, completeness or accuracy of the financial statements; and

oanalyses prepared by management or the auditors setting forth significant financial reporting issues and judgments made in connection with preparation of the financial statements (including analysis of the effects of alternative treatments under generally accepted accounting principles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically review reports on the Company's information technology systems that support the financial reporting process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive and review reports from other Board committees with regard to matters that could affect the audit or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oversee appropriate disclosure of the Charter, and other information required to be disclosed by applicable legislation in the Company's public disclosure documents, including any management information circular distributed in connection with the solicitation of proxies from the Company's security holders.

<u>Internal Audit Function</u>

The Committee shall, as it determines appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regularly meet with the internal auditor to review and approve the audit plan, budget, objectives, and audit activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and discuss with the internal auditor, issues reported to management and management's responses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically review the internal auditor's ongoing assessment of the Company's risk management processes and systems of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the status of control weaknesses reported by the internal auditor as well as the internal auditor's assessment of residual risk throughout the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically review internal audit scope, access to information, resource limitations or any difficulties encountered by the internal auditor.

<u>Disclosure Committee</u>

<br>The Committee shall, as it determines appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet with the Disclosure Committee to discuss the Company's management of its continuous disclosure obligations and systems of disclosure controls and internal controls over financial reporting.

- li -

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive reports and quarterly certification from the Disclosure Committee confirming the Disclosure Committee's review and approval of disclosure documents to be reviewed by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually review the Disclosure Committee's assessment of the Company's systems of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically review the Disclosure Committee's mandate and composition.

<u>Environmental Social and Governance ("ESG") Matters</u> 

The Audit Committee will contribute to the Board's oversight of ESG matters by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring ESG metrics, performance indicators and disclosures and ESG-related disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integrating ESG into the Company's risk management including climate and other sustainability and ESG risks, along with monitoring and mitigation strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing the results of any significant examination or audit by regulatory agencies or external verification agents concerning ESG matters and reviewing the engagement and approach of any external verification agents retained by the Company related to material ESG matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring any whistleblower complaints relating to ESG matters.

<u>Compliance</u>

The Committee shall, as it determines appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with the Company's Chief Financial Officer, other members of management and the independent auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports, which raise material issues regarding the Company's financial statements or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with the Company's external legal counsel legal matters that may have a material impact on the financial statements or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review independent financial analyst commentary concerning the Company and its financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish and maintain a whistleblower policy and procedures for:

othe receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters; and

othe confidential, anonymous submission by employees of the Company with concerns regarding any accounting or auditing matters.

<u>Delegation</u>

To avoid any confusion, the Committee responsibilities identified above are the sole responsibility of the Committee and may not be delegated to a different committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.Meetings**

The Chair of the Committee shall be selected by the Board. If the Chair of the Committee is not present, the members of the Committee may designate a Chair for the meeting by majority vote of the members of the Committee present.

- lii -

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![image_2.jpg](image_2.jpg) **2022 Annual Information Form**<br>

The Committee shall meet in accordance with a schedule established each year by the Committee, and at other times that the Committee may determine. Quorum for all meetings shall be a majority of the Committee members. Minutes shall be maintained of all meetings of the Committee and copies of the minutes shall be made available to all members of the Board.

The Committee shall meet periodically with the Chief Financial Officer, the independent auditors and external legal counsel in separate sessions. Meeting agendas shall be developed by the Chair of the Committee in consultation with the Company's management and the independent auditors. Committee members may propose agenda items through communication with the Chair of the Committee or the Chief Financial Officer. Agendas, together with appropriate briefing materials, shall be circulated to Committee members prior to meetings. At the discretion of the Committee, members of management and others may attend Committee meetings other than the separate sessions with the independent auditors, the Chief Financial Officer and the external legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;**4.Reports**

The Committee shall report to the Board on a regular basis and, in any event, before the public disclosure by the Company of its quarterly and annual financial results. The reports of the Committee shall include any issues of which the Committee is aware with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality or integrity of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance by the Company with legal or regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the policies with respect to risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the qualifications and independence of the Company's independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy and effectiveness of the internal audit function and independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of systems of control established by management to safeguard the assets (real and intangible) of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proper maintenance of accounting and other records.

The Committee shall also prepare, as required by applicable law, any audit committee report required for inclusion in the Company's publicly filed documents.

&nbsp;&nbsp;&nbsp;&nbsp;**5.Independent Advice** 

In discharging its mandate, the Committee may in consultation with the Compensation, Nominating and Corporate Governance Committee, retain, at the expense of the Company, independent counsel, advisors, auditors or other professionals as the Committee determines to be necessary to permit it to carry out its duties.

&nbsp;&nbsp;&nbsp;&nbsp;**6.Annual Evaluation**

At least annually, the Committee shall, in a manner it determines to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform a review and evaluation of the performance of the Committee and its members, including the compliance of the Committee with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and assess the adequacy of its Charter (including with respect to the procedures regarding the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements) and recommend to the Board any improvements to this Charter that the Committee determines to be appropriate.

- liii -

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![image_2.jpg](image_2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;**2022 Annual Information Form**<br>

**Appendix "A"**

**Qualifications, Performance and Independence of Independent Auditor**

• Review the experience and qualifications of the senior members of the independent auditor's team.

• Confirm with the independent auditor that it is in compliance with applicable legal, regulatory and professional standards relating to auditor independence.

• Review and approve clear policies for the hiring by the Company of employees or partners or former employees or former partners of the current and former independent auditor.

• Review annual reports from the independent auditor regarding its independence and consider whether there are any non-audit services or relationships that may affect the objectivity and independence of the independent auditor and, if so, recommend that the Board take appropriate action to satisfy itself of the independence of the independent auditor.

• Obtain and review such report(s) from the independent auditor as may be required by applicable legal and regulatory requirements.

• Conduct an evaluation (taking into account the opinions of management) of the independent auditor's qualifications, performance and independence and present to the Board the Committee's conclusion in such regard.

• Review, as required, the independent auditor's plans with respect to the partner rotation.

- liv -

## Exhibit 99.2

![triconmdav2a.jpg](triconmdav2a.jpg)

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---

| | |
|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| Non-IFRS measures, forward-looking statements and market industry data | Non-IFRS measures, forward-looking statements and market industry data | <u>[1](#ib9cc823e0ea641df9f55e5e89721d8f4_7)</u> |
| 1 | Introduction | <u>[4](#ib9cc823e0ea641df9f55e5e89721d8f4_10)</u> |
| 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision and guiding principles | <u>[4](#ib9cc823e0ea641df9f55e5e89721d8f4_13)</u> |
| 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business and growth strategy | <u>[5](#ib9cc823e0ea641df9f55e5e89721d8f4_16)</u> |
| 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental, Social and Governance | <u>[12](#ib9cc823e0ea641df9f55e5e89721d8f4_19)</u> |
| 2 | Highlights | <u>[13](#ib9cc823e0ea641df9f55e5e89721d8f4_22)</u> |
| 3 | Consolidated financial results | <u>[16](#ib9cc823e0ea641df9f55e5e89721d8f4_49)</u> |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review of income statements | <u>[16](#ib9cc823e0ea641df9f55e5e89721d8f4_52)</u> |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review of selected balance sheet items | <u>[27](#ib9cc823e0ea641df9f55e5e89721d8f4_151)</u> |
| 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent events | <u>[32](#ib9cc823e0ea641df9f55e5e89721d8f4_172)</u> |
| 4 | Operating results of businesses | <u>[33](#ib9cc823e0ea641df9f55e5e89721d8f4_175)</u> |
| 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single-Family Rental | <u>[33](#ib9cc823e0ea641df9f55e5e89721d8f4_178)</u> |
| 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjacent residential businesses | <u>[38](#ib9cc823e0ea641df9f55e5e89721d8f4_190)</u> |
| 4.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Family Rental | <u>[38](#ib9cc823e0ea641df9f55e5e89721d8f4_193)</u> |
| 4.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Development | <u>[39](#ib9cc823e0ea641df9f55e5e89721d8f4_196)</u> |
| 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Funds and Advisory | <u>[43](#ib9cc823e0ea641df9f55e5e89721d8f4_199)</u> |
| 5 | Liquidity and capital resources | <u>[45](#ib9cc823e0ea641df9f55e5e89721d8f4_202)</u> |
| 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial strategy | <u>[46](#ib9cc823e0ea641df9f55e5e89721d8f4_205)</u> |
| 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity | <u>[46](#ib9cc823e0ea641df9f55e5e89721d8f4_208)</u> |
| 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital resources | <u>[47](#ib9cc823e0ea641df9f55e5e89721d8f4_217)</u> |
| 6 | Operational key performance indicators | <u>[49](#ib9cc823e0ea641df9f55e5e89721d8f4_223)</u> |
| 7 | Accounting estimates and policies, controls and procedures, and risk analysis | <u>[51](#ib9cc823e0ea641df9f55e5e89721d8f4_226)</u> |
| 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting estimates and policies | <u>[53](#ib9cc823e0ea641df9f55e5e89721d8f4_241)</u> |
| 7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controls and procedures | <u>[57](#ib9cc823e0ea641df9f55e5e89721d8f4_250)</u> |
| 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with related parties | <u>[58](#ib9cc823e0ea641df9f55e5e89721d8f4_259)</u> |
| 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | <u>[58](#ib9cc823e0ea641df9f55e5e89721d8f4_262)</u> |
| 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation incentive plans | <u>[58](#ib9cc823e0ea641df9f55e5e89721d8f4_265)</u> |
| 7.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk definition and management | <u>[59](#ib9cc823e0ea641df9f55e5e89721d8f4_274)</u> |
| 8 | Historical financial information | <u>[62](#ib9cc823e0ea641df9f55e5e89721d8f4_283)</u> |
|  | Appendix A - Reconciliations | <u>[65](#ib9cc823e0ea641df9f55e5e89721d8f4_289)</u> |

---

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| | |
|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Non-IFRS measures** 

*This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the consolidated financial statements and accompanying notes for the year ended December 31, 2022 (the "Consolidated Financial Statements") of Tricon Residential Inc. ("Tricon",* "*us", "we" or the "Company"), prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("the IASB") and consistent with the Company's audited annual consolidated financial statements for the year ended December 31, 2021.* 

*The Company has included herein certain non-IFRS financial measures and non-IFRS ratios, including, but not limited to: "proportionate" metrics, net operating income ("NOI"), NOI margin, proportionate same home NOI and NOI margin, funds from operations ("FFO"), core funds from operations ("Core FFO"), adjusted funds from operations ("AFFO"), Core FFO per share, AFFO per share, Core FFO payout ratio, AFFO payout ratio, as well as certain key indicators of the performance of our businesses which are supplementary financial measures. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. We utilize these measures in managing our business, including performance measurement and capital allocation. In addition, certain of these measures are used in measuring compliance with our debt covenants. We believe that providing these performance measures on a supplemental basis is helpful to investors and shareholders in assessing the overall performance of the Company's business. However, these measures are not recognized under and do not have any standardized meaning prescribed by IFRS as issued by the IASB, and are not necessarily comparable to similar measures presented by other publicly-traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. Because non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed under IFRS, securities regulations require that such measures be clearly defined, identified, and reconciled to their nearest IFRS measure. The definition, calculation and reconciliation of the non-IFRS financial measures and the requisite disclosure for non-IFRS ratios used in this MD&A are provided in Section 4 and Appendix A, and the supplementary financial measures which are key performance indicators presented herein are discussed in detail in Section 6.*

*The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures presented herein should not be construed as alternatives to net income (loss) or cash flow from the Company's activities, determined in accordance with IFRS, as indicators of Tricon's financial performance. Tricon's method of calculating these measures may differ from other issuers' methods and, accordingly, these measures may not be comparable to similar measures presented by other publicly-traded entities.*

**Forward-looking statements**

*Certain statements in this MD&A are considered "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). This document should be read in conjunction with material contained in the Company's current Consolidated Financial Statements along with the Company's other publicly filed documents. Words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "project", "continue", "target" and similar expressions identify these forward-looking statements. Statements containing forward-looking information are not historical facts but instead reflect management's expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Tricon and its investments and are based on information currently available to management and on assumptions that management believes to be reasonable.* 

*This MD&A includes forward-looking statements pertaining to: anticipated operational and financial performance; the Company's strategic and operating plans and growth prospects; expected demographic and economic trends impacting the Company's key markets; project plans, costs, timelines and sales/rental expectations; expected performance fees; future cash flows; transaction and development timelines; anticipated demand for residential real estate; the anticipated growth of the Company's rental businesses; the acquisition of build-to-rent projects; the Company's key priorities over the next three years and the manner in which they might be achieved; expected future acquisitions, acquisition pace, rent growth, operating expenses, occupancy and turnover rates, and capital expenditure programs for single-family rental homes and multi-family rental apartments; rollout of operations programs and resident betterment programs; anticipated environmental, social and governance ("ESG") initiatives;* 

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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*debt financing and refinancing intentions; continuing increases in interest rates, inflation and economic uncertainty; and the ongoing impact and aftermath of the COVID-19 pandemic. The assumptions underlying these forward-looking statements and a list of factors that may cause actual business performance to differ from current projections are discussed in this MD&A and in the Company's Annual Information Form dated February 28, 2023 (the "AIF"), which is available on SEDAR at www.sedar.com. The continuing impact and aftermath of COVID-19 on the operations, business and financial results of the Company may cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements.*

*Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by management of the Company as of the date of this MD&A, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the Company's future growth potential; results of operations; future prospects and opportunities; demographic and industry trends; no change in legislative or regulatory matters; future levels of indebtedness and prevailing interest rates; the tax laws as currently in effect; the continuing availability of capital and suitable acquisition and investment opportunities; current economic conditions including property value appreciation and overall levels of inflation; and the anticipated impact and aftermath of COVID-19.*

*When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant unknown risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to, the Company's ability to execute its growth strategies; the impact of changing conditions in the multi-family housing market; increasing competition in the single-family and multi-family housing market; the effect of fluctuations and cycles in the Canadian and U.S. real estate market; the marketability and value of the Company's portfolio; the expected future value of the Company's portfolio; changes in the attitudes, financial condition and demand of the Company's demographic market; rising interest rates and volatility in financial markets; the potential impact of reduced supply of labor and materials on expected costs and timelines; rates of inflation and overall economic uncertainty; developments and changes in applicable laws and regulations; and the impact of COVID-19 on the operations, business and financial results of the Company.* 

*Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this MD&A. See the AIF and the continuous disclosure documents referenced in Section 7.7 for a more complete list of risks relating to an investment in the Company and an indication of the impact the materialization of such risks could have on the Company, and therefore cause actual results to deviate from the forward-looking statements.*

*Certain statements included in this MD&A may be considered a "financial outlook" for purposes of applicable securities laws, and as such, the financial outlook may not be appropriate for purposes other than this document. Although the forward-looking statements contained in this MD&A are based upon what management currently believes to be reasonable assumptions (including those noted above), there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.*

*When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking statements in this MD&A are made as of the date of this document and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements or information to reflect new information, events, results or circumstances or otherwise after the date on which such statements are made to reflect the occurrence of unanticipated events, except as required by law, including securities laws.*

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|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Market and industry data**

*This MD&A may include certain market and industry data and forecasts obtained from third-party sources, industry publications and publicly available information as well as industry data prepared by management on the basis of its knowledge of the industry in which the Company operates (including management's estimates and assumptions relating to the industry based on that knowledge). Management's knowledge of the North American residential real estate industry has been developed through its experience and participation in the industry. Management believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness of this data. Third-party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. Although management believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this MD&A, or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources.*

**Other**

*Select photos in this document are presented for illustrative purposes only, may be artists' renditions, and may not be representative of all properties in the Company's portfolio.*

Page 3 of [69](#ib9cc823e0ea641df9f55e5e89721d8f4_292)<br>

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|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**1.&nbsp;&nbsp;&nbsp;&nbsp;Introduction**

This Management's Discussion and Analysis ("MD&A") is dated as of February 28, 2023, the date it was approved by the Board of Directors of Tricon Residential Inc. ("Tricon", "us", "we" or the "Company"), and reflects all material events up to that date. It should be read in conjunction with the Company's audited consolidated financial statements and related notes for the year ended December 31, 2022 ("Consolidated Financial Statements"), which were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). The audited annual consolidated financial statements are available on the Company's website at <u>www.triconresidential.com</u>, on the Canadian Securities Administrators' website at <u>www.sedar.com</u>, and as part of the Company's annual report (Form 40-F) filed on the EDGAR section of the U.S. Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>. Additional information about the Company, including its Annual Information Form, is available on these websites.

The registered office of the Company is at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7. The Company's common shares are traded under the symbol TCN on both the New York Stock Exchange (the "NYSE") and the Toronto Stock Exchange (the "TSX").

***All dollar amounts in this MD&A are expressed in U.S. dollars unless otherwise indicated.***

**1.1&nbsp;&nbsp;&nbsp;&nbsp;Vision and guiding principles**

Tricon was founded in 1988 as a fund manager for private clients and institutional investors focused on for-sale residential real estate development. The pursuit of continuous improvement as well as a desire to diversify and facilitate succession planning drove the Company's decision to become publicly traded in 2010. While the U.S. for-sale housing industry was decimated in the Great Recession of 2007-2009, Tricon's strong foundation and its leaders' resilience helped it endure the downturn and learn valuable lessons that informed the Company's decision to ultimately focus on rental housing.

In the decade that followed, Tricon embarked on a deliberate transformation away from for-sale housing, which is inherently cyclical, to become a rental housing company that addresses the needs of a new generation facing reduced home affordability and a desire for meaningful human connections, convenience and a sense of community. Today, Tricon provides high-quality, essential shelter to residents. Tricon's business is defensive by design, intended to outperform in good times and perform relatively well in more challenging times.

Tricon was among the first to enter into and institutionalize the U.S. single-family rental industry. Our success has been built on a culture of innovation and a willingness to adopt new technologies to drive efficiencies and improve our residents' lives. We believe that our ability to bring together capital, ideas, people and technology under one roof is unique in real estate and allows us to improve the resident experience, safeguard our stakeholders' investments, and drive superior returns.

Tricon strives to be North America's pre-eminent single-family rental housing company serving the middle-market demographic by owning quality properties in attractive markets, focusing on operational excellence, and delivering an exceptional resident experience. Tricon is driven by its purpose statement - **Imagine a world where housing unlocks life's potential -** and encourages its employees to conduct themselves every day according to the following guiding principles:

• Go above and beyond to enrich the lives of our residents

• Commit to and inspire excellence in everything we do

• Ask questions, embrace problems, thrive on the process of innovation

• Do what is right, not what is easy

• Elevate each other so together we leave an enduring legacy

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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Tricon's guiding principles underpin our business strategy and culture of taking care of our employees first, who in turn are empowered and inspired to provide residents with superior service and to positively impact local communities. When our residents are satisfied, they rent with us longer, treat our properties as their own, and are likely to refer friends and family to become new customers. We have realized that the best way to drive returns for our shareholders and private investors is to ensure our team and residents are fulfilled. This is why Our People and Our Residents are also two of our key ESG priorities (see Section 1.3).

**1.2&nbsp;&nbsp;&nbsp;&nbsp;Business and growth strategy**

Tricon is an owner and operator of a growing portfolio of approximately 36,000 single-family rental homes located primarily in the U.S. Sun Belt. The Company also invests in adjacent residential businesses which include multi-family rental properties and residential development assets. Since the Company's initial public offering in 2010, Tricon has evolved from an asset manager focused on investing in "for-sale" housing development to a growth-oriented rental housing company with a comprehensive technology-enabled operating platform. As at December 31, 2022, about 97% of the Company's real estate assets are stabilized single-family rental homes and the remaining 3% are invested in adjacent residential businesses.

![q32022assetmixpiechart.jpg](q32022assetmixpiechart.jpg)

(Based on the fair value of single-family homes, equity-accounted investments in multi-family rental properties and Canadian residential developments, Canadian development properties (net of debt) and investments in U.S. residential developments.)

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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***Tricon's differentiated strategy***

Tricon's U.S. single-family rental strategy targets the "middle-market" resident demographic which consists of over seven million U.S. renter households (source: U.S. Census Bureau). The Company defines the middle-market cohort as those households earning between $75,000 and $125,000 per year and with monthly rental payments of $1,400 to $2,300. These rent levels typically represent approximately 20-25% of household income, which provides each household with meaningful cushion to continue paying rent in times of economic hardship. Conversely, Tricon has the flexibility to increase rents and defray higher operating costs in a stronger economic environment without significantly impacting its residents' financial well-being. Focusing on qualified middle-market families who are likely to be long-term residents is expected to result in lower turnover rates, thereby reducing turn costs and providing stable cash flows for the Company. Tricon offers its residents economic mobility and the convenience of renting a high-quality, renovated home without costly overhead expenses such as maintenance and property taxes, and with a focus on superior customer service.

In addition to targeting the middle-market demographic, Tricon is focused on the U.S. Sun Belt, which is home to approximately 40% of all U.S. households and is expected to experience population growth in excess of 10% in most markets from 2020 to 2030 (source: The Cooper Center at the University of Virginia, 2018). The U.S. Sun Belt has experienced significant population and job growth over time, driven by a friendly business environment, lower tax rates, enhanced affordability and a warm climate. The Company expects that the de-urbanization and de-densification trends that were accelerated by the COVID-19 pandemic will continue to support these demographic shifts toward our core markets. Furthermore, the Company believes that work-from-home trends and in-migration to the Sun Belt states will likely continue as employers continue to permit more flexible work arrangements and employees gravitate towards more affordable housing markets.

![sfrnoiusmap.jpg](sfrnoiusmap.jpg)

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![q32022strategygraphic.jpg](q32022strategygraphic.jpg)

*I. Superior growth profile*

There is a significant runway for growth in the single-family rental industry as only ~3% of the 16 million rental homes in the United States are institutionally owned (source: Green Street U.S. Single-Family Rental Outlook, January 2022). We believe we are particularly well positioned to take advantage of this opportunity as one of the leading owners and operators in the industry, with one of the largest portfolios of single-family rental homes in the U.S. Sun Belt.

Tricon is focused on disciplined, long-term growth of its single-family rental home portfolio and has a sophisticated acquisition platform that is capable of deploying large amounts of capital across multiple acquisition channels and markets simultaneously. Tricon sources acquisition opportunities of existing homes through traditional channels, including Multiple Listing Service ("MLS"), "iBuyer" direct channels, and portfolio acquisitions. These traditional channels will account for the majority of Tricon's planned acquisitions over the near term and leverage the Company's acquisition platform which filters and ranks many listings per year while standardizing hundreds of key underwriting parameters, enabling the Company to efficiently convert listings into offers.

In an undersupplied housing market, Tricon also believes in adding to the supply of rental homes and providing accessible housing solutions through its three newest home growth channels. These include the development of dedicated "build-to-rent" communities and the acquisition of both scattered new homes and completed single-family rental communities directly from homebuilders. In aggregate, our six existing and new home acquisition channels are expected to provide the Company with sufficient volume to meet its acquisition targets.

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![mdaacqchannelsv2.jpg](mdaacqchannelsv2.jpg)

*II. Differentiated strategic partnership model*

![mdaactivegrowthvehiclesq22.jpg](mdaactivegrowthvehiclesq22.jpg)

(1) As at December 31, 2022, Tricon's unfunded equity commitment to these vehicles was approximately $366 million and it is expected to be funded over the next three years.

*III. Technology-enabled operating platform*

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Tricon has developed a technology-enabled platform that supports its growth, provides its residents an elevated living experience, and optimizes operating efficiencies. The Company's proprietary suite of software applications, referred to as "TriApps", automates many facets of the single-family rental business, as described below.

The Company has systemized the process of home acquisition and once homes are acquired, renovates them to a common standard before making them available for rent. Prospective residents are directed to the Company's website, where they can rent a home in a few easy steps. In the leasing process, Tricon leverages 360-degree online tours, self-showing technology, virtual self-move-ins and a statistical screening model to underwrite residents and drive retention. The proprietary TriForce App allows for dynamic coordination of repairs and maintenance activities among the field personnel, centralized office staff and third-party vendors by automating workflows, standardizing work scope and compressing the delegation of authority. Tricon uses logistics software and mobile inventory management to ensure its maintenance technicians can service homes in the most efficient manner and with a high first-time fix rate. In its call center, Tricon leverages Intelligent Virtual Agents to automate leasing and maintenance inquiry intake so the call center team can focus on higher value work such as inside sales or customer service. In revenue management, Tricon has pioneered revenue optimization tools to balance occupancy, time on market and rent growth, and to smooth out lease expiration schedules. Finally, Tricon is in the early stages of building a first-to-market, single-family rental smartphone application for residents ("resident app") that will ultimately enable our residents to enjoy a product that transcends their physical home. In addition to employing easy-to-use functions for paying rent, making a maintenance request or controlling the indoor climate of a home, the resident app will allow residents to reap the benefits of living in a "virtual" community with positive network effects. Management believes the Company has a significant competitive advantage arising from its technology-enabled property management platform that is difficult to replicate and is highly scalable.

![mdatechplatformv2.jpg](mdatechplatformv2.jpg)

***Adjacent residential businesses***

*<u>Multi-family rental</u>*

In Canada, Tricon operates and holds a 15% ownership interest in one 500-unit Class A rental property, The Selby, located in downtown Toronto. The Selby is currently managed through Tricon's vertically integrated platform,

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including local property management employees. Tricon plans to grow the Canadian multi-family rental portfolio as more Class A multi-family rental apartments from the residential development portfolio reach stabilization.

During the year, Tricon operated and held a 20% ownership interest in a portfolio of high-quality, affordably priced garden-style apartments located in desirable suburban sub-markets primarily in the U.S. Sun Belt. On October 18, 2022, the Company completed the sale of its 20% equity interest in the portfolio and exited the U.S. multi-family rental business.

*<u>Residential development</u>*

Tricon develops new residential real estate properties, predominantly rental housing intended for long-term ownership. Such developments include (i) Class A multi-family rental apartments in Canada, (ii) single-family rental communities in the United States intended to operate as part of the single-family rental portfolio upon stabilization, and (iii) legacy land development and homebuilding projects, predominantly in the United States.

*(i) Canadian Class A multi-family rental apartments:*

Tricon is one of the most active developers of Class A purpose-built rental apartment buildings in downtown Toronto with eight projects under development and one income-producing property ("The Taylor") in the stabilization phase totaling approximately 4,280 units, and in which Tricon holds a 40% weighted average ownership interest based on net asset values. Tricon holds these assets in partnerships with pension plans and strategic partners who have an investment bias towards long-term ownership and stable recurring cash flows. These institutional investors or strategic partners pay Tricon development management fees, asset management fees and possibly performance fees, enabling the Company to enhance its return on investment.

*(ii) U.S. single-family rental communities:*

The Company's build-to-rent strategy is focused on developing well-designed, dedicated single-family home rental communities, which often include shared amenities such as parks, playgrounds, pools and community gathering spaces. This strategy adds another growth channel to Tricon's single-family rental business, and leverages the Company's complementary expertise in land development, homebuilding and single-family rental property management. Once developed and stabilized, these build-to-rent communities will be integrated into the Company's technology-enabled property management platform. The Company currently has a pipeline of approximately 3,200 rental units in 25 new home communities across the U.S. Sun Belt through its THPAS JV-1, THPAS Development JV-2 and Homebuilder Direct JV vehicles.

*(iii) U.S. land development and homebuilding:*

The Company's legacy business provides equity or equity-type financing to experienced local or regional developers and builders of for-sale housing primarily in the United States. These investments are typically made through Investment Vehicles that hold an interest in land development and homebuilding projects, including master-planned communities ("MPCs"). Tricon also serves as the developer of certain of its MPCs through its Houston-based subsidiary, The Johnson Companies LP ("Johnson"). Johnson is an integrated development platform with expertise in land entitlement, infrastructure, municipal bond finance and placemaking, and has deep relationships with public and regional homebuilders and commercial developers.

Johnson's reputation for developing high-quality MPCs is further evidenced by Johnson having three MPCs ranked in the top 50 based on homebuilder sales in 2022 according to RCLCO Real Estate Consulting.

***Private funds and advisory***

Tricon earns fees from managing third-party capital invested in its real estate assets through separate accounts, joint ventures and commingled funds ("Investment Vehicles"). Activities of this business include:

(i) Asset management of third-party capital: Tricon manages capital on behalf of institutional investors, including pension funds, sovereign wealth funds, insurance companies and others who seek exposure to the residential real

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estate industry. Tricon managed $8.1 billion of Assets Under Management ("AUM") on behalf of third-party investors (out of total AUM of $16.0 billion) as at December 31, 2022 across its single-family rental, multi-family rental and residential development business segments (refer to Section 6 and Appendix A for further information concerning the Company's AUM). For its services, Tricon earned asset management fees on fee-bearing capital totaling $2.5 billion as at December 31, 2022, as well as performance fees provided targeted investment returns are achieved.

Tricon manages third-party capital for 13 of the top 100 largest institutional real estate investors in the world (source: "PERE Global Investor 100" ranking, October 2022). In 2022, Tricon ranked 53rd globally and second in Canada (compared to 58th globally and second in Canada in 2021) among global real estate investment managers based on the institutional equity raised since 2017 (source: "2022 PERE 100" manager ranking, June 2022).

(ii) Development management and related advisory services: Tricon earns development management fees from its rental development projects in Toronto, which leverage its fully integrated development team. In addition, Tricon earns contractual development fees and sales commissions from the development and sale of single-family lots, residential land parcels, and commercial land within the MPCs managed by its Johnson subsidiary.

(iii) Property management of rental properties: Tricon provides integrated property management services to its entire rental portfolio. The property management business is headquartered in Orange County, California, and provides resident-facing services including marketing, leasing, and repairs and maintenance delivered through a dedicated call center and local field offices. For its services, Tricon earns property management fees, typically calculated as a set percentage of the gross revenues of each property, as well as leasing, construction and acquisition fees.

![pfafeepiechart.jpg](pfafeepiechart.jpg)

(1) Certain asset management fees and property management fees paid by the single-family rental business segment and certain development management fees paid by Canadian development properties are eliminated upon consolidation and are excluded from revenue from private funds and advisory services. Refer to Section 4.3 for a summary of revenue from private funds and advisory services for the year ended December 31, 2022.

(2) Performance fees includes fees earned in respect of the sale of the Company's interest in its U.S. multi-family rental portfolio (see section 3.1).

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**1.3&nbsp;&nbsp;&nbsp;&nbsp;Environmental, Social and Governance**

Environmental, Social and Governance ("ESG") principles have guided Tricon throughout its 34-year history of delivering business excellence.

During the quarter, Tricon amended its $500 million corporate credit facility to incorporate ESG targets and convert it to a Sustainability-linked Loan ("SLL"). This credit facility, which was undrawn as of December 31, 2022, provides Tricon with liquidity to pursue the growth of its single-family rental business. The SLL structure links the borrowing cost directly to the Company's performance in three priority areas of its ESG strategy: (i) increasing the percentage of homes with energy efficiency upgrades in Tricon's single-family home rental portfolio, (ii) increasing the number of multi-family residential buildings with LEED Gold certification, and (iii) increasing participation in Tricon Vantage, a market-leading program aimed at providing our U.S. residents with tools and resources to set financial goals and enhance their long-term economic stability.

Additionally, Tricon remains focused on the following five strategic ESG priorities:

<u>Our People:</u> Tricon is committed to engaging, supporting and enriching the lives of its employees so they can thrive and, in turn, take care of our residents and the communities in which we operate. To align our purpose-driven culture with our ESG strategy, Tricon focuses on: (i) creating an exceptional employee experience by empowering and enabling employees to unlock their potential, (ii) delivering company-wide professional development opportunities that promote high-performing work teams, and (iii) fostering a culture of diversity, inclusion and belonging to increase cognitive diversity and perspective.

<u>Our Residents:</u> Tricon's goal is to build meaningful communities where people can connect, grow and prosper. In that continued effort, Tricon focuses on: (i) providing residents with high-quality housing and best-in-class resident experience, (ii) delivering Tricon Vantage – a market-leading program aimed at providing its U.S. residents with tools and resources to set financial goals and enhance their long-term economic stability, and (iii) giving back to the communities where we operate through our volunteer services and charitable giving programs.

<u>Our Innovation:</u> Tricon is firmly committed to leveraging innovative technologies and housing solutions to drive convenience, connectivity and affordability. Core service offerings are guided by two key desired outcomes: (i) delivering superior service that creates exceptional resident experiences, and (ii) developing offerings that enhance the lives of residents while addressing their housing needs.

<u>Our Impact:</u> Tricon is committed to making investments and operational decisions that reduce the environmental impact and enhance the sustainability and resource efficiency of our portfolio. The environmental impact portion of our ESG program focuses on: (i) developing and implementing sustainable methodologies to ensure our investments, developments and renovation projects adhere to our ESG objectives and commitments, (ii) investigating and investing in new technologies, materials and renovation methods to reduce resource consumption across our real estate portfolio, and (iii) investigating and investing in the reduction of resource consumption across our property management and corporate office operations.

<u>Our Governance:</u> Tricon aims to proactively identify, understand and manage the risks to our business while acting in a manner that exemplifies our commitment to ethics, integrity, trust and transparency. Tricon's ESG program focuses on the following governance initiatives: (i) maintaining a culture of compliance, integrity and ethics, (ii) embedding a strong risk management culture by setting a foundation for effectively identifying, analyzing and managing material and systemic risks, and (iii) maintaining a diverse Board of Directors composition, in which either gender is represented by one-third of all directors.

Tricon's next annual ESG report is slated for publication in the spring of 2023. Details of our key ESG commitments, initiatives, policies and reported performance progress can be found on the Company's website under Sustainability.

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**2.&nbsp;&nbsp;&nbsp;&nbsp;Highlights**

The following section presents highlights for the quarter on a consolidated and proportionate basis.

On October 18, 2022, the Company sold its remaining 20% equity interest in its U.S. multi-family rental portfolio, held through Tricon US Multi-Family REIT LLC. In accordance with IFRS 5, *Non-current Assets Held for Sale and Discontinued Operations*, the Company reclassified the current- and prior-period results and cash flows of Tricon US Multi-Family REIT LLC as discontinued operations separate from the Company's continuing operations.

Core funds from operations ("Core FFO"), Core FFO per share, Adjusted funds from operations ("AFFO"), and AFFO per share are non-IFRS financial measures and non-IFRS ratios as identified in Section 6. The Company uses guidance specified by the National Association of Real Estate Investment Trusts ("NAREIT") to calculate FFO, upon which Core FFO and AFFO are based. The measures are presented on a proportionate basis, reflecting only the portion attributable to Tricon's shareholders based on the Company's ownership percentage of the underlying entities and excludes the percentage associated with non-controlling and limited partners' interests. The Company believes that providing FFO, Core FFO and AFFO on a proportionate basis is helpful to investors in assessing the overall performance of the Company's business. Note that FFO, Core FFO, Core FFO per share, AFFO and AFFO per share are not meant to be used in measuring the Company's liquidity. See "Non-IFRS measures" on page 1 and Appendix A for a reconciliation to the most directly comparable IFRS measures.

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| | | | | |
|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Twelve months**<sup>(1)</sup> | **Twelve months**<sup>(1)</sup> |
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated) | **2022** | **2021** | **2022** | **2021** |
| ***Financial highlights on a consolidated basis*** |  |  |  |  |
| **Net income from continuing operations, including:** | $**55883** | $**110439** | $**779374** | $**459357** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value gain on rental properties | 56414 | 261676 | 858987 | 990575 |
| **Basic earnings per share attributable to shareholders of Tricon from continuing operations** | 0.19 | 0.41 | 2.82 | 2.07 |
| **Diluted earnings per share attributable to shareholders of Tricon from continuing operations** | 0.11 | 0.40 | 1.98 | 2.05 |
| Net income (loss) from discontinued operations | 1829 | 16538 | 35106 | (9830) |
| Basic earnings (loss) per share attributable to shareholders of Tricon from discontinued operations | 0.01 | 0.06 | 0.13 | (0.04) |
| Diluted earnings (loss) per share attributable to shareholders of Tricon from discontinued operations | 0.01 | 0.06 | 0.11 | (0.05) |
| Dividends per share<sup>(2)</sup> | $0.058 | $0.058 | $0.232 | $0.225 |
| Weighted average shares outstanding - basic | 274684779 | 268428784 | 274483264 | 219834130 |
| Weighted average shares outstanding - diluted | 311222080 | 270953420 | 311100493 | 222118737 |
| ***Non-IFRS***<sup>(3)</sup> ***measures on a proportionate basis*** |  |  |  |  |
| Core funds from operations ("Core FFO")  | $96841 | $45630 | $237288 | $152021 |
| Adjusted funds from operations ("AFFO")  | 88694 | 36548 | 198264 | 121594 |
| Core FFO per share<sup>(4)</sup> | 0.31 | 0.15 | 0.76 | 0.57 |
| AFFO per share<sup>(4)</sup> | 0.28 | 0.12 | 0.64 | 0.45 |
| **Select balance sheet items reported on a consolidated basis** | **Select balance sheet items reported on a consolidated basis** |  | **December 31, 2022** | **December 31, 2021** |
| Total assets |  |  | $**12450946** | $**9148617** |
| Total liabilities<sup>(5)</sup> |  |  | **8653921** | **6087548** |
| Net assets attributable to shareholders of Tricon |  |  | **3790249** | **3053794** |
| Rental properties |  |  | **11445659** | **7978396** |
| Debt |  |  | **5728184** | **3917433** |

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(1) Certain comparative figures have been adjusted to conform with the current period presentation as income from equity-accounted investments in U.S. multi-family rental properties has been reclassified as discontinued operations, separate from the Company's continuing operations.

(2) Dividends are issued and paid in U.S. dollars. Prior to November 8, 2021, dividends were declared and paid in Canadian dollars; for reporting purposes, amounts recorded in equity were translated to U.S. dollars using the daily exchange rate on the applicable dividend record date.

(3) Non-IFRS measures are presented to illustrate alternative relevant measures to assess the Company's performance. Refer to "Non-IFRS measures" on page 1 and Appendix A.

(4) Core FFO per share and AFFO per share are calculated using the total number of weighted average potential dilutive shares outstanding, including the assumed conversion of convertible debentures and exchange of preferred units issued by Tricon PIPE LLC, which were 311,222,080 and 311,100,493 for the three and twelve months ended December 31, 2022, respectively, and 306,247,538 and 268,562,442 for the three and twelve months ended December 31, 2021, respectively.

(5) Includes limited partners' interests in SFR JV-1, SFR JV-HD and SFR JV-2.

**<u>IFRS measures on a consolidated basis</u>**

Net income from continuing operations in the fourth quarter of 2022 was $55.9 million compared to $110.4 million in the fourth quarter of 2021, and included:

***•*** Revenue from single-family rental properties of $180.9 million compared to $124.4 million in the fourth quarter of 2021, driven primarily by growth of 23.2% in the single-family rental portfolio to 35,908 homes and a 9.4% year-over-year increase in average effective monthly rent (from $1,591 to $1,741).

***•*** Direct operating expenses of $58.4 million compared to $41.0 million in the fourth quarter of 2021, reflecting a larger rental portfolio, and higher property tax expenses associated with increasing property value assessments, as well as general cost and labor market inflationary pressures.

***•*** Revenue from private funds and advisory services of $14.8 million, compared to $17.7 million in the fourth quarter of 2021, driven by no performance fees being recognized in the quarter as well as a decrease in property management fees following the sale of Tricon's remaining interest in the U.S. multi-family rental portfolio during the quarter.

• Fair value gain on rental properties of $56.4 million compared to $261.7 million in the fourth quarter of 2021, attributable to a moderation in home price appreciation within the single-family rental portfolio given the current climate of rising mortgage rates and greater economic uncertainty.

Net income from continuing operations for the year ended December 31, 2022 was $779.4 million compared to $459.4 million for the year ended December 31, 2021, and included:

• Revenue from single-family rental properties of $645.6 million and direct operating expenses of $209.1 million compared to $445.9 million and $149.9 million in the prior year, respectively, which translated to a net operating income ("NOI") increase of $140.5 million, attributable to the continued growth of the single-family rental portfolio and strong rent growth.

• Revenue from private funds and advisory services of $160.1 million compared to $50.7 million in the prior year, driven primarily by $100 million of performance fees earned from Tricon's investors in respect of the sale of the U.S. multi-family rental portfolio.

• Fair value gain on rental properties of $859.0 million compared to $990.6 million in the prior year as a result of a moderation of home price appreciation experienced in the latter half of the year.

**<u>Non-IFRS measures on a proportionate basis</u>** 

Core FFO for the fourth quarter of 2022 was $96.8 million, an increase of $51.2 million or 112% compared to $45.6 million in the fourth quarter of 2021. The increase in Core FFO was driven by NOI growth from the single-family rental business, as discussed above, and higher performance fees earned from Tricon's investors in respect of the sale of the U.S. multi-family rental portfolio (these performance fees were earned and contributed to net income in the third quarter, but were recognized as part of Core FFO upon receipt in the fourth quarter). The performance fees related to the U.S. multi-family portfolio sale contributed $99.9 million of Core FFO from fees for a net positive impact of $50.3 million to Core FFO ($0.16 Core FFO per share) after deducting LTIP and performance fee

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payments to management. During the twelve months ended December 31, 2022, Core FFO increased by $85.3 million or 56% to $237.3 million compared to $152.0 million in the prior year, for the reasons noted above.

AFFO for the three and twelve months ended December 31, 2022 was $88.7 million and $198.3 million, respectively, an increase of $52.1 million (143%) and $76.7 million (63%) from the same periods in the prior year. This growth in AFFO was driven by the increase in Core FFO discussed above.

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**3.&nbsp;&nbsp;&nbsp;&nbsp;Consolidated financial results**

The following section should be read in conjunction with the Company's consolidated financial statements and related notes for the year ended December 31, 2022.

On October 18, 2022, the Company completed the sale of its remaining 20% equity interest in its U.S. multi-family rental portfolio that was held through Tricon US Multi-Family REIT LLC. Accordingly, the Company reclassified its current- and prior-year results as discontinued operations separate from the Company's continuing operations in accordance with IFRS 5, *Non-current Assets Held for Sale and Discontinued Operations* ("IFRS 5"). In addition, certain comparative figures have been adjusted to conform with the current period presentation. There was no impact on the financial position and the net income and comprehensive income of the Company as a result of this change in presentation.

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**3.1&nbsp;&nbsp;&nbsp;&nbsp;Review of income statements**

**<u>Consolidated statements of income</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| **Revenue from single-family rental properties**<sup>(1)</sup> | $**180893** | $**124399** | $**56494** | $**645585** | $**445915** | $**199670** |
| Direct operating expenses <sup>(1)</sup> | (58371) | (41044) | (17327) | (209089) | (149940) | (59149) |
| Net operating income from single-family rental properties | 122522 | 83355 | 39167 | 436496 | 295975 | 140521 |
| **Revenue from private funds and advisory services** | **14820** | **17678** | **(2858)** | **160088** | **50693** | **109395** |
| Income from equity-accounted investments in multi-family rental properties<sup>(2)</sup> | 1051 | 2077 | (1026) | 1550 | 2255 | (705) |
| Income from equity-accounted investments in Canadian residential developments<sup>(3)</sup> | 7690 | 10085 | (2395) | 11198 | 8200 | 2998 |
| Other income<sup>(4)</sup> | 2017 | 3858 | (1841) | 10886 | 4786 | 6100 |
| Income from investments in U.S. residential developments<sup>(5)</sup> | 3910 | 10530 | (6620) | 16897 | 31726 | (14829) |
| Compensation expense | (22408) | (35718) | 13310 | (99256) | (89951) | (9305) |
| Performance fees expense | (3798) | (40854) | 37056 | (35854) | (42272) | 6418 |
| General and administration expense | (18163) | (14565) | (3598) | (58991) | (41420) | (17571) |
| Loss on debt modification and extinguishment |  |  |  | (6816) | (3497) | (3319) |
| Transaction costs | (7178) | (3830) | (3348) | (18537) | (13260) | (5277) |
| Interest expense | (71120) | (35648) | (35472) | (213932) | (147680) | (66252) |
| Fair value gain on rental properties | 56414 | 261676 | (205262) | 858987 | 990575 | (131588) |
| Fair value (loss) gain on Canadian development properties |  | 10098 | (10098) | (440) | 10098 | (10538) |
| Fair value gain (loss) on derivative financial instruments and other liabilities | 25818 | (72783) | 98601 | 184809 | (220177) | 404986 |
| Amortization and depreciation expense | (4764) | (2818) | (1946) | (15608) | (12129) | (3479) |
| Realized and unrealized foreign exchange (loss) gain | (164) | (407) | 243 | 498 | (2934) | 3432 |
| Net change in fair value of limited partners' interests in single-family rental business | (50828) | (43519) | (7309) | (297381) | (185921) | (111460) |
|  | (81523) | 48182 | (129705) | 338010 | 288399 | 49611 |
| **Income before income taxes from continuing operations** | $**55819** | $**149215** | $**(93396)** | $**934594** | $**635067** | $**299527** |
| Income tax recovery (expense) from continuing operations | 64 | (38776) | 38840 | (155220) | (175710) | 20490 |
| **Net income from continuing operations** | $**55883** | $**110439** | $**(54556)** | $**779374** | $**459357** | $**320017** |
| **Basic earnings per share attributable to shareholders of Tricon from continuing operations** | **0.19** | **0.41** | **(0.22)** | **2.82** | **2.07** | **0.75** |
| **Diluted earnings per share attributable to shareholders of Tricon from continuing operations** | **0.11** | **0.40** | **(0.29)** | **1.98** | **2.05** | **(0.07)** |
| Net income (loss) from discontinued operations | 1829 | 16538 | (14709) | 35106 | (9830) | 44936 |
| Basic earnings (loss) per share attributable to shareholders of Tricon from discontinued operations | 0.01 | 0.06 | (0.05) | 0.13 | (0.04) | 0.17 |
| Diluted earnings (loss) per share attributable to shareholders of Tricon from discontinued operations | 0.01 | 0.06 | (0.05) | 0.11 | (0.05) | 0.16 |
| **Weighted average shares outstanding - basic** | **274684779** | **268428784** | **6255995** | **274483264** | **219834130** | **54649134** |
| **Weighted average shares outstanding - diluted**<sup>(6)</sup> | **311222080** | **270953420** | **40268660** | **311100493** | **222118737** | **88981756** |

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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(1) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $1,028 and $4,172 for the three and twelve months ended December 31, 2021, respectively, that were previously recorded as a reduction in direct operating expenses have been reclassified to revenue from single-family rental properties with no impact to net operating income.

(2) Includes income from The Selby (Section 4.2.1).

(3) Includes income from The Taylor, Canary Landing (West Don Lands), The Ivy, Symington and Queen & Ontario (Section 4.2.2).

(4) Includes other income from Canadian development properties, The James (Scrivener Square) and The Shops of Summerhill (Section 4.2.2) along with other income generated from Bryson MPC Holdings LLC and its sale. Refer to Note 13 to the Consolidated Financial Statements.

(5) Reflects the net change in the fair values of the underlying investments in the build-to-rent and legacy for-sale housing businesses (Section 4.2.2).

(6) For the three and twelve months ended December 31, 2022, the exchangeable preferred units of Tricon PIPE LLC were dilutive (2021 - anti-dilutive). Refer to Note 30 to the Consolidated Financial Statements.

**Revenue from single-family rental properties**

The following table provides further details regarding revenue from single-family rental properties for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Rental revenue<sup>(1)</sup> | $172252 | $117450 | $54802 | $610375 | $423806 | $186569 |
| Other revenue<sup>(1)(2)</sup> | 8641 | 6949 | 1692 | 35210 | 22109 | 13101 |
| **Revenue from single-family rental properties**<sup>(2)</sup> | $**180893** | $**124399** | $**56494** | $**645585** | $**445915** | $**199670** |

---

(1) All rental and other revenue is reflected net of bad debt. The Company has reserved 100% of residents' accounts receivable balances aged more than 30 days, less the amount of residents' security deposits on hand.

(2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $1,028 and $4,172 for the three and twelve months ended December 31, 2021, respectively, previously recorded as a reduction in turnover expense have been reclassified to other revenue.

Revenue from single-family rental properties for the three months ended December 31, 2022 totaled $180.9 million, an increase of $56.5 million or 45.4% compared to $124.4 million for the same period in the prior year. The increase is attributable to:

• Growth of $54.8 million in rental revenue, driven by portfolio expansion of 23.2% (35,908 rental homes compared to 29,149), and a 9.4% year-over-year increase in average effective monthly rent per home ($1,741 compared to $1,591) attributable to the continued strong demand for single-family rental homes. This strong demand also contributed to a 0.2% increase in occupancy (94.2% compared to 94.0%) notwithstanding the acquisition of 815 vacant homes this quarter.

• An increase of $1.7 million in other revenue driven by portfolio expansion, as well as incremental ancillary revenue from the rollout of the Company's smart-home technology initiative (69% of single-family rental homes were smart-home enabled at December 31, 2022 compared to 51% at December 31, 2021), along with higher resident enrollment in its renters insurance program. Higher new lease application and administrative fees also contributed to a meaningful increase in other revenue.

Revenue from single-family rental properties for the twelve months ended December 31, 2022 totaled $645.6 million, an increase of $199.7 million or 44.8% compared to the prior year, primarily driven by growth of the rental portfolio as well as an improvement in the average monthly rent, along with higher other revenue for the reasons discussed above.

**Direct operating expenses** 

The following table provides further details regarding direct operating expenses of the single-family rental portfolio for the three and twelve months ended December 31, 2022 and 2021.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Property taxes | $28392 | $18162 | $10230 | $100122 | $66493 | $33629 |
| Repairs and maintenance | 7353 | 6016 | 1337 | 29006 | 22252 | 6754 |
| Turnover<sup>(1)</sup> | 1881 | 2398 | (517) | 7829 | 9926 | (2097) |
| Property management expenses | 11656 | 8153 | 3503 | 41404 | 29247 | 12157 |
| Property insurance | 2029 | 1680 | 349 | 7544 | 6081 | 1463 |
| Marketing and leasing | 648 | 553 | 95 | 2554 | 1747 | 807 |
| Homeowners' association (HOA) costs | 3449 | 1723 | 1726 | 9933 | 6169 | 3764 |
| Other direct expense<sup>(2)</sup> | 2963 | 2359 | 604 | 10697 | 8025 | 2672 |
| **Direct operating expenses**<sup>(1)</sup> | $**58371** | $**41044** | $**17327** | $**209089** | $**149940** | $**59149** |

---

(1) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $1,028 and $4,172 for the three and twelve months ended December 31, 2021, respectively, previously recorded as a reduction in turnover expense have been reclassified to other revenue.

(2) Other direct expense includes property utilities on vacant homes and other property operating costs associated with ancillary revenue offerings.

Direct operating expenses for the three months ended December 31, 2022 were $58.4 million, an increase of $17.3 million or 42.2% compared to the same period in the prior year. The variance is primarily attributable to:

• An increase of $10.2 million in property taxes driven by 23.2% growth in the size of the portfolio, as well as a higher property tax expense per home arising from significant year-over-year home price appreciation.

• An increase of $3.5 million in property management expenses as a result of additional operations personnel hired to manage a growing rental portfolio and inflationary pressures reflecting a tighter labor market.

• An increase of $1.7 million in homeowners' association costs driven by growth in the size of the portfolio, with more homes being situated in HOAs as well as increases in annual HOA premiums. A heightened level of rule enforcement by HOAs became more prevalent as COVID-19 pandemic regulations eased, which also increased violation / penalty fees.

• An increase of $1.3 million in repairs and maintenance attributable to higher work order activity on a larger portfolio of homes along with underlying cost inflation.

Direct operating expenses for the twelve months ended December 31, 2022 were $209.1 million, an increase of $59.1 million or 39.4% compared to the prior year, primarily for the reasons described above.

**Revenue from private funds and advisory services**

The following table provides further details regarding revenue from private funds and advisory services for the three and twelve months ended December 31, 2022 and 2021, net of inter-segment revenues eliminated upon consolidation.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Asset management fees | $2977 | $3386 | $(409) | $12431 | $12719 | $(288) |
| Performance fees |  | 3676 | (3676) | 110330 | 8909 | 101421 |
| Development fees | 9753 | 7993 | 1760 | 26826 | 24418 | 2408 |
| Property management fees | 2090 | 2623 | (533) | 10501 | 4647 | 5854 |
| **Revenue from private funds and advisory services** | $**14820** | $**17678** | $**(2858)** | $**160088** | $**50693** | $**109395** |

---

Revenue from private funds and advisory services for the three months ended December 31, 2022 totaled $14.8 million, a decrease of $2.9 million from the same period in the prior year, mainly attributable to:

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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• A decrease of $3.7 million in performance fees as no performance fee was recognized in the fourth quarter of 2022 compared to $3.7 million earned in the fourth quarter of 2021.

• A decrease of $0.5 million in property management fees primarily related to the Company's divestiture of the U.S multi-family rental portfolio. Following the sale of its remaining 20% equity interest in the portfolio in October 2022, the Company continued to earn property management fees during a transition period that ended in mid-November. The Company will no longer be earning asset and property management fees from the portfolio, resulting in a loss of fee income of approximately $3.0 million per quarter.

• An offsetting increase of $1.8 million in development fees, including $1.5 million from Johnson communities driven by a large commercial land bulk sale, along with strong lot sales, and $0.3 million from a Canadian residential development project, Symington, which commenced development earlier in the year.

Revenue from private funds and advisory services for the twelve months ended December 31, 2022 totaled $160.1 million, an increase of $109.4 million from the prior year. The increase was mainly attributable to the $99.9 million performance fees earned in respect of the sale of the Company's remaining 20% equity interest in its U.S. multi-family rental portfolio.

**Income from equity-accounted investments in Canadian residential developments**

Equity-accounted investments in Canadian residential developments include joint ventures and equity holdings in development projects, namely The Taylor, West Don Lands (Canary Landing), The Ivy, Queen & Ontario and Symington. The James (Scrivener Square) and The Shops of Summerhill are accounted for as Canadian development properties. The income earned from The Shops of Summerhill is presented as other income.

The following table presents the income from equity-accounted investments in Canadian residential developments for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Income from equity-accounted investments in Canadian residential developments | $7690 | $10085 | $(2395) | $11198 | $8200 | $2998 |

---

Income from equity-accounted investments in Canadian residential developments for the three months ended December 31, 2022 was $7.7 million, a decrease of $2.4 million from the same period in the prior year. Income in the current quarter was driven by fair value gains resulting from land value increases across the portfolio and the achievement of development milestones at Canary Landing - Block 8, which is nearing initial occupancy. In comparison, The Taylor reported a much higher fair value gain in the same period in the prior year.

Income from investments in Canadian residential developments for the twelve months ended December 31, 2022 was $11.2 million, an increase of $3.0 million from the prior year. The year-over-year increase is primarily attributable to fair value gains recognized across the portfolio as described above, while the prior year results included fair value gains recognized across the portfolio partly offset by a fair value loss on the sale of the 7 Labatt development project.

**Other income**

Other income includes commercial rental income from The Shops of Summerhill (Section 4.2.2), income from Bryson MPC Holdings LLC and insurance recoveries in relation to the winter storm in Texas in February 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Other income | $2017 | $3858 | $(1841) | $10886 | $4786 | $6100 |

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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Other income for the three months ended December 31, 2022 was $2.0 million, a decrease of $1.8 million from the same period in the prior year, mainly attributable to the absence of income contribution from the consolidated subsidiary, Bryson MPC Holdings LLC ("Bryson"), as a result of the sale of that subsidiary to THPAS Development JV-2 LLC in the third quarter of 2022. The decrease in the income contribution from Bryson was partially offset by the insurance recovery of $1.4 million received in connection with the winter storm that hit Texas in February 2021.

For the year ended December 31, 2022, other income was $10.9 million, an increase of $6.1 million from the same period in the prior year. This increase was primarily driven by the sale of Bryson to THPAS Development JV-2 LLC which resulted in a $5.1 million gain, along with the insurance recovery discussed above.

**Income from investments in U.S. residential developments**

The following table presents income from investments in U.S. residential developments for the three and twelve months ended December 31, 2022 and 2021.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Income from investments in U.S. residential developments | $3910 | $10530 | $(6620) | $16897 | $31726 | $(14829) |

---

Income from investments in U.S. residential developments for the three months ended December 31, 2022 was $3.9 million, a decrease of $6.6 million reflecting softening demand in for-sale housing attributable to higher mortgage rates and rising economic uncertainty.

Income from investments in U.S. residential developments for the twelve months ended December 31, 2022 was $16.9 million, a decrease of $14.8 million from the same period in the prior year. This year-over-year decrease is reflective of very strong for-sale housing demand in the prior year driven by historically low mortgage rates and an acceleration of migration trends caused by the pandemic.

Management continues to monitor the macroeconomic factors that are fundamental to the for-sale housing market, including rising mortgage rates, which could impact consumer demand and pricing, development timelines as well as new for-sale housing supply.

**Compensation expense** 

The following table provides further details regarding compensation expense for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 |  | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) |  | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| **Salaries and benefits** | **A** | $**14106** | $**13412** | $**694** | $**55040** | $**43630** | $**11410** |
| &nbsp;&nbsp;Cash-based<sup>(1)</sup> |  | 3990 | 5038 | (1048) | 20307 | 15922 | 4385 |
| &nbsp;&nbsp;Equity-based<sup>(1)</sup> |  | 1364 | 8668 | (7304) | 6894 | 16306 | (9412) |
| **Annual incentive plan ("AIP")** | **B** | **5354** | **13706** | **(8352)** | **27201** | **32228** | **(5027)** |
| &nbsp;&nbsp;&nbsp;Cash-based |  | 3047 | 8283 | (5236) | 16635 | 13532 | 3103 |
| &nbsp;&nbsp;&nbsp;Equity-based |  | (99) | 317 | (416) | 380 | 561 | (181) |
| **Long-term incentive plan ("LTIP")** | **C** | **2948** | **8600** | **(5652)** | **17015** | **14093** | **2922** |
| **Total compensation expense** | **A+B+C** | $**22408** | $**35718** | $**(13310)** | $**99256** | $**89951** | $**9305** |

---

(1) The cash-based AIP figure for the year ended December 31, 2022 includes one-time allocations for special awards granted in Q1 2022.

Compensation expense for the three months ended December 31, 2022 was $22.4 million, a decrease of $13.3 million or 37.3% compared to the same period in the prior year. The variance is attributable to:

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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• A decrease of $8.4 million in AIP expense, primarily attributable to a $7.3 million reduction in equity-based awards arising from the revaluation of the performance share units ("PSU") liability based on a lower stock price of the Company as at period-end. In the three months ended December 31, 2022, the Company's share price on the TSX decreased by $1.01 per share, on a USD-converted basis, compared to an increase of $2.01 per share, on a USD-converted basis in the comparative period, which led to a significant variance in the liability year-over-year.

• A decrease of $5.7 million in LTIP expense, primarily driven by the removal of performance fees liability from the Company's U.S multi-family rental Investment Vehicle as the performance fee income, LTIP expense and performance fee expense were recognized in the third quarter of this year upon divestiture. In comparison, higher LTIP expense and liability were recognized in the same period in the prior year, driven by strong fair value gains across Tricon's Investment Vehicles, including the single-family rental and U.S multi-family rental business segments.

Compensation expense for the twelve months ended December 31, 2022 was $99.3 million, an increase of $9.3 million or 10.3% compared to the prior year, attributable to:

**•** An increase of $11.4 million in payroll costs arising from a 15% year-over-year increase in average headcount, primarily driven by additional needs for property management personnel to support Tricon's continued growth. A tighter labor market and inflationary pressures along with normal course salary adjustments further contributed to the increase in costs.

• An increase of $2.9 million in LTIP expense, as a result of an increase in cash-based LTIP expenses of $3.1 million, primarily driven by higher estimated future performance fees from Tricon's single-family rental Investment Vehicles.

• A partially offsetting decrease of $5.0 million in AIP expense, primarily driven by a reduction to the PSUs liability, as described above.

**Performance fees expense**

Performance fees expense reflects amounts that are expected to be paid to key management equity participants who have an equity interest in entities that earn performance fee revenue, whereas LTIP participants do not have said equity interests. In aggregate, cash-based LTIP expense and performance fees expense represent no more than 50% of the performance fees earned from each Investment Vehicle and both are paid to participants if and when the performance fees are in fact realized and paid.

The following table presents performance fees expense for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Performance fees expense | $3798 | $40854 | $(37056) | $35854 | $42272 | $(6418) |

---

Performance fees expense for the three months ended December 31, 2022 was $3.8 million, a decrease of $37.1 million compared to the same period in the prior year. This variance results from the crystallization of carried interests in the U.S. multi-family Investment Vehicle attributed to key management equity participants in the third quarter when the performance fee income was recognized in respect of the disposition of the investment.

Performance fees expense for the twelve months ended December 31, 2022 was $35.9 million, a decrease of $6.4 million compared to the prior year. The performance fees expense recognizes a significant increase in unrealized carried interest in connection with higher fair value gains in the underlying Investment Vehicles but is lower than 2021.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**General and administration expense** 

The following table presents general and administration expense for the three and twelve months ended December 31, 2022 and 2021.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| General and administration expense | $18163 | $14565 | $3598 | $58991 | $41420 | $17571 |

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General and administration expense for the three months ended December 31, 2022 was $18.2 million, an increase of $3.6 million compared to the same period in the prior year. The increase was driven by higher professional fees in connection with ensuring the Company's Sarbanes-Oxley Act readiness as well as other compliance costs as a result of its NYSE listing, increased travelling costs as pandemic-related restrictions were lifted, and expanded spending on Tricon's technology-enabled operating platform to support portfolio growth.

General and administration expense for the twelve months ended December 31, 2022 was $59.0 million, an increase of $17.6 million compared to the prior year, for the same reasons described above.

**Interest expense** 

The following table provides details regarding interest expense for the three and twelve months ended December 31, 2022 and 2021 by borrowing type and nature.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Corporate borrowings | $1192 | $881 | $311 | $6779 | $4458 | $2321 |
| Property-level borrowings | 60102 | $26538 | 33564 | 170847 | 102669 | 68178 |
| Convertible debentures |  |  |  |  | 6732 | (6732) |
| Due to Affiliate | 4245 | 4312 | (67) | 17022 | 17250 | (228) |
| Amortization of deferred financing costs, discounts and lease obligations | 5581 | 3917 | 1664 | 19284 | 16571 | 2713 |
| **Total interest expense** | $**71120** | $**35648** | $**35472** | $**213932** | $**147680** | $**66252** |
| **Weighted average interest rate**<sup>(1)</sup> | **4.27%** | **2.62%** | **1.65%** | **3.49%** | **2.62%** | **0.87%** |

---

(1) The weighted average effective interest rates are calculated based on the average debt balances and the average applicable reference rates for the three and twelve months ended December 31, 2022.

Interest expense was $71.1 million for the three months ended December 31, 2022, an increase of $35.5 million compared to $35.6 million for the same period last year. The variance is primarily attributable to:

• An increase of $33.6 million in interest expense on property-level borrowings, driven by incremental net debt of $1.8 billion incurred to support the expansion of the single-family rental portfolio and an increase of 1.65% in the weighted average interest rate (in Q4 2022 vs. Q4 2021) resulting from rising benchmark interest rates. A continued increase in the Company's weighted average interest rate in the coming quarters is anticipated as benchmark interest rates have risen subsequent to quarter-end and new financings are expected to be obtained at higher prevailing interest rates.

• An increase of $0.3 million in interest expense on corporate borrowings, primarily resulting from the increase in the benchmark interest rate, as discussed above.

Interest expense was $213.9 million for the twelve months ended December 31, 2022, an increase of $66.3 million compared to $147.7 million in the prior year. The variance is primarily attributable to the year-over-year increase in property-level and corporate borrowings and the rising interest rates, as discussed above. This was partially offset

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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by the redemption in full of the previously outstanding convertible debentures on September 9, 2021, resulting in a decrease in related expense of $6.7 million compared to the prior year.

**Fair value gain on rental properties**

The following table presents the fair value gain on rental properties held by the Company for the three and twelve months ended December 31, 2022 and 2021.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Fair value gain on rental properties | $56414 | $261676 | $(205262) | $858987 | $990575 | $(131588) |

---

Fair value gain on single-family rental properties was $56.4 million for the three months ended December 31, 2022, a decrease of $205.3 million compared to $261.7 million for the same period last year. For the twelve months ended December 31, 2022, the fair value gain totaled $859.0 million, a decrease of $131.6 million from the prior year. The fair value of single-family rental homes is determined based on comparable sales, primarily by using the adjusted Home Price Index ("HPI") methodology and periodically Broker Price Opinions ("BPOs"), where applicable. Refer to Note 6 in the Consolidated Financial Statements for further details.

Home values in the U.S. Sun Belt markets have increased over the past several years driven by a number of factors, including strong population and job growth, an acceleration of migration trends driven by the pandemic, historically low mortgage rates, and an overall shortage of new housing supply. However, higher mortgage rates and rising economic uncertainty in the fourth quarter of 2022 have led to a deceleration in home prices and in some cases, a decline in certain markets. Adjusted HPI growth in the quarter was 0.7% (2.8% annualized), net of capital expenditures, compared to 5.2% (20.8% annualized) in the same period in the prior year, driving lower fair value gains. Management expects home prices to continue to moderate in the near future.

**Fair value gain (loss) on derivative financial instruments and other liabilities**

The following table presents the fair value gain (loss) on derivative financial instruments and other liabilities for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Fair value gain (loss) on derivative financial instruments and other liabilities | $25818 | $(72783) | $98601 | $184809 | $(220177) | $404986 |

---

For the three months ended December 31, 2022, the fair value adjustment on derivative financial instruments and other liabilities changed by $98.6 million to a gain of $25.8 million compared to a loss of $72.8 million in the same period in the prior year. The fair value gain on derivative financial instruments in the fourth quarter was primarily driven by a $23.9 million gain on the exchange and redemption options associated with the preferred units issued by Tricon PIPE LLC. A decrease in Tricon's share price, on a USD-converted basis, served to reduce the probability of exchange of the preferred units of Tricon PIPE LLC into Tricon common shares. In addition, there was an increase in value on the Company's interest rate caps of $1.9 million (2021 - nil) attributable to increases in the underlying benchmark interest rates.

Included in the fair value loss for the three months ended December 31, 2021 was the fair value loss on the derivatives associated with the preferred units of Tricon PIPE LLC and the 2022 convertible debentures. As noted above, the 2022 convertible debentures were redeemed in full in September 2021.

For the twelve months ended December 31, 2022, the fair value gain on derivative financial instruments and other liabilities increased by $405.0 million to $184.8 million compared to a $220.2 million loss in the same period in the prior year, for the same reasons discussed above.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Net change in fair value of limited partners' interests in single-family rental business**

Limited partner ownership interests in the Company's single-family rental joint ventures, "SFR JV-1", "SFR JV-HD" and "SFR JV-2", are in the form of non-controlling limited partnership interests which are classified as liabilities under the provisions of IFRS. The following table presents the net change in fair value of limited partners' interests in the single-family rental business for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Net change in fair value of limited partners' interests in single-family rental business | $(50828) | $(43519) | $(7309) | $(297381) | $(185921) | $(111460) |

---

For the three months ended December 31, 2022, the change in fair value of limited partners' interests in the single-family rental business was $50.8 million compared to $43.5 million for the same period in the prior year, representing an increase in non-controlling limited partners' interests of $7.3 million. This increase primarily reflects additional income earned from SFR JV-1 and SFR JV-2 during the period that is attributable to the Company's joint venture partners. The higher income was driven by a $9.6 million increase in the limited partners' share of the fair value gain on rental properties and a $24.9 million increase in NOI, which were partially offset by a $27.2 million increase in interest and other expenses.

For the twelve months ended December 31, 2022, the change in fair value of limited partners' interests in the single-family rental business was $297.4 million compared to $185.9 million for the same period in the prior year, representing an increase of $111.5 million. The factors driving this change are consistent with those discussed above.

**Income tax recovery (expense) from continuing operations**

The following table provides details regarding income tax recovery (expense) from continuing operations for the three and twelve months ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021**<sup>(1)</sup> | **Variance** | **2022** | **2021**<sup>(1)</sup> | **Variance** |
| Income tax recovery (expense) - current | $5665 | $(615) | $6280 | $33959 | $43427 | $(9468) |
| Income tax expense - deferred<sup>(1)</sup> | (5601) | (38161) | 32560 | (189179) | (219137) | 29958 |
| **Income tax recovery (expense) from continuing operations** | $**64** | $**(38776)** | $**38840** | $**(155220)** | $**(175710)** | $**20490** |

---

(1) Deferred income tax expense for the three and twelve months ended December 31, 2021 has been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5.

For the three months ended December 31, 2022, income tax recovery from continuing operations was $0.1 million, compared to $38.8 million of income tax expense in the same period in the prior year. This variance was primarily driven by significantly higher fair value gains recognized on single-family rental properties in the comparative period, which led to a much higher deferred income tax expense. The Company also recognized a tax recovery in the current quarter through the Company's utilization tax losses carried forward from prior years, together with other achieved tax efficiencies.

For the twelve months ended December 31, 2022, income tax expense from continuing operations was $155.2 million, a decrease of $20.5 million compared to $175.7 million in the prior year, driven by the decrease in the deferred tax expense. The Company's deferred tax is comprised of (i) future tax on the fair value gain on the single-family rental properties and (ii) the crystallization of tax losses carried forward from past years, which were previously recorded as deferred tax recoveries. The Company's fair value gains from the single-family rental properties have decreased year-over-year which led to a reduction in the deferred tax expense associated with the gain. A decrease in current tax recovery was also a contributing factor to the overall decrease in the tax expense. The Company recognized a significantly higher tax recovery in 2021 as a result of utilization of tax losses to largely

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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offset cash taxes triggered by the sale of the Company's 80% interest in the U.S. multi-family rental portfolio to two global investors, hence there was a larger recovery in the prior year.

**Net income (loss) from discontinued operations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021**<sup>(1)</sup> | **Variance** | **2022** | **2021**<sup>(1)</sup> | **Variance** |
| Tricon's share of net income from U.S. multi-family rental properties | $705 | $31883 | $(31178) | $38594 | $73078 | $(34484) |
| Loss on sale | (856) |  | (856) | (856) |  | (856) |
| Loss before income taxes from discontinued operations previously recorded<sup>(2)</sup>  |  |  |  |  | (77224) | 77224 |
| Income tax recovery (expense) - current | 1980 |  | 1980 | (43114) | (46502) | 3388 |
| Income tax recovery (expense) - deferred |  | (15346) | 15346 | 40482 | 40818 | (336) |
| **Net income (loss) from discontinued operations** | $**1829** | $**16537** | $**(14708)** | $**35106** | $**(9830)** | $**44936** |

---

(1) Comparative figures for the three and twelve months ended December 31, 2021 have been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5.

(2) The loss before income taxes from discontinued operations is attributable to the initial syndication of 80% of Tricon US Multi-Family REIT LLC on March 31, 2021.

On October 18, 2022, the Company completed the sale of its remaining 20% equity interest in its U.S. multi-family rental portfolio for total proceeds of $219.4 million (which excludes performance fees received in connection with the transaction), which resulted in a loss on sale of $0.9 million, net of transaction costs. This transaction resulted in a net tax expense of $2.6 million for the year, achieved through the reversal of deferred tax liability associated with the portfolio that largely offset the cash taxes arising from the sale.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**3.2&nbsp;&nbsp;&nbsp;&nbsp;Review of selected balance sheet items**

---

| | | |
|:---|:---|:---|
| **As at**<br>(in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| **Non-current assets** | | |
| Rental properties | $11445659 | $7978396 |
| Equity-accounted investments in multi-family rental properties | 20769 | 199285 |
| Equity-accounted investments in Canadian residential developments | 106538 | 98675 |
| Canadian development properties | 136413 | 133250 |
| Investments in U.S. residential developments | 138369 | 143153 |
| Restricted cash | 117300 | 123329 |
| Goodwill | 29726 | 29726 |
| Deferred income tax assets | 75062 | 96945 |
| Intangible assets | 7093 | 9324 |
| Other assets | 96852 | 84749 |
| Derivative financial instruments | 10358 | 363 |
| **Total non-current assets** | **12184139** | **8897195** |
| **Current assets** |  |  |
| Cash | 204303 | 176894 |
| Amounts receivable | 24984 | 41582 |
| Prepaid expenses and deposits | 37520 | 32946 |
| **Total current assets** | **266807** | **251422** |
| **Total assets** | $**12450946** | $**9148617** |
| **Liabilities** |  |  |
| **Non-current liabilities** |  |  |
| Long-term debt | $4971049 | $3662628 |
| Due to Affiliate | 256824 | 256362 |
| Derivative financial instruments | 51158 | 230305 |
| Deferred income tax liabilities | 591713 | 461689 |
| Limited partners' interests in single-family rental business | 1696872 | 947452 |
| Long-term incentive plan | 25244 | 21431 |
| Performance fees liability | 39893 | 48358 |
| Other liabilities | 30035 | 28958 |
| **Total non-current liabilities** | **7662788** | **5657183** |
| **Current liabilities** |  |  |
| Amounts payable and accrued liabilities | 138273 | 102954 |
| Resident security deposits | 79864 | 56785 |
| Dividends payable | 15861 | 15821 |
| Current portion of long-term debt | 757135 | 254805 |
| **Total current liabilities** | **991133** | **430365** |
| **Total liabilities** | **8653921** | **6087548** |
| **Equity** |  |  |
| Share capital | 2124618 | 2114783 |
| Contributed surplus | 21354 | 22790 |
| Cumulative translation adjustment | 6209 | 22842 |
| Retained earnings | 1638068 | 893379 |
| Total shareholders' equity | 3790249 | 3053794 |
| Non-controlling interest | 6776 | 7275 |
| **Total equity** | **3797025** | **3061069** |
| **Total liabilities and equity** | $**12450946** | $**9148617** |

---

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Rental properties**

The table below presents the changes in the fair value of rental properties by business segment for the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $7978396 | $6321918 |
| Acquisitions | 2362185 | 1835235 |
| Capital expenditures | 326460 | 198602 |
| Fair value adjustments | 858987 | 990575 |
| Dispositions | (80369) | (1367934) |
| **Balance, end of year** | $**11445659** | $**7978396** |

---

Rental properties increased by $3.4 billion to $11.4 billion as at December 31, 2022, from $8.0 billion as at December 31, 2021. The increase was driven by:

• Acquisition of 7,227 single-family rental homes for $2.4 billion, partially offset by the disposition of 273 properties with an aggregate carrying value of $80.4 million.

• Capital expenditures of $326.5 million, of which $242.6 million was attributable to the first time renovation of recently acquired single-family homes, and the remainder to the maintenance and improvement of homes across the existing single-family rental portfolio.

• Fair value gain of $859.0 million on the single-family rental portfolio, driven by strong demand for single-family homes, as previously discussed, combined with limited new and resale housing supply in the Company's Sun Belt markets that contributed to significant home price appreciation in the first half of the year. Home price appreciation decelerated in the latter half of 2022 as a result of rising interest rates and uncertain economic conditions, and is expected to further moderate in the near term.

**Equity-accounted investments in multi-family rental properties** 

As at December 31, 2021, the Company's equity-accounted investments in multi-family rental properties included a 20% interest in the U.S. multi-family rental joint venture as well as a 15% investment in The Selby. During the year, the Company completed the sale of its interest in the U.S. multi-family joint venture. The following table presents the change in the balance of equity-accounted investments in multi-family rental properties for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $199285 | $19913 |
| Initial recognition of equity-accounted investment in U.S. multi-family rental properties |  | 107895 |
| Advances |  | 453 |
| Distributions | (3824) | (4428) |
| Income from equity-accounted investments in multi-family rental properties<sup>(1)</sup> | 40144 | 75333 |
| Disposition of equity-accounted investment in U.S. multi-family rental properties | (213493) | $**—** |
| Translation adjustment | (1343) | 119 |
| **Balance, end of year** | $**20769** | $**199285** |

---

(1) Of the $40,144 income from equity-accounted investments earned during the year, $38,594 was attributable to U.S. multi-family rental properties and reclassified as income from discontinued operations (see Sections 3.1 and 3.3).

Equity-accounted investments in multi-family rental properties decreased by $178.5 million to $20.8 million as at December 31, 2022 compared to $199.3 million as at December 31, 2021. The decrease was primarily attributable to the disposition of the equity-accounted investment in U.S. multi-family rental properties.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Canadian development properties**

The table below presents the change in Canadian development properties, which are comprised of The James (Scrivener Square) and The Shops of Summerhill, for the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $133250 | $110018 |
| Development expenditures | 12686 | 12748 |
| Fair value adjustments | (440) | 10098 |
| Translation adjustment | (9083) | 386 |
| **Balance, end of year** | $**136413** | $**133250** |

---

Canadian development properties increased by $3.2 million to $136.4 million as at December 31, 2022 compared to $133.3 million as at December 31, 2021. The increase was primarily driven by $12.7 million of development expenditures attributable to the ongoing construction of The James, partially offset by an unfavorable foreign exchange translation adjustment of $9.1 million resulting from the weaker Canadian dollar, and an unfavorable fair value adjustment of $0.4 million for The Shops of Summerhill reflecting a weaker outlook for retail net operating income.

**Investments in U.S. residential developments** 

The table below presents the change in investments in U.S. residential developments for the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $143153 | $164842 |
| Advances | 15655 | 6706 |
| Distributions | (37336) | (55744) |
| Derecognition of investment in U.S. residential developments |  | (4377) |
| Income from investments in U.S. residential developments | 16897 | 31726 |
| **Balance, end of year** | $**138369** | $**143153** |

---

Investments in U.S. residential developments decreased by $4.8 million to $138.4 million as at December 31, 2022 compared to $143.2 million as at December 31, 2021. The decrease was primarily driven by distributions of $37.3 million from maturing assets within the legacy for-sale housing portfolio. This decrease was partially offset by advances of $15.7 million made to the Company's build-to-rent Investment Vehicles as communities within these vehicles continue through their early stages of development, and investment income of $16.9 million generated from steady for-sale housing performance throughout the year from remaining projects.

**Equity-accounted investments in Canadian residential developments**

The table below presents the change in equity-accounted investments in Canadian residential developments for the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $98675 | $74955 |
| Advances | 13360 | 30089 |
| Distributions | (10212) | (14772) |
| Income from equity-accounted investments in Canadian residential developments | 11198 | 8200 |
| Translation adjustment | (6483) | 203 |
| **Balance, end of year** | $**106538** | $**98675** |

---

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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Equity-accounted investments in Canadian residential developments increased by $7.9 million to $106.5 million as at December 31, 2022 compared to $98.7 million as at December 31, 2021. The increase was primarily attributable to (i) advances of $13.4 million to finance the acquisition of the Symington development project, (ii) development activities across the portfolio, and (iii) income of $11.2 million driven by fair value gains. This increase was partially offset by distributions of $10.2 million received from the Company's divestiture of two-thirds of its original 30% ownership in Queen & Ontario to its institutional partner and an unfavorable foreign exchange translation adjustment of $6.5 million.

**Debt**

The following table summarizes the consolidated net debt position of the Company.

---

| | | | |
|:---|:---|:---|:---|
| **As at** <br> (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** | **Variance** |
| Single-family rental properties borrowings | $5744425 | $3906482 | $1837943 |
| Canadian development properties borrowings | 21095 | 34207 | (13112) |
| Corporate borrowings | 12717 | 13962 | (1245) |
|  | $**5778237** | $**3954651** | $**1823586** |
| Transaction costs (net of amortization) | (49404) | (36123) | (13281) |
| Debt discount (net of amortization) | (649) | (1095) | 446 |
| **Total debt per balance sheet**<sup>(1)</sup> | $**5728184** | $**3917433** | $**1810751** |
| Cash and restricted cash | (321603) | (300223) | (21380) |
| **Net debt**<sup>(2)</sup> | $**5406581** | $**3617210** | $**1789371** |

---

(1) Excludes Due to Affiliate.

(2) Non-IFRS measure; see "Non-IFRS measures" on page 1 and Section 6.

Net debt increased by $1.8 billion to $5.4 billion as at December 31, 2022, from $3.6 billion as at December 31, 2021. The variance was primarily attributable to:

• An increase of $1.8 billion in single-family rental properties borrowings driven by incremental net debt borrowed to finance the acquisition of 7,227 homes.

• An increase in cash and restricted cash of $21.4 million, partially offsetting the net debt balance, driven by an increase in restricted cash reserved for the upcoming property tax expenses for the single-family rental properties that are due in January 2023.

• A partially offsetting decrease of $13.1 million in Canadian development properties borrowings, primarily attributable to the full repayment of a land loan during the year, partially offset by incremental borrowings on The James (Scrivener Square) construction facility and the refinancing of The Shops of Summerhill mortgage.

The weighted average interest rate applicable to debt owed by the Company as at December 31, 2022 was 3.49%. The following table summarizes the debt structure and leverage position as at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |
| **Debt structure** | **Balance** | **% of total** | **Weighted average interest rate**<sup>(1)</sup> | **Weighted average time to maturity (years)** |
| Fixed | $3743764 | 64.8% | 3.20% | 3.72 |
| Floating | 2034473 | 35.2% | 4.04% | 2.32 |
| **Total/Weighted average** | $**5778237** | **100.0%** | **3.49%** | **3.23** |

---

(1) The weighted average effective interest rates as shown in the table above were based on average debt balances for the year ended December 31, 2022. The weighted average effective interest rates based on consolidated outstanding debt balances as at December 31, 2022 were 3.43% and 4.30% for fixed-rate debt and floating-rate debt, respectively.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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During the fourth quarter of 2022, the Company engaged in the following financing activities.

• On October 7, 2022, SFR JV-2 entered into a new term loan facility with a total commitment of $500,000, a term to maturity of three years and two one-year extension options, subject to lender approval. The loan carries a floating interest rate of one-month Secured Overnight Financing Rate ("SOFR") plus 2.10% (subject to a SOFR cap of 4.55%). The initial loan proceeds were primarily used to pay down existing short-term SFR JV-2 debt and to fund the acquisition of rental homes.

• On October 27, 2022, the Company refinanced The Shops of Summerhill mortgage by entering into a new facility with a total commitment of $16.0 million (C$21.8 million) and a term to maturity of three years. The loan carries a fixed interest rate of 5.58% and is secured by The Shops of Summerhill property. The Company used the loan proceeds to pay off the existing facility and repatriated $5.1 million (C$6.8 million) of excess proceeds.

• On December 9, 2022, the Company amended the corporate credit facility agreement to incorporate ESG targets and convert it to a Sustainability-linked Loan. The applicable margin on the facility is subject to a sustainability pricing adjustment, which can increase or decrease by up to 5 bps per annum, depending on the Company's performance on the sustainability performance benchmarks.

As at December 31, 2022, Tricon's near-term debt maturities included two subscription facilities of $536.0 million and a term loan of $220.5 million pertaining to Tricon's single-family rental portfolio. The Company intends to exercise available options to extend the applicable maturity dates of these facilities, subject to lender approval, prior to their maturities in the second to fourth quarters of 2023.

Tricon's debt maturities as at December 31, 2022 are presented below, assuming the exercise of all extension options.

![image.jpg](image.jpg)

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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\* Reflects the maturity dates after all extensions have been exercised. The Company is currently in active discussions with lenders to exercise extension options on all maturing loans.

**3.3&nbsp;&nbsp;&nbsp;&nbsp;Subsequent events** 

**Quarterly dividend**

On February 28, 2023, the Board of Directors of the Company declared a dividend of $0.058 per common share in U.S. dollars payable on or after April 15, 2023 to shareholders of record on March 31, 2023.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**4.&nbsp;&nbsp;&nbsp;&nbsp;Operating results of businesses**

Management believes that information concerning the underlying activities within each of the Company's operating businesses is useful for investors in understanding the Company's overall performance, and this section presents key operating highlights for the quarter and for the year on a business-by-business basis. Management monitors the underlying activities within those businesses using non-IFRS measures and Key Performance Indicators ("KPIs"). A list of these measures and KPIs, together with a description of the information each measure reflects and the reasons why management believes the measure to be useful or relevant in evaluating the underlying performance of the Company's businesses, is set out in Section 6. The supplemental measures presented herein are not recognized under IFRS and should not be construed as alternatives to net income determined in accordance with IFRS as indicators of Tricon's financial performance. Tricon's method of calculating these measures may differ from other issuers' methods and, accordingly, these measures may not be comparable to similar measures presented by other publicly-traded entities.

***The financial results and performance metrics in Section 4 and where indicated throughout this document reflect Tricon's proportionate results, unless otherwise stated, as described in Section 6. Refer to "Non-IFRS measures" on page 1 and to Appendix A for IFRS reconciliations of financial information. The number of rental homes, properties or units quoted in Section 4 are presented in aggregate.***

**4.1&nbsp;&nbsp;&nbsp;&nbsp;Single-Family Rental** 

***Business update***

The Company's single-family rental business continued to benefit from favorable demographic shifts driven by new household formation as well as population, job and wage growth in U.S. Sun Belt markets. Meanwhile, an imbalance continues to persist between the demand for affordable single-family homes, both for homebuyers and renters, and the supply of new construction. This imbalance, coupled with inflationary cost pressures and higher mortgage rates, has made homeownership less attainable and increased demand for rental homes. Tricon's relatively affordable single-family rental homes provide a much-needed alternative for those seeking the benefits of a home without the added cost of ownership.

These dynamics contributed to the Company's continued strong operating performance, including record-low same home resident turnover of 12.2%, same home occupancy of 98.0% and same home blended rent growth of 7.4% during the quarter (comprised of 11.5% growth on new move-ins as well as 6.8% growth on renewals). The demand for Tricon's rental homes (as measured by leads per available home) remains stronger than pre-pandemic levels; however, the rent growth on new move-ins has decelerated as a result of seasonal factors (which disappeared during the pandemic) and an increased supply of rental homes in Tricon's markets. We believe this is partly attributable to higher mortgage rates that have caused mom-and-pop investors or flippers to convert would-be for-sale homes into rentals. The Company continues to balance strong market rate appreciation and its embedded portfolio loss-to-lease with its continued efforts to self-govern and moderate rent growth for existing residents as a key component of its Single-Family Resident Bill of Rights and ESG strategy.

***Hurricane Ian update***

On September 28, 2022, Hurricane Ian made landfall as a Category 4 hurricane in southwest Florida and impacted approximately 920 of Tricon's single-family rental homes across the Tampa, Orlando and Jacksonville markets. Tricon responded swiftly to the impact of the hurricane by mobilizing field personnel to assess property conditions and complete repairs, while remaining focused on employees' and residents' safety and well-being. Assessments completed to date came in lower than previously estimated at approximately $1.9 million of repair costs, of which $0.2 million is expected to be covered by insurance. Tricon's rental properties are insured under property and casualty insurance policies, subject to certain deductibles and limits.

***Acquisitions update***

The Company acquired 815 homes during the quarter at an average cost of $331,000 per home, including closing costs and up-front renovations, for a total acquisition cost of $270 million (of which Tricon's proportionate share was

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approximately $84 million). The average acquisition cost per home of $331,000 decreased by 6.0% sequentially from $352,000 in Q3 2022, and 1.2% year-over-year from $335,000 in Q4 2021, as home prices have moderated recently amidst rising mortgage rates and increased economic uncertainty. Management believes there is currently a dislocation in the capital markets whereby the high cost of financing has negatively impacted investment returns on most acquisitions. As a result, Tricon has elected to further reduce its pace of acquisitions and expects to acquire approximately 400 homes in the first quarter of 2023, and to potentially slow acquisitions for the remainder of 2023 (see "Forward-looking statements" on page 1).

For the year ended December 31, 2022, the Company acquired 7,227 homes at an average cost of $352,000 per home, including closing costs and up-front renovations, for a total acquisition cost of $2.5 billion (of which Tricon's proportionate share was approximately $773 million).

**OPERATING RESULTS – PROPORTIONATE TOTAL PORTFOLIO**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| **Operating metrics**<sup>(1)</sup> |  |  |  |  |  |  |
| Tricon wholly-owned rental homes | 14735 | 15156 | (421) | 14735 | 15156 | (421) |
| SFR JV homes | 21173 | 13993 | 7180 | 21173 | 13993 | 7180 |
| Rental homes | 35908 | 29149 | 6759 | 35908 | 29149 | 6759 |
| Occupancy | 94.2% | 94.0% | 0.2% | 93.8% | 94.0% | (0.2%) |
| Average monthly rent | $1741 | $1591 | $150 | $1688 | $1529 | $159 |

---

(1) The operating metrics reflect Tricon's proportionate share of the total portfolio, other than the number of rental homes which is presented in aggregate. The occupancy and average monthly rent are KPIs and are defined in Section 6.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **% Variance** | **2022** | **2021** | **Variance** | **% Variance** |
| Rental revenue<sup>(1)</sup> | $103096 | $84470 | $18626 | 22.1% | $386770 | $319442 | $67328 | 21.1% |
| Other revenue<sup>(1)(2)</sup> | 4682 | 4641 | 41 | 0.9% | 20457 | 15463 | 4994 | 32.3% |
| Total revenue from rental properties | 107778 | 89111 | 18667 | 20.9% | 407227 | 334905 | 72322 | 21.6% |
| Property taxes | 16350 | 13096 | 3254 | 24.8% | 63366 | 50477 | 12889 | 25.5% |
| Repairs and maintenance | 4659 | 4794 | (135) | (2.8%) | 19644 | 18025 | 1619 | 9.0% |
| Turnover<sup>(2)</sup> | 891 | 1810 | (919) | (50.8%) | 4293 | 7084 | (2791) | (39.4%) |
| Property management expenses | 6934 | 5809 | 1125 | 19.4% | 25986 | 21848 | 4138 | 18.9% |
| Property insurance | 1315 | 1284 | 31 | 2.4% | 5220 | 4905 | 315 | 6.4% |
| Marketing and leasing | 300 | 260 | 40 | 15.4% | 1201 | 996 | 205 | 20.6% |
| Homeowners' association (HOA) costs | 2002 | 1203 | 799 | 66.4% | 5881 | 4592 | 1289 | 28.1% |
| Other direct expenses | 1583 | 1501 | 82 | 5.5% | 6093 | 5323 | 770 | 14.5% |
| Total direct operating expenses | 34034 | 29757 | 4277 | 14.4% | 131684 | 113250 | 18434 | 16.3% |
| **Net operating income (NOI)**<sup>(3)</sup> | $**73744** | $**59354** | $**14390** | **24.2%** | $**275543** | $**221655** | $**53888** | **24.3%** |
| **Net operating income (NOI) margin**<sup>(3)</sup> | **68.4%** | **66.6%** |  |  | **67.7%** | **66.2%** |  |  |

---

(1) All rental and other revenue is reflected net of bad debt. The Company has reserved 100% of residents' accounts receivable balances aged more than 30 days, less the amount of residents' security deposits on hand.

(2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $819 and $3,294 for the three and twelve months ended December 31, 2021, respectively, which were previously recorded as a reduction in turnover expense, have been reclassified to other revenue.

(3) Non-IFRS measures; see "Non-IFRS measures" on page 1, Section 6 and Appendix A.

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Total portfolio NOI increased by $14.4 million or 24.2% to $73.7 million in the fourth quarter of 2022 compared to $59.4 million in the fourth quarter of 2021, as revenue expansion outpaced expense growth.

Rental revenue increased by $18.6 million or 22.1% during the quarter, driven primarily by a 9.4% increase in the average monthly rent ($1,741 in Q4 2022 vs. $1,591 in Q4 2021) and 8.9% portfolio growth (Tricon's proportionate share of rental homes was 21,464 in Q4 2022 compared to 19,707 in Q4 2021).

Direct operating expenses increased by $4.3 million or 14.4% during the quarter, reflecting incremental costs incurred on a larger portfolio of homes, higher property taxes attributable to home price appreciation and increased property management costs reflecting a tighter labor market. These increases were partially offset by a decrease in turnover expense attributable to a lower turnover rate.

**OPERATING RESULTS – PROPORTIONATE SAME HOME PORTFOLIO**

The same home portfolio includes homes that have been stabilized since September 30, 2020 as per the NAREIT guidelines (see Section 6).

For the same home portfolio, blended rent growth for the quarter was 7.4% (including 11.5% on new leases and 6.8% on renewals), accompanied by a 0.2% increase in occupancy to 98.0% from 97.8% recorded in the same period in 2021. While management expects rent growth to decelerate over time, the continued supply-demand imbalance, along with embedded portfolio loss-to-lease (estimated by management to be approximately 15% of market rents), is expected to drive healthy rent growth for the next few quarters (see "Forward-looking statements" on page 1). The Company's continued focus on resident retention has been essential in achieving record-low annualized turnover of 12.2% compared to 15.3% in the same period of the prior year, notwithstanding typically low turnover during the holiday period. These KPIs are defined in Section 6.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| **Operating metrics - same home**<sup>(1)</sup> |  |  |  |  |  |  |
| Tricon wholly-owned rental homes | 13681 | 13681 |  | 13681 | 13681 |  |
| SFR JV homes | 5687 | 5687 |  | 5687 | 5687 |  |
| Rental homes | 19368 | 19368 |  | 19368 | 19368 |  |
| Occupancy | 98.0% | 97.8% | 0.2% | 98.1% | 97.6% | 0.5% |
| Annualized turnover rate | 12.2% | 15.3% | (3.1%) | 15.0% | 20.6% | (5.6%) |
| Average monthly rent | $1680 | $1560 | $120 | $1636 | $1519 | $117 |
| Average rent growth - renewal | 6.8% | 5.7% | 1.1% | 6.5% | 4.9% | 1.6% |
| Average rent growth - new move-in | 11.5% | 18.6% | (7.1%) | 16.8% | 17.0% | (0.2%) |
| Average rent growth - blended | 7.4% | 8.9% | (1.5%) | 8.2% | 8.3% | (0.1%) |

---

(1) The operating metrics reflect Tricon's proportionate share of the same home portfolio, other than the total number of homes comprising the same home portfolio which is presented in aggregate.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the three months ended December 31 |  |  |  |  |  |  |
| (in thousands of U.S. dollars) | **2022** | **% of revenue** | **2021** | **% of revenue** | **Variance** | **% Variance** |
| Rental revenue<sup>(1)</sup> | $75624 |  | 69916 |  | $5708 | 8.2% |
| Other revenue<sup>(1)</sup> | 2887 |  | 3531 |  | (644) | (18.2%) |
| Total revenue from rental properties | $78511 | 100.0% | 73447 | 100.0% | $5064 | 6.9% |
| Property taxes | 11901 | 15.2% | 10747 | 14.6% | 1154 | 10.7% |
| Repairs and maintenance | 3547 | 4.5% | 4012 | 5.5% | (465) | (11.6%) |
| Turnover | 547 | 0.7% | 1684 | 2.3% | (1137) | (67.5%) |
| Property management expenses | 4238 | 5.4% | 3911 | 5.3% | 327 | 8.4% |
| Property insurance | 1019 | 1.3% | 1009 | 1.4% | 10 | 1.0% |
| Marketing and leasing | 94 | 0.1% | 115 | 0.2% | (21) | (18.3%) |
| Homeowners' association (HOA) costs | 1386 | 1.8% | 951 | 1.3% | 435 | 45.7% |
| Other direct expenses | 963 | 1.2% | 1070 | 1.5% | (107) | (10.0%) |
| Total direct operating expenses | 23695 |  | 23499 |  | 196 | 0.8% |
| **Net operating income (NOI)**<sup>(2)</sup> | $**54816** |  | **49948** |  | $**4868** | **9.7%** |
| **Net operating income (NOI) margin**<sup>(2)</sup> | **69.8%** |  | **68.0%** |  |  |  |

---

(1) All rental and other revenue is reflected net of bad debt. The Company has reserved 100% of residents' accounts receivable balances aged more than 30 days, less the amount of residents' security deposits on hand.

(2) Non-IFRS measures; see "Non-IFRS measures" on page 1, Section 6 and Appendix A.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the twelve months ended December 31 |  |  |  |  |  |  |
| (in thousands of U.S. dollars) | **2022** | **% of revenue** | **2021** | **% of revenue** | **Variance** | **% Variance** |
| Rental revenue<sup>(1)</sup> | $294741 |  | $271537 |  | $23204 | 8.5% |
| Other revenue<sup>(1)</sup> | 12905 |  | 12458 |  | 447 | 3.6% |
| Total revenue from rental properties | $307646 | 100.0% | $283995 | 100.0% | $23651 | 8.3% |
| Property taxes | 48441 | 15.7% | 42720 | 15.0% | 5721 | 13.4% |
| Repairs and maintenance | 15424 | 5.0% | 15536 | 5.5% | (112) | (0.7%) |
| Turnover | 3087 | 1.0% | 6586 | 2.3% | (3499) | (53.1%) |
| Property management expenses | 17034 | 5.5% | 15642 | 5.5% | 1392 | 8.9% |
| Property insurance | 4055 | 1.3% | 3956 | 1.4% | 99 | 2.5% |
| Marketing and leasing | 408 | 0.1% | 635 | 0.2% | (227) | (35.7%) |
| Homeowners' association (HOA) costs | 4165 | 1.4% | 3772 | 1.3% | 393 | 10.4% |
| Other direct expenses | 3849 | 1.3% | 3835 | 1.4% | 14 | 0.4% |
| Total direct operating expenses | 96463 |  | 92682 |  | 3781 | 4.1% |
| **Net operating income (NOI)**<sup>(2)</sup> | $**211183** |  | $**191313** |  | $**19870** | **10.4%** |
| **Net operating income (NOI) margin**<sup>(2)</sup> | **68.6%** |  | **67.4%** |  |  |  |

---

(1) All rental and other revenue is reflected net of bad debt. The Company has reserved 100% of residents' accounts receivable balances aged more than 30 days, less the amount of residents' security deposits on hand.

(2) Non-IFRS measures; see "Non-IFRS measures" on page 1, Section 6 and Appendix A.

Total revenue for the same home portfolio increased by $5.1 million or 6.9% to $78.5 million in the fourth quarter of 2022 compared to $73.4 million for the same period in the prior year. This favorable change was primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Rental revenue*** – Rental revenue was $75.6 million compared to $69.9 million in the comparative period, representing an increase of 8.2%. This favorable variance was primarily attributable to an increase of 7.7% in the average monthly rent per occupied home ($1,680 in Q4 2022 compared to $1,560 in Q4 2021), as well as a 0.2% increase in occupancy from 97.8% to 98.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Other revenue*** – Other revenue was $2.9 million compared to $3.5 million in the fourth quarter of 2021, a decrease of 18.2%. This was attributable to the record-low turnover rate of 12.2% (compared to 15.3% in Q4 2021), which resulted in lower leasing fee income and resident recoveries. In addition, decreased

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delinquency and improved collection efforts have led to a reduction in late fee income. This overall decrease in other fee income was partially offset by higher fees earned from smart-home offerings, providing residents with keyless access, smart thermostats, and a suite of in-home sensors (approximately 49% of same home properties or 9,413 homes were smart-home enabled in the current quarter compared to 38% or 7,399 homes in the same period in the prior year).

Same home operating expenses increased by $0.2 million or 0.8% to $23.7 million in the fourth quarter of 2022 from $23.5 million during the same period in 2021. The variance is largely attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Property taxes*** – Property taxes were $11.9 million compared to $10.7 million in the prior-year period, an increase of 10.7%, reflecting significant year-over-year home price appreciation. The current period's tax accrual was trued up based on the final tax assessments received in most markets, resulting in a 13.4% year-over-year increase for the full year. Tricon continues to work with a property tax consultant to monitor tax assessments and appeal them where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Repairs and maintenance*** *–* Repairs and maintenance expense was $3.5 million compared to $4.0 million in the comparative period, a decrease of 11.6%. The Company has focused on cost management by refining and managing work scopes as well as undertaking a higher number of work orders in-house, both of which contributed to the overall expense reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Turnover*** *–* Turnover expense was $0.5 million compared to $1.7 million in the comparative period, a decrease of 67.5%. This favorable variance was attributable to the record-low annualized turnover rate of 12.2% (compared to 15.3% in Q4 2021), and increased capital improvement activities on turned homes given the longer resident tenure, which lowered the amount of expensed activities during the average turn. This trend may persist throughout 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Property management expenses*** *–* Property management expenses were $4.2 million compared to $3.9 million in the comparative period, an increase of 8.4%. This was reflective of higher costs driven by a tighter labor market and inflationary pressures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Homeowners' association ("HOA") costs*** *–* Homeowners' association costs were $1.4 million compared to $1.0 million in the comparative period, an increase of 45.7%. The rise in HOA expense was driven by growth in the size of the portfolio with more homes being situated in HOAs as well as increases in annual HOA premiums. A heightened level of rule enforcement by HOAs became more prevalent as the COVID-19 pandemic regulations eased, which also increased violation / penalty fees. This trend is expected to continue in the coming quarters.

Same home NOI increased by 9.7% to $54.8 million in the fourth quarter of 2022 compared to $49.9 million in the fourth quarter of 2021 as revenue growth outpaced expense growth. Concurrently, same home NOI margin increased to a record 69.8% in the fourth quarter of 2022 compared to 68.0% in the same period in the prior year.

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**4.2&nbsp;&nbsp;&nbsp;&nbsp;Adjacent residential businesses** 

**4.2.1&nbsp;&nbsp;&nbsp;&nbsp;Multi-Family Rental**

On October 18, 2022, the Company successfully completed the sale of its remaining 20% interest in the U.S. multi-family rental portfolio for gross proceeds of $319.3 million including $99.9 million of performance fees (see Section 3.1). Accordingly, this section now includes one Class A high-rise property in downtown Toronto known as The Selby (note that nine other properties in downtown Toronto are currently under development or lease-up and are discussed in Section 4.2.2).

***The Selby***

Rental market conditions continued to be favorable in downtown Toronto in the fourth quarter of 2022, driven mainly by elevated mortgage rates that negatively impacted for-sale housing affordability along with a general scarcity of high-quality rental housing in the city. Occupancy at The Selby remained stable at 98.0%, supported by an improved annualized turnover rate of 24.0% which represents a 6.4% decline year-over-year. Blended rent growth continued at a healthy level of 11.4% reflecting a combination of higher market rents and the removal of substantial leasing concessions prevalent during the COVID-19 pandemic. Management expects that rent growth will moderate in the next few quarters, driven by the reduction of leases with pandemic-era rents and leasing incentives in place (see "Forward-looking statements" on page 1).

The Selby generated net operating income for the quarter of C$0.4 million, an increase of 26.1% compared to the same period in the prior year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in Canadian dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Number of properties | 1 | 1 |  | 1 | 1 |  |
| Number of units | 500 | 500 |  | 500 | 500 |  |
| Occupancy | 98.0% | 97.8% | 0.2% | 98.1% | 90.6% | 7.5% |
| Annualized turnover rate | 24.0% | 30.4% | (6.4%) | 29.6% | 34.0% | (4.4%) |
| Average monthly rent | $2685 | $2405 | $280 | $2558 | $2482 | $76 |
| Average rent growth - renewal | 8.3% | 4.6% | 3.7% | 15.3% | (3.3%) | 18.6% |
| Average rent growth - new move-in | 18.0% | 7.4% | 10.6% | 17.7% | (15.7%) | 33.4% |
| Average rent growth - blended | 11.4% | 5.6% | 5.8% | 16.2% | (10.0%) | 26.2% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended December 31 |  |  |  |  |
| (in thousands of Canadian dollars, unless otherwise indicated) | **2022** | **2021** | **Variance** | **% Variance** |
| Total revenue from rental properties | $642 | $553 | $89 | 16.1% |
| Total direct operating expenses | 227 | 224 | 3 | 1.3% |
| **Net operating income (NOI)**<sup>(1),(2)</sup> | $**415** | $**329** | $**86** | **26.1%** |
| **Net operating income (NOI) margin**<sup>(2)</sup> | **64.6%** | **59.5%** |  |  |
| **Net operating income (NOI)**<sup>(1),(2)</sup> | **306** | **261** | **45** | **17.2%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| For the twelve months ended December 31 |  |  |  |  |
| (in thousands of Canadian dollars, unless otherwise indicated) | **2022** | **2021** | **Variance** | **% Variance** |
| Total revenue from rental properties | $2469 | $2015 | $454 | 22.5% |
| Total direct operating expenses | 914 | 905 | 9 | 1.0% |
| **Net operating income (NOI)**<sup>(1),(2)</sup> | $**1555** | $**1110** | $**445** | **40.1%** |
| **Net operating income (NOI) margin**<sup>(2)</sup> | **63.0%** | **55.1%** |  |  |
| **Net operating income (NOI)**<sup>(1),(2)</sup> | **1195** | **885** | **310** | **35.0%** |

---

(1) All dollar amounts in this table represent Tricon's 15% share of the operating results.

(2) Non-IFRS measures; see "Non-IFRS measures" on page 1, Section 6 and Appendix A.

**4.2.2&nbsp;&nbsp;&nbsp;&nbsp;Residential Development**

Tricon's residential development business segment currently includes (i) new Class A multi-family rental apartments in Canada that are in the development and construction stages and one income-producing property that is not yet stabilized, (ii) build-to-rent, dedicated single-family rental communities in the United States with the intention to operate as part of the single-family rental portfolio upon stabilization, and (iii) legacy investments in for-sale housing development projects predominantly in the United States.

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| | | |
|:---|:---|:---|
| **As at** <br> (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Canadian residential developments | $221250 | $204129 |
| U.S. residential developments | 138369 | 143153 |
| **Net investments in residential developments** | $**359619** | $**347282** |
| Net investments in residential developments as a % of total real estate assets | 3% | 4% |

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**Canadian residential developments**

The Company is one of the most active rental developers in downtown Toronto with eight projects totaling 4,280 units in pre-construction or under construction and one income-producing property (The Taylor) that is not yet stabilized as at December 31, 2022. The Taylor's attractive location, bold design and amenity-rich offerings have been well received by prospective renters, resulting in occupancy rates tracking ahead of budget. During its first quarter of operation, The Taylor reported 118 leases signed and achieved 41% lease-up, with average monthly rents of C$4.42 per square foot. Once lease-up stabilization occurs, The Taylor will transition from the residential development business segment to Tricon's multi-family rental business segment.

The Company's portfolio also includes an existing commercial property, The Shops of Summerhill, adjacent to The James development project.

As at December 31, 2022, the carrying value of Tricon's net assets in its Canadian multi-family development portfolio was $221.3 million. The following table summarizes the net assets by stage of development.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Tricon's share of property value** | **Tricon's share of debt and lease obligations**<sup>(1)</sup> | **Tricon's share of net working capital and other items** | **Tricon's net assets** <sup>(2)</sup> | **Tricon's share of property value** | **Tricon's share of debt and lease obligations**<sup>(1)</sup> | **Tricon's share of net working capital and other items** | **Tricon's net assets** <sup>(2)</sup> |
| Projects in pre-construction<sup>(3)</sup> | $17968 | $(13649) | $245 | $4564 | $15800 | $(13553) | $(24) | $2223 |
| Projects under construction<sup>(3)</sup> | 301836 | (123626) | (9774) | 168436 | 270056 | (127401) | 4743 | 147398 |
| Project in lease-up<sup>(4)</sup> | 56687 | (28910) | (1145) | 26632 | 46506 | (19741) | (1305) | 25460 |
| Stabilized commercial property<sup>(5)</sup> | 35586 | (15972) | 2004 | 21618 | 39401 | (12113) | 1755 | 29043 |
| Disposed project<sup>(6)</sup> |  |  |  |  |  |  | 5 | 5 |
| **Total** | $**412077** | $**(182157)** | $**(8670)** | $**221250** | $**371763** | $**(172808)** | $**5174** | $**204129** |
| Equity-accounted investments in Canadian residential developments | $275664 | $(161153) | $(7973) | $106538 | $238513 | $(138609) | $(1229) | $98675 |
| Canadian development properties, net of debt | 136413 | (21004) | (697) | 114712 | 133250 | (34199) | 6403 | 105454 |
| **Total** | $**412077** | $**(182157)** | $**(8670)** | $**221250** | $**371763** | $**(172808)** | $**5174** | $**204129** |

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(1) Tricon's share of debt and lease obligations of $182,157 (December 31, 2021 - $172,808) consists of $148,694 of land and construction loans (net of deferred financing fees) and $33,463 of lease obligations under ground leases (December 31, 2021 - $135,906 and $36,902, respectively).

(2) Represents Tricon's share of development properties and other working capital items, net of debt and lease obligations.

(3) The Company started construction on the Queen & Ontario project in Q2 2022. Comparative figures have been reclassified to show the current status of the project as under construction.

(4) Includes The Taylor, which began generating rental income during Q4 2022 and has not yet stabilized. Comparative figures have been reclassified to show the current status of The Taylor as a project in lease-up.

(5) Represents The Shops of Summerhill, an adjacent commercial property to The James development project.

(6) On November 12, 2021, Tricon, along with its institutional partner, sold their combined 80% interest in the 7 Labatt partnership to the remaining joint venture partner. Tricon has no additional dispositions planned in the near term.

Projected units and timelines are estimated based on current project plans which are subject to change. Refer to page 1, "Forward-looking statements". Although the portfolio experienced pressures on construction timelines and costs associated with the current inflationary environment, the Company leveraged its strong trade relationships to minimize construction delays and reduce the impact of cost increases.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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![tdgtimelinechart.jpg](tdgtimelinechart.jpg)

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Investments in U.S. residential developments** 

The Company's U.S. residential developments include the development of dedicated single-family communities, and legacy investments in for-sale housing, including land development and homebuilding projects.

Tricon develops single-family rental communities through its two joint venture partnerships with the Arizona State Retirement System ("ASRS") which have a total equity commitment of $950 million, including a $150 million co-investment from Tricon and $800 million from ASRS. As a follow-on to its first joint venture, THPAS JV-1, the Company closed its second joint venture, THPAS Development JV-2, with ASRS during the second quarter of this year. The total portfolio comprising both joint venture partnerships currently consists of 2,227 build-to-rent units under development across twelve communities in Texas, California and Nevada. Pursuant to its agreements with ASRS, Tricon will increase its ownership interest in the developed communities within THPAS Development JV-2 to 50% following their stabilization. These investments in single-family rental communities represent $19.4 million of Tricon's $138.4 million total U.S. residential development investments at fair value.

The Company's legacy for-sale housing investments are structured as self-liquidating investments with cash flows generated as land, lots or homes are sold to third-party buyers (typically large homebuilders or commercial developers in the case of land and end consumers for homebuilding). These investments represent $119.0 million of Tricon's $138.4 million total U.S. residential development investments at fair value.

In aggregate, the Company's U.S. residential development investments represent 1.1% of the Company's total assets but are expected to generate approximately $265.1 million of net cash flow to Tricon, with the majority anticipated over the next five years (see "Non-IFRS measures and forward-looking statements" on page 1).

During the fourth quarter of 2022, these assets generated $5.4 million of distributions to Tricon, and $47.7 million in 2022 ($58.7 million when including the cash received from the sale of Bryson MPC Holdings LLC to THPAS Development JV-2 LLC), including $10.4 million of performance fees.

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **Advances<br>to date** | **Distributions to date**<sup>(1)</sup> | **Tricon's fair value of investment** | **Projected distributions net of advances remaining**<sup>(2)</sup> |
| Investments in U.S. residential developments | $542427 | $545066 | $138369 | $265072 |

---

(1) Distributions include repayments of preferred return and capital.

(2) Projected distributions are based on current project plans which are subject to change. Refer to page 1, "Forward-looking statements".

The scheduled time frame for Tricon to receive the projected net distributions remaining, which is based on current project plans and subject to change (refer to page 1, "Forward-looking statements"), is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **1 to 2 years** | **3 to 5 years** | **More than 5 years** | **Total** |
| Projected distributions net of advances remaining | $32061 | $141548 | $91463 | $265072 |

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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 **4.3&nbsp;&nbsp;&nbsp;&nbsp;Private Funds and Advisory** 

Through its private funds and advisory ("PF&A") business, Tricon earns fees from managing third-party capital co-invested in its real estate assets. Activities of this business include providing asset management, property management and development management services. The Company intends to continue raising and managing third-party capital to generate scale and drive operational synergies, diversify its investor base, capitalize on opportunities that would otherwise be too large for the Company, reduce its balance sheet exposure to development activities, and enhance Tricon's return on equity by earning asset management and other fees.

***Performance overview***

The following table provides details of revenue from private funds and advisory services for the three and twelve months ended December 31, 2022 and 2021, including inter-segment revenues eliminated upon consolidation.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Asset management fees<sup>(1)</sup> | $2977 | $3386 | $(409) | $12431 | $12719 | $(288) |
| Performance fees<sup>(2)</sup> |  | 3676 | (3676) | 110330 | 8909 | 101421 |
| Development fees<sup>(3)</sup> | 9753 | 7993 | 1760 | 26826 | 24418 | 2408 |
| Property management fees<sup>(4)</sup> | 2090 | 2623 | (533) | 10501 | 4647 | 5854 |
| **Revenue from private funds and advisory services** | **14820** | **17678** | **(2858)** | **160088** | **50693** | **109395** |
| Asset management fees<sup>(5)</sup> | $2492 | $2547 | (55) | 10035 | 4941 | 5094 |
| Property management fees <sup>(6)</sup> | 3618 | 5437 | (1819) | 21938 | 11841 | 10097 |
| Other fees<sup>(7)</sup> |  |  |  |  | 989 | (989) |
| **Fees eliminated upon consolidation** | **6110** | **7984** | **(1874)** | **31973** | **17771** | **14202** |
| Performance fees realized on sale of U.S. multi-family rental portfolio<sup>(2)</sup> | 99865 | $**—** | $**99865** | $**—** | $**—** | $**—** |
| **Total FFO**<sup>(8)</sup> **impact from fees** | $**120795** | $**25662** | $**95133** | $**192061** | $**68464** | $**123597** |

---

(1) Ranges typically from 0.5-2% of committed or invested capital throughout the lives of the Investment Vehicles under management.

(2) Calculated as approximately 20% (in most cases) of net cash flow after investors' capital has been returned, together with a pre-tax preferred return on capital of, typically, between 8% and 10%. Performance fees of $99.9 million were earned in the third quarter of 2022 in respect of the sale of the U.S. multi-family rental portfolio. As the transaction closed and cash was received during the fourth quarter, these performance fees are included in the Core FFO calculation for the three months ended December 31, 2022.

(3) Calculated as 2-5% of the sales price of single-family lots, residential land parcels and commercial land within master-planned communities, and 4-5% of overall development costs of Canadian multi-family rental apartments.

(4) Includes 4-7.75% of rental revenue from multi-family rental properties, build-to-rent single-family homes and other ancillary fees.

(5) Asset management fees earned from the limited partners of the single-family rental joint ventures are eliminated upon the consolidation of these Investment Vehicles; however, such fees are accounted for within Tricon's proportionate Core FFO.

(6) Property management fees (including acquisition fees calculated at 1% of pre-renovation costs and leasing fees) earned from the limited partners of the single-family rental joint ventures are eliminated upon the consolidation of these Investment Vehicles. Such fees are accounted for within Tricon's proportionate Core FFO. The details of property management fees are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Leasing fees | $2557 | $1873 | $684 | $10383 | $5171 | $5212 |
| Acquisition fees | $1061 | $3564 | $(2503) | $11555 | $6670 | $4885 |
| **Property management fees** | $**3618** | $**5437** | $**(1819)** | $**21938** | $**11841** | $**10097** |

---

(7) Includes preferred return earned by the Company from third-party limited partners upon the sale of a portfolio of single-family homes to a single-family joint venture.

(8) Non-IFRS measure; see "Non-IFRS measures" on page 1, Section 6 and Appendix A.

The following table provides details of the total FFO impact from private funds and advisory services:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Asset management fees | $5469 | $5933 | $(464) | $22466 | $17660 | $4806 |
| Performance fees | 99865 | 3676 | 96189 | 110330 | 8909 | 101421 |
| Development fees | 9753 | 7993 | 1760 | 26826 | 24418 | 2408 |
| Property management fees | 5708 | 8060 | (2352) | 32439 | 16488 | 15951 |
| Other fees |  |  |  |  | 989 | (989) |
| **Total FFO impact from fees** | $**120795** | $**25662** | $**95133** | $**192061** | $**68464** | $**123597** |

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*Asset management fees*

Tricon earns asset management fee revenue on $2.5 billion of fee-bearing capital across its business segments. Asset management fee revenues for this quarter were $5.5 million compared to $5.9 million in the fourth quarter of 2021. The decrease was primarily driven by the sale of the U.S. multi-family rental portfolio which was completed on October 18, 2022. Accordingly, the fourth quarter asset management fees include a $0.1 million contribution from the U.S. multi-family rental portfolio as opposed to $0.5 million in the same period in the prior year. This decrease was partially offset by additional fees earned following the formation of the THPAS Development JV-2 joint venture in the second quarter of 2022.

*Performance fees*

There were no performance fee revenues recognized for the fourth quarter, compared to $3.7 million in the prior year comparative period. Performance fee revenue of $99.9 million was recognized upon the sale of the U.S. multi-family rental portfolio in the third quarter of 2022, while the cash was received in the fourth quarter of 2022. The Company earns performance fees once targeted returns are achieved by Investment Vehicles and records them only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Consideration for these services is variable as it is dependent upon the occurrence of a future event that includes the repayment of investor capital and a predetermined rate of return.

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **1 to 2 years**<sup>(1)</sup> | **3 to 5 years** | **More than 5 years**<sup>(2)</sup> | **Total** |
| **Estimated future performance fees** <sup>(3)</sup> | $**10000** | $**138000** | $**39000** | $**187000** |

---

(1) The estimated future performance fees in the next 1 to 2 years have been updated to remove approximately $100 million from the disposition of the U.S. multi-family family rental portfolio, which were received during the fourth quarter of 2022.

(2) In addition to the change in the near-term amounts described above, the remaining variance to these amounts have also been revised to reflect the estimated change in the future performance of the Company's other Investment Vehicles.

(3) Estimated future performance fees are calculated pursuant to current business plans, which involve estimating future cash flows from operations and eventual sale, less construction and development costs, to determine the quantum and timing of funding requirements and cash distributions for each Investment Vehicle. Such estimated future performance fees are discounted based on expected time horizons and risk (including the risks set out in the AIF and the risk that future performance does not align with assumptions noted under the heading "Forward-looking statements" on page 1), and presented above before the deduction of any amounts paid to employees under the LTIP and performance fee expense to unitholders of the participation arrangements. Forward-looking information; see page 1.

*Development fees*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| The Johnson Companies ("Johnson") | $8319 | $6823 | $1496 | $21248 | $18653 | $2595 |
| Tricon Development Group ("TDG") | 1434 | 1170 | 264 | 5578 | 5765 | (187) |
| **Development fees** | $**9753** | $**7993** | $**1760** | $**26826** | $**24418** | $**2408** |

---

Development fee revenues in the fourth quarter increased by $1.8 million, including a $1.5 million contribution from Johnson driven by a large bulk sale of commercial lands and meaningfully higher lot prices. Development fees from Canadian residential development projects also increased by $0.3 million as development of the Symington project commenced in the first quarter of 2022.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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*Property management fees*

The Company earned $5.7 million in property management fees in the quarter through its rental operating platform, representing a $2.4 million decrease from the comparative period. This decrease was driven primarily by a $2.5 million reduction in acquisition fees as a result of fewer acquisitions of SFR homes, as well as lower property management fees following the divestiture of Tricon's interest in the U.S. multi-family rental portfolio which occurred on October 18, 2022. This was partly offset by higher leasing fees from managing a larger portfolio of SFR homes.

*Corporate overhead efficiency*

Fees earned from managing third-party capital allow Tricon to improve operating efficiency and offset corporate overhead expenses. The following table provides details of the Company's net overhead expenses for the three and twelve months ended December 31, 2022 and 2021:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| **Total FFO impact from fees (excluding performance fees)** | $**20930** | $**21986** | $**(1056)** | $**81731** | $**58566** | $**23165** |
| Salaries and benefits | (14106) | (13412) | (694) | (55040) | (43630) | (11410) |
| Cash-based AIP expense | (3990) | (5038) | 1048 | (20307) | (15922) | (4385) |
| General and administration expense in Core FFO<sup>(1)</sup> | (13219) | (12379) | (840) | (48008) | (36147) | (11861) |
| Recurring gross overhead expenses | $**(31315)** | $**(30829)** | $**(486)** | $**(123355)** | $**(95699)** | $**(27656)** |
| **Overhead expenses, net**<sup>(2)</sup> | **(10385)** | **(8843)** | **(1542)** | **(41624)** | **(37133)** | **(4491)** |
| **Total FFO impact from fees (excluding performance fees) as a percentage of recurring gross overhead expenses** | **67%** | **71%** | **(4** **%)** | **66%** | **61%** | **5%** |

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(1) See Appendix A for reconciliation to general and administration expense per the Company's Consolidated Financial Statements.

(2) Overhead expenses for the three months ended December 31, 2022 were fully covered by fees when including performance fees.

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**5.&nbsp;&nbsp;&nbsp;&nbsp;Liquidity and capital resources**

**5.1&nbsp;&nbsp;&nbsp;&nbsp;Financial strategy**

The Company seeks to maintain financial strength and flexibility by lowering its cost of debt and equity capital and minimizing interest rate fluctuations over the long term. Some key elements of Tricon's financing strategy are:

• Using various forms of debt such as fixed-rate or floating-rate bank financing and unsecured debentures with conversion features, and attempting to stagger the maturity of its obligations. The Company typically purchases interest rate caps to limit its exposure to variable interest rate increases.

• Using convertible or exchangeable securities where the principal can be redeemed by the issuance of common shares at the Company's option.

• Where appropriate, raising equity through the public or private markets in the U.S. and Canada to finance its growth and strengthen its financial position.

**5.2&nbsp;&nbsp;&nbsp;&nbsp;Liquidity**

Tricon generates substantial liquidity through:

• Stable cash flow received from our single-family rental business.

• Cash distributions from operating cash flow generated by our multi-family rental businesses.

• Cash distributions from land, lot and home sales in our legacy for-sale housing business.

• Fee income from our PF&A business.

• Repatriation of capital extracted through refinancings.

• Cash distributions generated from the turnover of assets with shorter investment horizons.

• Syndicating investments to private investors and thereby extracting Tricon's invested capital.

To enable us to react to attractive acquisition or investment opportunities and deal with contingencies when they arise, we typically maintain sufficient liquidity at the corporate level and within our key operating platforms. Our primary sources of liquidity consist of cash and a corporate credit facility.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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***Contractual obligations***

The following table presents the contractual maturities of the Company's financial liabilities at December 31, 2022, excluding remaining unamortized deferred financing fees and debt discount:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| **As at December 31, 2022** | **Due on demand<br>and within the<br>year** | **From 1 to 2<br>years** | **From 3 to 4<br>years** | **From 5 years<br>and later** | **Total** |
| **Liabilities** |  |  |  |  |  |
| Debt<sup>(1)</sup> | 757135 | 1949405 | 2529240 | 542457 | 5778237 |
| Other liabilities |  | 10370 | 8620 | 15534 | 34524 |
| Limited partners' interests in single-family rental business |  |  | 851416 | 845456 | 1696872 |
| Derivative financial instruments |  |  |  | 51158 | 51158 |
| Due to Affiliate |  |  |  | 295325 | 295325 |
| Amounts payable and accrued liabilities | 138273 |  |  |  | 138273 |
| Resident security deposits | 79864 |  |  |  | 79864 |
| Dividends payable | 15861 |  |  |  | 15861 |
| **Total** | $**991133** | $**1959775** | $**3389276** | $**1749930** | $**8090114** |

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(1) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans.

***Working capital***

As at December 31, 2022, Tricon had a net working capital deficit of $724.3 million, reflecting current assets of $266.8 million, offset by current liabilities of $991.1 million. The working capital deficit primarily results from two single-family rental joint venture subscription facilities and a term loan with an aggregate outstanding balance of $756.5 million maturing in the second to fourth quarter of 2023 (of which Tricon's proportionate share is $383.2 million). The Company intends to exercise available options to extend the applicable maturity dates, subject to lenders' approval. The Company has determined that its current financial obligations and working capital deficit are adequately funded from the available borrowing capacity and from operating cash flows.

As of December 31, 2022, there was no outstanding amount under the corporate credit facility and $500,000 of the corporate credit facility remained available to the Company.

**5.3&nbsp;&nbsp;&nbsp;&nbsp;Capital resources**

***Debt structure***

Management mitigates interest rate risk by maintaining the majority of its debt at fixed rates. The impact of variable interest rate increases or decreases is discussed in the Company's financial statements. Management also mitigates its exposure to fixed-rate interest risk by staggering maturities with the objective of achieving even, annual maturities over a ten-year time horizon to reduce Tricon's exposure to interest rate fluctuations in any one period. The Company's long-term debt structure is presented in Note 19 of the Company's consolidated financial statements, which information is incorporated herein by reference, and further summarized in Section 3.2 of this document.

The Company provides financial guarantees for land loans and construction loans in its residential development business.

As at December 31, 2022, the Company was in compliance with all of its financial covenants.

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***Equity issuance and cancellations***&nbsp;&nbsp;&nbsp;&nbsp;

The Company's Dividend Reinvestment Plan ("DRIP") provides eligible holders of common shares with the opportunity to reinvest their cash dividends paid on the Company's common shares to purchase additional common shares at a price equal to the average market price (as defined in the DRIP) on the applicable dividend payment date, less an applicable discount of up to 5% determined by the Board from time to time.

As at December 31, 2022, there were 273,464,780 common shares issued by the Company, of which 272,840,692 were outstanding and 624,088 were reserved to settle restricted share awards in accordance with the Company's Restricted Share Plan. In addition, the Company had 3,839,723 outstanding stock options and 2,419,824 outstanding deferred share units (DSUs).

On March 2, 2022, the Company issued 554,832 common shares in connection with the exchange of 4,675 preferred units issued by Tricon PIPE LLC. The exchange reduced the Affiliate's preferred unit liability and the Company's associated promissory note owed to the Affiliate by $4.7 million. As at December 31, 2022, there was $295.3 million in outstanding aggregate principal amount of Due to Affiliate in connection with the exchangeable preferred units. Pursuant to the transaction documents associated with such issuance, the investors in such preferred units have rights to exchange the preferred units into common shares of the Company at an exchange price of $8.50 per common share, as may be adjusted from time to time in accordance with the terms of such transaction documents. As at December 31, 2022, this equated to 34,744,118 common shares of the Company.

On October 13, 2022, the Company announced that the "TSX" had approved its notice of intention to make a normal course issuer bid ("NCIB") to repurchase up to 2,500,000 of its common shares trading on the TSX, the NYSE and/or alternative Canadian trading systems during the twelve-month period ending on October 17, 2023. As at December 31, 2022, the Company had repurchased 338,100 of its common shares on the TSX and 339,566 shares on the NYSE under the NCIB for $5.4 million. The repurchased common shares were subsequently cancelled. Subsequent to year-end, the Company repurchased an additional 436,367 common shares on the TSX and 435,013 on the NYSE under the NCIB program for $7.3 million. As at February 28, 2023, the Company has 273,035,609 shares issued, of which 272,407,184 shares are outstanding.

The following table summarizes the Company's equity capital structure at December 31, 2022 and December 31, 2021:

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** | **Variance** |
| Common shares outstanding<sup>(1)</sup> | 272840692 | 272176046 | 664646 |
| Restricted common shares | 624088 | 597179 | 26909 |
| **Number of basic common shares issued** | **273464780** | **272773225** | **691555** |
| Outstanding stock options | 3839723 | 2017327 | 1822396 |
| Outstanding deferred share units (DSUs) | 2419824 | 2847575 | (427751) |
| Common shares underlying exchangeable preferred units | 34744118 | 35294118 | (550000) |

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(1) Common shares outstanding as at December 31, 2022 includes 323,048 common shares issued under the Dividend Re-Investment Program ("DRIP") during the year.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**6.&nbsp;&nbsp;&nbsp;&nbsp;Operational key performance indicators** 

**The non-IFRS financial measures, non-IFRS ratios and KPI supplementary financial measures discussed throughout this MD&A for each of the Company's business segments are calculated based on Tricon's proportionate share of each portfolio or business and are defined and discussed below.** The presentation on a proportionate basis reflects only the portion attributable to Tricon's shareholders based on the Company's ownership percentage of the underlying entities and excludes the percentage associated with non-controlling and limited partners' interests. The Company believes that providing these measures on a proportionate basis is helpful to investors in assessing the overall performance of the Company's business.These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance; however, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly-traded entities. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. See "Non-IFRS measures" on page 1 and Appendix A.

***Single-family and multi-family rental***

• Net operating income ("NOI") represents total revenue from rental properties, less direct operating expenses and property management expenses. NOI excludes non-property specific and indirect overhead expenses, interest expense and non-core income or expenses such as gains or losses on the disposition of rental properties. Tricon believes NOI is a helpful metric to evaluate the performance of its rental business and compare it to industry peers.

• Net operating income ("NOI") margin represents net operating income as a percentage of total revenue from rental properties.

• Occupancy rate represents the total number of days that units were occupied during the measurement period, divided by the total number of days that the units were owned during the measurement period (excluding units held for sale). Management believes occupancy is a main driver of rental revenues and that comparing occupancy across different periods is helpful in evaluating changes in rental revenues.

• Annualized turnover rate during the period represents the number of resident move-outs divided by the weighted average number of rental units (excluding units held for sale) in the period, annualized for a twelve-month period. Management believes the annualized turnover rate impacts occupancy and therefore revenue, as well as the cost to maintain the rental portfolios.

• Average monthly rent represents average monthly rental income per unit for occupied units and reflects the impact of rent concessions amortized over the life of the related leases. Tricon believes average monthly rent reflects pricing trends which impact rental revenue over time.

• Average rent growth during the period represents the percentage difference between the monthly rent from an expiring lease and the monthly rent from the next lease and reflects the impact of rent concessions amortized over the life of the related lease. Leases are either renewal leases, where a current resident chooses to stay for a subsequent lease term, or a new lease, where a previous resident moves out and a new resident signs a lease to occupy the same unit. Average rent growth drives average monthly rent and management finds it is useful to evaluate changes in rental revenue across periods.

• "Same home" or "same home portfolio" includes homes that were stabilized 90 days prior to the first day of the prior-year comparative period as per the guidelines of the National Rental Home Council. It excludes homes that have been sold, homes that have been designated for sale and homes taken out of service as a result of a major renovation. This same home portfolio is defined on January 1 of each reporting year. Based on this definition, any home currently included in the same home portfolio will have satisfied the conditions described above prior to September 30, 2020, and those homes have been held in operations throughout the full periods presented in both 2021 and 2022.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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***Private Funds and Advisory***

• Total fee revenue represents total asset management, property management, development management and performance fees earned, excluding inter-company fees earned.

• Assets Under Management ("AUM") includes balance sheet capital invested in the Company's principal investments and capital managed on behalf of third-party investors and is a helpful measure in evaluating the Company's ability to grow and manage strategic capital. AUM is calculated as follows:

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| | |
|:---|:---|
| **ASSETS UNDER MANAGEMENT** | **ASSETS UNDER MANAGEMENT** |
| **Principal Assets Under Management** | **Principal Assets Under Management** |
| **Single-family rental, multi-family rental and Canadian residential developments** | Fair value of rental and development properties plus unfunded commitment |
| **U.S. residential developments** | Fair value of invested capital plus unfunded commitment |
| **Third-Party Assets Under Management** | **Third-Party Assets Under Management** |
| **Single-family rental, multi-family rental and Canadian residential developments** | Fair value of rental and development properties plus unfunded commitment |
| **U.S. residential developments** | |
| &nbsp;&nbsp;&nbsp;&nbsp;For-sale housing | Outstanding invested equity and unfunded commitment |
| &nbsp;&nbsp;&nbsp;&nbsp;Build-to-rent | Outstanding invested equity and project-level funded debt plus unfunded commitment |

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***Company operating performance***

Funds from operations ("FFO"), core funds from operations ("Core FFO") and adjusted funds from operations ("AFFO") are metrics that management believes to be helpful in evaluating the Company's operating performance, considering the recent expansion of its residential rental portfolio. These are metrics commonly used by securities analysts, investors and other interested parties in the evaluation of real estate entities, particularly those that own and operate income-producing properties. Management believes that providing these performance measures on a supplemental basis is helpful to investors in assessing the overall performance of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO represents net income excluding the impact of fair value adjustments and amortization of intangibles arising from business combinations. The Company's definition of FFO reflects all adjustments that are specified by the National Association of Real Estate Investment Trusts ("NAREIT"). In addition to the adjustments prescribed by NAREIT, Tricon excludes any fair value gains that arise as a result of reporting under IFRS, except for fair value gains arising from Tricon's U.S. residential developments business which are intended to act as a proxy for cash generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO presents FFO as a normalized figure, adjusting for transaction costs, convertible debentures interest, interest on Due to Affiliate, fees eliminated upon consolidation, non-recurring and non-cash items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AFFO represents Core FFO less recurring capital expenditures, which represent ongoing costs associated with maintaining and preserving the quality of a property after it has been renovated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effect of FFO, Core FFO and AFFO from discontinued operations is presented on a combined basis with continued operations.

Tricon's method of calculating FFO is substantially in accordance with NAREIT's recommendations, but may differ from other issuers' methods and, accordingly, may not be comparable to FFO reported by other issuers.

Core FFO and AFFO per share amounts are calculated based on the weighted average common shares outstanding in the period, assuming the conversion of all potentially dilutive shares (including convertible debt and exchangeable preferred units) to show the full dilutive impact to shareholders.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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Core FFO and AFFO payout ratios are calculated by dividing dividends declared for the period by Core FFO and AFFO, respectively, which are indicative of the Company's ability to fund dividend payments using cash from operations.

***Net debt***

Net debt represents the Company's total current and long-term debt per its financial statements, less its cash and restricted cash. Management believes it is a helpful liquidity measure to reflect the Company's ability to meet all of its obligations simultaneously if they were due immediately.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**7.&nbsp;&nbsp;&nbsp;&nbsp;Accounting estimates and policies, controls and procedures, and risk analysis**

**7.1&nbsp;&nbsp;&nbsp;&nbsp;Revenue and income recognition**

The following table summarizes the revenue earned from the Company's business segments.

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| | |
|:---|:---|
| **TOTAL REVENUE** | **TOTAL REVENUE** |
| **Revenue** | **Revenue** |
| **Revenue from single-family rental properties** | • Lease revenue is primary rental revenue from a lease contract, earned directly from leasing the homes. |
| **Revenue from single-family rental properties** | • Ancillary revenue is income earned from residents that is not primary rental revenue from a lease contract. Ancillary revenue includes pet fees, early termination fees and other service fees. |
| **Revenue from single-family rental properties** | • Non-lease revenue includes property management services, such as repairs and maintenance performed on the properties. |
| **Revenue from private funds and advisory services** | • Asset management fees from managing third-party capital invested through Investment Vehicles within the single-family rental, multi-family rental and residential development businesses. |
| **Revenue from private funds and advisory services** | • Performance fees from Investment Vehicles. |
| **Revenue from private funds and advisory services** | • Development management and advisory fees generated from residential development projects. |
| **Revenue from private funds and advisory services** | • Property management fees from managing single-family rental homes and multi-family rental properties. |

---

*Revenue from single-family rental properties* 

Revenue recognition under a lease commences when a resident has a right to use the leased asset, which is typically when the resident takes possession of, or controls the physical use of, the leased property. Generally, this occurs on the lease commencement date.

Lease contracts with residents normally include lease and non-lease components, which may be bundled into one fixed gross lease payment. Lease revenue earned directly from leasing the homes is recognized and measured on a straight-line basis over the lease term in accordance with IFRS 16, *Leases* ("IFRS 16"). Leases for single-family rental homes are generally for a term of one to two years.

Ancillary revenue is income the Company generates from providing services that are not primary rental revenue from a lease contract. Ancillary revenue includes pet fees, early termination fees and other service fees. Ancillary revenue is measured at the amount of consideration which the Company expects to receive in exchange for providing services to a resident. Ancillary revenue is included with revenue from single-family rental properties in the consolidated statements of comprehensive income

In addition to revenue generated from the lease component, revenue from single-family rental properties includes a non-lease component earned from the residents, which is recognized under IFRS 15, *Revenue from Contracts with Customers* ("IFRS 15"*)*. Non-lease revenue includes property management services, such as repairs and maintenance performed on the properties. These services represent a single performance obligation and revenue is recognized over time as the services are provided, regardless of when the payment is received. Revenue from rental properties is allocated to non-lease components using a cost-plus margin approach whereby the Company separates the operating costs that pertain to the services provided to the residents and applies a reasonable profit margin.

The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all of the revenue arrangements, it has pricing latitude and it is also exposed to credit risks.

*Revenue from private funds and advisory services* 

The Company's vertically integrated management platform provides asset management, development management and property management services.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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The Company provides asset management services to joint venture partners and third-party investors for which it earns market-based fees in connection with its businesses in the U.S. and Canada. These contractual fees are typically 1-2% of committed or invested capital throughout the lives of the Investment Vehicles under management. The Company may also earn performance fees once targeted returns are achieved by an Investment Vehicle. The Company recognizes performance fees only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Consideration for these services is variable as it is dependent upon the occurrence of a future event that includes the repayment of investor capital and a predetermined rate of return. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle.

The Company also earns development management and advisory service fees from third parties and/or related parties. Development management and advisory services are satisfied over time. Revenues are recognized based on the best estimate of the amounts earned for those services, which typically reflects contractual fees of 2-5% of the sales price of single-family lots, residential land parcels and commercial land within master-planned communities, as well as build-to-rent communities, and 4-5% of overall development costs of Canadian multi-family rental apartments. The Company includes variable consideration in the revenues only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Specifically for Johnson, consideration for these services is variable as it is dependent upon the occurrence of a future event that is the sale of the developed property. Revenue is typically recognized as the development of the property is completed, and control has been transferred to the respective buyer. These management fees earned in exchange for providing development management and advisory services are billed upon the sale of the property.

The Company earns property management fees, leasing fees, acquisition and disposition fees, and construction management fees through its rental operating platform. These management services are satisfied over time and revenues are recognized as services are provided in accordance with IFRS 15.

*Income from equity-accounted investments in multi-family rental properties and Canadian residential developments*

The Company recognizes income from equity-accounted investments in multi-family rental properties and Canadian residential developments under the equity method, as per IAS 28, *Investments in Associates and Joint Ventures* ("IAS 28"). The Company's equity-accounted investments in multi-family rental properties and Canadian residential developments are initially recognized at cost, and adjusted thereafter to recognize the Company's share of profit or loss of the investee in accordance with Tricon's accounting policies, which are discussed in Note 3 to the consolidated financial statements.

*Income from investments in U.S. residential developments*

The Company's investments in U.S residential developments meet the definition of associates and are accounted for under the equity method per IAS 28; however, Tricon has elected to apply the exception in paragraph IAS 28.36A, which permits a non-investment company investor to elect to retain investment entity accounting for associates that themselves qualify as investment entities, where applicable.

Most of the Company's investments in U.S. residential developments are measured at fair value, and income from investments in U.S. residential developments is calculated based on its share of the changes in the fair value of the net assets of each of the Investment Vehicles in which it invests. The fair value of each Investment Vehicle's net assets is determined by the waterfall distribution calculations specified in the relevant governing agreements. The inputs into the waterfall distribution calculations include the fair values of the land development and homebuilding projects and working capital held by the Investment Vehicles. The fair values of the land development and homebuilding projects are based on appraisals prepared by external third-party valuators or on internal valuations using comparable methodologies and assumptions.

**7.2&nbsp;&nbsp;&nbsp;&nbsp;Accounting estimates and policies**

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Refer to the notes to the consolidated financial statements for details on critical accounting estimates.

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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**Transition to a rental housing company**

In January 2020, the Company completed its previously announced transition to an owner and operator of diversified rental housing, resulting in the Company determining that it no longer meets the criteria for being an investment entity ("Investment Entity Accounting") under IFRS 10, *Consolidated Financial Statements* ("IFRS 10"). The exact timing of the transition from an investment entity to a rental housing company is highly judgmental and the Company concluded that this transition occurred in January 2020. As a result, effective January 1, 2020 (the "Transition Date"), the Company was required to apply the acquisition method of accounting as per IFRS 3, *Business Combinations* ("IFRS 3"), to all subsidiaries that were previously measured at fair value through profit or loss ("FVTPL").

Consequently, the Company began consolidating the financial results of controlled subsidiaries including those holding its investments in single-family rental homes and U.S. multi-family rental properties, resulting in the inclusion of these subsidiaries' assets, liabilities and non-controlling interests on the balance sheet of the Company. Similarly, these subsidiaries' income and expenses have been reported on the Company's consolidated statement of comprehensive income together with the non-controlling interests' share of income.

Concurrently, the Company's investments in Canadian residential developments and U.S. residential developments are accounted for in one of two ways: (i) proportionate consolidation for joint operations for the period between January 1, 2020 and June 22, 2020, during which time the Company owned 50% and 25% interests in The James and The Shops of Summerhill, respectively; and (ii) equity accounting for associates and joint ventures, in accordance with IFRS 11, *Joint Arrangements* and IAS 28*.* 

On March 31, 2021, the Company completed the syndication of its U.S. multi-family rental subsidiary, Tricon US Multi-Family REIT LLC, which resulted in a disposition of 80% of the Company's interest in that subsidiary.

On October 18, 2022, the Company sold its remaining 20% equity interest in Tricon US Multi-Family REIT LLC. Accordingly, the Company reclassified the current- and prior-year results and cash flows of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5, *Non-current Assets Held for Sale and Discontinued Operations* ("IFRS 5") (see Note 5 of the consolidated financial statements).

The accounting impact of the Company's businesses and their presentation in the Company's consolidated financial statements are summarized in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **ACCOUNTING** | **ACCOUNTING** | **PRESENTATION** | **PRESENTATION** | **PRESENTATION** |
| **Business segment** | **Accounting assessment** | **Accounting methodology** | **Presentation in Balance Sheet** | **Presentation in Statement of Income** | **Presentation of Non-controlling interest** |
| **Single-Family Rental** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon wholly-owned | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR JV-1 | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | Limited partners' interests <br>(Component of liabilities) |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR JV-HD | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | Limited partners' interests <br>(Component of liabilities) |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR JV-2 | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | Limited partners' interests <br>(Component of liabilities) |
| **Multi-Family Rental** |  |  |  |  |  |

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. multi-family<sup>(1)</sup> | Divested in October 2022 | Equity method | Divested in October 2022 | Income from discontinued operations | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian multi-family:<br>592 Sherbourne <br>(The Selby) | Investments in associate | Equity method | Equity-accounted investments in multi-family rental properties | Income from equity-accounted investments in multi-family rental properties | N/A |
| **Canadian residential developments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Shops of <br>Summerhill | Controlled subsidiary | Consolidation | Canadian development properties | Other income | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;The James (Scrivener Square) | Controlled subsidiary | Consolidation | Canadian development properties | Other income | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;57 Spadina <br>(The Taylor) | Investments in associate | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Block 8 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Block 20 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Blocks 3/4/7 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Block 10 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;6~8 Gloucester (The Ivy) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Queen & Ontario | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Symington | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| **U.S. residential developments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;THPAS Holdings JV-1 LLC | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;THPAS Development JV-2 LLC | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;For-sale housing | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | N/A |
| **Private Funds and Advisory** |  |  |  |  |  |
| Private funds GP entities | Controlled subsidiary | Consolidation | Consolidated | Revenue from private funds and advisory services | N/A |
| Johnson development management | Controlled subsidiary | Consolidation | Consolidated | Revenue from private funds and advisory services | Component of equity |

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(1) On October 18, 2022, the Company completed the sale of its remaining 20% equity interest in the U.S. multi-family rental portfolio (Note 5 of the consolidated financial statements).

**Significant estimates**

*Income taxes* 

The determination of the Company's income and other tax liabilities requires interpretation of complex laws and regulations often involving multiple jurisdictions. Significant estimates are required in determining the Company's

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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consolidated income tax provision. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions. Furthermore, deferred income tax balances are recorded using enacted or substantively enacted future income tax rates. Changes in enacted income tax rates are not within the control of management. However, any such changes in income tax rates may result in actual income tax amounts that may differ significantly from estimates recorded in deferred tax balances.

*Valuation of rental properties*

The fair values of single-family rental properties are typically determined using a combination of internal and external processes and valuation techniques according to the valuation policy as set out in Note 6 of the consolidated financial statements. The valuation inputs are considered Level 3 as judgment is used in determining the weight to apply to inputs based on recent comparable-sales data information and whether adjustments are needed to account for unique characteristics of the assets. A change to these inputs could significantly alter the fair values of the rental properties.

*Fair value of investments* 

The fair values of the Company's investments in U.S. residential development associates and investments in Canadian development properties are determined using the valuation methodologies described in Notes 9 and 10 of the consolidated financial statements. By their nature, these valuation techniques require the use of assumptions that are mainly based on market conditions existing at the end of each reporting period. Changes in the underlying assumptions could materially impact the determination of the fair value of a financial instrument. Imprecision in determining fair value using valuation techniques may affect the investment income recognized in a particular period.

*Fair value of incentive plans and participation arrangements*

Management is required to make certain assumptions and to estimate future financial performance in order to estimate the fair value of incentive plans and performance fees participation arrangements at each consolidated balance sheet date. The LTIP and the performance fees liability require management to estimate the net asset value of each Investment Vehicle and the corresponding changes in unrealized carried interests, which are updated on a quarterly basis. Changes in the underlying assumptions used to calculate the net asset value of each Investment Vehicle could materially impact the determination of the LTIP and the performance fees liability. Significant estimates and assumptions relating to such incentive plans and participation arrangements are disclosed in Notes 3, 31 and 32 of the consolidated financial statements.

**Significant judgments** 

*Acquisition of rental properties* 

The Company's accounting policies relating to rental properties are described in Note 3 of the consolidated financial statements. In applying these policies, judgment is exercised in determining whether certain costs are additions to the carrying amount of a rental property and whether properties acquired are considered to be asset acquisitions or business combinations. Should the purchase meet the criteria of a business combination, then transaction costs such as appraisal and legal fees are expensed immediately and included in the consolidated statements of comprehensive income. If the purchase is an asset acquisition, transaction costs form part of the purchase price and earnings are not immediately affected.

*Basis of consolidation*

The consolidated financial statements of the Company include the accounts of Tricon and its wholly-owned subsidiaries, as well as entities over which the Company exercises control on a basis other than majority ownership

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| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

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of voting interests within the scope of IFRS 10. Judgment is applied in determining if an entity meets the criteria of control as defined in the accounting standard.

*Investments in joint ventures and joint arrangements*

The Company makes judgments in determining the appropriate accounting for investments in other entities. These judgments include determining the significant relevant activities and assessing the level of influence Tricon has over the activities through contractual arrangements. In addition, the Company also determines whether Tricon's rights and obligations are directly related to the assets and liabilities of the arrangement or to the net assets of the joint arrangement.

*Discontinued operations*

Note 5 of the consolidated financial statements describes the sale of the Company's 20% equity interest in Tricon US Multi-Family REIT LLC and the classification of its operating results as a discontinued operation in accordance with IFRS 5. With the sale of the Company's remaining equity interest in Tricon U.S. Multi-Family REIT LLC, the Company recognized performance fee income of $99,865. Whether this performance fee income should also be classified as income from discontinued operations is a significant judgment.

The Company provides asset management services to third-party investors for which it earns performance fees as part of its private funds and advisory services business. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle, upon the occurrence of an event that includes the repayment of investor capital and a predetermined rate of return. Under the asset management agreement within the Investment Vehicle, the Company had estimated the performance fee to be earned after five years. The Company continues to provide services to one of the primary investors through other Investment Vehicles.

Management's assessment concluded that the performance fee income recognized from the exit of Tricon US Multi-Family REIT LLC forms part of the Company's continuing operations as the Company would have earned the fee at the end of the investment's life irrespective of the early exit. The Company maintains its private funds and advisory services as one of the main segments of the business.

**7.3&nbsp;&nbsp;&nbsp;&nbsp;Controls and procedures**

**Internal controls and procedures** 

Management (defined as the CEO and CFO of the Company) is responsible for establishing and maintaining adequate internal control over financial reporting. Management has assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2022 as required by National Instrument 52-109 issued by the Canadian Securities Administrators and rules 13a-15 and 15d-15 under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") using criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this assessment, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2022. The effectiveness of the Company's internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their attestation report which appears in the Company's consolidated financial statements.

During the year ended December 31, 2022, there were no changes to policies, procedures and processes that comprise the system of internal controls over financial reporting that may have negatively affected, or are reasonably likely to materially negatively affect, the Company's internal controls over financial reporting. Such controls and procedures are subject to continuous review and changes to such controls and procedures may require management resources and systems in the future. During the year, the Company implemented policies and procedures designed to ensure its compliance with the Sarbanes-Oxley Act, including with the requirements pursuant to Section 404 of the Sarbanes-Oxley Act to furnish a report by our management on our internal control over financial reporting ("ICFR"), which must be accompanied by an attestation report on ICFR issued by our independent registered public accounting firm.

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**Disclosure controls and procedures**

Disclosure controls and procedures are designed to ensure that (i) information required to be disclosed by the

Company in reports that it files or submits to the Commission under the Exchange Act, is recorded, processed,

summarized and reported within the time periods specified in applicable rules and forms and (ii) material information

required to be disclosed in the Company's reports filed under the Exchange Act is accumulated and communicated

to the Company's management, including its CEO and CFO, as appropriate, to allow for timely decisions regarding

required disclosure.

At the end of the period covered by this report, an evaluation was carried out under the supervision of and with the

participation of the Company's management, including the CEO and CFO, of the effectiveness of the design and

operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e)

under the Exchange Act). The evaluation included documentation review, enquiries and other procedures

considered by management to be appropriate in the circumstances. Based on that evaluation, the Company's CEO

and CFO have concluded that, as of the end of the period covered by this report, the Company's disclosure controls

and procedures were effective.

**Limitations on internal controls and disclosure controls**

Management does not expect that the disclosure controls or internal controls over financial reporting of the Company will prevent or detect all errors and all fraud or will be effective under all potential future conditions. A control system is subject to inherent limitations and, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design of a control system must reflect that there are resource constraints, and the benefits of controls must be considered relative to their costs. Inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Controls can also be circumvented by individual acts of some persons, by collusion of two or more people or by management override of the controls. Due to the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. The design of any control system is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential conditions. Projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**7.4&nbsp;&nbsp;&nbsp;&nbsp;Transactions with related parties**

Senior management of the Company own units, directly or indirectly, in the various Tricon Investment Vehicles, as well as common shares of the Company. Refer to Note 34 in the consolidated financial statements for further details concerning the Company's transactions with related parties.

**7.5&nbsp;&nbsp;&nbsp;&nbsp;Dividends**

On February 28, 2023, the Board of Directors of the Company declared a dividend of $0.058 per common share in U.S. dollars payable on or after April 15, 2023 to shareholders of record on March 31, 2023.

**7.6&nbsp;&nbsp;&nbsp;&nbsp;Compensation incentive plans**

The Company's annual compensation incentive plans include an annual incentive plan ("AIP") and a long-term incentive plan ("LTIP").

**Annual Incentive Plan ("AIP")**

The Company's AIP provides for an aggregate bonus pool based on the sum of all employees' individual AIP targets. The portion of the pool attributable to senior executive management is market-benchmarked and subject to an adjustment factor, as approved by the Board, of between 50% and 150%, based on the achievement of Company performance objectives determined by the Board at the beginning of each year. The final pool is then

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allocated among employees based on individual and collective performance. AIP awards will be made in cash and equity-based grants, with the proportion of equity-based awards being correlated to the seniority of an individual's role within the Company. Equity-based AIP awards are granted in a combination of deferred share units ("DSUs"), performance share units ("PSUs"), stock options and restricted shares, pursuant to the Company's Deferred Share Unit Plan ("DSUP"), Performance Share Unit Plan ("PSUP"), stock option plan and Restricted Share Plan, respectively.

**Long-term incentive plan ("LTIP")**

LTIP expense is generated from two sources: (i) 50% of the Company's share of performance fees or carried interest from certain Investment Vehicles, paid in cash when received; and (ii) 15% of the income from THP1 US (a U.S. residential development Investment Vehicle), also payable in cash pursuant to amendments to the LTIP made in 2022. Amounts under the LTIP are allocated among employees in accordance with the plan.

For the LTIP generated from the Company's share of performance fees or carried interest from certain Investment Vehicles, the Company estimates the LTIP liability by determining the performance fees at each reporting date based on the estimated fair value of the underlying investments. Changes in the LTIP liability are recognized in the consolidated statements of comprehensive income.

Complete details concerning the Company's compensation plans are set out in the Company's most recent Management Information Circular, available on SEDAR at <u>www.sedar.com</u> and on the Company's website at www.triconresidential.com.

**7.7&nbsp;&nbsp;&nbsp;&nbsp;Risk definition and management**

There are certain risks inherent in the Company's activities and those of its investees, including the ones described below, which may impact the Company's financial and operating performance, the value of its investments and the value of its securities. The Annual Information Form contains a more detailed summary of risk factors pertaining to the Company and its business under the heading "Risk Factors", which section is hereby incorporated herein by reference. The disclosures in this MD&A are subject to the risk factors outlined in the Annual Information Form. Other risks and uncertainties that the Company does not presently consider to be material, or of which the Company is not presently aware, may become important factors that affect the Company's future financial condition and results of operations. The occurrence of any of the risks discussed herein or in the Annual Information Form could materially and adversely affect the business, prospects, financial condition, results of operations, cash flow or the ability of the Company to make dividends or the value of its shares.

***Indebtedness and rising interest rates***

The degree to which the Company is leveraged could have important consequences to the Company, including: (i) the Company's future ability to obtain additional financing for working capital, capital expenditures or other purposes may be limited; (ii) the Company may be unable to refinance indebtedness on terms acceptable to the Company or at all; (iii) a significant portion of the Company's cash flow could be dedicated to the payment of the principal of and interest on its indebtedness, thereby reducing funds available for future operations, capital expenditures and/or dividends on its Common Shares and increasing the risk of default on the Company's debt obligations; (iv) the Company may be negatively impacted by rising interest rates; and (v) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures.

In addition to the potential consequences noted above, rising interest rates may impact the Company's ability to finance its future growth and cause the Company to slow its property acquisition pace which itself could impact its ability to earn rent and fee revenue, raise future investment vehicles, or optimize its portfolio, all of which could negatively impact its financial condition and performance.

Moreover, rising interest rates, decreased availability of mortgage financing or of certain mortgage programs, higher down payment requirements or increased monthly mortgage costs may increase the cost of capital for the Company and may lead to reduced demand for new home sales and resales and mortgage loans, which could negatively impact our financial condition and performance.

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The Company manages interest rate risk by structuring its financings to stagger the maturities of its debt, thereby mitigating the exposure to interest rate and other credit rate fluctuations. However, there can be no assurance that the Company will be able to continue to stagger and fix its debt in the future at favorable terms or at all.

***Inflation***

In an attempt to combat recent inflation through cooling demand, the Bank of Canada and the Federal Reserve have tightened monetary policy through fiscal 2022 by increasing the overnight lending rate. In a rising interest rate environment, the cost of acquiring, financing, developing, expanding and renovating investment properties also increases, and together with upward pressure on capitalization rates and decreased investment property demand, the Company's investment property values may decline as a result.

Inflation in Canada and the U.S. is currently at historically high levels. The rate of inflation impacts the general economic and business environment in which the Company operates. Recent inflationary pressures experienced domestically and globally, external supply constraints, tight labor markets and strong demand for goods and resources, together with the imposition by governments of higher interest rates or wage and price controls as a means of curbing inflationary increases, will put pressure on the Company's development, financing, operation and labor costs and could negatively impact levels of demand for real property. Accordingly, continued inflationary pressures and the resulting economic impacts may adversely affect our financial condition and results of operations. If inflation at elevated levels persists and interest rates continue to climb, an economic contraction is possible. Higher inflation and the prospect of moderated growth also negatively impacts the debt and equity markets in which the Company seeks capital, and in turn might impact our ability to obtain capital in the future on favourable terms, or at all. While the Company's portfolio and market position, as well as its stable resident base, provide the Company flexibility to navigate volatile economic conditions, there can be no assurances regarding the impact of a significant economic contraction on the business, operations, and financial performance of the Company.

***Liquidity risk***

Residential real estate assets generally cannot be sold quickly, particularly if local market conditions are poor. As a result, the Company may not be able to acquire or sell assets promptly in response to economic or other conditions. This inability to promptly reallocate capital or exit the market in a timely manner could adversely affect the Company's financial condition and performance. Additionally, financial difficulties of other property owners resulting in distressed sales could depress real estate values in the markets in which we invest. These restrictions could reduce our ability to respond to changes in the performance of our portfolios and could adversely affect our financial condition and performance.

***Benchmark interest rate reform risk***

Regulators in the United Kingdom and elsewhere have recommended and are seeking to implement broad changes to benchmark interest rates, such as London Interbank Offered Rate ("LIBOR"). The transition away from the widespread use of LIBOR and such other benchmark rates to alternative reference rates and other potential interest rate benchmark reforms is expected to continue in the short term. For example, the current U.S. dollar LIBOR publication is scheduled to end by June 30, 2023. On December 16, 2022, the United States Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on Secured Overnight Financing Rate ("SOFR") that will replace LIBOR in certain financial contracts after June 30, 2023.

The discontinuation of LIBOR, and the transition to SOFR and other alternative reference rates, could lead to market instability, and could adversely impact the pricing, liquidity, value or return of the Company's debt instruments, affect the Company's ability to meet its payment obligations thereunder, require extensive changes to documentation, result in disputes, or cause the Company to incur additional costs and interest rate expense. Depending on these and several other factors, many of which are beyond the Company's control, the Company's business, financial condition and results of operations could be materially adversely impacted by such market transition and reform of benchmark interest rates. It remains uncertain how such changes would be implemented and the effects such changes may have on the Company, its business, financial condition and results of operations,

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its investees and financial markets generally. The Company continues to actively monitor these potential changes and to include alternative rate-setting methodologies in its newly issued debt instruments.

***Guarantees of project debt***

The Company may agree to provide financial assistance to the subsidiary entities through which it carries on its activities. Such financial assistance may include the provision of payment guarantees to a project entity's lenders of acquisition financing, construction debt or long-term financing, and the provision of construction completion guarantees. Such guarantees may be joint or several with other partners in a particular investment. The Company's and its partners' guarantees of project-level obligations may not be in proportion to their respective investments in the project entity. The provision of such guarantees may reduce the Company's capacity to borrow funds under its separate credit facilities, which may impact its ability to finance its operations. If such guarantees are called upon for payment or performance, they may have a negative impact on the Company's cash position and financial performance. If the Company provides a joint guarantee with an investment partner, a default by the partner in its payment or performance obligation under the guarantee could cause the Company to pay a disproportionate amount in satisfaction of the guarantee, which may have a negative impact on the Company's cash position and financial performance.

***Operational and credit risks***

On a strategic and selective basis, we and our for-sale housing investment vehicles provide financing to develop properties. The residential real estate development business involves significant risks that could adversely affect performance, including: the developer may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in selling the properties; the developer may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations for the properties; the developer may not be able to sell properties on favorable terms or at all; construction costs, total investment amounts and the Company's or investment vehicle's share of remaining funding may exceed our estimates; and projects may not be completed and delivered as planned.

Our for-sale housing investments are made through the financing of local developers, including Johnson, and, consequently, we rely to a great extent on those developers to successfully manage their development projects. Furthermore, given the Company's majority interest in Johnson, we rely on Johnson's ability to execute on portions of our for-sale housing business strategy. Investments in partnerships, joint ventures or other entities may involve risks not present were a third party not involved, including the possibility that the development partners might become bankrupt or otherwise fail to fund their share of required capital contributions. Additionally, the development partners might at any time have economic or other business interests or goals which are inconsistent with our business interests or goals. In addition, we do not have sole control of certain important decisions relating to these development properties, including decisions relating to: the sale of the development properties; refinancing; timing and amount of distributions of cash from such development properties; and capital improvements. Any of these factors could negatively impact the value of our investments and our financial condition and performance.

***Capital commitment***

The third-party investors in Tricon's investment vehicles comprise a relatively small group of reputable, primarily institutional, investors. To date, each of these investors has met its commitments on called capital and we have received no indications that any investor will be unable to meet its capital commitments in the future. While our experience with our investors suggests that commitments will be honored, and notwithstanding the adverse consequences to a defaulting investor under the terms of the applicable investment vehicle, no assurances can be given that an investor will meet its entire commitment over the life of an investment vehicle. A failure by one or more investors to satisfy a drawdown request could impair an investment vehicle's ability to fully finance its investment, which could have a material adverse effect on the performance and value of that investment, which in turn could negatively impact the Company's financial condition and performance.

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**8.&nbsp;&nbsp;&nbsp;&nbsp;Historical financial information**

The following tables show selected IFRS measures for the past eight quarters. The comparative period results have been recast in conformity with the current period presentation to show the results from the U.S multi-family rental subsidiary as discontinued operations separate from the Company's continuing operations.

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| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended |  |  |  |  |
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 |
| Financial statement results |  |  |  |  |
| Net operating income from single-family rental properties from continuing operations | $122522 | $116305 | $104396 | $93273 |
| Total revenue from continuing operations<sup>(1), (2)</sup> | 195713 | 283239 | 175522 | 151199 |
| Net income from continuing operations | 55883 | 178786 | 398125 | 146580 |
| Net income (loss) from discontinued operations | 1829 | (2335) | 18735 | 16877 |
| Net income | 57712 | 176451 | 416860 | 163457 |
| Basic earnings per share from continuing operations | 0.19 | 0.65 | 1.44 | 0.52 |
| Basic earnings (loss) per share from discontinued operations | 0.01 | (0.01) | 0.07 | 0.07 |
| Basic earnings per share | 0.20 | 0.64 | 1.51 | 0.59 |
| Diluted earnings per share from continuing operations | 0.11 | 0.49 | 0.79 | 0.52 |
| Diluted earnings (loss) per share from discontinued operations | 0.01 | (0.01) | 0.06 | 0.07 |
| Diluted earnings per share | 0.12 | 0.48 | 0.85 | 0.59 |

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|:---|:---|:---|:---|:---|
| For the three months ended |  |  |  |  |
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 |
| Financial statement results |  |  |  |  |
| Net operating income from single-family rental properties from continuing operations | $83355 | $75704 | $70744 | $66172 |
| Total revenue from continuing operations<sup>(1), (2)</sup> | 142077 | 126093 | 120117 | 108321 |
| Net income from continuing operations | 110439 | 174347 | 132118 | 42453 |
| Net income (loss) from discontinued operations | 16538 | 27539 | 14204 | (68111) |
| Net income (loss) | 126977 | 201886 | 146322 | (25658) |
| Basic earnings per share from continuing operations | 0.41 | 0.80 | 0.66 | 0.22 |
| Basic earnings (loss) per share from discontinued operations | 0.06 | 0.13 | 0.07 | (0.35) |
| Basic earnings (loss) per share | 0.47 | 0.93 | 0.73 | (0.13) |
| Diluted earnings per share from continuing operations | 0.40 | 0.80 | 0.65 | 0.21 |
| Diluted earnings (loss) per share from discontinued operations | 0.06 | 0.12 | 0.07 | (0.35) |
| Diluted earnings (loss) per share | 0.46 | 0.92 | 0.72 | (0.14) |

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(1) Total revenue from continuing operations includes revenue from single-family rental properties and revenue from private funds and advisory services.

(2) The comparative periods prior to March 31, 2022 have been reclassified to conform with the current period presentation. Resident recoveries previously recorded in direct operating expenses have been reclassified to revenue from single-family rental properties with no impact to net operating income.

Over the past two years, the Company's single-family rental business benefited from a number of trends that have been accelerated by the COVID-19 pandemic, including in-migration and strong population growth in U.S. Sun Belt markets, favorable demographic shifts driving new household formation, as well as a shift towards work-from-home employment with families prioritizing larger living spaces. Meanwhile, the supply of new housing was constrained by ongoing challenges related to securing entitlements for new lots and by a shortage of labor and materials, including

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pandemic-related supply chain bottlenecks. This imbalance, coupled with inflationary cost pressures and higher mortgage rates, has made home ownership less attainable and increased demand for rental homes.

The following tables show selected IFRS measures for the past three years.

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|:---|:---|:---|:---|
| For the twelve months ended |  |  |  |
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) | **December 31, 2022** | **December 31, 2021**<sup>(2)</sup> | **December 31, 2020**<sup>(2)</sup> |
| **Financial statement results** |  |  |  |
| Total revenue | $805673 | $496608 | $403969 |
| Net income | 814480 | 449527 | 116413 |
| Basic earnings per share | 2.95 | 2.03 | 0.58 |
| Diluted earnings per share | 2.09 | 2.00 | 0.58 |
| Dividends per share <sup>(1)</sup> | $0.23 | $0.23 | $0.28 |

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(1) Prior to November 8, 2021, dividends were issued and paid in Canadian dollars. Dividends paid in Canadian dollars were translated to U.S dollars using the daily exchange rate on the date of record.

(2) Total revenue for the twelve months ended 2021 and 2020 has been reclassified to conform with the current period presentation. Resident recoveries, which were previously recorded as a reduction in direct operating expenses, have been reclassified to other revenue from single-family rental properties.

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| | | | |
|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| Total assets | $12450946 | $9148617 | $7174834 |
| Debt | 5728184 | 3917433 | 4137506 |

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The following factors have caused material changes to the Company's financial results over the past three years:

• Tricon's single-family rental portfolio grew by 70% from 21,077 homes as at December 31, 2019 to 35,908 homes as at December 31, 2022. The fair value of the single-family rental portfolio grew by 165% from $4.3 billion as at December 31, 2019 to $11.4 billion as at December 31, 2022.

• On June 11, 2019, the Company completed the acquisition of Starlight U.S. Multi-Family (No. 5) Core Fund (the "U.S. multi-family rental portfolio"), thus establishing a new U.S. multi-family platform for Tricon. The acquisition of the portfolio, which consists of 23 properties totaling 7,289 suites in 13 major markets, increased the value of Tricon's rental portfolio by $1.3 billion and contributed $111.2 million of rental revenue for the year ended December 31, 2020.

• In January 2020, the Company completed its transition to an owner and operator of diversified rental housing, resulting in the Company determining that it no longer meets the criteria for being an investment entity under IFRS 10. As a result, the Company began consolidating the financial results of controlled subsidiaries including those holding its investments in single-family rental homes and U.S. multi-family rental properties, resulting in the inclusion of these subsidiaries' assets, liabilities and non-controlling interests in the balance sheet of the Company on a prospective basis in accordance with the relevant guidance of IFRS 10.

• On March 31, 2021, the Company sold an 80% interest in its U.S. multi-family rental portfolio to two institutional investors for net cash consideration of $431.6 million, and recognized its remaining 20% interest at fair value on the transaction date and proceeded to account for it as an equity-accounted investment. As a result, the Company recognized a loss of $84.4 million for the three months ended March 31, 2021, which includes $79.1 million related to derecognition of goodwill related to the portfolio. In accordance with IFRS 5, the Company reclassified the current- and prior-period results and cash flows of the U.S. multi-family portfolio as discontinued operations separate from the Company's continuing operations.

• On May 10, 2021, the Company announced a new joint venture ("SFR JV-HD") with two leading institutional investors to acquire newly built single-family rental homes from national and regional homebuilders. The joint venture has committed capital of up to $450 million, for a total purchasing potential of up to $1.5 billion including

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associated leverage. On July 19, 2021, the Company announced another new joint venture ("SFR JV-2") with three institutional investors to acquire existing single-family rental homes targeting the middle-market demographic in the U.S. Sun Belt. The joint venture has committed capital of up to $1.55 billion, for a total purchasing potential of up to $5 billion including associated leverage. Since the launch of the joint ventures, the Company's single-family rental portfolio has grown by approximately 11,600 homes or $4.4 billion in value.

• On October 7, 2021, the Company's common shares were listed for trading on the NYSE. On October 12, 2021, the Company closed a public offering and concurrent private placement of common shares resulting in a total issuance of 46,248,746 common shares for aggregate gross proceeds of $570.3 million, or net proceeds of $547.6 million.

• On October 18, 2022, the Company sold its remaining 20% equity interest in the U.S. multi-family rental portfolio to a vertically integrated residential real estate investment and property management company. The gross proceeds received of $319.3 million included 99.9 million of performance fees and, after satisfying associated liabilities, were utilized to repay outstanding debt on Tricon's corporate credit facility, and to repurchase common shares under the normal course issuer bid announced on October 13, 2022. In accordance with IFRS 5, the Company reclassified the current- and prior-period results and cash flows of the U.S. multi-family portfolio as discontinued operations separate from the Company's continuing operations.

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**Appendix A - Reconciliations**

Management considers NOI, NOI margin, Core FFO, Core FFO per share, AFFO and AFFO per share to be key measures of the Company's operating performance (see Section 6 for definitions and page 1 for discussion of non-IFRS measures).

**RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND AFFO**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| **Net income from continuing operations attributable to Tricon's shareholders** | $**53339** | $**93238** | $**(39899)** | $**773835** | $**439739** | $**334096** |
| Fair value gain on rental properties | (56414) | (261676) | 205262 | (858987) | (990575) | 131588 |
| Fair value (gain) loss on Canadian development properties |  | (10098) | 10098 | 440 | (10098) | 10538 |
| Fair value (gain) loss on derivative financial instruments and other liabilities | (25818) | 72783 | (98601) | (184809) | 220177 | (404986) |
| Limited partners' share of FFO adjustments | 49834 | 41720 | 8114 | 283338 | 171498 | 111840 |
| **FFO attributable to Tricon's shareholders** | $**20941** | $**(64033)** | $**84974** | $**13817** | $**(169259)** | $**183076** |
| Core FFO from U.S. and Canadian multi-family rental | 868 | 2318 | (1450) | 8173 | 13805 | (5632) |
| Income from equity-accounted investments in multi-family rental properties | (1051) | (2077) | 1026 | (1550) | (2255) | 705 |
| Income from equity-accounted investments in Canadian residential developments | (7690) | (10085) | 2395 | (11198) | (8200) | (2998) |
| Performance fees revenue from the sale of U.S. multi-family rental portfolio<sup>(1)</sup> | 99866 |  | 99866 |  |  |  |
| Deferred income tax expense | 5601 | 53507 | (47906) | 189179 | 234483 | (45304) |
| Current tax impact on sale of U.S. multi-family rental portfolio (Sections 3.1 and 3.3) |  |  |  | (29835) | (44502) | 14667 |
| Interest on convertible debentures |  |  |  |  | 6732 | (6732) |
| Interest on Due to Affiliate | 4245 | 4312 | (67) | 17022 | 17250 | (228) |
| Amortization of deferred financing costs, discounts and lease obligations | 5581 | 3917 | 1664 | 19284 | 16571 | 2713 |
| Performance fees payments associated with U.S. multi-family rental divestiture | (49577) |  | (49577) | (49577) |  | (49577) |
| Equity-based, non-cash and non-recurring compensation<sup>(2)</sup> | 8383 | 56050 | (47667) | 54716 | 66262 | (11546) |
| Other adjustments<sup>(3)</sup> | 9674 | 1721 | 7953 | 27257 | 21134 | 6123 |
| **Core FFO attributable to Tricon's shareholders** | $**96841** | $**45630** | $**51211** | $**237288** | $**152021** | $**85267** |
| Recurring capital expenditures<sup>(4)</sup> | (8147) | (9082) | 935 | (39024) | (30427) | (8597) |
| **AFFO attributable to Tricon's shareholders** | $**88694** | $**36548** | $**52146** | $**198264** | $**121594** | $**76670** |
| Core FFO payout ratio<sup>(5)</sup> | 16% | 35% | (19)% | 27% | 33% | (6)% |
| AFFO payout ratio<sup>(5)</sup> | 18% | 43% | (25)% | 32% | 42% | (10)% |
| Weighted average shares outstanding - diluted | 311222080 | 306247538 | 4974542 | 311100493 | 268562442 | 42538051 |

---

(1) Performance fees of $99.9 million were earned in respect of the sale of the Company's interest in its U.S. multi-family rental portfolio during the third quarter of 2022. As the cash was received during the fourth quarter, these performance fees are included in the Core FFO calculation for the three months ended December 31, 2022.

(2) Includes non-recurring transaction costs and non-cash performance fees expense. Performance fees expense is accrued based on changes in the unrealized carried interest liability of the underlying Investment Vehicles and hence is added back to Core FFO as a non-cash expense. Performance fees are paid and deducted in arriving at Core FFO only when the associated fee revenue has been realized.

(3) Includes the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Transaction costs | $7178 | $3830 | $3348 | $18537 | $13260 | $5277 |
| Loss on debt modification and extinguishment |  |  |  | 6816 | 3497 | 3319 |
| Amortization and depreciation expense | 4764 | 2818 | 1946 | 15608 | 12129 | 3479 |
| Realized and unrealized foreign exchange loss (gain) | 164 | 407 | (243) | (498) | 2934 | (3432) |
| Lease payments on right-of-use assets | (1130) | (643) | (487) | (3065) | (2466) | (599) |
| Core FFO adjustments to income from investments in U.S. residential developments | 441 | 401 | 40 | (43) | 827 | (870) |
| Non-controlling interest's share of Core FFO adjustments | (197) | (219) | 22 | (813) | (1056) | 243 |
| Other non-recurring adjustments |  | (3459) | 3459 |  | (3459) | 3459 |
| Limited partners' share of Core FFO adjustments | (1546) | (1414) | (132) | (9285) | (4532) | (4753) |
| **Total other adjustments** | $**9674** | $**1721** | $**7953** | $**27257** | $**21134** | $**6123** |

---

(4) Recurring capital expenditures represent ongoing costs associated with maintaining and preserving the quality of a property after it has been renovated. Capital expenditures related to renovations or value-enhancement are excluded from recurring capital expenditures.

(5) Core FFO and AFFO payout ratios are computed by dividing dividends declared for the period by Core FFO and AFFO, respectively. Prior to

November 8, 2021, dividends were declared and paid in Canadian dollars; for reporting purposes, amounts recorded in equity were translated to U.S. dollars using the daily exchange rate on the applicable dividend record date.

**RECONCILIATION OF RECURRING SINGLE-FAMILY RENTAL PROPORTIONATE CAPITAL EXPENDITURES**

**TO CONSOLIDATED PORTFOLIO CAPITAL EXPENDITURES BY PERIOD**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** |
| Recurring capital expenditures, proportionate total portfolio | **(A)** | $8037 | $10750 | $9788 | $8796 | $8259 | $6750 | $6950 | 5303 |
| Renovation, value-enhancing and disposition capital expenditures, proportionate total portfolio |  | 30295 | 40868 | 33941 | 28475 | 24915 | 26189 | 19359 | 15983 |
| Total capital expenditures, proportionate total portfolio |  | $38332 | $51618 | $43729 | $37271 | $33174 | $32939 | $26309 | $21286 |
| Limited partners' share of capital expenditures<sup>(1)</sup> |  | 29741 | 48990 | 34782 | 41997 | 39516 | 19629 | 12746 | 10973 |
| **Total capital expenditures by period** |  | $**68073** | $**100608** | $**78511** | $**79268** | $**72690** | $**52568** | $**39055** | $**32259** |

---

(1) Represents the limited partners' interest of the capital expenditures in SFR JV-1, SFR JV-2 and SFR JV-HD.

**RECONCILIATION OF SINGLE-FAMILY RENTAL TOTAL PORTFOLIO RECURRING CAPITAL EXPENDITURES TO RECURRING CAPITAL EXPENDITURES IN AFFO**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** |
| Recurring capital expenditures, single-family rental proportionate total portfolio | **(A)** | $8037 | $10750 | $9788 | $8796 | $8259 | $6750 | $6950 | 5303 |
| Recurring capital expenditures from adjacent residential businesses |  | 110 | 471 | 491 | 581 | 823 | 390 | 550 | 1402 |
| Recurring capital expenditures in AFFO |  | $**8147** | $**11221** | $**10279** | $**9377** | $**9082** | $**7140** | $**7500** | $**6705** |

---

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| | |
|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

---

**RECONCILIATION OF QUARTERLY CONSOLIDATED CAPITAL EXPENDITURES TO CONSOLIDATED SINGLE FAMILY RENTAL PROPERTIES**

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $7978396 | $4990542 |
| Acquisitions | 2362185 | 1835235 |
| Total capital expenditures by period |  |  |
| &nbsp;&nbsp;Q1 | 79268 | 32259 |
| &nbsp;&nbsp;Q2 | 78511 | 39055 |
| &nbsp;&nbsp;Q3 | 100608 | 52568 |
| &nbsp;&nbsp;Q4 | 68073 | 72690 |
| &nbsp;&nbsp;Total capital expenditures | 326460 | 196572 |
| Fair value adjustments | 858987 | 990575 |
| Dispositions | (80369) | (34528) |
| **Single-family rental properties balance per financial statements, end of year** | $**11445659** | $**7978396** |

---

**RECONCILIATION OF SINGLE-FAMILY RENTAL TOTAL AND SAME HOME NOI**

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **2022** | **2021** |
| Net operating income (NOI), proportionate same home portfolio | $54816 | $49948 | $211183 | $191313 |
| Net operating income (NOI), proportionate non-same home | 18928 | 9406 | 64360 | 30342 |
| Net operating income (NOI), proportionate total portfolio | 73744 | 59354 | 275543 | 221655 |
| Limited partners' share of NOI<sup>(1)</sup> | 48778 | 24001 | 160953 | 74320 |
| **Net operating income from single-family rental properties per financial statements** | $**122522** | $**83355** | $**436496** | $**295975** |

---

(1) Represents the limited partners' interest in the NOI from SFR JV-1, SFR JV-2 and SFR JV-HD.

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| | |
|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

---

**RECONCILIATION OF CANADIAN MULTI-FAMILY RENTAL NOI**

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **2022** | **2021** |
| Net operating income (NOI), proportionate portfolio | $306 | $261 | $1195 | $885 |
| Other expenses, proportionate portfolio | (130) | (268) | (520) | (714) |
| Fair value gain on multi-family rental property, proportionate portfolio | 875 | 2084 | 875 | 2084 |
| **Income from equity-accounted investments in Canadian multi-family rental properties per financial statements** | $**1051** | $**2077** | $**1550** | $**2255** |

---

**RECONCILIATION OF PROPORTIONATE GENERAL AND ADMINISTRATION EXPENSE IN CORE FFO**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the periods ended December 31 | **Three months** | **Three months** | **Three months** | **Twelve months** | **Twelve months** | **Twelve months** |
| (in thousands of U.S. dollars) | **2022** | **2021** | **Variance** | **2022** | **2021** | **Variance** |
| Proportionate general and administration expense in Core FFO | $13219 | $12379 | $840 | $48008 | $36147 | $11861 |
| Less: cash lease payments | (1130) | (643) | (487) | (3065) | (2466) | (599) |
| Proportionate general and administration expense | 12089 | 11736 | 353 | 44943 | 33681 | 11262 |
| Limited partner's share of general and administration expense | 6074 | 2829 | 3245 | 14048 | 7739 | 6309 |
| **General and administration expense per financial statements** | $**18163** | $**14565** | $**3598** | $**58991** | $**41420** | $**17571** |

---

****

<br> **TOTAL ASSETS UNDER MANAGEMENT**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Balance** | **% of total AUM** | **Balance** | **% of total AUM** |
| Third-party AUM | $8120344 | 50.7% | $6816668 | 49.6% |
| Principal AUM | 7882908 | 49.3% | 6919664 | 50.4% |
| **Total AUM** | $**16003252** | **100.0%** | $**13736332** | **100.0%** |

---

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| | |
|:---|:---|
| ![logo2.jpg](logo2.jpg) | <br>MANAGEMENT'S DISCUSSION AND ANALYSIS<br>FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |

---

![logo2.jpg](logo2.jpg)

7 St. Thomas Street, Suite 801 Toronto, Ontario M5S 2B7

**T** 416-925-7228 **F** 416-925-7964 www.triconresidential.com

Page 69 of [69](#ib9cc823e0ea641df9f55e5e89721d8f4_292)<br>

## Exhibit 99.3

?xml version="1.0" ? tri-20221231_d2

![tri-20221231_g1.jpg](tri-20221231_g1.jpg)

------

**MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Management has assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2022 using criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this assessment, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2022. The effectiveness of the Company's internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm, as stated in their report which appears herein.

Gary Berman

President and Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wissam Francis

Executive Vice President and Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Balance Sheets** | | | |
| (in thousands of U.S. dollars) |  |  |  |
|  | **Notes** | **December 31, 2022** | **December 31, 2021** |
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Rental properties | 6 | $11445659 | $7978396 |
| Equity-accounted investments in multi-family rental properties | 7 | 20769 | 199285 |
| Equity-accounted investments in Canadian residential developments | 8 | 106538 | 98675 |
| Canadian development properties | 9 | 136413 | 133250 |
| Investments in U.S. residential developments | 10 | 138369 | 143153 |
| Restricted cash |  | 117300 | 123329 |
| Goodwill | 13 | 29726 | 29726 |
| Deferred income tax assets | 14 | 75062 | 96945 |
| Intangible assets | 24 | 7093 | 9324 |
| Other assets | 25 | 96852 | 84749 |
| Derivative financial instruments | 21 | 10358 | 363 |
| **Total non-current assets** |  | **12184139** | **8897195** |
| **Current assets** |  |  |  |
| Cash |  | 204303 | 176894 |
| Amounts receivable | 18 | 24984 | 41582 |
| Prepaid expenses and deposits |  | 37520 | 32946 |
| **Total current assets** |  | **266807** | **251422** |
| **Total assets** |  | $**12450946** | $**9148617** |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Long-term debt | 19 | $4971049 | $3662628 |
| Due to Affiliate | 20 | 256824 | 256362 |
| Derivative financial instruments | 21 | 51158 | 230305 |
| Deferred income tax liabilities | 14 | 591713 | 461689 |
| Limited partners' interests in single-family rental business | 26 | 1696872 | 947452 |
| Long-term incentive plan | 31 | 25244 | 21431 |
| Performance fees liability | 32 | 39893 | 48358 |
| Other liabilities | 27 | 30035 | 28958 |
| **Total non-current liabilities** |  | **7662788** | **5657183** |
| **Current liabilities** |  |  |  |
| Amounts payable and accrued liabilities | 12 | 138273 | 102954 |
| Resident security deposits |  | 79864 | 56785 |
| Dividends payable | 28 | 15861 | 15821 |
| Current portion of long-term debt | 19 | 757135 | 254805 |
| **Total current liabilities** |  | **991133** | **430365** |
| **Total liabilities** |  | **8653921** | **6087548** |
| **Equity** |  |  |  |
| Share capital | 29 | 2124618 | 2114783 |
| Contributed surplus |  | 21354 | 22790 |
| Cumulative translation adjustment |  | 6209 | 22842 |
| Retained earnings |  | 1638068 | 893379 |
| Total shareholders' equity |  | 3790249 | 3053794 |
| Non-controlling interest |  | 6776 | 7275 |
| **Total equity** |  | **3797025** | **3061069** |
| **Total liabilities and equity** |  | $**12450946** | $**9148617** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

Approved by the Board of Directors

David Berman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Knowlton

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| | | | |
|:---|:---|:---|:---|
| **Consolidated Statements of Comprehensive Income** | **Consolidated Statements of Comprehensive Income** | **Consolidated Statements of Comprehensive Income** | **Consolidated Statements of Comprehensive Income** |
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated) | (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated) | (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated) | (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated) |
| **For the years ended** | **Notes** | **December 31, 2022** | **December 31, 2021**<sup>(1)</sup> |
| **Revenue from single-family rental properties** | 15 | $**645585** | $**445915** |
| Direct operating expenses | 23 | (209089) | (149940) |
| Net operating income from single-family rental properties |  | 436496 | 295975 |
| **Revenue from private funds and advisory services** | 16 | $**160088** | $**50693** |
| Income from equity-accounted investments in multi-family rental properties | 7 | 1550 | 2255 |
| Income from equity-accounted investments in Canadian residential developments | 8 | 11198 | 8200 |
| Other income | 17 | 10886 | 4786 |
| Income from investments in U.S. residential developments | 10 | 16897 | 31726 |
| Compensation expense | 31 | (99256) | (89951) |
| Performance fees expense | 32 | (35854) | (42272) |
| General and administration expense |  | (58991) | (41420) |
| Loss on debt modification and extinguishment | 19, 22 | (6816) | (3497) |
| Transaction costs |  | (18537) | (13260) |
| Interest expense | 22 | (213932) | (147680) |
| Fair value gain on rental properties | 6 | 858987 | 990575 |
| Fair value (loss) gain on Canadian development properties | 9 | (440) | 10098 |
| Fair value gain (loss) on derivative financial instruments and other liabilities | 21 | 184809 | (220177) |
| Amortization and depreciation expense | 24, 25 | (15608) | (12129) |
| Realized and unrealized foreign exchange gain (loss) |  | 498 | (2934) |
| Net change in fair value of limited partners' interests in single-family rental business | 26 | (297381) | (185921) |
|  |  | 338010 | 288399 |
| **Income before income taxes from continuing operations** |  | $**934594** | $**635067** |
| Income tax recovery - current | 14 | 33959 | 43427 |
| Income tax expense - deferred | 14 | (189179) | (219137) |
| **Net income from continuing operations** |  | $**779374** | $**459357** |
| **Income (loss) before income taxes from discontinued operations** | &nbsp;&nbsp;&nbsp;&nbsp;5, 7 | 37738 | (4146) |
| Income tax expense - current | 5 | (43114) | (46502) |
| Income tax recovery - deferred | 5 | 40482 | 40818 |
| **Net income (loss) from discontinued operations** |  | **35106** | **(9830)** |
| **Net income** |  | $**814480** | $**449527** |
| **Attributable to:** |  |  |  |
| Shareholders of Tricon |  | 808941 | 445255 |
| Non-controlling interest |  | 5539 | 4272 |
| **Net income** |  | $**814480** | $**449527** |
| **Other comprehensive income** |  |  |  |
| ***Items that will be reclassified subsequently to net income*** |  |  |  |
| Cumulative translation reserve |  | (16633) | (553) |
| **Comprehensive income for the year** |  | $**797847** | $**448974** |
| **Attributable to:** |  |  |  |
| Shareholders of Tricon |  | 792308 | 444702 |
| Non-controlling interest |  | 5539 | 4272 |
| **Comprehensive income for the year** |  | $**797847** | $**448974** |
| **Basic earnings per share attributable to shareholders of Tricon** |  |  |  |
| Continuing operations | 30 | $2.82 | 2.07 |
| Discontinued operations | 30 | 0.13 | (0.04) |
| **Basic earnings per share attributable to shareholders of Tricon** |  | $**2.95** | $**2.03** |
| **Diluted earnings per share attributable to shareholders of Tricon** |  |  |  |
| Continuing operations | 30 | $1.98 | 2.05 |
| Discontinued operations | 30 | 0.11 | (0.05) |

---

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| | | | |
|:---|:---|:---|:---|
| **Diluted earnings per share attributable to shareholders of Tricon** |  | $**2.09** | $**2.00** |
| **Weighted average shares outstanding - basic** | 30 | **274483264** | **219834130** |
| **Weighted average shares outstanding - diluted** | 30 | **311100493** | **222118737** |

---

(1) Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details.

*The accompanying notes are an integral part of these consolidated financial statements*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** | **Consolidated Statements of Changes in Equity** |
| (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) |
|  | **Notes** | **Share capital** | **Contributed surplus** | **Cumulative translation adjustment** | **Retained earnings** | **Total shareholders' equity** | **Non - controlling interest** | **Total** |
| **Balance at January 1, 2022** |  | $**2114783** | $**22790** | $**22842** | $**893379** | $**3053794** | $**7275** | $**3061069** |
| Net income |  |  |  |  | 808941 | 808941 | 5539 | 814480 |
| Cumulative translation reserve |  |  |  | (16633) |  | (16633) |  | (16633) |
| Distributions to<br>non-controlling interest |  |  |  |  |  |  | (6038) | (6038) |
| Dividends/Dividend <br>reinvestment plan | 28 | 3995 |  |  | (63479) | (59484) |  | (59484) |
| Repurchase of common shares | 29 | (4580) |  |  | (773) | (5353) |  | (5353) |
| Stock-based compensation | 29, 31 | 2655 | 509 |  |  | 3164 |  | 3164 |
| Preferred units exchanged | 20, 29 | 8015 |  |  |  | 8015 |  | 8015 |
| Shares reserved for<br>restricted share awards | 29 | (250) |  |  |  | (250) |  | (250) |
| Tax adjustment for equity issuance costs | 14 |  | (1945) |  |  | (1945) |  | (1945) |
| **Balance at December 31, 2022** |  | $**2124618** | $**21354** | $**6209** | $**1638068** | $**3790249** | $**6776** | $**3797025** |
| **Balance at January 1, 2021** |  | $**1192963** | $**19738** | $**23395** | $**499000** | $**1735096** | $**8142** | $**1743238** |
| **Net income** |  | **—** | **—** | **—** | **445255** | **445255** | **4272** | **449527** |
| Bought deal offering | 29 | 161842 |  |  |  | 161842 |  | 161842 |
| Cumulative translation reserve |  |  |  | (553) |  | (553) |  | (553) |
| U.S initial public offering and private placement | 29 | 547605 |  |  |  | 547605 |  | 547605 |
| Distributions to<br>non-controlling interest |  |  |  |  |  |  | (5139) | (5139) |
| Dividends/Dividend <br>reinvestment plan | 28, 29 | 5674 |  |  | (50876) | (45202) |  | (45202) |
| Debentures conversion | 29 | 206798 |  |  |  | 206798 |  | 206798 |
| Stock-based compensation | 29, 31 | 2957 | 3052 |  |  | 6009 |  | 6009 |
| Shares reserved for<br>restricted share awards | 29, 31 | (3056) |  |  |  | (3056) |  | (3056) |
| **Balance at December 31, 2021** |  | $**2114783** | $**22790** | $**22842** | $**893379** | $**3053794** | $**7275** | $**3061069** |

---

 *The accompanying notes are an integral part of these consolidated financial statements.*

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---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** |
| (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) | (in thousands of U.S. dollars) |
| **For the years ended** | **Notes** | **December 31, 2022** | **December 31, 2021** |
| **CASH PROVIDED BY (USED IN)** |  |  |  |
| **Operating activities** |  |  |  |
| Net income |  | $**814480** | $**449527** |
| Net (income) loss from discontinued operations | 5 | (35106) | 9830 |
| Adjustments for non-cash items | 37 | (473961) | (301679) |
| Cash paid for AIP, LTIP and performance fees, net of equity contribution | 31, 32 | (78828) | (24996) |
| Advances made to investments | 7, 8, 10 | (26255) | (36795) |
| Distributions received from investments | 7, 8, 10 | 47873 | 71916 |
| Changes in non-cash working capital items | 37 | 18567 | (48874) |
| **Net cash provided by operating activities from continuing operations** |  | **266770** | **118929** |
| **Net cash provided by operating activities from discontinued operations** |  | **3499** | **(12)** |
| **Net cash provided by operating activities** |  | $**270269** | $**118917** |
| **Investing activities** |  |  |  |
| Acquisition of rental properties | 6 | (2362185) | (1835235) |
| Capital additions to rental properties | 6 | (326460) | (196572) |
| Disposition of rental properties | 6 | 80369 | 34528 |
| Disposition of Bryson MPC Holdings LLC | 17 | 11041 |  |
| Additions to fixed assets and other non-current assets | 9, 25 | (35983) | (32875) |
| **Net cash used in investing activities from continuing operations** |  | **(2633218)** | **(2030154)** |
| **Net cash provided by investing activities from discontinued operations** |  | **212637** | **421774** |
| **Net cash used in investing activities** |  | $**(2420581)** | $**(1608380)** |
| **Financing activities** |  |  |  |
| Lease payments | 27, 38 | (3070) | (2466) |
| (Repurchase) issuance of common shares | 29 | (5353) | 700274 |
| Proceeds from corporate borrowing | 38 | 300000 | 239212 |
| Repayments of corporate borrowing | 38 | (301453) | (262335) |
| Proceeds from rental and development properties borrowing | 38 | 3967704 | 2228218 |
| Repayments of rental and development properties borrowing | 38 | (2172410) | (1523625) |
| Dividends paid | 28 | (59444) | (40022) |
| Change in restricted cash |  | 6029 | (25295) |
| Contributions from limited partners | 26 | 489387 | 479142 |
| Distributions to limited partners | 26 | (37348) | (73916) |
| Distributions to non-controlling interests |  | (6038) | (5139) |
| **Net cash provided by financing activities from continuing operations** |  | **2178004** | **1714048** |
| **Net cash used in financing activities from discontinued operations** |  | **—** | **(102849)** |
| **Net cash provided by financing activities** |  | $**2178004** | $**1611199** |
| **Effect of foreign exchange rate difference on cash** |  | **(283)** | **6** |
| **Change in cash during the year** |  | **27409** | **121742** |
| **Cash - beginning of year** |  | **176894** | **55152** |
| **Cash - end of year** |  | $**204303** | $**176894** |
| **Supplementary information** |  |  |  |
| **Cash paid on** |  |  |  |
| Income taxes |  | $**872** | $**736** |
| Interest |  | $**184862** | $**146102** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**1.&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF BUSINESS** 

Tricon Residential Inc. ("Tricon" or the "Company") is an owner and operator of a growing portfolio of approximately 36,000 single-family rental homes located primarily in the U.S. Sun Belt. The Company also invests in adjacent residential businesses which include multi-family rental properties in Canada and residential development assets in the United States and Canada. Through its fully integrated operating platform, the Company earns rental income and ancillary revenue from single-family rental properties, income from its investments in multi-family rental properties and residential developments, as well as fees from managing third-party capital associated with its businesses.

Tricon was incorporated on June 16, 1997 under the Business Corporations Act (Ontario) and its head office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario, M5S 2B7. The Company is domiciled in Canada. Tricon became a public company in Canada on May 20, 2010 and completed an initial public offering of its common shares in the U.S. on October 12, 2021. The Company's common shares are traded under the symbol TCN on both the New York Stock Exchange and the Toronto Stock Exchange.

These consolidated financial statements were approved for issue on February 28, 2023 by the Board of Directors of Tricon.

**2.&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PRESENTATION** 

**Preparation of consolidated financial statements**

The consolidated financial statements are prepared on a going-concern basis and have been presented in U.S. dollars, which is also the Company's functional currency. All financial information is presented in thousands of U.S. dollars except where otherwise indicated.

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). The preparation of consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The estimates involving a high degree of judgment or complexity, or estimates where assumptions are significant to the consolidated financial statements, are disclosed in Note 4.

These consolidated financial statements have been prepared under the historical cost convention, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Rental properties, which are recorded at fair value with changes in fair value recorded in the consolidated statements of comprehensive income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Canadian development properties, which are recorded at fair value with changes in fair value recorded in the consolidated statements of comprehensive income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Certain investments in U.S. residential developments, which are accounted for as equity investments, are recorded at fair value through profit or loss, as permitted by IAS 28, *Investments in Associates and Joint Ventures* ("IAS 28");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Derivative financial instruments, which are recorded at fair value through profit or loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Limited partners' interests, which are recorded at fair value through profit or loss.

On October 18, 2022, the Company sold its remaining 20% equity interest in Tricon US Multi-Family REIT LLC. Accordingly, the Company reclassified the current- and prior-year results and cash flows of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5, *Non-current Assets Held for Sale and Discontinued Operations* ("IFRS 5") (see Note 5).

The accounting impact of the Company's businesses and their presentation in the Company's consolidated financial statements are summarized in the table below.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **ACCOUNTING** | **ACCOUNTING** | **PRESENTATION** | **PRESENTATION** | **PRESENTATION** |
| **Business segment** | **Accounting assessment** | **Accounting methodology** | **Presentation in Balance Sheet** | **Presentation in Statement of Income** | **Presentation of Non-controlling interest** |
| **Single-Family Rental** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon wholly-owned | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR JV-1 | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | Limited partners' interests <br>(Component of liabilities) |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR JV-HD | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | Limited partners' interests <br>(Component of liabilities) |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR JV-2 | Controlled subsidiary | Consolidation | Rental properties | Revenue from single-family rental properties | Limited partners' interests <br>(Component of liabilities) |
| **Multi-Family Rental** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. multi-family<sup>(1)</sup> | Divested in October 2022 | Equity method | Divested in October 2022 | Income from discontinued operations | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian multi-family:<br>592 Sherbourne <br>(The Selby) | Investments in associate | Equity method | Equity-accounted investments in multi-family rental properties | Income from equity-accounted investments in multi-family rental properties | N/A |
| **Canadian residential developments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Shops of <br>Summerhill | Controlled subsidiary | Consolidation | Canadian development properties | Other income | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;The James (Scrivener Square) | Controlled subsidiary | Consolidation | Canadian development properties | Other income | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;57 Spadina <br>(The Taylor) | Investments in associate | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Block 8 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Block 20 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Blocks 3/4/7 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;WDL - Block 10 (Canary Landing) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;6~8 Gloucester (The Ivy) | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Queen & Ontario | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Symington | Joint venture | Equity method | Equity-accounted investments in Canadian residential developments | Income from equity-accounted investments in Canadian residential developments | N/A |
| **U.S. residential developments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;THPAS Holdings JV-1 LLC | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;THPAS Development JV-2 LLC | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;For-sale housing | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | N/A |
| **Private Funds and Advisory** |  |  |  |  |  |
| Private funds GP entities | Controlled subsidiary | Consolidation | Consolidated | Revenue from private funds and advisory services | N/A |
| Johnson development management | Controlled subsidiary | Consolidation | Consolidated | Revenue from private funds and advisory services | Component of equity |

---

(1) On October 18, 2022, the Company completed the sale of its remaining 20% equity interest in the U.S. multi-family rental portfolio (Note 5).

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**Changes to comparative figures**

Certain comparative figures have been adjusted to conform with the current period presentation, as shown in the table below. There was no impact on the net income and comprehensive income of the Company as a result of this change in presentation.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **As previously reported** | **Reclassify resident recoveries** <sup>(1)</sup> | **Reclassify income from discontinued operations**<sup>(2)</sup> | **Reclassify** <br>**tax expense - deferred to continuing operations**<sup>(3)</sup> | **As adjusted** |
| **For the year ended December 31, 2021** |  |  |  |  |  |
| Revenue from single-family rental properties | $441743 | $4172 | $— |  | $445915 |
| Direct operating expenses | (145768) | (4172) |  |  | (149940) |
| Income from equity-accounted investments in multi-family rental properties | 75333 |  | (73078) |  | 2255 |
| Income (loss) before taxes from discontinued operations | (77224) |  | 73078 |  | (4146) |
| Income tax expense - deferred | (234483) |  |  | 15346 | (219137) |
| Income tax recovery - deferred | 56164 |  |  | (15346) | 40818 |

---

(1) Resident recoveries previously recorded as a reduction in direct operating expenses have been reclassified to revenue from single-family rental properties (Note 15).

(2) In accordance with IFRS 5, *Non-current Assets Held for Sale and Discontinued Operations*, the Company reclassified the prior-period income from equity-accounted investments in U.S. multi-family rental properties as discontinued operations, separate from the Company's continuing operations (Note 5).

(3) The Company reclassified previously recorded deferred income tax expense relating to U.S. multi-family rental properties from continuing operations to discontinued operations (Note 5).

**3.&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of the significant accounting policies applied in the preparation of these consolidated financial statements.

**Consolidation** 

The consolidated financial statements include the financial statements of the Company and its controlled subsidiaries. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

The accounting policies of subsidiaries have been modified where necessary to align them with the policies adopted by the Company. When the Company does not own all of the equity in a subsidiary, the non-controlling equity interest is disclosed in the consolidated balance sheet as a separate component of total equity. A non-controlling interest may also be classified as a financial liability if the non-controlling interest contains an option or a redemption feature, which is the case for SFR JV-1, SFR JV-2 and SFR JV-HD. All intra-group balances and transactions are eliminated upon consolidation.

The Company currently consolidates Tricon Single-Family Rental REIT LLC and its wholly-owned subsidiaries, along with SFR JV-1, SFR JV-2 and SFR JV-HD (collectively, the "single-family rental" business), and The James (Scrivener Square) and The Shops of Summerhill (collectively, the "Canadian development properties").

**Joint arrangements and interests in associates**

Investments in joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Joint operations are accounted for using proportionate

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

consolidation as per IFRS 11, *Joint Arrangements* ("IFRS 11") while joint ventures apply the equity method in accordance with IAS 28.

*Interests in associates - equity method of accounting*

An associate is an entity over which the Company has significant influence, but not control (or joint control), in accordance with IAS 28. Generally, the Company is considered to exert significant influence when it holds, directly or indirectly, 20% or more of the voting power of the investee. However, determining significant influence is a matter of judgment and specific circumstances.

*Joint ventures - equity method of accounting*

A joint venture is a joint arrangement under which the investors have joint control through a separate legal entity established and hold an interest in the net assets (as opposed to a direct interest in the underlying project). The Company accounts for its joint ventures using the equity method.

Under the equity method, a contribution to an investee is initially recognized at cost and adjusted thereafter to recognize the Company's share of profit or loss of the investee in accordance with Tricon's accounting policies. Distributions received from an investee reduce the carrying amount of the investment.

The Company's associates and joint ventures that are equity-accounted include the following investments in multi-family rental properties, U.S. residential developments and Canadian residential developments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Type** | **Principal place of business** | **Country of incorporation** | **Ownership interest %** | **Voting rights %**<sup>(1)</sup> |
| **Associates** | | | | | |
| 592 Sherbourne LP (The Selby) | Limited Partnership | Canada | Canada | 15% | 50% |
| 57 Spadina LP (The Taylor) | Limited Partnership | Canada | Canada | 30% | 50% |
| THPAS Development JV-2 LLC | Limited Partnership | USA | USA | 20% | 50% |
| **Joint ventures** |  |  |  |  |  |
| WDL 3/4/7 LP | Limited Partnership | Canada | Canada | 33% | 33% |
| WDL 8 LP | Limited Partnership | Canada | Canada | 33% | 33% |
| WDL 20 LP | Limited Partnership | Canada | Canada | 33% | 33% |
| DKT B10 LP | Limited Partnership | Canada | Canada | 33% | 33% |
| 6-8 Gloucester LP (The Ivy) | Limited Partnership | Canada | Canada | 47% | 50% |
| Queen Ontario LP | Limited Partnership | Canada | Canada | 10% | 50% |
| Symington LP | Limited Partnership | Canada | Canada | 10% | 50% |

---

(1) In respect of major decisions only.

The Company's investments in U.S. residential developments meet the definition of associates per IAS 28; however, Tricon has elected to apply the exception in paragraph IAS 28.36A, which permits a non-investment company investor to elect to retain investment entity accounting for associates that themselves qualify as investment entities, where applicable.

Under IFRS 10, *Consolidated Financial Statements* ("IFRS 10"), an investment entity is an entity that (i) obtains funds from one or more investors for the purpose of providing them with investment management services, (ii) commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income (including rental income), or both, and (iii) measures and evaluates the performance of substantially all of its investments on a fair value basis.

The following associates meet the definition of an investment entity, and therefore, all of their project assets held through subsidiaries are measured at fair value.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Type** | **Principal place of business** | **Country of incorporation** | **Ownership interest %** | **Voting rights %**<sup>(1)</sup> | **Voting rights %**<sup>(1)</sup> | **Dissolution date**<sup>(2)</sup> | **Remaining extension period (years)** |
| **Associates** | | | | | | | | |
| Tricon Housing Partners US LP<sup>(3)</sup> | Limited Partnership | USA | USA | 68% |  | 68% | 7/1/2022 |  |
| Tricon Housing Partners US Syndicated Pool II LP | Limited Partnership | USA | USA | 20% |  | 50% | 3/2/2024 | 2 |
| Tricon Housing Partners US II LP<sup>(3),(4)</sup> | Limited Partnership | USA | USA | 8% | > | 50% | 12/31/2023 |  |
| Tricon Housing Partners Canada III LP<sup>(3)</sup> | Limited Partnership | Canada | Canada | 10% | > | 50% | 3/22/2022 |  |
| CCR Texas Equity LP | Limited Partnership | USA | USA | 10% |  | 50% | 12/31/2023 | 1 |
| Vistancia West Equity LP | Limited Partnership | USA | USA | 7% |  | 50% | 12/31/2025 |  |
| Conroe CS Texas Equity LP<sup>(5)</sup> | Limited Partnership | USA | USA | 10% |  | 50% | N/A | N/A |
| Arantine Hills Equity LP<sup>(5)</sup> | Limited Partnership | USA | USA | 7% |  | 50% | N/A | N/A |
| Viridian Equity LP | Limited Partnership | USA | USA | 18% |  | 50% | 12/31/2027 | 1 |
| McKinney Project Equity LLC | Limited Partnership | USA | USA | 44% |  | 50% | N/A | N/A |
| THPAS Holdings JV-1 LLC | Limited Partnership | USA | USA | 11% |  | 50% | N/A | N/A |

---

(1) In respect of major decisions only.

(2) Dissolution date is the date on which the Investment Vehicle is required to commence its liquidation process under its constating documents and may be subject to extension either pursuant to those documents or with the consent of investors in the vehicle. Some vehicles will conduct their liquidation by operating their remaining projects through to completion with no substantive changes to the business plan.

(3) For the purposes of analysis under IFRS, it was determined that Tricon acts primarily as an agent for the benefit of its investors in these partnership entities, and thus Tricon does not control these entities in accordance with the criteria set out in IFRS 10.

(4) Tricon Housing Partners US II LP obtained a one-year extension from the limited partners of the fund subsequent to year-end.

(5) Conroe CS Texas Equity LP and Arantine Hills Equity LP were recapitalized during the year and have no fixed dissolution date under their revised constating documents.

*Structured entity — unconsolidated*

A structured entity is an entity created to accomplish a narrow and well-defined objective. Those entities' activities are restricted to the extent that they are, in essence, not directed by voting or similar rights. The Company concluded that Tricon PIPE LLC is a structured entity as it was created for the sole purpose of issuing its preferred units to investors and offering financing to the Company (Note 20), and the Company does not have exposure to variable returns related to its involvement in the entity or make the relevant decisions for the entity. Under IFRS 10, such a structured entity does not meet the criteria for control and is not required to be consolidated.

**Business combination**

The Company assesses whether an acquisition transaction should be accounted for as an asset acquisition or a business combination under IFRS 3, *Business Combinations* ("IFRS 3"). A business combination is defined as an acquisition of assets and liabilities that constitute a business that is an integrated set of activities consisting of inputs (such as assets), and processes that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders.

The Company applies the acquisition method to account for business combinations in accordance with IFRS 3. The consideration transferred for the acquisition of the business is the fair value of the assets transferred net of the liabilities assumed, any non-controlling interest in the acquiree, as well as any goodwill or bargain purchase gain recognized and measured by the Company. These identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. All acquisition costs associated with a transaction identified as a business combination are expensed as incurred.

**Goodwill** 

Goodwill arises on the acquisition (or deemed acquisition) of subsidiaries and represents the excess of the consideration transferred over the Company's interest in the net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of any non-controlling interest in the acquiree. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The Company identifies a cash-

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

generating unit ("CGU") as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. For example, a CGU can be an individual property or a group of properties. Goodwill acquired in business combinations is allocated to the CGUs that are expected to benefit from the synergies of that business combination.

Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The Company's goodwill impairment test is performed at the CGU level as it is the lowest level within the Company at which goodwill is monitored for internal management purposes. Any goodwill impairment is recognized immediately as an expense in the consolidated statements of comprehensive income in the period in which it arises and is not subsequently reversed.

**Rental properties**

The Company's rental properties consist of single-family rental homes held to earn rental income.

At the time of the acquisition of a property, the Company applies judgment when determining if the acquisition is an asset acquisition or a business combination. The Company classifies its acquisitions as asset acquisitions when it acquires a single asset (or a group of similar assets) and it has not assumed any employees or acquired an operating platform. Where the Company has concluded that it has acquired an asset, the Company uses the asset purchase model whereby the initial cost of a rental property is comprised of its purchase price and any directly attributable expenditures. Directly attributable expenditures include transaction costs such as due diligence costs, appraisal fees, environmental fees, legal fees, land transfer taxes and brokerage fees.

Subsequent to initial recognition, rental properties are recorded at fair value in accordance with IAS 40, *Investment Property* ("IAS 40"). Fair value is determined based on a combination of internal and external processes and valuation techniques according to the valuation policy discussed in Note 6. Gains or losses arising from changes in the fair value and capitalized costs of rental properties are recorded in the consolidated statements of comprehensive income in the period in which they arise.

In determining whether certain costs are additions to the carrying amount of rental properties or period expenses, management applies judgment based on whether these costs are incurred to enhance the service potential of the property. All costs associated with upgrading and extending the economic life of the existing properties, including internal amounts that are directly attributable to a specific rental property, other than ordinary repairs and maintenance, are capitalized to rental property.

Rental income and operating expenses from rental properties are reported within rental revenue and direct operating expenses incurred for rental properties, respectively, in the consolidated statements of comprehensive income.

**Foreign currency translation**

*Currency translation*

Foreign currency transactions (Canadian dollar) are translated into U.S. dollars using exchange rates in effect at the date of the transaction. Monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the exchange rate in effect at the measurement date. Non-monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the historical exchange rate or the exchange rate in effect at the measurement date for items recognized at FVTPL. Gains and losses arising from foreign exchange are included in the consolidated statements of comprehensive income.

*Consolidated entities*

For subsidiaries that are required to be consolidated, the results and financial position of those subsidiaries with a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) assets and liabilities are translated at the closing rate at the date of the balance sheet;

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

(ii) income and expenses are translated at average exchange rates. The Company uses monthly average exchange

rates due to the volume of transactions each month; and

(iii) all resulting exchange differences are recognized in other comprehensive income.

**Other assets** 

Other assets include fixed assets, leasehold improvements and right-of-use assets.

*Fixed assets and leasehold improvements*

Fixed assets (building, property-related systems software, vehicles, furniture and office equipment and computer equipment) and leasehold improvements are accounted for at cost less accumulated depreciation and impairment. Leasehold improvements are amortized on a straight-line basis over their useful lives, which are typically their lease terms. All other depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, as follows:

Building&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 years

Furniture, computer and office equipment 2-7 years

Property-related systems software&nbsp;&nbsp;&nbsp;&nbsp; 15 years

Vehicles and other&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-7 years

The estimated useful lives of fixed assets are reviewed and adjusted, if appropriate, at each financial year-end. As described below under Impairment of non-financial assets, fixed assets are also reviewed at each balance sheet date to determine whether there is an indication of impairment.

*Right-of-use assets and lease liabilities*

At the lease commencement date, a right-of-use asset and lease liability are recognized on the consolidated balance sheets for all leases, with the exception of short-term and low-value leases. The right-of-use assets and lease liabilities are initially measured at the present value of the lease payments, which includes reasonably certain extension options.

Lease payments are apportioned between the implicit finance charge and the implicit repayment of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of comprehensive income using the effective interest method.

Right-of-use assets are amortized on a straight-line basis over their lease terms and are accounted for at cost less accumulated amortization and reviewed at each balance sheet date to determine whether there is an indication of impairment.

**Intangible assets**

Intangible assets include capitalized placement fees, customer relationship and contractual development fees.

Placement fees represent costs incurred to secure investment management contracts. Performance fee rights represent costs incurred to obtain rights to receive future performance fees from joint venture projects. These are accounted for as intangible assets carried at cost less accumulated amortization. Amortization is recorded using the straight-line method and is based on the estimated useful lives of the associated joint ventures, which are generally eight years.

The customer relationship intangible relates to the Company's ownership of The Johnson Companies LP ("Johnson"), in which Tricon owns a 50.1% interest, and represents an estimate of the potential management fees, development fees and commissions that Tricon could collect, based on potential future projects resulting from Johnson's existing customer relationships at the time of the acquisition of Johnson, and as such are considered to be definite-life intangibles. Similarly, the contractual development fee intangibles from Johnson represent an estimate of the future lot development fees and commissions that Tricon expects to collect over the lives of the

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| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

projects that Johnson managed at the time of acquisition. They are amortized by project over the estimated periods that the Company expects to collect these fees, which is approximately seven years for both management fees and lot development fees.

**Impairment of non-financial assets**

Assets that are subject to amortization and depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest CGU level. Non-financial assets are reviewed for possible impairment or reversal of a previously recorded impairment as at each reporting date.

**Financial instruments** 

*Financial assets* 

The Company's financial assets are comprised of cash, restricted cash, amounts receivable and derivative financial instruments. Financial assets within the scope of IFRS 9, *Financial Instruments* ("IFRS 9") are initially measured at fair value and subsequently classified and measured in one of three categories in accordance with IFRS 9: amortized cost, fair value through other comprehensive income ("FVOCI") or FVTPL.

Transaction costs related to derivative financial instruments are expensed as incurred and charged to income within the consolidated statements of comprehensive income.

Gains and losses arising from changes in the fair value of derivative financial instruments are presented in the consolidated statements of comprehensive income together with gains and losses arising from changes in the fair value of other liabilities.

Financial assets and liabilities classified and measured at FVTPL are presented within changes in operating assets and liabilities in the consolidated statements of cash flows.

Financial assets are derecognized only when the contractual rights to the cash flows from the financial assets expire or the Company transfers substantially all of the risks and rewards of ownership.

The Company assesses, at each balance sheet date, whether or not there is an expected credit loss with respect to amounts receivable. If in a subsequent period the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed, to the extent that the carrying value of the receivable does not exceed its amortized cost at the reversal date. Any subsequent reversal of an impairment loss is recognized in net income.

*Financial liabilities* 

The Company's financial liabilities consist of amounts payable and accrued liabilities, resident security deposits, dividends payable, debt, convertible debentures, Due to Affiliate, derivative financial instruments, limited partners' interests in single-family rental business and other liabilities.

Financial liabilities within the scope of IFRS 9 are initially measured at fair value and subsequently classified and measured at FVTPL or amortized cost, as appropriate.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires.

Interest expense is accounted for using the effective interest rate method.

The effective interest rate method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the expected life of the instrument. The

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|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Gains or losses from the modification of borrowing terms during the year are recognized over the remaining life of the borrowing by adjusting the effective interest rate, on the basis that the terms and conditions of the liability remained largely unchanged. Should the modification be considered substantial, the original financial liability is derecognized and a new financial liability is recognized at fair value.

*Derivative financial instruments*

Derivative financial instruments, which are primarily comprised of the mandatory prepayment provision related to the Due to Affiliate, the exchange and redemption provisions of the underlying preferred units (Note 21), are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value with the resulting gain or loss reflected in net income. Derivatives are valued using model calibration. Inputs to the valuation model are determined from observable market data wherever possible, including prices available from exchanges, over-the-counter markets and consensus pricing. Certain inputs may not be observable in the market directly, but can be determined from observable prices via model calibration procedures or estimated from historical data or other sources. Any directly attributable transaction costs are allocated between the derivative and the host liability component, and the portion attributed to the derivative is expensed in the consolidated statements of comprehensive income.

*Offsetting financial instruments* 

Financial assets and liabilities are offset and the net amount is reported on the consolidated balance sheets when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. As of December 31, 2022, the Company does not have any assets or liabilities that are subject to an offsetting agreement.

*Limited partners' interests in single-family rental business*

The interests of the limited partners in the following subsidiaries are recognized as financial liabilities in accordance with IAS 32, *Financial Instruments: Presentation* ("IAS 32"):

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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---

| | | |
|:---|:---|:---|
| **Investment Vehicle** | **Subsidiary** | **Limited partners' ownership interest %** |
| SFR JV-1 | SFR JV-1 Equity LLC | 66.3% |
| SFR JV-1 | SFR JV-1 LP | 66.3% |
| SFR JV-1 | SFR JV-1 REIT 1 LLC | 49.5% |
| SFR JV-1 | SFR JV-1 REIT 2 LLC | 49.5% |
| SFR JV-1 | SFR JV-1 Holding LP | 49.5% |
| SFR JV-2 | SFR JV-2 Equity LLC | 70.7% |
| SFR JV-2 | SFR JV-2 LP | 70.7% |
| SFR JV-2 | SFR JV-2 REIT 1 LLC | 49.5% |
| SFR JV-2 | SFR JV-2 REIT 2 LLC | 49.5% |
| SFR JV-2 | SFR JV-2 Holdings LP | 49.5% |
| SFR JV-HD | SFR JV-HD Equity LLC | 66.3% |
| SFR JV-HD | SFR JV-HD LP | 66.3% |
| SFR JV-HD | SFR JV-HD REIT 1 LLC | 49.5% |
| SFR JV-HD | SFR JV-HD REIT 2 LLC | 49.5% |
| SFR JV-HD | SFR JV-HD Holdings LP | 49.5% |

---

Limited partners' interests in single-family rental business are recorded at fair value through profit or loss and reflect the fair value of the underlying investments in SFR JV-1, SFR JV-2 and SFR JV-HD, along with any contributions by and distributions to limited partners during the period. Changes in the fair value of the limited partners' interests in single-family rental business are reflected in the consolidated statements of comprehensive income.

**Cash**

Cash includes cash deposited in banks. The Company maintains its cash in financial institutions with high credit quality in order to minimize its credit loss exposure.

**Restricted cash**

Restricted cash primarily consists of property tax reserves, capital reserves, and collateralized rent payment receipts held in bank accounts controlled by lenders.

**Share capital** 

Common shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown as a deduction, net of tax, from the proceeds.

Where the Company purchases its equity share capital to settle restricted share awards or for cancellation, the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders.

**Earnings per share** 

*Basic* 

Basic earnings per share is determined using the weighted average number of shares outstanding including vested deferred share units, taking into account on a retrospective basis any increases or decreases caused by share splits or reverse share splits occurring after the reporting period, but prior to the consolidated financial statements being authorized for issue.

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|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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*Diluted* 

The Company considers the effects of stock compensation, convertible debentures and exchange rights in connection with the preferred unit issuance of Tricon PIPE LLC in calculating diluted earnings per share. Diluted earnings per share is calculated by adjusting net income attributable to shareholders of the Company and the weighted average number of shares outstanding based on the assumption of the conversion of all potentially dilutive shares on a weighted average basis from the beginning of the year or, if later, the date the stock compensation, convertible debentures or conversion rights were issued to the balance sheet date.

**Dividends** 

Dividends on common shares are recognized in the consolidated financial statements in the period in which the dividends are approved by Tricon's Board of Directors.

**Current and deferred income taxes** 

Income tax expense includes current and deferred income taxes. Income tax expense is recognized in the consolidated statements of comprehensive income, except to the extent that it relates to items recognized directly in equity, in which case the tax is also recognized directly in equity.

Current income taxes are the expected taxes payable on the taxable income for the period, using income tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to income taxes payable in respect of previous years. The Company uses the liability method to recognize deferred income taxes on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax assets are only recorded if it is probable that they will be realized. Enacted or substantively enacted rates in effect at the consolidated balance sheet date that are expected to apply when the deferred income tax asset is realized or the deferred tax liability is settled are used to calculate deferred income taxes.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

**Revenue**

*Revenue from single-family rental properties*

Revenue recognition under a lease commences when a resident has a right to use the leased asset, which is typically when the resident takes possession of, or controls the physical use of, the leased property. Generally, this occurs on the lease commencement date.

Lease contracts with residents normally include lease and non-lease components, which may be bundled into one fixed gross lease payment. Lease revenue earned directly from leasing the homes is recognized and measured on a straight-line basis over the lease term in accordance with IFRS 16, *Leases* ("IFRS 16"). Leases for single-family rental homes are generally for a term of one to two years.

Ancillary revenue is income the Company generates from providing services that are not primary rental revenue from a lease contract. Ancillary revenue includes pet fees, early termination fees and other service fees. Ancillary revenue is measured at the amount of consideration which the Company expects to receive in exchange for providing services to a resident. Ancillary revenue is included with revenue from single-family rental properties in the consolidated statements of comprehensive income, and the details of revenue, including ancillary income, are discussed in Note 15.

In addition to revenue generated from the lease component, revenue from single-family rental properties includes a non-lease component earned from the residents, which is recognized under IFRS 15, *Revenue from Contracts with Customers* ("IFRS 15"*)*. Non-lease revenue includes property management services, such as repairs and

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|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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maintenance performed on the properties. These services represent a single performance obligation and revenue is recognized over time as the services are provided, regardless of when the payment is received. Revenue from rental properties is allocated to non-lease components using a cost-plus margin approach whereby the Company separates the operating costs that pertain to the services provided to the residents and applies a reasonable profit margin.

The Company has concluded that it is the principal in all of its revenue arrangements since it controls the specified goods or services before those goods or services are transferred to customers.

*Revenue from private funds and advisory services*

The Company's vertically integrated management platform provides asset management, development management and property management services.

The Company provides asset management services to joint venture partners and third-party investors for which it earns market-based fees in connection with its businesses in the U.S. and Canada. These contractual fees are typically 1-2% of committed or invested capital throughout the lives of the Investment Vehicles under management. The Company may also earn performance fees once targeted returns are achieved by an Investment Vehicle. The Company recognizes performance fees only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Consideration for these services is variable as it is dependent upon the occurrence of a future event that includes the repayment of investor capital and a predetermined rate of return. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle.

The Company also earns development management and advisory service fees from third parties and/or related parties. Development management and advisory services are satisfied over time. Revenues are recognized based on the best estimate of the amounts earned for those services, which typically reflects contractual fees of 2-5% of the sales price of single-family lots, residential land parcels and commercial land within master-planned communities, as well as built-to-rent communities, and 4-5% of overall development costs of Canadian multi-family rental apartments. The Company includes variable consideration in the revenues only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Specifically for Johnson, consideration for these services is variable as it is dependent upon the occurrence of a future event that is the sale of the developed property. Revenue is typically recognized as the development of the property is completed, and control has been transferred to the respective buyer. These management fees earned in exchange for providing development management and advisory services are billed upon the sale of the property.

The Company earns property management fees, leasing fees, acquisition and disposition fees, and construction management fees through its rental operating platform. These management services are satisfied over time and revenues are recognized as services are provided in accordance with IFRS 15.

**Compensation arrangements**

*Stock option plan* 

The Company accounts for its stock option plan by calculating the fair value of the options as of the grant date using a Black-Scholes option pricing model and observable market inputs. This fair value is recognized as compensation cost using the graded vesting method over the vesting period of the options.

*Annual Incentive Plan ("AIP")* 

The Company's AIP provides for an aggregate bonus pool based on the sum of all employees' individual AIP targets. The portion of the pool attributable to senior executive management is market-benchmarked and subject to an adjustment factor, as approved by the Board, of between 50% and 150%, based on the achievement of Company performance objectives determined by the Board at the beginning of each year. The final pool is then allocated among employees based on individual and collective performance. AIP awards will be made in cash and equity-based grants, with the proportion of equity-based awards being correlated to the seniority of an individual's

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| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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role within the Company. Equity-based AIP awards are granted in a combination of deferred share units ("DSUs"), performance share units ("PSUs"), stock options and restricted shares, pursuant to the Company's Deferred Share Unit Plan ("DSUP"), Performance Share Unit Plan ("PSUP"), stock option plan and Restricted Share Plan, respectively.

*Long-term incentive plan ("LTIP")* 

LTIP expense is generated from two sources: (i) up to 50% of the Company's share of performance fees or carried interest from certain Investment Vehicles, paid in cash when received; and (ii) 15% of the income from THP1 US (a U.S. residential development Investment Vehicle), also payable in cash pursuant to amendments to the LTIP made in 2022. Amounts under the LTIP are allocated among employees in accordance with the plan.

For the expense generated from the Company's share of performance fees or carried interest from certain Investment Vehicles, the Company estimates its total liability by determining the unrealized carried interest at each reporting date based on the estimated fair value of the underlying investments. Once determined, the component that is payable to employees as part of the LTIP is recognized as LTIP liability, and the component that is payable to key management equity participants is allocated to performance fees liability (see Performance fees expense and liability below). The combined amount recognized as LTIP liability and performance fees liability represents no more than 50% of the Company's share of unrealized carried interest for each.

The actual amounts of performance fees to be received and LTIP and performance fees to be paid will depend on the cash realizations of Investment Vehicles and the performance of underlying investments. The values of the LTIP liability and the performance fees liability are determined using intrinsic value or liquidation at fair value in accordance with IAS 19 – *Employee Benefits* ("IAS 19").

*Performance fees expense and liability*

Certain members of senior management participate in the potential performance fees payable in respect of certain of the Company's managed Investment Vehicles, by having invested personal at-risk capital to subscribe for ownership interests in the entity directly or indirectly entitled to receive such performance fees. Any performance fees allocable to participating management members in respect of their equity interests in such entities is reflected as a performance fee liability or expense.

*Directors' fees* 

One-half of each independent Director's base annual retainer is paid in DSUs which vest immediately upon their grant. An independent Director may also elect each year to receive a portion of the balance of his or her fees (including his or her base annual retainer and any additional retainer) in DSUs, which also vest on the date of their grant. Any remaining balance of such fees not payable in DSUs is paid in cash. The DSUs granted to Directors are governed by the DSUP.

**Reportable segments** 

Tricon is comprised of three operating segments: Single-Family Rental, Adjacent Businesses (which includes multi-family rental properties and residential developments) and Private Funds and Advisory. Including the Company's corporate activities, there are four reportable segments for internal and external reporting purposes. The reportable segments are business units offering different products and services, and are managed separately due to their distinct operating natures. These four reportable segments have been determined by the Company's chief operating decision-makers (Note 33).

**Accounting standards and interpretations adopted**

Effective January 1, 2022, the Company has adopted the amendment to IFRS 3, *Business Combinations,* when determining what constitutes an asset or a liability in a business combination. This amendment also includes a new exception for certain liabilities and contingent liabilities and clarified that an acquirer should not recognize contingent assets at the acquisition date. The Company also adopted the amendments to IAS 37, *Provisions, Contingent* 

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|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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*Liabilities and Contingent Assets* ("IAS 37"), to account for the cost of fulfilling a contract when an onerous contract is established.

The adoption of these amendments did not have a significant impact on the Company's consolidated financial statements.

**Accounting standards and interpretations issued but not yet adopted**

In February 2021, the International Accounting Standards Board ("the IASB") added an IFRS practice statement to IAS 1 and IAS 8, *Accounting Policies, Changes in Accounting Estimates and Errors* ("IAS 8"). The amendments to IAS 1 and IAS 8 are effective for annual reporting periods beginning on or after January 1, 2023.

In May 2021, the IASB issued amendments to IAS 12, *Income Taxes* ("IAS 12"), to clarify how companies should account for deferred tax on transactions, such as leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after January 1, 2023.

In January 2020, the IASB issued amendments to IAS 1, *Presentation of Financial Statements* ("IAS 1"), to provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. In November 2022, the IASB further amended IAS 1 to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability as current or non-current. This amendment is effective for annual reporting periods beginning on or after January 1, 2024.

There are no other relevant standards, interpretations or amendments to existing standards that are not yet effective that are expected to have a material impact on the consolidated financial statements of the Company.

**4.&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS**

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates can, by definition, differ from the related actual results. The following are the accounting policies subject to judgments and estimation uncertainty that management believes could have a significant risk of causing material adjustments to the amounts recognized in the consolidated financial statements. Actual results could differ from these estimates and the differences may be material.

**Significant estimates**

*Income taxes* 

The determination of the Company's income and other tax liabilities requires interpretation of complex laws and regulations often involving multiple jurisdictions. Significant estimates are required in determining the Company's consolidated income tax provision. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions. Furthermore, deferred income tax balances are recorded using enacted or substantively enacted future income tax rates. Changes in enacted income tax rates are not within the control of management. However, any such changes in income tax rates may result in actual income tax amounts that may differ significantly from estimates recorded in deferred tax balances.

*Valuation of rental properties*

The fair values of single-family rental properties are typically determined using a combination of internal and external processes and valuation techniques according to the valuation policy as set out in Note 6. The valuation inputs are considered Level 3, as judgment is used in determining the weight to apply to inputs based on recent comparable-sales data information and whether adjustments are needed to account for unique characteristics of the assets. A change to these inputs could significantly alter the fair values of the rental properties.

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|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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*Fair value of investments* 

The fair values of the Company's investments in multi-family rental properties, Canadian residential developments, Canadian development properties and U.S. residential development associates (excluding THPAS Development JV-2 LLC) are determined using the valuation methodologies described in Notes 7, 8, 9 and 10. By their nature, these valuation techniques require the use of assumptions that are mainly based on market conditions existing at the end of each reporting period. Changes in the underlying assumptions could materially impact the determination of the fair value of a financial instrument. Imprecision in determining fair value using valuation techniques may affect the investment income recognized in a particular period.

*Fair value of incentive plans and participation arrangements*

Management is required to make certain assumptions and to estimate future financial performance in order to estimate the fair value of incentive plans and performance fees participation arrangements at each consolidated balance sheet date. The LTIP and the performance fees liability require management to estimate the net asset value of each Investment Vehicle and the corresponding changes in unrealized carried interests, which are updated on a quarterly basis. Changes in the underlying assumptions used to calculate the net asset value of each Investment Vehicle could materially impact the determination of the LTIP and the performance fees liability. Significant estimates and assumptions relating to such incentive plans and participation arrangements are disclosed in Notes 3, 31 and 32.

**Significant judgments** 

*Acquisition of rental properties* 

The Company's accounting policies relating to rental properties are described in Note 3. In applying these policies, judgment is exercised in determining whether certain costs are additions to the carrying amount of a rental property and whether properties acquired are considered to be asset acquisitions or business combinations. Should the purchase meet the criteria of a business combination, then transaction costs such as appraisal and legal fees are expensed immediately and included in the consolidated statements of comprehensive income. If the purchase is an asset acquisition, transaction costs form part of the purchase price and earnings are not immediately affected.

*Basis of consolidation*

The consolidated financial statements of the Company include the accounts of Tricon and its wholly-owned subsidiaries, as well as entities over which the Company exercises control on a basis other than majority ownership of voting interests within the scope of IFRS 10. Judgment is applied in determining if an entity meets the criteria of control as defined in the accounting standard.

*Investments in joint ventures and joint arrangements*

The Company makes judgments in determining the appropriate accounting for investments in other entities. These judgments include determining the significant relevant activities and assessing the level of influence Tricon has over the activities through contractual arrangements. In addition, the Company also determines whether Tricon's rights and obligations are directly related to the assets and liabilities of the arrangement or to the net assets of the joint arrangement.

*Discontinued operations*

Note 5 describes the sale of the Company's 20% equity interest in Tricon US Multi-Family REIT LLC and the classification of its operating results as a discontinued operation in accordance with IFRS 5, *Non-Current Assets Held for Sale and Discontinued Operations* ("IFRS 5"). With the sale of the Company's remaining equity interest in Tricon U.S. Multi-Family REIT LLC, the Company recognized performance fee income of $99,865. Whether this performance fee income should also be classified as income from discontinued operations is a significant judgment.

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| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

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The Company provides asset management services to third-party investors for which it earns performance fees as part of its private funds and advisory services business. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle, upon the occurrence of an event that includes the repayment of investor capital and a predetermined rate of return. Under the asset management agreement within the Investment Vehicle, the Company had estimated the performance fee to be earned after five years. The Company continues to provide services to one of the primary investors through other Investment Vehicles.

Management's assessment concluded that the performance fee income recognized from the exit of Tricon US Multi-Family REIT LLC forms part of the Company's continuing operations as the Company would have earned the fee at the end of the investment's life irrespective of the early exit. The Company maintains its private funds and advisory services as one of the main segments of the business.

**5.&nbsp;&nbsp;&nbsp;&nbsp;DISCONTINUED OPERATIONS**

On October 18, 2022, the Company sold its remaining 20% equity interest in its U.S. multi-family rental portfolio (held through Tricon US Multi-Family REIT LLC), for total proceeds of $219,354, which resulted in a loss on sale of $856, net of transaction costs.

In accordance with IFRS 5, *Non-current Assets Held for Sale and Discontinued Operations*, the Company reclassified the current- and prior-period results and cash flows of Tricon US Multi-Family REIT LLC as discontinued operations separate from the Company's continuing operations.

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| | |
|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** |
| Total consideration | $219354 |
| Net asset value on disposition | (213493) |
| Transaction costs | (6717) |
| **Loss on sale** | $**(856)** |

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The Company reclassified the current- and prior-period income from equity-accounted investments in U.S. multi-family rental properties as discontinued operations, separate from the Company's continuing operations. The profit or loss of the discontinued operations was as follows:

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| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **2022** | **2021** |
| Revenue | $105641 | $119391 |
| Expenses | (68680) | (93036) |
| Fair value gain on U.S. multi-family rental properties | 156009 | 339029 |
| **Net and other comprehensive income** | 192970 | 365384 |
| Tricon's share of net income at 20% | 38594 | 73078 |
| Loss on sale | (856) |  |
| Loss before income taxes from discontinued operations previously recorded<sup>(1)</sup>  |  | (77224) |
| Income tax expense - current | (43114) | (46502) |
| Income tax recovery - deferred | 40482 | 40818 |
| **Net (loss) income from discontinued operations** | $**35106** | $**(9830)** |

---

(1) The loss before income taxes from discontinued operations is attributable to the initial syndication of 80% of Tricon US Multi-Family REIT LLC on March 31, 2021.

The table below provides a summary of the Company's cash flows attributed to the discontinued operations.

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the year ended | **December 31, 2022** | **December 31, 2021** |
| Net cash provided by operating activities from discontinued operations | $3499 | $(12) |
| Net cash provided by investing activities from discontinued operations | 212637 | 421774 |
| Net cash used in financing activities from discontinued operations<sup>(1)</sup> |  | (102849) |
| **Change in cash during the year from discontinued operations** | $**216136** | $**318913** |

---

(1) Includes repayments of the U.S. multi-family credit facility totalling $109,890 for the year ended December 31, 2021, net of changes in restricted cash balance.

**6.&nbsp;&nbsp;&nbsp;&nbsp;RENTAL PROPERTIES**

Management is responsible for fair value measurements included in the financial statements, including Level 3 measurements. The valuation processes and results are reviewed and approved by the Valuation Committee once every quarter, in line with the Company's quarterly reporting dates. The Valuation Committee consists of individuals who are knowledgeable and have experience in the fair value techniques for the real estate properties held by the Company. The Valuation Committee decides on the appropriate valuation methodologies for new real estate properties and contemplates changes in the valuation methodology for existing real estate holdings. Additionally, the Valuation Committee analyzes the movements in each property's (or group of properties') value, which involves assessing the validity of the inputs applied in the valuation.

The following table presents the changes in the rental property balances for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $7978396 | $6321918 |
| Acquisitions<sup>(1)</sup> | 2362185 | 1835235 |
| Capital expenditures | 326460 | 198602 |
| Fair value adjustments<sup>(2)</sup> | 858987 | 990575 |
| Dispositions<sup>(3)</sup> | (80369) | (1367934) |
| **Balance, end of year** | $**11445659** | $**7978396** |

---

(1) The total purchase price includes $3,021 (2021 - $2,720) of capitalized transaction costs in relation to the acquisitions.

(2) Fair value adjustments include realized fair value gains of $12,997 for the year ended December 31, 2022 (2021- $409) on the single-family rental properties.

(3) Dispositions for the year ended December 31, 2021 reflect the deconsolidation of the $1,333,406 U.S. multi-family rental portfolio on March 31, 2021.

The Company used the following techniques to determine the fair value measurements included in the consolidated financial statements categorized under Level 3.

**Single-family rental homes** 

*Valuation methodology*

The fair value of single-family rental homes is typically determined based on comparable sales primarily by using adjusted Home Price Index ("HPI") and periodically Broker Price Opinions ("BPOs"), as applicable. In addition, homes that were purchased in the last three to six months (or properties purchased in the year that are not yet stabilized) from the reporting date are recorded at their purchase price plus the cost of capital expenditures.

BPOs are quoted by qualified brokers who hold active real estate licenses and have market experience in the locations and segments of the properties being valued. The brokers value each property based on recent comparable sales and active comparable listings in the area, assuming the properties were all renovated to an average standard in their respective areas. The Company typically obtains a BPO when a home is first included in a securitization or other long-term financing vehicle.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

Adjusted HPI is used to update the value, on a quarterly basis, of single-family rental homes that were most recently valued using a BPO as well as single-family rental homes held for more than six months following initial acquisition. The HPI is calculated based on a repeat-sales model using large real estate information databases compiled from public records. The HPI was calculated as at November 30, 2022 for rental homes acquired prior to October 1, 2022 and has been adjusted based on management's judgment informed by recent transactions and other relevant factors. The quarterly HPI change is then applied to the previously recorded fair value of the rental homes. The data used to determine the fair value of the Company's single-family rental homes is specific to the zip code in which the property is located.

Adjusted HPI growth during the quarter was 0.7%, net of capital expenditures (2021 - 5.2%). There were no homes valued using the BPO method during the quarter (2021 - 3,395 homes). This resulted in a fair value gain of $56,414 for the quarter ended December 31, 2022 (2021 - $261,676).

HPI growth during the year was 17.4% (2021 - 21.4%). Adjusted HPI growth during the year was 12.3%, net of capital expenditures, compared to 19.8% in the prior year. There were 4,166 homes valued using the BPO method during the year (2021 - 3,674 homes), and the combined methodologies of adjusted HPI and BPO resulted in a fair value gain of $858,987 for the year ended December 31, 2022 (2021 - $990,575).

*Sensitivity*

The adjusted HPI change during the year was 12.3% (2021 - 19.8%). If the change in the adjusted HPI increased or decreased by 2.0%, the impact on the single-family rental property balance at December 31, 2022 would be $155,924 and ($155,924), respectively (2021 - $99,015 and ($99,015)).

**7.&nbsp;&nbsp;&nbsp;&nbsp;EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES**

As at December 31, 2021, the Company's equity-accounted investments in multi-family rental properties included a joint venture arrangement that operated a portfolio of 23 multi-family rental properties in the U.S. Sun Belt markets. Following the Company's divestiture of its interest in the U.S. multi-family rental portfolio that occurred in October 2022, the Company's equity-accounted investments in multi-family rental properties as at December 31, 2022 consisted of an investment in associate ("592 Sherbourne LP", operating as "The Selby"), a 500-suite class A multi-family rental property in Toronto, over which the Company has significant influence.

The following table presents the change in the balance of equity-accounted investments in multi-family rental properties for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $199285 | $19913 |
| Initial recognition of equity-accounted investment in U.S. multi-family rental properties |  | 107895 |
| Advances |  | 453 |
| Distributions | (3824) | (4428) |
| Income from equity-accounted investments in multi-family rental properties<sup>(1)</sup> | 40144 | 75333 |
| Disposition of equity-accounted investment in U.S. multi-family rental properties (Note 5) | (213493) |  |
| Translation adjustment | (1343) | 119 |
| **Balance, end of year** | $**20769** | $**199285** |

---

(1) Of the $40,144 (2021 - $75,333) income from equity-accounted investments earned during the year, $38,594 (2021 - $73,078) was attributable to U.S. multi-family rental properties and reclassified to income from discontinued operations (Note 5).

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The following tables present the ownership interests and carrying values of the Company's equity-accounted investments in multi-family rental properties. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Net assets** | **Tricon's share of net assets**<sup>(1)</sup> |
| **Associate** |  |  |  |  |  |  |  |  |
| 592 Sherbourne LP (The Selby) | Toronto, ON | 15% | 2834 | 256854 | 2080 | 115311 | 142297 | 20769 |
| **Total** |  |  | $**2834** | $**256854** | $**2080** | $**115311** | $**142297** | $**20769** |

---

(1) Tricon's share of net assets of $20,769 is comprised of $21,345 as per the investees' financial statements less $576 of fair value differences arising from the initial recognition of 592 Sherbourne LP on January 1, 2020 and foreign exchange translation adjustments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Net assets** | **Tricon's share of net assets**<sup>(1)</sup> |
| **Joint venture** |  |  |  |  |  |  |  |  |
| Tricon US Multi-Family REIT LLC | U.S. Sun Belt | 20% | 12086 | 1705408 | 29617 | 795886 | 891991 | 178398 |
| **Associate** |  |  |  |  |  |  |  |  |
| 592 Sherbourne LP (The Selby) | Toronto, ON | 15% | $3042 | $267635 | $2411 | $124916 | $143350 | $20887 |
| **Total** |  |  | $**15128** | $**1973043** | $**32028** | $**920802** | $**1035341** | $**199285** |

---

(1) Tricon's share of net assets of $199,285 is comprised of $199,909 as per the investees' financial statements less $624 of fair value differences arising from the initial recognition of 592 Sherbourne LP on January 1, 2020 and foreign exchange translation adjustments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Revenue** | **Expenses** | **Fair value gains** | **Net and other comprehensive income** | **Tricon's share of net income** |
| **Associate** |  |  |  |  |  |  |  |
| 592 Sherbourne LP (The Selby) | Toronto, ON | 15% | 12441 | (8023) | 5916 | 10334 | 1550 |
| **Total** |  |  | $**12441** | $**(8023)** | $**5916** | $**10334** | $**1550** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Revenue** | **Expenses** | **Fair value gains** | **Net and other comprehensive income** | **Tricon's share of net income** |
| **Joint venture** |  |  |  |  |  |  |  |
| Tricon US Multi-Family REIT LLC | U.S. Sun Belt | 20% | 91201 | (66868) | 341059 | 365392 | 73078 |
| **Associate** |  |  |  |  |  |  |  |
| 592 Sherbourne LP (The Selby) | Toronto, ON | 15% | $9585 | $(8442) | $13884 | $15027 | $2255 |
| **Total** |  |  | $**100786** | $**(75310)** | $**354943** | $**380419** | $**75333** |

---

Based on the assessment of current economic conditions, there are no indicators of impairment for the Company's equity-accounted investments in multi-family rental properties as at December 31, 2022.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**8.&nbsp;&nbsp;&nbsp;&nbsp;EQUITY-ACCOUNTED INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS**

The Company has entered into certain arrangements in the form of jointly controlled entities and investments in associates for various Canadian multi-family rental developments. Joint ventures represent development properties held in partnership with third parties where decisions relating to the relevant activities of the joint venture require the unanimous consent of the partners. These arrangements are accounted for under the equity method.

The following table presents the change in the balance of equity-accounted investments in Canadian residential developments for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $98675 | $74955 |
| Advances | 13360 | 30089 |
| Distributions | (10212) | (14772) |
| Income from equity-accounted investments in Canadian residential developments | 11198 | 8200 |
| Translation adjustment<sup>(1)</sup> | (6483) | 203 |
| **Balance, end of year** | $**106538** | $**98675** |

---

(1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a foreign currency translation adjustment of $6,483.

The following tables present the ownership interests and carrying values of the Company's equity-accounted investments in Canadian residential developments. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Net assets** | **Tricon's share of net assets**<sup>(1)</sup> |
| **Joint ventures** |  |  |  |  |  |  |  |  |
| WDL 3/4/7 LP | Toronto, ON | 33% | $2993 | $141357 | $7721 | $84646 | $51983 | $17335 |
| WDL 8 LP | Toronto, ON | 33% | 7318 | 241907 | 21105 | 188473 | 39647 | 13222 |
| WDL 20 LP | Toronto, ON | 33% | 722 | 43082 | 186 | 34295 | 9323 | 3114 |
| DKT B10 LP<sup>(2)</sup> | Toronto, ON | 33% | 1290 | 42111 | 6669 | 8507 | 28225 | 10885 |
| 6-8 Gloucester LP (The Ivy) | Toronto, ON | 47% | 1101 | 100147 | 4263 | 52585 | 44400 | 20988 |
| Queen Ontario LP<sup>(4)</sup> | Toronto, ON | 10% | 5167 | 121336 | 806 |  | 125697 | 12912 |
| Symington LP<sup>(5)</sup> | Toronto, ON | 10% | 688 | 36038 | 158 | 22149 | 14419 | 1450 |
|  |  |  | 19279 | 725978 | 40908 | 390655 | 313694 | 79906 |
| **Associates** |  |  |  |  |  |  |  |  |
| 57 Spadina LP (The Taylor) | Toronto, ON | 30% | 1280 | 189106 | 6000 | 96344 | 88042 | 26632 |
|  |  |  | 1280 | 189106 | 6000 | 96344 | 88042 | 26632 |
| **Total** |  |  | $**20559** | $**915084** | $**46908** | $**486999** | $**401736** | $**106538** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Net assets** | **Tricon's share of net assets**<sup>(1)</sup> |
| **Joint ventures** |  |  |  |  |  |  |  |  |
| WDL 3/4/7 LP | Toronto, ON | 33% | $4011 | $117115 | $2466 | $63372 | $55288 | $18437 |
| WDL 8 LP | Toronto, ON | 33% | 7150 | 176171 | 13732 | 141191 | 28398 | 9473 |
| WDL 20 LP | Toronto, ON | 33% | 760 | 47401 | 853 | 40660 | 6648 | 2223 |
| DKT B10 LP<sup>(2)</sup> | Toronto, ON | 33% | 2359 | 31398 | 3228 | 8786 | 21743 | 8825 |
| 6-8 Gloucester LP (The Ivy) | Toronto, ON | 47% | 913 | 72332 | 1737 | 32469 | 39039 | 18477 |
| Labatt Village Holding LP<sup>(3)</sup> | Toronto, ON | 38% | 47 |  | 35 |  | 12 | 5 |
| Queen Ontario LP<sup>(4)</sup> | Toronto, ON | 30% | 2271 | 113238 | 908 | 63104 | 51497 | 15775 |
|  |  |  | 17511 | 557655 | 22959 | 349582 | 202625 | 73215 |
| **Associates** |  |  |  |  |  |  |  |  |
| 57 Spadina LP (The Taylor) | Toronto, ON | 30% | 907 | 154984 | 6014 | 65787 | 84090 | 25460 |
|  |  |  | 907 | 154984 | 6014 | 65787 | 84090 | 25460 |
| **Total** |  |  | $**18418** | $**712639** | $**28973** | $**415369** | $**286715** | $**98675** |

---

(1) Tricon's share of net assets of $106,538 (December 31, 2021 - $98,675) is comprised of $104,364 (December 31, 2021 - $96,393) as per the investees' financial statements plus $2,174 (December 31, 2021 - $2,282) of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments.

(2) Tricon's share of net assets of DKT B10 LP includes the purchase price paid to third-party partners for a one-third ownership interest in the partnership.

(3) On November 12, 2021, Labatt Village Holding LP sold its 80% interest in the Labatt Village LP project partnership to the remaining joint venture partner.

(4) On April 12, 2022, the Company sold two-thirds of its original 30% equity ownership interest in Queen & Ontario to its institutional partner.

(5) On February 22, 2022, the Company entered into a new joint venture investment, Symington LP.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Revenue** | **Expenses** | **Fair value gains** | **Net and other comprehensive income (loss)** | **Tricon's share of net income** |
| **Joint ventures** |  |  |  |  |  |  |  |
| WDL 3/4/7 LP | Toronto, ON | 33% | $— | $— | $234 | $234 | $78 |
| WDL 8 LP | Toronto, ON | 33% | 1 | (161) | 13176 | 13016 | 4337 |
| WDL 20 LP | Toronto, ON | 33% |  |  |  |  |  |
| DKT B10 LP | Toronto, ON | 33% |  | (2) | 238 | 236 | 79 |
| 6-8 Gloucester LP (The Ivy) | Toronto, ON | 47% |  | (24) | 8019 | 7995 | 3759 |
| Labatt Village Holding LP | Toronto, ON | 38% |  |  |  |  | 8 |
| Queen Ontario LP | Toronto, ON | 10% | 114 | (242) | 1676 | 1548 | 155 |
| Symington LP | Toronto, ON | 10% |  | (12) |  | (12) | (1) |
|  |  |  | 115 | (441) | 23343 | 23017 | 8415 |
| **Associates** |  |  |  |  |  |  |  |
| 57 Spadina LP (The Taylor) | Toronto, ON | 30% | 133 | (2122) | 10634 | 8645 | 2783 |
| **Total** |  |  | $**248** | $**(2563)** | $**33977** | $**31662** | $**11198** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Revenue** | **Expenses** | **Fair value gains (losses)** | **Net and other comprehensive income (loss)** | **Tricon's share of net income** |
| **Joint ventures** |  |  |  |  |  |  |  |
| WDL 3/4/7 LP | Toronto, ON | 33% | $5 | $(12) | $3129 | $3122 | $1040 |
| WDL 8 LP | Toronto, ON | 33% |  | (10) | 3112 | 3102 | 1034 |
| WDL 20 LP | Toronto, ON | 33% |  |  |  |  |  |
| DKT B10 LP | Toronto, ON | 33% |  |  | 6389 | 6389 | 2130 |
| 6-8 Gloucester LP (The Ivy) | Toronto, ON | 47% |  |  | 4231 | 4231 | 1989 |
| Labatt Village Holding LP | Toronto, ON | 38% |  | (77) | (5245) | (5322) | (1997) |
| Queen Ontario LP | Toronto, ON | 30% | 363 | (163) |  | 200 | 60 |
|  |  |  | 368 | (262) | 11616 | 11722 | 4256 |
| **Associates** |  |  |  |  |  |  |  |
| 57 Spadina LP (The Taylor) | Toronto, ON | 30% |  | (28) | 13171 | 13143 | 3944 |
|  |  |  |  | (28) | 13171 | 13143 | 3944 |
| **Total** |  |  | $**368** | $**(290)** | $**24787** | $**24865** | $**8200** |

---

Based on the assessment of current economic conditions, there are no indicators of impairment of the Company's equity-accounted investments in Canadian residential developments as at December 31, 2022.

**9. &nbsp;&nbsp;&nbsp;&nbsp;CANADIAN DEVELOPMENT PROPERTIES** 

The Company's Canadian development properties include one development project (The James) and an adjacent commercial property (The Shops of Summerhill) in Toronto. The following table presents the changes in the Canadian development properties balance for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $133250 | $110018 |
| Development expenditures | 12686 | 12748 |
| Fair value adjustments | (440) | 10098 |
| Translation adjustment<sup>(1)</sup> | (9083) | 386 |
| **Balance, end of year** | $**136413** | $**133250** |

---

(1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a foreign currency translation adjustment of $9,083.

The Company earned $1,668 of commercial rental income from The Shops of Summerhill for the year ended December 31, 2022 (2021 - $1,327), which is classified as other income.

**Valuation methodology**

Fair value is determined by independent appraisers who hold recognized and relevant professional qualifications and have recent experience in the location and category of the property being valued. The fair values of Canadian development properties are based on active market prices for similar development assets and the discounted cash flow methodology is used for commercial income-producing properties.

For properties under development, active market prices for land value per square foot are quoted by third-party appraisers and are adjusted for differences, incorporating the nature of the development, location or condition of the

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

asset, as well as assumptions about the recoverability of development costs, all of which are considered to be level 3 inputs.

For commercial income-producing properties, the discounted cash flow methodology takes into consideration the present value of expected future cash flows from rental operations and the property's eventual sale.

The Canadian development properties were valued on September 1, 2022. Management has assessed the impact of any market changes that occurred subsequent to the date of the valuation and has determined the value remained valid as at December 31, 2022.

Key valuation assumptions for the Canadian development properties are set out below.

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Property under development** | | |
| Land value per square foot<sup>(1)</sup> | $258 | $260 |
| **Commercial income-producing property** |  |  |
| Discount rate | 4.75% | 4.75% |
| Capitalization rate | 4.50% | 4.25% |

---

(1) Equivalent to C$350 per square foot (2021- C$330) translated to U.S dollars at the year-end exchange rate.

*Sensitivity*

For the property valued using active market prices, a 5.0% increase or decrease in the appraised land value per square foot would result in a change to the fair value of $4,851 or ($4,851), respectively (2021 - $4,654 and ($4,654), respectively).

For the property valued using the discounted cash flow methodology, a 1.0% increase or decrease in discount rate would result in a change in the fair value of ($2,724) or $3,015, respectively (2021 - ($3,038) and $3,354, respectively), and a 0.25% increase or decrease in the capitalization rate would result in a change to the fair value of ($1,246) or $1,401, respectively (2021 - ($1,489) and $1,675, respectively).

**10.&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS IN U.S. RESIDENTIAL DEVELOPMENTS** 

The Company makes investments in U.S. residential developments via equity investments and loan advances. Advances made to investments are added to the carrying value when paid; distributions from investments are deducted from the carrying value when received.

The following table presents the changes in the investments in U.S. residential developments for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Opening balance | $143153 | $164842 |
| Advances<sup>(1)</sup> | 15655 | 6706 |
| Distributions | (37336) | (55744) |
| Derecognition of investment in U.S. residential developments |  | (4377) |
| Income from investments in U.S. residential developments<sup>(2)</sup> | 16897 | 31726 |
| **Balance, end of year** | $**138369** | $**143153** |
| Internal debt instruments | $— | $8629 |
| Equity | 138369 | 134524 |
| **Total investments in U.S. residential developments** | $**138369** | $**143153** |

---

(1) Advances to U.S. residential developments for the year ended December 31, 2022 includes $2,760 in non-cash contributions related to the syndication of the Company's investment in Bryson MPC Holdings LLC to THPAS Development JV-2 LLC (2021 - nil).

(2) There were no realized gains or losses included in the income from investments in U.S. residential developments for the year ended December 31, 2022 (2021 - nil).

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The following tables present the ownership interests and carrying values of the Company's investments in U.S. residential developments. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Net assets** | **Tricon's share of net assets**<sup>(1)</sup> |
| **Joint ventures and associates** |  |  |  |  |  |  |  |  |
| Tricon Housing Partners US LP | USA | 68% | $1236 | $44363 | $118 | $— | $45481 | $27837 |
| Viridian Equity LP | USA | 18% | 4 | 67659 | 4 |  | 67659 | 12140 |
| McKinney Project Equity LLC | USA | 44% |  | 119575 |  |  | 119575 | 52314 |
| THPAS Holdings JV-1 LLC | USA | 11% | 5545 | 182490 | 593 |  | 187442 | 20829 |
| Remaining investments<sup>(2)(3)</sup> | USA and Canada | 7% - 22% | 18695 | 247584 | 5600 |  | 260679 | 25249 |
| **Total** |  |  | $**25480** | $**661671** | $**6315** | $**—** | $**680836** | $**138369** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Net assets** | **Tricon's share of net assets**<sup>(1)</sup> |
| **Joint ventures and associates** |  |  |  |  |  |  |  |  |
| Tricon Housing Partners US LP | USA | 68% | $702 | $41428 | $151 | $— | $41979 | $23943 |
| Tricon Housing Partners US II LP | USA | 8% | 9951 | 45806 | 7525 |  | 48232 | 13301 |
| Viridian Equity LP | USA | 18% | 4 | 117622 | 4 |  | 117622 | 21108 |
| McKinney Project Equity LLC | USA | 44% |  | 109987 |  |  | 109987 | 48187 |
| THPAS Holdings JV-1 LLC | USA | 11% | 13871 | 109432 | 834 |  | 122469 | 13617 |
| Remaining investments<sup>(2)</sup> | USA and Canada | 7% - 20% | 2864 | 170938 | 14549 |  | 159253 | 22997 |
| **Total** |  |  | $**27392** | $**595213** | $**23063** | $**—** | $**599542** | $**143153** |

---

(1)Tricon's share of net assets could vary significantly from its pro-rata share due to the waterfall distribution model which incorporates subordination adjustments that are governed by each venture and partnership agreement.

(2) Includes Tricon's investments in U.S. residential developments that are individually immaterial, including THPAS Development JV-2 LLC which was newly formed during the year. See Note 3 for a list of all U.S. residential development investments.

(3) Tricon's investment in Tricon Housing Partners US II LP is individually immaterial as of December 31, 2022 and has been included in Remaining investments.

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Revenue** | **Expenses** | **Fair value gains (losses)** | **Net and other comprehensive income** | **Tricon's share of net income**<sup>(1)</sup> |
| **Joint ventures and associates** |  |  |  |  |  |  |  |
| Tricon Housing Partners US LP | USA | 68% | $6253 | $(75) | $(1676) | $4502 | $4577 |
| Viridian Equity LP | USA | 18% |  |  | 13538 | 13538 | 2430 |
| McKinney Project Equity LLC | USA | 44% |  |  | 9588 | 9588 | 4128 |
| THPAS Holdings JV-1 LLC | USA | 11% | 490 | (2852) | 6524 | 4162 | 455 |
| Remaining investments<sup>(2)(3)</sup> | USA and Canada | 7% - 22% | 4324 | (3524) | 49290 | 50090 | 5307 |
| **Total** |  |  | $**11067** | $**(6451)** | $**77264** | $**81880** | $**16897** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** | **For the year ended December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Location** | **Tricon's ownership %** | **Revenue** | **Expenses** | **Fair value gains (losses)** | **Net and other comprehensive income** | **Tricon's share of net income**<sup>(1)</sup> |
| **Joint ventures and associates** |  |  |  |  |  |  |  |
| Tricon Housing Partners US LP | USA | 68% | $13240 | $(243) | $(7725) | $5272 | $3604 |
| Tricon Housing Partners US II LP | USA | 8% | 1968 | (1979) | 12161 | 12150 | 740 |
| Viridian Equity LP | USA | 18% |  |  | 40722 | 40722 | 7455 |
| McKinney Project Equity LLC | USA | 44% |  |  | 1220 | 1220 | 11700 |
| THPAS Holdings JV-1 LLC | USA | 11% | 844 | (2200) | 686 | (670) | 652 |
| Remaining investments<sup>(2)</sup> | USA and Canada | 7% - 20% | 2483 | (2326) | 64268 | 64425 | 7575 |
| **Total** |  |  | $**18535** | $**(6748)** | $**111332** | $**123119** | $**31726** |

---

(1) Tricon's share of net income could vary significantly from its pro-rata share due to the waterfall distribution model which incorporates subordination adjustments that are governed by each venture and partnership agreement.

(2) Includes Tricon's investments in U.S. residential developments that are individually immaterial. See Note 3 for a list of all U.S. residential development investments.

(3) Tricon's investment in Tricon Housing Partners US II LP is individually immaterial as of December 31, 2022 and has been included in Remaining investments.

Based on the assessment of current economic conditions, there are no indicators of impairment of the Company's investments in U.S. residential developments as at December 31, 2022.

**Valuation methodology**

The investments are measured at fair value (excluding THPAS Development JV-2 LLC) as determined by the Company's proportionate share of the fair value of each Investment Vehicle's net assets at each measurement date. The fair value of each Investment Vehicle's net assets is determined by the waterfall distribution calculations specified in the relevant governing agreements. The inputs into the waterfall distribution calculations include the fair values of the land development and homebuilding projects and working capital held by the Investment Vehicles. The fair values of the land development and homebuilding projects are based on appraisals prepared by external third-party valuators or on internal valuations using comparable methodologies and assumptions. THPAS Development JV-2 LLC is measured at cost under the equity method and not recorded at fair value as the entity itself is not considered to be an investment entity.

The residential real estate development business involves significant risks that could adversely affect the fair value of Tricon's investments in for-sale housing, especially in times of economic uncertainty. Quantitative information about fair value measurements of the investments uses the following significant unobservable inputs (Level 3):

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | |
|<br>**Valuation technique(s)** |<br>**Significant unobservable input** | **Range<br>of inputs** | **Weighted average of inputs** | **Range<br>of inputs** | **Weighted average of inputs** |<br>**Other inputs and key information** |
| Net asset value, determined using discounted cash flow<br>Waterfall distribution model | a) Discount rate <sup>(1)</sup><br>b) Future cash flow <br>c) Appraised value | 8.0 - 20.0% | 17.7% | 8.0 - 20.0% | 16.6% | Entitlement risk, sales risk and construction risk are taken into account in determining the discount rate.<br>Price per acre of land, timing of project funding requirements and distributions.<br>Estimated probability of default. |
| Net asset value, determined using discounted cash flow<br>Waterfall distribution model | a) Discount rate <sup>(1)</sup><br>b) Future cash flow <br>c) Appraised value | 1 - 10 years | 7.2 years | 1 - 9 years | 6.1 years | Entitlement risk, sales risk and construction risk are taken into account in determining the discount rate.<br>Price per acre of land, timing of project funding requirements and distributions.<br>Estimated probability of default. |

---

(1) Generally, an increase in future cash flow will result in an increase in the fair value of debt instruments and fund equity investments. An increase in the discount rate will result in a decrease in the fair value of debt instruments and fund equity investments. The same percentage change in the discount rate will result in a greater change in fair value than the same absolute percentage change in future cash flow.

*Sensitivity*

For those investments valued using discounted cash flows, an increase of 2.5% in the discount rate results in a decrease in fair value of $9,445 and a decrease of 2.5% in the discount rate results in an increase in fair value of $10,629 (December 31, 2021 - ($10,647) and $11,935, respectively).

**11. &nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE ESTIMATION** 

**Fair value measurement**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on this basis, unless otherwise noted.

Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are based on the degree to which inputs to fair value measurement techniques are observable by market participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset's or liability's anticipated life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs are unobservable and reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate.

Fair value measurements are adopted by the Company to calculate the carrying amounts of various assets and liabilities.

Acquisition costs, other than those related to financial instruments classified as FVTPL which are expensed as incurred, are capitalized to the carrying amount of the instrument and amortized using the effective interest method.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The following table provides information about assets and liabilities measured at fair value on the balance sheet and categorized by level according to the significance of the inputs used in making the measurements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Level 1** | **Level 2** | **Level 3** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |  |  |
| Rental properties (Note 6) | $— | $— | $11445659 | $— | $— | $7978396 |
| Canadian development properties (Note 9) |  |  | 136413 |  |  | 133250 |
| Investments in U.S. residential developments (Note 10) <sup>(1)</sup> |  |  | 130270 |  |  | 143153 |
| Derivative financial instruments (Note 21) |  | 10358 |  |  | 363 |  |
|  | $**—** | $**10358** | $**11712342** | $**—** | $**363** | $**8254799** |
| **Liabilities** |  |  |  |  |  |  |
| Derivative financial instruments (Note 21) | $— | $51158 | $— | $— | $230305 | $— |
| Limited partners' interests in single-family rental business  |  |  | 1696872 |  |  | 947452 |
|  | $**—** | $**51158** | $**1696872** | $**—** | $**230305** | $**947452** |

---

(1) Excludes the Company's interest in THPAS Development JV-2 LLC, which is measured at cost under the equity method (Note 10).

There have been no transfers between levels for the year ended December 31, 2022.

Cash, restricted cash, amounts receivable, amounts payable and accrued liabilities, lease liabilities (included in other liabilities), resident security deposits and dividends payable are measured at amortized cost, which approximates fair value because they are short-term in nature.

**12.&nbsp;&nbsp;&nbsp;&nbsp;AMOUNTS PAYABLE AND ACCRUED LIABILITIES** 

Amounts payable and accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Trade payables and accrued liabilities | $34219 | $43488 |
| Accrued property taxes | 52936 | 30524 |
| AIP liability (Note 31) | 10327 | 12137 |
| Income taxes payable | 11650 | 1982 |
| Interest payable | 24731 | 12944 |
| Deferred income | 801 | 45 |
| Current portion of lease obligations (Note 27) | 3609 | 1834 |
| **Total amounts payable and accrued liabilities** | $**138273** | $**102954** |

---

 **13.&nbsp;&nbsp;&nbsp;&nbsp; GOODWILL** 

The goodwill recorded in the consolidated financial statements relates to the following groups of CGUs:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Johnson | $219 | $219 |
| Single-Family Rental <sup>(1)</sup> | 29507 | 29507 |
| **Total goodwill** | $**29726** | $**29726** |

---

(1) Relates to the Tricon wholly-owned portfolio.

The Company performed its annual goodwill impairment testing associated with its Single-Family Rental CGU on December 31, 2022 by comparing the recoverable amount of the underlying properties that form the Company's wholly-owned portfolio (Note 6) and its carrying value, including the associated deferred tax liability balance. The recoverable amount was determined based on the fair value less costs of disposal of the CGU. Based on the assessment of the underlying assumptions used in fair valuation at the CGU level (Note 6), management concluded

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

that there was no impairment of goodwill as at December 31, 2022, as the recoverable value of the CGU exceeded its carrying value.

**14.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES** 

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021**<sup>(1)</sup> |
| Income tax recovery - current | $33959 | $43427 |
| Income tax expense - deferred | (189179) | (219137) |
| **Income tax expense from continuing operations** | $**(155220)** | $**(175710)** |
| Income tax expense from discontinued operations - current | $(43114) | $(46502) |
| Income tax recovery from discontinued operations - deferred | 40482 | 40818 |
| **Income tax expense from discontinued operations** | $**(2632)** | $**(5684)** |

---

(1) Certain comparative figures have been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year period results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5.

The tax on the Company's income differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021**<sup>(1)</sup> |
| Income before income taxes from continuing operations | $934594 | $635067 |
| Combined statutory federal and provincial income tax rate | 26.50% | 26.50% |
| Expected income tax expense | 247667 | 168293 |
| Non-taxable gains on investments | (1739) | (2606) |
| Non-taxable (gains) losses on derivative financial instruments | (38058) | 51590 |
| Foreign tax rate differential<sup>(2)</sup> | (52151) | (40431) |
| Other, including permanent differences<sup>(3)</sup> | (499) | (1136) |
| **Income tax expense from continuing operations** | $**155220** | $**175710** |

---

(1) Certain comparative figures have been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year period results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5.

(2) The Company's single-family rental business is subject to the U.S. ordinary income tax rate of 21%, resulting in a reduction in Tricon's effective tax rate from the Canadian combined statutory income tax rate of 26.5%.

(3) Other permanent differences are comprised of non-deductible share compensation, non-deductible debentures discount amortization and non-deductible interest expense.

The expected realization of deferred income tax assets and deferred income tax liabilities is as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| **Deferred income tax assets** |  |  |
| Deferred income tax assets to be recovered after more than 12 months | $75062 | $96945 |
| Deferred income tax assets to be recovered within 12 months |  |  |
| **Total deferred income tax assets** | $**75062** | $**96945** |
| **Deferred income tax liabilities** |  |  |
| Deferred income tax liabilities reversing after more than 12 months | $591713 | $461689 |
| Deferred income tax liabilities reversing within 12 months |  |  |
| **Total deferred income tax liabilities** | $**591713** | $**461689** |
| **Net deferred income tax liabilities** | $**516651** | $**364744** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The movement of the deferred income tax accounts was as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| **Change in net deferred income tax liabilities** |  |  |
| Net deferred income tax liabilities, beginning of year | $364744 | $195627 |
| Charge to the statement of comprehensive income | 148697 | 178319 |
| Charge (credit) to equity | 1945 | (9173) |
| Other | 1265 | (29) |
| **Net deferred income tax liabilities, end of year** | $**516651** | $**364744** |

---

The tax effects of the significant components of temporary differences giving rise to the Company's deferred income tax assets and liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **Investments** | **Long-term incentive plan accrual** | **Performance fees liability** | **Issuance <br>costs** | **Net operating losses** | **Other** | **Total** |
| **Deferred income tax assets** |  |  |  |  |  |  |  |
| At December 31, 2021 | $10731 | $8658 | $10681 | $12912 | $46997 | $6966 | $96945 |
| Reversal | (10731) | (649) | (1590) | (4189) | (3071) | (1653) | (21883) |
| **At December 31, 2022** | $**—** | $**8009** | $**9091** | $**8723** | $**43926** | $**5313** | $**75062** |
| (in thousands of U.S. dollars) |  |  | **Investments** | **Rental properties** | **Deferred placement fees** | **Other** | **Total** |
| **Deferred income tax liabilities** |  |  |  |  |  |  |  |
| At December 31, 2021 |  |  | $— | $461062 | $— | $627 | $461689 |
| Addition / (Reversal) |  |  | 1505 | 128658 | 488 | (627) | 130024 |
| **At December 31, 2022** |  |  | $**1505** | $**589720** | $**488** | $**—** | $**591713** |

---

The Company believes it will have sufficient future income to realize the deferred income tax assets.

**15.&nbsp;&nbsp;&nbsp;&nbsp; REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES** 

The components of the Company's revenue from single-family rental properties are as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Base rent | $520196 | $363510 |
| Other revenue<sup>(1)(2)</sup> | 39840 | 24371 |
| Non-lease component | 85549 | 58034 |
| **Total revenue from single-family rental properties**<sup>(2)</sup> | $**645585** | $**445915** |

---

(1) Other revenue includes revenue earned on ancillary services and amenities as well as lease administrative fees.

(2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172, which were previously recorded as a reduction in direct operating expenses, have been reclassified to other revenue from single-family rental properties.

**16.&nbsp;&nbsp;&nbsp;&nbsp;REVENUE FROM PRIVATE FUNDS AND ADVISORY SERVICES**

The components of the Company's revenue from private funds and advisory services are described in the table below. Intercompany revenues and expenses between the Company and its subsidiaries, such as property management fees, are eliminated upon consolidation. Under certain arrangements, asset-based fees that are earned from third-party investors in Tricon's subsidiary entities are billed directly to those investors and are therefore

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

not recognized in the accounts of the applicable subsidiary. These amounts are included in the asset management fees revenue recognized in the statements of comprehensive income.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Asset management fees | $12431 | $12719 |
| Performance fees<sup>(1)</sup> | 110330 | 8909 |
| Development fees | 26826 | 24418 |
| Property management fees | 10501 | 4647 |
| **Total revenue from private funds and advisory services** | $**160088** | $**50693** |

---

(1) The Company recognized performance fee income of $99,865 from the sale of Tricon's remaining equity interests in its U.S. multi-family rental portfolio (Note 5).

**17.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INCOME**

Other income is comprised of the following:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Gain on sale - Bryson MPC Holdings LLC<sup>(1)</sup> | $5060 | $— |
| The Shops of Summerhill commercial rental | 2212 | 1327 |
| Income from Bryson - pre-sale | 2753 | 3459 |
| Insurance recoveries | 861 |  |
| **Total other income** | $**10886** | $**4786** |

---

(1) Following the Company's designation of Bryson MPC Holdings LLC ("Bryson") as assets held for sale as at June 30, 2022, the Company completed the sale of its 100% interest in Bryson to THPAS Development JV-2 LLC ("THPAS JV-2") on September 1, 2022. The Company recorded a gain of $5,060 from the sale, as described below, and no transaction costs were incurred by the Company as part of the sale.

---

| | |
|:---|:---|
| (in thousands of U.S. dollars) | **Bryson MPC Holdings LLC sale** |
| Assets held for sale | $21591 |
| Liabilities held for sale | (12850) |
| Net assets held for sale | 8741 |
| Proceeds from sale<sup>(i)</sup> | 13801 |
| **Gain on sale** | $**5060** |

---

(i) Cash consideration of $11,041 was received by the Company and non-cash consideration of $2,760 was retained by the Company, reflecting an in-kind contribution in respect of its ownership interest in THPAS JV-2.

**18.&nbsp;&nbsp;&nbsp;&nbsp;AMOUNTS RECEIVABLE**

Amounts receivable consist of rent receivables, trade receivables, income tax recoverable and other receivables.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Rent receivables | $3581 | $4510 |
| Trade receivables | 2975 | 4818 |
| Income tax recoverable | 4138 | 2771 |
| Other receivables<sup>(1)</sup> | 14290 | 29483 |
| **Total amounts receivable** | $**24984** | $**41582** |

---

(1) Other receivables are comprised of amounts due from affiliates and various amounts recoverable from third parties.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**19.&nbsp;&nbsp;&nbsp;&nbsp;DEBT** 

The following table presents a summary of the Company's outstanding debt as at December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Maturity dates** | **Coupon/stated interest rates** | **Interest rate floor** | **Interest rate cap** | **Effective interest** <br>**rates**<sup>(1)</sup> | **Extension options**<sup>(2)</sup> | **Total facility** | **Outstanding balance** |
| Term loan<sup>(3),(4)</sup> | October 2023 | SOFR+2.30% | 0.50% SOFR | 5.50% SOFR | 4.21% | One year | $220499 | $220499 |
| Securitization debt 2017-2 <sup>(3)</sup> | January 2024 | 3.68% | N/A | N/A | 3.68% | N/A | 345620 | 345620 |
| Warehouse credit facility 2022<sup>(5)</sup> | January 2024 | SOFR+1.85% | 0.15% SOFR | 3.25% SOFR | 3.72% | One year | 50000 |  |
| Securitization debt 2018-1 <sup>(3)</sup> | May 2025 | 3.96% | N/A | N/A | 3.96% | N/A | 302699 | 302699 |
| Securitization debt 2020-2<sup>(3)</sup> | November 2027 | 1.94% | N/A | N/A | 1.94% | N/A | 425720 | 425720 |
| **Single-family rental wholly-owned properties borrowings** | **Single-family rental wholly-owned properties borrowings** | **Single-family rental wholly-owned properties borrowings** | **Single-family rental wholly-owned properties borrowings** |  |  |  | **1344538** | **1294538** |
| SFR JV-1 securitization debt 2019-1<sup>(3)</sup> | March 2026 | 3.12% | N/A | N/A | 3.12% | N/A | 332263 | 332263 |
| SFR JV-1 securitization debt 2020-1<sup>(3)</sup> | July 2026 | 2.43% | N/A | N/A | 2.43% | N/A | 552882 | 552882 |
| SFR JV-1 securitization debt 2021-1<sup>(3)</sup> | July 2026 | 2.57% | N/A | N/A | 2.57% | N/A | 682956 | 682956 |
| **Single-family rental JV-1 properties borrowings** | **Single-family rental JV-1 properties borrowings** | **Single-family rental JV-1 properties borrowings** | **Single-family rental JV-1 properties borrowings** |  |  |  | **1568101** | **1568101** |
| SFR JV-2 subscription facility<sup>(6)</sup> | July 2023 | SOFR+2.00% | 0.15% SOFR | N/A | 3.88% | One year | 410000 | 409000 |
| SFR JV-2 warehouse credit facility<sup>(7)</sup> | July 2024 | SOFR+1.99% | 0.10% SOFR | 3.25% SOFR | 3.87% | One year | 700000 | 392551 |
| SFR JV-2 term loan<sup>(3),(8)</sup> | October 2025 | SOFR+2.10% | 0.50% SOFR | 4.55% SOFR | 5.98% | Two one years | 500000 | 390671 |
| SFR JV-2 securitization debt 2022-1<sup>(3),(9)</sup> | April 2027 | 4.32% | N/A | N/A | 4.32% | N/A | 530387 | 530387 |
| SFR JV-2 securitization debt 2022-2<sup>(3),(10)</sup> | July 2028 | 5.47% | N/A | N/A | 5.47% | N/A | 347772 | 347772 |
| SFR JV-2 delayed draw term loan<sup>(3),(11)</sup> | September 2028 | 5.39% | N/A | N/A | 5.39% | N/A | 200000 | 194685 |
| **Single-family rental JV-2 properties borrowings** | **Single-family rental JV-2 properties borrowings** | **Single-family rental JV-2 properties borrowings** | **Single-family rental JV-2 properties borrowings** |  |  |  | **2688159** | **2265066** |
| SFR JV-HD subscription facility<sup>(12)</sup> | May 2023 | SOFR+2.00% | 0.15% SOFR | N/A | 3.88% | One year | 130000 | 127000 |
| SFR JV-HD warehouse credit facility<sup>(13)</sup> | May 2024 | SOFR+2.00% | 0.15% SOFR | 2.60% SOFR | 3.81% | One year | 490000 | 489720 |
| **Single-family rental JV-HD properties borrowings** | **Single-family rental JV-HD properties borrowings** | **Single-family rental JV-HD properties borrowings** | **Single-family rental JV-HD properties borrowings** |  |  |  | **620000** | **616720** |
| **Single-family rental properties borrowings** | **Single-family rental properties borrowings** | **Single-family rental properties borrowings** |  |  | **3.73%** |  | **6220798** | **5744425** |
| The Shops of Summerhill mortgage<sup>(14)</sup> | October 2025 | 5.58% | N/A | N/A | 5.58% | N/A | 16063 | 16063 |
| Construction facility<sup>(15)</sup> | June 2026 | Prime+1.25% | N/A | N/A | 4.12% | One year | 169809 | 5032 |
| **Canadian development properties borrowings** | **Canadian development properties borrowings** | **Canadian development properties borrowings** |  |  | **5.23%** |  | **185872** | **21095** |
| Corporate office mortgages | November 2024 | 4.25% | N/A | N/A | 4.30% | N/A | 12717 | 12717 |
| Corporate credit facility<sup>(16),(17)</sup> | June 2025 | SOFR+3.10% | N/A | N/A | 4.60% | N/A | 500000 |  |
| **Corporate borrowings** |  |  |  |  | **4.30%** |  | **512717** | **12717** |
|  |  |  |  |  |  |  |  | $**5778237** |
| Transaction costs (net of amortization) | Transaction costs (net of amortization) | Transaction costs (net of amortization) |  |  |  |  |  | (49404) |
| Debt discount (net of amortization) | Debt discount (net of amortization) | Debt discount (net of amortization) |  |  |  |  |  | (649) |
| **Total debt** |  |  |  |  | **3.73%** |  | $**6919387** | $**5728184** |
| **Current portion of long-term debt**<sup>(2)</sup> | **Current portion of long-term debt**<sup>(2)</sup> |  |  |  |  |  |  | $**757135** |
| **Long-term debt** |  |  |  |  |  |  |  | $**4971049** |
| **Fixed-rate debt - principal value** | **Fixed-rate debt - principal value** |  |  |  | **3.43%** |  |  | $**3743764** |
| **Floating-rate debt - principal value** | **Floating-rate debt - principal value** |  |  |  | **4.30%** |  |  | $**2034473** |

---

(1) The effective interest rate is determined using the ending consolidated debt balances as at December 31, 2022 and the average of the applicable reference rates for the year ended December 31, 2022. The effective interest rate using the average debt balances and the average of the applicable reference rates for the year ended December 31, 2022 is 3.49%.

(2) The Company has the ability to extend the maturity of the loans where an extension option exists and intends to exercise such options wherever available. The current portion of long-term debt reflects the balance after the Company's extension options have been exercised.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

(3) The term loan and securitization debt are secured, directly and indirectly, by approximately 27,100 single-family rental homes.

(4) On August 24, 2022, the Company amended the terms of its existing term loan facility. The maturity date of the term loan was extended from October 24, 2022 to October 24, 2023, with the option to extend for another year, subject to lender approval. The reference rate was transitioned from London Inter-Bank Offered Rate ("LIBOR") to SOFR and the interest rate cap increased from 2.50% LIBOR to 5.50% SOFR. The amendment resulted in a loss on debt modification of $6,816 recognized in the consolidated statements of comprehensive income.

(5) On January 26, 2022, the Company entered into a new warehouse credit facility agreement with a commitment value of $50,000 and a one-year extension option. The Company has not drawn on this facility as at December 31, 2022.

(6) On March 9, 2022, SFR JV-2 amended the subscription facility agreement to increase the commitment value to $500,000 and transition to SOFR as the reference rate. The maturity date and extension option of the facility remained unchanged. On December 20, 2022, the commitment value of this facility was amended to $410,000.

(7) On March 8, 2022, SFR JV-2 amended the warehouse facility agreement to increase the commitment value to $700,000, transition to SOFR as the reference rate and lower the interest rate floor to 0.10% of SOFR. The maturity date and extension option of the facility remained unchanged.

(8) On October 7, 2022, SFR JV-2 entered into a new term loan facility with a total commitment of $500,000, a term to maturity of three years and two one-year extension options, subject to lender approval. The loan carries a floating interest rate of one-month SOFR plus 2.10% (subject to a SOFR cap of 4.55%) and is secured initially by a pool of 1,962 single-family rental properties. The initial loan proceeds were primarily used to pay down existing short-term SFR JV-2 debt and to fund the acquisition of rental homes.

(9) On April 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of six classes of fixed-rate pass-through certificates with a face amount of $530,387, a weighted average coupon of 4.32% (including servicing fees) and a term to maturity of five years, secured indirectly by a pool of 2,484 single-family rental homes. The transaction proceeds were used to refinance existing short-term SFR JV-2 debt and net proceeds of $29,900 were returned to SFR JV-2 to fund future acquisitions of rental properties.

(10) On July 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of five classes of fixed-rate pass-through certificates with a face amount of $348,044, a weighted average fixed-rate coupon of 5.47% (including servicing fees) and a term to maturity of six years, secured indirectly by a pool of 1,684 single-family rental homes. The transaction proceeds were primarily used to pay down existing short-term SFR JV-2 debt.

(11) On September 1, 2022, SFR JV-2 entered into a new delayed draw term loan facility with a total commitment value of $200,000, a term to maturity of five years and a fixed rate of 5.39%. The initial loan proceeds were used to refinance existing short-term SFR JV-2 debt and to fund acquisitions of rental properties.

(12) On March 23, 2022, SFR JV-HD amended the subscription facility agreement to increase the commitment value to $150,000 and transition to Term Secured Overnight Financing Rate ("SOFR") as the reference rate. The maturity date and extension option of the facility remained unchanged. On December 20, 2022, the commitment value of this facility was amended to $130,000.

(13) On October 3, 2022, SFR JV-HD amended its warehouse facility agreement to increase the maximum loan commitment to $490,000 and transition to SOFR as the reference rate. The maturity date and extension option of the facility remained unchanged.

(14) On October 27, 2022, the Company refinanced The Shops of Summerhill mortgage by entering into a new facility with a total commitment of $16,000 (C$21,800) and a term to maturity of three years. The loan carries a fixed interest rate of 5.58% and is secured by The Shops of Summerhill. The Company used the loan proceeds to pay off the existing facility and repatriated $5,100 (C$6,800) of excess proceeds.

(15) The construction facility is secured by the land under development at The James (Scrivener Square). During the year ended December 31, 2022, the Company made the first draw on the facility and amended the maturity date to June 30, 2026. The extension option of the facility remained unchanged.

(16) The Company has provided a general security agreement creating a first priority security interest on the assets of the Company, excluding, among other things, single-family rental homes, multi-family rental properties and interests in for-sale housing. On August 22, 2022, the Company amended the corporate credit facility agreement to extend the maturity date to June 30, 2025 and transition to SOFR as the reference rate. As part of the corporate credit facility, the Company designated $35,000 to issue letters of credit as security against contingent obligations related to its Canadian multi-family developments. As at December 31, 2022, the letters of credit outstanding totaled $4,932 (C$6,680).

(17) On December 9, 2022, the Company amended the corporate credit facility agreement to incorporate ESG targets and convert it to a Sustainability-linked Loan. The applicable margin on the facility is subject to a sustainability pricing adjustment, which can increase or decrease by up to 5 bps per annum, depending on the Company's performance on the sustainability performance benchmarks.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Maturity dates** | **Coupon/stated interest rates** | **Interest rate floor** | **Interest rate cap** | **Effective interest <br>rates** | **Extension options** | **Total facility** | **Outstanding balance** |
| Term loan | October 2022 | LIBOR+2.00% | 0.50% LIBOR | 2.50% LIBOR | 2.50% | N/A | $220197 | $220197 |
| Securitization debt 2017-2 | January 2024 | 3.67% | N/A | N/A | 3.67% | N/A | 358602 | 358602 |
| Securitization debt 2018-1 | May 2025 | 3.96% | N/A | N/A | 3.96% | N/A | 311479 | 311479 |
| Securitization debt 2020-2 | November 2027 | 1.94% | N/A | N/A | 1.94% | N/A | 438251 | 438251 |
| **Single-family rental wholly-owned properties borrowings** | **Single-family rental wholly-owned properties borrowings** | **Single-family rental wholly-owned properties borrowings** | **Single-family rental wholly-owned properties borrowings** |  |  |  | **1328529** | **1328529** |
| SFR JV-1 securitization debt 2019-1 | March 2026 | 3.12% | N/A | N/A | 3.12% | N/A | 332764 | 332764 |
| SFR JV-1 securitization debt 2020-1 | July 2026 | 2.43% | N/A | N/A | 2.43% | N/A | 552882 | 552882 |
| SFR JV-1 securitization debt 2021-1 | July 2026 | 2.57% | N/A | N/A | 2.57% | N/A | 683567 | 683567 |
| **Single-family rental JV-1 properties borrowings** | **Single-family rental JV-1 properties borrowings** | **Single-family rental JV-1 properties borrowings** | **Single-family rental JV-1 properties borrowings** |  |  |  | **1569213** | **1569213** |
| SFR JV-2 subscription facility | July 2023 | LIBOR+1.90% | 0.15% LIBOR | N/A | 2.05% | one year | 400000 | 350000 |
| SFR JV-2 warehouse credit facility | July 2024 | LIBOR+1.90% | 0.15% LIBOR | 3.25% LIBOR | 2.05% | one year | 600000 | 492103 |
| **Single-family rental JV-2 properties borrowings** | **Single-family rental JV-2 properties borrowings** | **Single-family rental JV-2 properties borrowings** | **Single-family rental JV-2 properties borrowings** |  |  |  | **1000000** | **842103** |
| SFR JV-HD subscription facility | May 2023 | LIBOR+1.90% | 0.15% LIBOR | N/A | 2.05% | one year | 100000 | 100000 |
| SFR JV-HD warehouse credit facility | May 2024 | LIBOR+1.90% | 0.15% LIBOR | 2.60% LIBOR | 2.05% | one year | 375000 | 66637 |
| **Single-family rental JV-HD properties borrowings** | **Single-family rental JV-HD properties borrowings** | **Single-family rental JV-HD properties borrowings** | **Single-family rental JV-HD properties borrowings** |  |  |  | **475000** | **166637** |
| **Single-family rental properties borrowings** | **Single-family rental properties borrowings** | **Single-family rental properties borrowings** |  |  | **2.60%** |  | **4372742** | **3906482** |
| Land loan | July 2022 | Prime+1.25% | 3.70% | N/A | 3.82% | N/A | 22086 | 22086 |
| The Shops of Summerhill mortgage | September 2022 | 3.67% | N/A | N/A | 3.67% | N/A | 12121 | 12121 |
| Construction facility | TBD | Prime+1.25% | N/A | N/A | TBD | one year | 181424 |  |
| **Canadian development properties borrowings** | **Canadian development properties borrowings** | **Canadian development properties borrowings** |  |  | **3.77%** |  | **215631** | **34207** |
| Corporate credit facility | June 2024 | LIBOR+2.75% | N/A | N/A | 3.34% | N/A | 500000 |  |
| Corporate office mortgages | November 2024 | 4.25% | N/A | N/A | 4.30% | N/A | 13962 | 13962 |
| **Corporate borrowings** |  |  |  |  | **4.30%** |  | **513962** | **13962** |
|  |  |  |  |  |  |  |  | $**3954651** |
| Transaction costs (net of amortization) | Transaction costs (net of amortization) | Transaction costs (net of amortization) |  |  |  |  |  | (36123) |
| Debt discount (net of amortization) | Debt discount (net of amortization) | Debt discount (net of amortization) |  |  |  |  |  | (1095) |
| **Total debt** |  |  |  |  | **2.62%** |  | $**5102335** | $**3917433** |
| **Current portion of long-term debt** | **Current portion of long-term debt** |  |  |  |  |  |  | $**254805** |
| **Long-term debt** |  |  |  |  |  |  |  | $**3662628** |
| **Fixed-rate debt - principal value** | **Fixed-rate debt - principal value** |  |  |  | **2.83%** |  |  | $**2703628** |
| **Floating-rate debt - principal value** | **Floating-rate debt - principal value** |  |  |  | **2.16%** |  |  | $**1251023** |

---

The Company was in compliance with the covenants and other undertakings outlined in all loan agreements.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The scheduled principal repayments and debt maturities are as follows, reflecting the maturity dates after all extensions have been exercised:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **Single-family rental borrowings** | **Canadian development properties borrowings** | **Corporate borrowings** | **Total** |
| 2023 | $756499 | $221 | $415 | $757135 |
| 2024 | 345620 | 228 | 12302 | 358150 |
| 2025 | 1575641 | 15614 |  | 1591255 |
| 2026 | 1568101 | 5032 |  | 1573133 |
| 2027 | 956107 |  |  | 956107 |
| 2028 and thereafter | 542457 |  |  | 542457 |
|  | 5744425 | 21095 | 12717 | 5778237 |
| Transaction costs (net of amortization) | Transaction costs (net of amortization) |  |  | (49404) |
| Debt discount (net of amortization) | Debt discount (net of amortization) |  |  | (649) |
| **Total debt** |  |  |  | $**5728184** |

---

**Fair value of debt**

The table below presents the fair value and the carrying value (net of unamortized deferred financing fees and debt discount) of the fixed-rate loans as at December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** |
|<br>(in thousands of U.S. dollars) | **Fair value** | **Carrying value** |
| Securitization debt 2017-2 | $339599 | $345311 |
| Securitization debt 2018-1 | 292342 | 302359 |
| Securitization debt 2020-2 | 363805 | 420274 |
| SFR JV-1 securitization debt 2019-1 | 309765 | 328196 |
| SFR JV-1 securitization debt 2020-1 | 501454 | 546713 |
| SFR JV-1 securitization debt 2021-1 | 599326 | 674919 |
| SFR JV-2 securitization debt 2022-1 | 491334 | 522934 |
| SFR JV-2 securitization debt 2022-2 | 338427 | 342069 |
| SFR JV-2 delayed draw term loan | 185965 | 193126 |
| The Shops of Summerhill mortgage | 15944 | 15973 |
| Corporate office mortgages | 12240 | 12717 |
| **Total** | $**3450201** | $**3704591** |

---

The carrying value of variable term loans approximates their fair value, since their variable interest terms are indicative of prevailing market prices.

**20.&nbsp;&nbsp;&nbsp;&nbsp;DUE TO AFFILIATE** 

On August 26, 2020, Tricon and its affiliate, Tricon PIPE LLC (the "Affiliate" or "LLC") entered into subscription agreements with each investor in a syndicate of investors (the "Investors"), pursuant to which the Investors subscribed for Preferred Units of the Affiliate (the "Preferred Units") for an aggregate subscription price of $300,000 (the "Transaction"). The Transaction was completed on September 3, 2020, on which date the Company and the Affiliate entered into various agreements with the Investors in connection with the Transaction (together with the subscription agreements, the "Transaction Documents").

**Transaction – between Tricon and Investors** 

Pursuant to the Transaction Documents, holders of Preferred Units have the right to exchange the Preferred Units into common shares of the Company at any time at the option of the holder (the "Exchange Right") at an initial exchange price of $8.50 (C$11.18 as of August 26, 2020) per common share, as may be adjusted from time to time

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

in accordance with the terms of the Transaction Documents (the "Exchange Price"), subject to shareholder approval, where applicable. Holders of Preferred Units are also entitled to receive a cash dividend equal to 5.75% of the Liquidation Preference of the Preferred Units (as defined in the Transaction Documents), per annum, calculated and payable quarterly for the first seven years following closing of the Transaction ("Closing"), with a prescribed annual increase to the dividend rate of 1% per year thereafter, up to a maximum rate of 9.75% per year.

The Affiliate has the right to force the exchange (the "Forced Exchange Right") of the outstanding Preferred Units beginning after the fourth anniversary of Closing, provided the 20-day volume-weighted average price of Tricon's shares exceeds 135% of the Exchange Price (reducing to 115% following the fifth anniversary of Closing). These exchange rights are classified as a derivative financial instrument (Note 21). The Affiliate also has the right to redeem the Preferred Units ("Redemption Right") at any time following the fifth anniversary of Closing for cash equal to 105% of the Liquidation Preference of the Preferred Units (as defined in the Transaction Documents).

During the year ended December 31, 2022, 4,675 preferred units were exchanged for 554,832 common shares of the Company at $8.50 per share. The exchange reduced the Affiliate's preferred unit liability and the Company's associated promissory note owed to the Affiliate by $4,675. As at December 31, 2022, the Affiliate has a preferred unit liability of $295,325 (2021 - $300,000) and a promissory note receivable from Tricon of $295,325 (2021 - $300,000).

**Promissory note – between Tricon entities** 

In connection with the Transaction, the Company borrowed the subscription proceeds of $300,000 from the Affiliate. This indebtedness, which is evidenced by a promissory note (the "Promissory Note" or "Due to Affiliate"), has a maturity of September 3, 2032 (permitting prepayment at any time pursuant to its terms) and bears interest at a rate of 5.75% per annum, calculated and payable quarterly for the first seven years following Closing with increases thereafter matching the applicable increases of the dividend rate applicable to the Preferred Units, described above.

The Promissory Note contains mandatory prepayment provisions ("Mandatory Prepayment") applicable in connection with certain provisions of the Transaction Documents requiring the redemption of all or a portion of the outstanding Preferred Units. This Mandatory Prepayment is a derivative, which incorporates assumptions in respect of the Exchange Right, Forced Exchange Right and Redemption Right, and is measured separately from the Promissory Note and classified as a derivative financial instrument (Note 21).

The Promissory Note payable to Tricon PIPE LLC is initially measured at fair value, less transaction costs, and subsequently measured at amortized cost using the effective interest rate method. During the year ended December 31, 2022, the Company recorded interest expense of $22,159 (2021 - $21,965), including accretion expense of $5,137 (2021 - $4,715) with respect to the amortization of transaction costs and the discount.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Principal amount outstanding | $295325 | $300000 |
| Less: Discount and transaction costs (net of amortization) | (38501) | (43638) |
| **Due to Affiliate** | $**256824** | $**256362** |

---

The fair value of the Promissory Note was $225,314 as of December 31, 2022 (2021 - $283,150). The difference between the amortized cost and the implied fair value is a result of the difference between the effective interest rate and the market interest rate for debt with similar terms.

**Structured entity – Tricon PIPE LLC (the "Affiliate")**

Tricon PIPE LLC (the "Affiliate" or "LLC") was incorporated on August 7, 2020 for the purpose of raising third-party capital through the issuance of preferred units for an aggregate amount of $300,000. The Company has a 100% voting interest in this Affiliate; however, the Company does not consolidate this structured entity, as discussed in Note 3.

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

As of December 31, 2022, the LLC has a preferred unit liability of $295,325 (2021 - $300,000) and a Promissory Note receivable of $295,325 (2021 - $300,000). During the year ended December 31, 2022, the Affiliate earned interest income of $17,022 (2021 - $17,250) from the Company and recognized dividends declared of $17,022 (2021 - $17,250).

The Company's obligation with respect to its involvement with the structured entity is equal to the cash flows under the Promissory Note payable. The Company has not recognized any income or losses in connection with its interest in this unconsolidated structured entity in the year ended December 31, 2022 (2021 - nil).

 **21.&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE FINANCIAL INSTRUMENTS** 

The Promissory Note contains the Mandatory Prepayment that is intermingled with other options pursuant to the Transaction, as exercising the Mandatory Prepayment effectively terminates the other options. Although the Exchange Right and Redemption Right exist at the Affiliate level, the Affiliate is unable to issue the common shares of the Company upon exercise of one or all of the rights by either party. As a result, such options, in essence, were deemed to be written by the Company and are treated as a single combined financial derivative instrument for valuation purposes in accordance with IFRS 9. The option pricing model for the derivative uses market-based inputs, including the spot price of the underlying equity, implied volatility of the equity and USD/CAD foreign exchange rates, risk-free rates from the U.S. dollar swap curves and dividend yields related to the underlying equity. The valuation of the derivative assumes a 9.75-year expected life of the investment horizon of the unitholders.

Quantitative information about fair value measurements (Level 2) using significant observable inputs other than quoted prices included in Level 1 is as follows:

---

| | | |
|:---|:---|:---|
| **Due to Affiliate** | **December 31, 2022** | **December 31, 2021** |
| Risk-free rate <sup>(1)</sup> | 4.46% | 1.25% |
| Implied volatility <sup>(2)</sup> | 36.53% | 25.32% |
| Dividend yield <sup>(3)</sup> | 3.01% | 1.52% |

---

(1) Risk-free rates were from the U.S. dollar swap curves matching the expected maturity of the Due to Affiliate.

(2) Implied volatility was computed from the trading volatility of the Company's stock over a comparable term to maturity and the volatility of USD/CAD exchange rates.

(3) Dividend yields were from the forecast dividend yields matching the expected maturity of the Due to Affiliate.

The Company also has other types of derivative financial instruments that consist of interest rate caps on the Company's floating-rate debt and are classified and measured at FVTPL. Interest rate caps are valued using model calibration. Inputs to the valuation model are determined from observable market data wherever possible, including market volatility and interest rates.

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The values attributed to the derivative financial instruments are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Conversion/redemption options**<sup>(1)</sup> | **Exchange/prepayment options** | **Interest rate caps** | **Total** |
|<br>(in thousands of U.S. dollars) | **Conversion/redemption options**<sup>(1)</sup> | **Exchange/prepayment options** | **Interest rate caps** | **Total** |
| **For the year ended December 31, 2022** |  |  |  |  |
| Derivative financial (liabilities) assets, beginning of year | $— | $(230305) | $363 | $(229942) |
| Derivative financial instruments exchanged into common shares of the Company |  | 3299 |  | 3299 |
| Addition of interest rate caps |  |  | 1034 | 1034 |
| Fair value gain |  | 175848 | 8961 | 184809 |
| **Derivative financial instruments - end of year**<sup>(2)</sup> | $**—** | $**(51158)** | $**10358** | $**(40800)** |
| **For the year ended December 31, 2021** |  |  |  |  |
| Derivative financial assets (liabilities), beginning of year | $841 | $(45494) | $— | $(44653) |
| Derivative financial instruments converted into common shares of the Company | 34398 |  |  | 34398 |
| Addition of interest rate caps |  |  | 490 | 490 |
| Fair value loss | (35239) | (184811) | (127) | (220177) |
| **Derivative financial instruments - end of year** | $**—** | $**(230305)** | $**363** | $**(229942)** |

---

(1) The conversion/redemption options represented features of the Company's convertible debentures which were redeemed in full on September 9, 2021.

(2) As at December 31, 2022, the interest rate caps are presented as an asset of $10,358 and the exchange and prepayment features related to Due to Affiliate are presented as a liability of $51,158.

For the year ended December 31, 2022, there was a fair value gain on the Due to Affiliate of $175,848 (2021 - fair value loss of $184,811). The fair value gain on the derivatives was primarily driven by a decrease in Tricon's share price, on a USD-converted basis, which served to decrease the probability of exchange of the preferred units of Tricon PIPE LLC into Tricon common shares.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**22.&nbsp;&nbsp;&nbsp;&nbsp;INTEREST EXPENSE** 

Interest expense is comprised of the following:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Term loan<sup>(1)</sup> | $6729 | $7638 |
| Securitization debt 2017-2 | 13080 | 13338 |
| Warehouse credit facility 2022 | 226 |  |
| Securitization debt 2018-1 | 12252 | 12428 |
| Securitization debt 2020-2 | 8478 | 8589 |
| Securitization debt 2017-1<sup>(2)</sup> |  | 13807 |
| Warehouse credit facility<sup>(2)</sup> |  | 525 |
| Term loan 2<sup>(2)</sup> |  | 1191 |
| SFR JV-1 securitization debt 2019-1 | 10439 | 10377 |
| SFR JV-1 securitization debt 2020-1 | 13540 | 13465 |
| SFR JV-1 securitization debt 2021-1 | 17659 | 2548 |
| SFR JV-1 subscription facility<sup>(2)</sup> |  | 1112 |
| SFR JV-1 warehouse credit facility<sup>(2)</sup> |  | 10553 |
| SFR JV-2 subscription facility | 15517 | 2569 |
| SFR JV-2 warehouse credit facility | 20221 | 2179 |
| SFR JV-2 term loan | 4929 |  |
| SFR JV-2 securitization debt 2022-1 | 16868 |  |
| SFR JV-2 securitization debt 2022-2 | 9284 |  |
| SFR JV-2 delayed draw term loan | 3431 |  |
| SFR JV-HD subscription facility | 4498 | 884 |
| SFR JV-HD warehouse credit facility | 13165 | 1009 |
| **Single-family rental interest expense** | **170316** | **102212** |
| The Shops of Summerhill mortgage | 531 | 457 |
| **Canadian development properties interest expense**<sup>(3)</sup> | **531** | **457** |
| Corporate office mortgages | 460 | 468 |
| Corporate credit facility | 6319 | 3990 |
| **Corporate interest expense** | **6779** | **4458** |
| Amortization of financing costs | 13367 | 9283 |
| Amortization of debt discounts | 4749 | 6320 |
| Debentures interest<sup>(4)</sup> |  | 6732 |
| Interest on Due to Affiliate | 17022 | 17250 |
| Interest on lease obligation | 1168 | 968 |
| **Total interest expense** | $**213932** | $**147680** |

---

(1) For the year ended December 31, 2022, interest expense on the term loan includes $1,711 of non-cash impact related to the modification described in Note 19.

(2) These facilities were fully repaid in 2021.

(3) Canadian development properties capitalized $445 of interest for the year ended December 31, 2022 (2021 - $1,567).

(4) The outstanding balance of the convertible debentures was redeemed in full on September 9, 2021 and $3,497 was recognized as a loss on debt extinguishment for the year ended December 31, 2021.

**23.&nbsp;&nbsp;&nbsp;&nbsp;DIRECT OPERATING EXPENSES** 

The Company's expenses are comprised of direct operating expenses for rental properties, compensation, general and administration, interest and depreciation and amortization. Direct operating expenses for rental properties include all attributable expenses incurred at the property level.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The following table lists details of the direct operating expenses for rental properties by type.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Property taxes | $100122 | $66493 |
| Repairs and maintenance | 29006 | 22252 |
| Turnover<sup>(1)</sup> | 7829 | 9926 |
| Property management expenses | 41404 | 29247 |
| Property insurance | 7544 | 6081 |
| Marketing and leasing | 2554 | 1747 |
| Homeowners' association (HOA) costs | 9933 | 6169 |
| Other direct expense<sup>(2)</sup> | 10697 | 8025 |
| **Direct operating expenses**<sup>(1)</sup> | $**209089** | $**149940** |

---

(1) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172 previously recorded as a reduction in turnover expenses have been reclassified to revenue from single-family rental properties. This presentation alignment did not result in any changes to the net operating income.

(2) Other direct expense includes property utilities and other property operating costs.

**24.&nbsp;&nbsp;&nbsp;&nbsp;INTANGIBLE ASSETS** 

The intangible assets are as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Placement fees | $2189 | $2814 |
| Customer relationship intangible | 2187 | 2701 |
| Contractual development fees | 2717 | 3809 |
| **Intangible assets** | $**7093** | $**9324** |

---

Intangible assets represent future management fees, development fees and commissions that Tricon expects to receive over the life of the assets and Investment Vehicles that the Company manages. They are amortized over the estimated periods that the Company expects to collect these fees, which range from 2 to 13 years. Amortization expense for the year ended December 31, 2022 was $2,231 (2021 - $3,039).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| For the year ended December 31, 2022 | **Opening** | **Additions** | **Amortization expense** | **Translation adjustment** | **Ending** |
| Placement fees | $2814 | $— | $(625) | $— | $2189 |
| Customer relationship intangible | 2701 |  | (514) |  | 2187 |
| Contractual development fees | 3809 |  | (1092) |  | 2717 |
| **Intangible assets** | $**9324** | $**—** | $**(2231)** | $**—** | $**7093** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| For the year ended December 31, 2021 | **Opening** | **Additions** | **Amortization expense** | **Translation adjustment** | **Ending** |
| Placement fees | $3764 | $— | $(950) | $— | $2814 |
| Customer relationship intangible | 3215 |  | (514) |  | 2701 |
| Contractual development fees | 5384 |  | (1575) |  | 3809 |
| **Intangible assets** | $**12363** | $**—** | $**(3039)** | $**—** | $**9324** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**25.&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS** 

The other assets are as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Building | $32912 | $31710 |
| Furniture, computer and office equipment | 20527 | 14646 |
| Right-of-use assets  | 28750 | 28269 |
| Leasehold improvements | 10156 | 8249 |
| Property-related systems software | 1101 | 1230 |
| Vehicles and other | 3406 | 645 |
| **Other assets** | $**96852** | $**84749** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| For the year ended December 31, 2022 | **Opening** | **Additions**<br>**(Dispositions)** <sup>(1)</sup> | **Depreciation expense** | **Translation adjustment** | **Ending** |
| Building | $31710 | $4126 | $(718) | $(2206) | $32912 |
| Furniture, computer and office equipment | 14646 | 13215 | (6779) | (555) | 20527 |
| Right-of-use assets <sup>(2)(3)</sup> | 28269 | 4944 | (4463) |  | 28750 |
| Leasehold improvements | 8249 | 3090 | (1183) |  | 10156 |
| Property-related systems software | 1230 |  | (129) |  | 1101 |
| Vehicles and other | 645 | 2866 | (105) |  | 3406 |
| **Other assets** | $**84749** | $**28241** | $**(13377)** | $**(2761)** | $**96852** |

---

(1) For the year ended December 31, 2022, additions are presented net of dispositions totaling $315.

(2) Right-of-use assets include leased space in office buildings with a carrying value of $23,200 and maintenance vehicles with a carrying value of $5,368. The remaining balance of right-of use assets relates to office equipment.

(3) On December 20, 2022, the Company entered into an amendment to lease an additional 16,636 square feet of office space at the existing office location in Tustin, California. The commencement date is the later of July 1, 2023, or 240 days after the landlord's completion of base building work to the expansion premises. The Company will recognize the right-of-use asset and the corresponding lease obligation on commencement of the lease term.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| For the year ended December 31, 2021 | **Opening** | **Additions** | **Depreciation expense** | **Translation adjustment** | **Ending** |
| Building | $30602 | $1527 | $(541) | $122 | $31710 |
| Furniture, computer and office equipment | 8015 | 10579 | (3933) | (15) | 14646 |
| Right-of-use assets <sup>(1)</sup> | 6018 | 25836 | (3585) |  | 28269 |
| Leasehold improvements<sup>(2)</sup> | 1251 | 7821 | (823) |  | 8249 |
| Property-related systems software | 1478 | (119) | (129) |  | 1230 |
| Vehicles | 626 | 104 | (85) |  | 645 |
| **Other assets** | $**47990** | $**45748** | $**(9096)** | $**107** | $**84749** |

---

(1) Right-of-use assets include leased space in office buildings with a carrying value of $23,643 and maintenance vehicles with a carrying value of $4,488. The remaining balance of right-of use assets relates to office equipment.

(2) On May 1, 2021, the Company entered into an agreement to lease office space in Tustin, California for its own use as its property management headquarters. The lease agreement covers the entire office portion of the property (approximately 78,000 square feet) and has an initial term of 11.5 years with two five-year renewal options. The right-of-use asset and the corresponding lease obligation were initially recognized at $21,638 on May 1, 2021 (Note 27). The right-of-use asset and leasehold improvements are amortized over the life of the lease agreement of 11.5 years.

Depreciation expense for the year ended December 31, 2022 was $13,377 (2021 - $9,096).

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**26.&nbsp;&nbsp;&nbsp;&nbsp;LIMITED PARTNERS' INTERESTS IN SINGLE-FAMILY RENTAL BUSINESS** 

Third-party ownership interests in single-family joint ventures are in the form of limited partnership interests which are classified as liabilities under the provisions of IAS 32. Limited partners' interests in single-family rental business represent a 67% interest in the net assets of the underlying joint ventures.

The following table presents the changes in the limited partners' interests in single-family rental business balance for the years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Balance, beginning of year | $947452 | $356305 |
| Contributions | 489387 | 479142 |
| Distributions | (37348) | (73916) |
| Net change in fair value of limited partners' interests in single-family rental business | 297381 | 185921 |
| **Balance, end of year** | $**1696872** | $**947452** |

---

The net change in fair value of limited partners' interests in single-family rental business of $297,381 for the year ended December 31, 2022 (2021 - $185,921) represents only unrealized fair value changes driven by increases in the net assets of SFR JV-1, SFR JV-HD and SFR JV-2 and is linked to fair value changes of the rental properties. If the fair value of rental properties increased or decreased by 2.0%, the impact on the limited partners' interests in single-family rental business at December 31, 2022 would be $92,956 and ($92,956), respectively (December 31, 2021 - $51,475 and ($51,475)).

**27.&nbsp;&nbsp;&nbsp;&nbsp;OTHER LIABILITIES**

The Company has multiple office leases, maintenance vehicle leases and office equipment leases. Tricon has 16 leases for office space with fixed lease terms ranging from one to ten years remaining, along with 262 maintenance vehicles under five-year leases in connection with its property management operations.

The carrying value of the Company's lease obligations is as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Balance, beginning of year | $30792 | $6403 |
| Addition of lease obligation<sup>(1)</sup> | 4619 | 25887 |
| Interest expense | 1303 | 968 |
| Cash payments | (3070) | (2466) |
| **Balance, end of year** | $**33644** | $**30792** |
| Current portion of lease obligations (Note 12) | $3609 | $1834 |
| Non-current portion of lease obligations | $30035 | $28958 |

---

(1) The additions included $2,681 from new office leases, which commenced during the year ended December 31, 2022 (2021 - $21,638).

As at December 31, 2022, the carrying value of the Company's lease obligations was $33,644 (December 31, 2021 - $30,792) and the carrying value of the right-of-use assets was $28,750 (December 31, 2021 - $28,269). During the year ended December 31, 2022, the Company incurred depreciation expense of $4,463 (2021 - $3,585) on the right-of-use assets.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

The present value of the minimum lease payments required for the leases over the next five years and thereafter is as follows:

---

| | |
|:---|:---|
| (in thousands of U.S. dollars) |  |
| 2023 | 5267 |
| 2024 | 5363 |
| 2025 | 5037 |
| 2026 | 4707 |
| 2027 | 3939 |
| 2028 and thereafter | 15534 |
| Minimum lease payments obligation | 39847 |
| Imputed interest included in minimum lease payments | (6203) |
| **Lease obligations** | $**33644** |

---

The current portion of lease obligations is included in amounts payable and accrued liabilities, and the non-current portion of lease obligations is classified as other liabilities.

**28.&nbsp;&nbsp;&nbsp;&nbsp;DIVIDENDS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars, except per share amounts) | (in thousands of U.S. dollars, except per share amounts) | (in thousands of U.S. dollars, except per share amounts) | (in thousands of U.S. dollars, except per share amounts) | (in thousands of U.S. dollars, except per share amounts) | (in thousands of U.S. dollars, except per share amounts) | (in thousands of U.S. dollars, except per share amounts) |
| **Date of declaration** | **Record date** | **Payment date** | **Common shares issued** | **Dividend amount** <br>**per share**<sup>(1)</sup> | **Total dividend amount**<sup>(1)</sup> | **Dividend reinvestment** <br>**plan ("DRIP")**<sup>(2)</sup> |
| March 1, 2022 | March 31, 2022 | April 18, 2022 | 273584673 | $0.058 | $15868 | $984 |
| May 10, 2022 | June 30, 2022 | July 15, 2022 | 273653385 | 0.058 | 15872 | 967 |
| August 9, 2022 | September 30, 2022 | October 17, 2022 | 273760820 | 0.058 | 15878 | 472 |
| November 8, 2022 | December 31, 2022 | January 15, 2023 | 273464780 | 0.058 | 15861 | 1042 |
|  |  |  |  |  | $**63479** | $**3465** |
| March 2, 2021 | March 31, 2021 | April 15, 2021 | 193856464 | $0.056 | $10792 | $1483 |
| May 11, 2021 | June 30, 2021 | July 15, 2021 | 209618719 | 0.056 | 11839 | 1623 |
| August 10, 2021 | September 30, 2021 | October 15, 2021 | 226122875 | 0.055 | 12424 | 1161 |
| November 8, 2021 | December 31, 2021 | January 17, 2022 | 272773225 | 0.058 | 15821 | 1572 |
|  |  |  |  |  | $**50876** | $**5839** |

---

(1) Dividends are issued and paid in U.S. dollars. Prior to November 8, 2021, dividends noted above were declared and paid in Canadian dollars in the amount of C$0.07; for reporting purposes, amounts recorded in equity were translated to U.S. dollars using the daily exchange rate on the applicable dividend record date.

(2) Prior to November 8, 2021, dividends reinvested were translated to U.S. dollars using the daily exchange rate on the date common shares were issued.

The Company has a Dividend Reinvestment Plan ("DRIP") under which eligible shareholders may elect to have their cash dividends automatically reinvested into additional common shares. These additional shares are issued from treasury (or purchased in the open market) at a discount, in the case of treasury issuances, of up to 5% of the Average Market Price, as defined under the DRIP, of the common shares as of the dividend payment date. If common shares are purchased in the open market, they are priced at the average weighted cost to the Company of the shares purchased.

Brokerage, commissions and service fees are not charged to shareholders for purchases or withdrawals of the Company's shares under the DRIP, and all DRIP administrative costs are assumed by the Company.

For the year ended December 31, 2022, 323,048 common shares were issued under the DRIP (2021 - 531,667) for a total amount of $3,995 (2021 - $5,674).

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**29.&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL** 

The Company is authorized to issue an unlimited number of common shares. The common shares of the Company do not have par value.

As of December 31, 2022, there were 273,464,780 common shares issued by the Company (December 31, 2021 - 272,773,225), of which 272,840,692 were outstanding (December 31, 2021 - 272,176,046) and 624,088 were reserved to settle restricted share awards in accordance with the Company's Restricted Share Plan (December 31, 2021 - 597,179) (Note 31).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|<br>(in thousands of U.S. dollars) | **Number of shares issued (repurchased)** | **Share capital** | **Number of shares issued (repurchased)** | **Share capital** |
| Beginning balance | 272176046 | $2114783 | 193175802 | $1192963 |
| Bought deal offering <sup>(1)</sup> |  |  | 15480725 | 161842 |
| Debentures conversion <sup>(2)</sup>  |  |  | 16449980 | 206798 |
| U.S. initial public offering and private placement <sup>(3)</sup> |  |  | 46248746 | 547605 |
| Normal course issuer bid (NCIB)<sup>(4)</sup> | (677666) | (4580) |  |  |
| Shares issued under DRIP <sup>(5)</sup> | 323048 | 3995 | 531667 | 5674 |
| Stock-based compensation exercised <sup>(6)</sup> | 491341 | 2655 | 517192 | 2957 |
| Preferred units exchanged (Note 20) | 554832 | 8015 |  |  |
| Shares repurchased and reserved for restricted share awards <sup>(7)</sup> | (26909) | (250) | (228066) | (3056) |
| **Ending balance** | **272840692** | $**2124618** | **272176046** | $**2114783** |

---

(1) On June 8, 2021, the Company completed the offering, on a bought deal basis, of 15,480,725 common shares at a price of $10.77 (C$13.00) per common share of the Company for gross proceeds of $166,694. Net proceeds from the offering were $161,842, which reflects $6,573 of equity issuance costs incurred partially offset by $1,721 of deferred tax recoveries.

(2) On July 30, 2021, the Company announced its intention to redeem its outstanding 2022 convertible debentures on September 9, 2021. For the year ended December 31, 2021, the Company issued 16,449,980 common shares in connection with the conversion or redemption of a corresponding $172,400 principal amount of the 2022 convertible debentures. In total, the common shares were valued at $206,798 or an average price of $12.57 per share. Accordingly, the difference of $34,398 was deducted from the fair value of the embedded derivative.

(3) On October 12, 2021, the Company closed its previously-announced initial public offering of common shares in the United States and concurrent public offering in Canada (the "Offering"). Concurrent with the Offering, the Company issued common shares on a private placement basis pursuant to the exercise of pre-existing investor participation rights (the "Private Placement"). A total of 46,248,746 common shares were issued, including 41,400,000 pursuant to the Offering (including a full exercise of the underwriters' over-allotment option) at a price of $12.40 per share (the "Offering Price") and 4,848,746 common shares pursuant to the Private Placement at a price of approximately $11.75 per share (the Offering Price net of underwriting discounts), for aggregate gross proceeds to the Company of $570,328. Net proceeds from the offering were $547,605, which reflects $29,518 of underwriters' fees and $657 of other equity issuance costs incurred partially offset by $7,452 of deferred tax recoveries. In addition, the Company expensed $1,085 of transaction costs incurred in connection with the Offering

(4) On October 13, 2022, the Company announced that the Toronto Stock Exchange ("TSX") had approved its notice of intention to make a normal course issuer bid ("NCIB") to repurchase up to 2,500,000 of its common shares trading on the TSX, the New York Stock exchange ("NYSE") and/or alternative Canadian trading systems during the twelve-month period ending on October 17, 2023. As at December 31, 2022, the Company had repurchased 338,100 of its common shares on the TSX and 339,566 shares on the NYSE under the NCIB for $5,353, which reduced share capital and retained earnings by $4,580 and $773, respectively. Common shares that were purchased under the NCIB were cancelled by the Company. Subsequent to the year-end, the Company repurchased an additional 436,367 common shares on the TSX and 435,013 common shares on the NYSE under the NCIB program for $7,322.

(5) In 2022, 323,048 common shares were issued under the DRIP at an average price of $12.37 per share.

(6) In 2022, 491,341 common shares were issued upon the exercise of 669,059 vested deferred share units ("DSUs") and 8,334 vested stock options.

(7) In 2022, 26,909 common shares were reserved at $9.29 per share in order to settle restricted share awards granted to employees in 2022 and DRIP with respect to restricted share awards granted in prior years. The restricted shares granted in 2022 will vest in eight years from the grant date.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**30.&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER SHARE** 

**Basic** 

Basic earnings per share is calculated by dividing net income attributable to shareholders of Tricon by the sum of the weighted average number of shares outstanding and vested deferred share units during the period.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Net income from continuing operations | $779374 | $459357 |
| Non-controlling interest | 5539 | 4272 |
| Net income attributable to shareholders of Tricon from continuing operations | 773835 | 455085 |
| Net income (loss) attributable to shareholders of Tricon from discontinued operations | 35106 | (9830) |
| Net income attributable to shareholders of Tricon | $808941 | $445255 |
| Weighted average number of common shares outstanding | 272972697 | 218087838 |
| Adjustments for vested units | 1510567 | 1746292 |
| Weighted average number of common shares outstanding for basic earnings per share | 274483264 | 219834130 |
| **Basic earnings per share** |  |  |
| Continuing operations | $2.82 | $2.07 |
| Discontinued operations | 0.13 | (0.04) |
| **Basic earnings per share** | $**2.95** | $**2.03** |

---

**Diluted**

Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive shares. The Company has four categories of potentially dilutive shares: stock options (Note 31), restricted shares (Note 29), deferred share units (Note 31) and the preferred units issued by the Affiliate that are exchangeable into the common shares of the Company (Note 20). For the year ended December 31, 2021, the Company also had convertible debentures outstanding which were potentially dilutive. For the stock options, the number of dilutive shares is based on the number of shares that could have been acquired at fair value with the assumed proceeds, if any, from their exercise (determined using the average market price of the Company's shares for the period then ended). For restricted shares and deferred share units, the number of dilutive shares is equal to the total number of unvested restricted shares and deferred share units. For the convertible debentures and exchangeable preferred units, the number of dilutive shares is based on the number of common shares into which the elected amount would then be convertible or exchangeable. The number of shares calculated as described above is comparable to the number of shares that would have been issued assuming the vesting of the stock compensation arrangement, the conversion of debentures and the exchange of preferred units.

**Stock options, restricted shares and deferred share units**

For the year ended December 31, 2022, the Company's stock compensation plans resulted in 1,790,235 dilutive share units (2021 - 2,284,607), given that it would be advantageous to the holders to exercise their associated rights to acquire common shares, as the exercise prices of these potential shares are below the Company's average market share price for the period. Unvested restricted shares and deferred share units are always considered dilutive as there is no price to the holder associated with receiving or exercising their entitlement, respectively.

For the year ended December 31, 2021, the Company's convertible debentures were anti-dilutive, as debentures interest expense and loss on debt extinguishment, net of tax, and the fair value loss on derivative financial instruments would result in increased earnings per share upon conversion. Therefore, in computing the diluted weighted average shares outstanding and the associated earnings per share amounts for the year ended

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

December 31, 2021, the impact of the convertible debentures was excluded. The convertible debentures were redeemed in full on September 9, 2021.

**Preferred units issued by the Affiliate** 

For the year ended December 31, 2022, the impact of exchangeable preferred units of Tricon PIPE LLC (Note 20) was dilutive, as the associated interest expense, net of tax, and the fair value gain on derivative financial instruments would result in decreased earnings per share upon the exchange of the underlying preferred units. Therefore, in computing the diluted weighted average common shares outstanding and the associated earnings per share amounts for the year ended December 31, 2022, the impact of the preferred units was included (2021 - excluded).

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Net income attributable to shareholders of Tricon from continuing operations | $773835 | $455085 |
| Adjustment for preferred units interest expense - net of tax | 18410 |  |
| Fair value gain on derivative financial instruments and other liabilities | (175848) |  |
| Adjusted net income attributable to shareholders of Tricon from continuing operations | 616397 | 455085 |
| Net income (loss) attributable to shareholders of Tricon from discontinued operations | 35106 | (9830) |
| Adjusted net income attributable to shareholders of Tricon | $651503 | $445255 |
| Weighted average number of common shares outstanding | 274483264 | 219834130 |
| Adjustments for stock compensation | 1790235 | 2284607 |
| Adjustments for preferred units | 34826994 |  |
| Weighted average number of common shares outstanding for diluted earnings per share | 311100493 | 222118737 |
| **Diluted earnings per share** |  |  |
| Continuing operations | $1.98 | $2.05 |
| Discontinued operations | 0.11 | (0.05) |
| **Diluted earnings per share** | $**2.09** | $**2.00** |

---

**31.&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION EXPENSE** 

The breakdown of compensation expense, including the annual incentive plan ("AIP") and long-term incentive plan ("LTIP") related to various compensation arrangements, is set out below. AIP awards include both short-term (cash and one-year DSUs) and long-term (three-year DSUs, stock options, restricted shares and PSUs) incentives.

Compensation expense is comprised of the following:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Salaries and benefits | $55040 | $43630 |
| Annual incentive plan ("AIP") | 27201 | 32228 |
| Long-term incentive plan ("LTIP") | 17015 | 14093 |
| **Total compensation expense** | $**99256** | $**89951** |

---

The changes to the balances of the various cash-based and equity-based arrangements during the period are detailed in the sections below.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**Annual incentive plan**

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Cash-based | $20307 | $15922 |
| Equity-based | 6894 | 16306 |
| **Total AIP expense** | $**27201** | $**32228** |

---

The Company's AIP provides for an aggregate bonus pool based on the sum of all employees' individual AIP targets. The portion of the pool attributable to senior executive management is market-benchmarked and subject to an adjustment factor, as approved by the Board, of between 50% and 150%, based on achievement of Company performance objectives determined by the Board at the beginning of each year. The final pool is then allocated among employees based on individual and collective performance. AIP awards are made in cash and equity-based grants, with the proportion of equity-based awards being correlated to the seniority of an individual's role within the Company.

*Cash-based AIP expense*

For the year ended December 31, 2022, the Company recognized $20,307 in cash-based AIP expense (2021 - $15,922), of which $19,739 relates to current-year entitlements, and the remainder relates to prior-year adjustments that were paid during 2022.

The following table summarizes the movement in the AIP liability:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Balance, beginning of year | $73 | $631 |
| AIP expense | 20307 | 15922 |
| Payments | (16186) | (16270) |
| Translation adjustment | (497) | (210) |
| **Balance, end of year** | $**3697** | $**73** |

---

*Equity-based AIP expense*

For the year ended December 31, 2022, the Company recognized $6,894 in equity-based AIP expense (2021 - $16,306), of which $3,234 (2021 - $7,308) relates to current-year entitlements and $3,660 (2021 - $8,998) relates to the amortization of PSUs, DSUs, stock options and restricted shares granted in prior years, along with the revaluation of PSUs at each reporting date, as the total liability amount is dependent on the Company's share price.

Of the total current-year entitlements, $2,332 is cash-settled AIP expense related to the PSUs and $902 is equity-settled AIP expense related to DSUs, stock options and restricted shares. Of the amortization expenses related to grants in prior years, a recovery of $443 was recognized for the PSUs and a total expense of $4,103 was recognized in relation to DSUs, stock options and restricted shares.

The following table summarizes the movement in the PSU liability:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Balance, beginning of year | $12064 | $6489 |
| PSU expense | 1889 | 10321 |
| Payments | (7061) | (4755) |
| Translation adjustment | (262) | 9 |
| **Balance, end of year** | $**6630** | $**12064** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**Long-term incentive plan**

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Cash-based | $16635 | $13532 |
| Equity-based | 380 | 561 |
| **Total LTIP expense** | $**17015** | $**14093** |

---

*Cash-based LTIP expense*

A liability for cash-component LTIP awards is accrued based on expected performance fees that would be generated from the fair value of the assets within each Investment Vehicle but disbursed only when such performance fees are earned and recognized as revenue. Changes in LTIP are primarily caused by changes to fair values of the underlying investments, which result from timing and cash flow changes at the project level of each Investment Vehicle, and changing business conditions.

For the year ended December 31, 2022, the Company increased its accrual related to cash-component LTIP by $16,635 (2021 - increase of $13,532) as a result of an increase in expected future performance fees from Investment Vehicles that will be paid to management when cash is received from each investment over time.

The following table summarizes the movement in the LTIP liability:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Balance, beginning of year | $21431 | $11688 |
| LTIP expense | 16635 | 13532 |
| Payments | (11685) | (3775) |
| Translation adjustment | (1137) | (14) |
| **Balance, end of year** | $**25244** | $**21431** |

---

*Equity-based LTIP expense*

For the year ended December 31, 2022, the Company recorded $380 in equity-based LTIP expense (2021 - $561), which relates to DSUs granted in prior years. LTIP expense related to income from THP1 US (a U.S. residential development investment) was paid in DSUs vesting in equal tranches over a three to five year period commencing on the anniversary date of each grant in past years. The LTIP was amended in 2022 to provide that this expense would be settled in cash only going forward.

**Stock option plan**

For the year ended December 31, 2022, the Company recorded a stock option expense of $275 (2021 - $249), comprised of $275 of AIP expense (2021 - $230) and no LTIP expense (2021 - $19).

The following tables summarize the movement in the stock option plan during the years ended December 31, 2022 and December 31, 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TSX** | **TSX** | **NYSE** | **NYSE** |
|<br>**For the year ended December 31, 2022** | **Number of options** | **Weighted average exercise price (CAD)** | **Number of options** | **Weighted average exercise price (USD)** |
| Opening balance - outstanding | 1985563 | $10.45 | 31764 | $14.67 |
| Granted | 1466541 | 10.81 | 364189 | 8.00 |
| Exercised | (8334) | 9.81 |  |  |
| **Ending balance - outstanding** | **3443770** | $**10.61** | **395953** | $**8.54** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TSX** | **TSX** | **NYSE** | **NYSE** |
|<br>**For the year ended December 31, 2021** | **Number of options** | **Weighted average exercise price (CAD)** | **Number of options** | **Weighted average exercise price (USD)** |
| Opening balance - outstanding | 2241339 | $10.34 |  | $— |
| Granted | 25890 | 18.85 | 31764 | 14.67 |
| Exercised | (281666) | 10.37 |  |  |
| **Ending balance - outstanding** | **1985563** | $**10.45** | **31764** | $**14.67** |

---

The following table presents the inputs used to value the stock options granted in 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the years ended December 31 | **2022** | **2022** | **2021** | **2021** |
|  | **TSX** | **NYSE** | **TSX** | **NYSE** |
| Risk-free interest rate (%) | 2.86 | 3.58 | 1.26 | 1.26 |
| Expected option life (years) | 5.16 | 5.15 | 5.03 | 5.03 |
| Expected volatility (%) | 27.70 | 27.70 | 25.74 | 25.74 |

---

The following table summarizes the stock options outstanding as at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>**Grant date** |<br>**Expiration date** | **Options outstanding** | **Options exercisable** | **Exercise price of outstanding options (CAD)** | **Exercise price of outstanding options (USD)** |
| November 14, 2016 | November 14, 2023 | 550000 | 550000 | $8.85 |  |
| December 15, 2017 | December 15, 2024 | 800000 | 800000 | 11.35 |  |
| December 17, 2018 | December 17, 2025 | 401959 | 401959 | 9.81 |  |
| December 15, 2020 | December 15, 2027 | 199380 | 132919 | 11.50 |  |
| December 15, 2021 | December 15, 2028 | 25890 | 8630 | 18.85 |  |
| December 15, 2021 | December 15, 2028 | 31764 | 10588 |  | 14.67 |
| December 15, 2022 | December 15, 2029 | 1466541 |  | 10.81 |  |
| December 15, 2022 | December 15, 2029 | 364189 |  |  | 8.00 |
| **Total** |  | **3839723** | **1904096** | $**10.61** | $**8.54** |

---

AIP liability is recorded within amounts payable and accrued liabilities, and the equity component is included in the contributed surplus. The breakdown is presented below.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Amounts payable and accrued liabilities<sup>(1)</sup> | $10327 | $12137 |
| Equity - contributed surplus | 15784 | 13332 |
| **Total AIP** | $**26111** | $**25469** |

---

(1) This balance includes outstanding PSU liability of $6,630 (2021 - $12,064) and cash-based AIP liability of $3,697 (2021 - $73).

LTIP liability and equity components are presented on the balance sheet as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| LTIP - liability | $25244 | $21431 |
| Equity - contributed surplus | 5685 | 7914 |
| **Total LTIP** | $**30929** | $**29345** |

---

**32.&nbsp;&nbsp;&nbsp;&nbsp;PERFORMANCE FEES LIABILITY**

The actual amounts of performance fee revenue to be received and paid will depend on the cash realizations of Investment Vehicles and the performance of underlying investments. Recognizing such fee revenue is only

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

permitted when the receipt is highly probable such that a significant amount of the cumulative fee revenue will not reverse. Any corresponding payable to participating unitholders, however, must be recognized by the Company as an expense and a liability in the period in which the change in underlying investment valuation occurs, although the change in the liability is unrealized and is a non-cash expense.

The following table summarizes the movement in performance fees liability for the years ended December 31, 2022 and December 31, 2021:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Balance, beginning of year | $48358 | $6242 |
| Contributions from equity holders | 971 |  |
| Performance fees expense | 35854 | 42272 |
| Payments | (44867) | (196) |
| Translation adjustment | (423) | 40 |
| **Balance, end of year** | $**39893** | $**48358** |

---

For the year ended December 31, 2022, the Company recorded a total of $135,110 (2021 - $132,223) in connection with employment-related costs, including compensation expense (Note 31) and performance fees expense.

**33.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTED INFORMATION** 

In accordance with IFRS 8, *Operating Segments* ("IFRS 8"), the Company discloses information about its reportable segments based upon the measures used by management in assessing the performance of those reportable segments. The Company evaluates segment performance based on the revenue and income of each operating segment.

Tricon is comprised of three operating segments and four reportable segments. The Company's corporate office provides support functions, and therefore, it does not represent an operating segment but rather it is included as a reportable segment. The reportable segments are business units offering different products and services, and are managed separately due to their distinct natures although they are related and complementary.

These four reportable segments have been determined by the Company's chief operating decision-makers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Single-Family Rental business* includes owning and operating single-family rental homes primarily within major cities in the U.S. Sun Belt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Adjacent Businesses* includes owning, designing, developing and operating premier multi-family rental properties in Toronto. Canadian development properties (The James and The Shops of Summerhill) and the Company's equity-accounted Canadian residential development and multi-family rental activities are included in this segment. The segment also includes Tricon's investments in U.S. residential developments. Effective October 18, 2022, Tricon completed the sale of its remaining 20% equity interest in its U.S. multi-family rental portfolio and income from equity-accounted investments in U.S. multi-family rental properties has been classified as discontinued operations (Note 5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Private Funds and Advisory business* includes providing asset management, property management and development management services. The Company's asset management services are provided to Investment Vehicles that own the single-family rental homes, multi-family rental properties and residential developments described above. The Company's property management function generates property management fees, construction management fees and leasing commissions through its technology-enabled platform used to operate the Company's rental portfolio. In addition, Tricon earns market-based development management fees from its residential developments in the United States and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Corporate activities* include providing support functions in the areas of accounting, treasury, credit management, information technology, legal, and human resources. Certain corporate costs such as directly identifiable compensation expense incurred on behalf of the Company's operating segments are allocated

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

to each operating segment, where appropriate. Certain property management activities are also considered as part of corporate-level costs for the purpose of segment reporting. Those costs include salaries of employees engaged in leasing, acquisition, disposition and other property management-related activities.

Direct property-level operating expenses are included in the net operating income of the single-family rental business.

**Inter-segment revenues adjustments**

Inter-segment revenues are determined under terms that approximate market value. For the year ended December 31, 2022, the adjustment to external revenues when determining segmented revenues consists of property management revenues earned from consolidated entities totaling $114,490 (2021 - $72,077), development revenues earned from consolidated entities totaling $1,500 (2021 - $1,557) and asset management revenues earned from consolidated entities totaling $10,035 (2021 - $4,941), which were eliminated on consolidation to arrive at the Company's consolidated revenues in accordance with IFRS.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| For the year ended December 31, 2022 | **Single-Family Rental**<sup>(1)</sup> | **Adjacent Businesses** <sup>(1)</sup> | **Private Funds and Advisory**<sup>(1)</sup> | **Corporate**<sup>(1)</sup> | **Consolidated results** |
| **Revenue from single-family rental properties** | $**645585** | $**—** | $**—** | $**—** | $**645585** |
| Direct operating expenses | (209089) |  |  |  | (209089) |
| Net operating income from single-family rental properties | 436496 |  |  |  | 436496 |
| **Revenue from private funds and advisory services** | **—** | **—** | **160088** | **—** | **160088** |
| Income from equity-accounted investments in multi-family rental properties |  | 1550 |  |  | 1550 |
| Income from equity-accounted investments in Canadian residential developments |  | 11198 |  |  | 11198 |
| Other income | 1405 | 1668 |  | 7813 | 10886 |
| Income from investments in U.S. residential developments |  | 16897 |  |  | 16897 |
| Compensation expense |  |  |  | (99256) | (99256) |
| Performance fees expense |  |  |  | (35854) | (35854) |
| General and administration expense |  |  |  | (58991) | (58991) |
| Loss on debt modification and extinguishment |  |  |  | (6816) | (6816) |
| Transaction costs |  |  |  | (18537) | (18537) |
| Interest expense |  |  |  | (213932) | (213932) |
| Fair value gain on rental properties |  |  |  | 858987 | 858987 |
| Fair value loss on Canadian development properties |  |  |  | (440) | (440) |
| Fair value gain on derivative financial instruments and other liabilities |  |  |  | 184809 | 184809 |
| Amortization and depreciation expense |  |  |  | (15608) | (15608) |
| Realized and unrealized foreign exchange gain |  |  |  | 498 | 498 |
| Net change in fair value of limited partners' interests in single-family rental business |  |  |  | (297381) | (297381) |
| Income tax expense |  |  |  | (155220) | (155220) |
| **Segment net income from continuing operations** | $**437901** | $**31313** | $**160088** | $**150072** | $**779374** |
| **Segment net income from discontinued operations** | **—** | **35106** | **—** | **—** | **35106** |
| **Segment net income** | $**437901** | $**66419** | $**160088** | $**150072** | $**814480** |

---

(1) Financial information for each segment is presented on a consolidated basis.

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For the year ended December 31, 2021 | **Single-Family Rental**<sup>(1)</sup> | **Adjacent Businesses** <sup>(1)</sup> | **Private Funds and Advisory**<sup>(1)</sup> | **Corporate**<sup>(1)</sup> | **Consolidated results** |
| **Revenue from single-family rental properties**<sup>(2)</sup> | $**445915** | $**—** | $**—** | $**—** | $**445915** |
| Direct operating expenses<sup>(2)</sup> | (149940) |  |  |  | (149940) |
| Net operating income from single-family rental properties | 295975 |  |  |  | 295975 |
| **Revenue from private funds and advisory services** | **—** | **—** | **50693** | **—** | **50693** |
| Income from equity-accounted investments in multi-family rental properties<sup>(2)</sup> |  | 2255 |  |  | 2255 |
| Income from equity-accounted investments in Canadian residential developments |  | 8200 |  |  | 8200 |
| Other income |  | 1327 |  | 3459 | 4786 |
| Income from investments in U.S. residential developments |  | 31726 |  |  | 31726 |
| Compensation expense |  |  |  | (89951) | (89951) |
| Performance fees expense |  |  |  | (42272) | (42272) |
| General and administration expense |  |  |  | (41420) | (41420) |
| Loss on debt extinguishment |  |  |  | (3497) | (3497) |
| Transaction costs |  |  |  | (13260) | (13260) |
| Interest expense |  |  |  | (147680) | (147680) |
| Fair value gain on rental properties |  |  |  | 990575 | 990575 |
| Fair value gain on Canadian development properties |  |  |  | 10098 | 10098 |
| Fair value loss on derivative financial instruments and other liabilities |  |  |  | (220177) | (220177) |
| Amortization and depreciation expense |  |  |  | (12129) | (12129) |
| Realized and unrealized foreign exchange loss |  |  |  | (2934) | (2934) |
| Net change in fair value of limited partners' interests in single-family rental business |  |  |  | (185921) | (185921) |
| Income tax expense<sup>(2)</sup> |  |  |  | (175710) | (175710) |
| **Segment net income from continuing operations** | $**295975** | $**43508** | $**50693** | $**69181** | $**459357** |
| **Segment net income from discontinued operations**<sup>(2)</sup> | **—** | **(9830)** | **—** | **—** | **(9830)** |
| **Segment net income** | $**295975** | $**33678** | $**50693** | $**69181** | $**449527** |

---

(1) Financial information for each segment is presented on a consolidated basis.

(2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172 previously recorded as a reduction in direct operating expenses have been reclassified to revenue from single-family rental properties and income from equity-accounted investments in U.S. multi-family rental properties including income tax expense has been reclassified as discontinued operations, separate from the Company's continuing operations (Note 5).

**34.&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS AND BALANCES** 

Related parties include subsidiaries, associates, joint ventures, structured entities, key management personnel, the Board of Directors ("Directors"), immediate family members of key management personnel and Directors, and entities which are directly or indirectly controlled by, jointly controlled by or significantly influenced by key management personnel, Directors or their close family members.

In the normal course of operations, the Company executes transactions on market terms with related parties that have been measured at the exchange value and are recognized in the consolidated financial statements, including, but not limited to: asset management fees, performance fees and incentive distributions; loans, interest and non-interest bearing deposits; purchase and sale agreements; capital commitments to Investment Vehicles; and development of residential real estate assets. In connection with the Investment Vehicles, the Company has unfunded capital commitments of $470,145 as at December 31, 2022. Transactions and balances between consolidated entities are fully eliminated upon consolidation. Transactions and balances with unconsolidated structured entities are disclosed in Note 20. &nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**Transactions with related parties**

The following table lists the related party balances included within the consolidated financial statements.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Revenue from private funds and advisory services | $160088 | $50693 |
| Income from equity-accounted investments in multi-family rental properties | 1550 | 2255 |
| Income from equity-accounted investments in Canadian residential developments | 11198 | 8200 |
| Income from investments in U.S. residential developments | 16897 | 31726 |
| Performance fees expense | (35854) | (42272) |
| Gain on sale of Bryson MPC Holdings LLC | 5060 |  |
| **Net income recognized from related parties** | $**158939** | $**50602** |

---

**Balances arising from transactions with related parties**

The items set out below are included on various line items in the Company's consolidated financial statements.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Receivables from related parties included in amounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contractual fees and other receivables from investments managed | $14976 | $11906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee relocation housing loan<sup>(1)</sup> | 1477 | 1578 |
| Loan receivables from portfolio investments |  | 8629 |
| Annual incentive plan<sup>(2)</sup> | 26111 | 25469 |
| Long-term incentive plan<sup>(2)</sup> | 30929 | 29345 |
| Performance fees liability | 39893 | 48358 |
| Dividends payable | 497 | 472 |
| Other payables to related parties included in amounts payable and accrued liabilities | 166 | 200 |

---

(1) The employee relocation housing loan is non-interest bearing for a term of ten years, maturing in 2028.

(2) Balances from compensation arrangements are due to employees deemed to be key management personnel of the Company.

The receivables are unsecured and non-interest bearing. There are no provisions recorded against receivables from related parties at December 31, 2022 (December 31, 2021 - nil).

**Key management compensation**

Key management includes the Named Executive Officers ("NEOs"), who are (i) the Chief Executive Officer, (ii) the Chief Financial Officer, (iii) each of the three other most highly-compensated executive officers of the Company, or the three most highly compensated individuals acting in a similar capacity at the end of the financial year, and (iv) any person who would be an NEO under (iii) above but for the fact that the individual was neither an executive officer of the Company, nor acting in a similar capacity, at the end of the financial year. Compensation awarded to key management is as follows:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Total salaries and benefits | $2499 | $2558 |
| Total AIP | 12996 | 13945 |
| Total LTIP | 8399 | 3882 |
| Total performance fees expense | 24374 | 26487 |
| **Total key management compensation** | $**48268** | $**46872** |

---

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**35.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK MANAGEMENT** 

The Company is experiencing the effect of rising interest rates and inflation, which touches all aspects of its business, including its ability to negotiate contract terms and make investment and financing decisions. The Company is exposed to the following risks as a result of holding financial instruments, as well as real estate assets that are measured at fair value: market risk (i.e., interest rate risk, foreign currency risk and other price risk that may impact the fair value of financial instruments, as well as rental properties and development properties), credit risk and liquidity risk. The following is a description of these risks and how they are managed.

**Market risk** 

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, foreign currency rates and changes in market prices due to other factors, such as changes in equity prices or credit spreads. The Company manages market risk from foreign currency assets and liabilities and the impact of changes in currency exchange rates and interest rates by funding assets with financial liabilities in the same currency and with similar interest rate characteristics, and by holding financial contracts such as interest rate derivatives to minimize residual exposures.

The sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur, and changes in some of the factors may be correlated - for example, changes in interest rates and changes in foreign currency rates.

Financial instruments held by the Company that are subject to market risk include other financial assets, borrowings and derivative instruments such as interest rate cap contracts.

**Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in the net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the value of financial instruments whose cash flows are fixed in nature.

The Company's assets largely consist of long-term interest-sensitive physical real estate assets. Accordingly, the Company's financial liabilities consist of long-term fixed-rate debt and floating-rate debt. These financial liabilities are recorded at their amortized cost. The Company also holds interest rate caps to limit its exposure to increases in interest rates on floating-rate debt and sometimes holds interest rate contracts to lock in fixed rates on anticipated future debt issuances and as an economic hedge against the changes in the value of long-term interest-sensitive physical real estate assets that have not been otherwise matched with fixed-rate debt. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. To limit its exposure to interest rate risk, the Company has a mixed portfolio of fixed-rate and variable-rate debt, with $3,743,764 (65%) in fixed-rate debt and $2,034,473 (35%) in variable-rate debt as at December 31, 2022. If interest rates had been 1% higher or lower, with all other variables held constant, interest expense would have increased (decreased) by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the years ended December 31 | **2022** | **2022** | **2021** | **2021** |
| (in thousands of U.S. dollars) | **1% increase** | **1% decrease** | **1% increase** | **1% decrease** |
| Interest expense | $14736 | $(15711) | $7815 | $(826) |

---

**Foreign currency risk**

Changes in foreign currency rates will impact the carrying value of financial instruments denominated in currencies other than the U.S. dollar, which is the functional and presentation currency of the Company. The Company has exposure to monetary and non-monetary foreign currency risk due to the effects of changes in foreign exchange rates related to consolidated Canadian subsidiaries, equity-accounted investments, and cash and debt in Canadian dollars held at the corporate level. The Company manages foreign currency risk by raising equity in Canadian

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

dollars and by matching its principal cash outflows to the currency in which the principal cash inflows are denominated.

The impact of a 1% increase or decrease in the Canadian dollar exchange rate would result in the following impacts to assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the years ended December 31 | **2022** | **2022** | **2021** | **2021** |
| (in thousands of U.S. dollars) | **1% increase** | **1% decrease** | **1% increase** | **1% decrease** |
| **Assets** |  |  |  |  |
| Equity-accounted investments in multi-family rental properties | $208 | $(208) | $209 | $(209) |
| Equity-accounted investments in Canadian residential developments | 1068 | (1068) | 988 | (988) |
| Canadian development properties | 1367 | (1367) | 1335 | (1335) |
| Investments in U.S. residential developments | 1 | (1) | 3 | (3) |
|  | $**2644** | $**(2644)** | $**2535** | $**(2535)** |
| **Liabilities** |  |  |  |  |
| Debt | 339 | (339) | 482 | (482) |
|  | $**339** | $**(339)** | $**482** | $**(482)** |

---

Foreign exchange volatility is already embedded in the fair value of derivative financial instruments (Note 21), and therefore is excluded from the sensitivity calculations above.

**Other price risk**

Other price risk is the risk of variability in fair value due to movements in equity prices or other market prices such as commodity prices and credit spreads. The Company does not hold any financial instruments that are exposed to equity price risk, including equity securities and equity derivatives.

**Credit risk** 

Credit risk is the risk that one party to a financial instrument will cause financial loss for the other party by failing to discharge an obligation.

The Company has no significant concentrations of credit risk and its exposure to credit risk arises primarily through loans and receivables which are due primarily from associates. The loans and receivables due from associates are subject to the risk that the underlying real estate assets may not generate sufficient cash inflows in order to recover them. The Company manages this risk by:

• &nbsp;&nbsp;&nbsp;&nbsp;Ensuring a due diligence process is conducted on each investment prior to funding;

• &nbsp;&nbsp;&nbsp;&nbsp;Approving all loan disbursements by management;

• &nbsp;&nbsp;&nbsp;&nbsp;Approving of total loan facilities by the Investment Committee; and

• &nbsp;&nbsp;&nbsp;&nbsp;Actively monitoring the loan portfolio and initiating recovery procedures when necessary.

The Company assesses all counterparties, including its partners, for credit risk before contracting with them. The Company does not include any collateral or other credit risk enhancers, which may reduce the Company's exposure.

The Company provides loans to land developers, which are represented as debt investments. The credit quality of these investments is based on the financial performance of the underlying real estate assets. For those assets that are not past due, it is believed that the capital repayments and interest payments will be made in accordance with the agreed terms and conditions. No terms or conditions have been renegotiated.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

At December 31, 2022, the Company had no exposure to credit risk arising from investment in debt instruments (December 31, 2021 – $8,629). Through the equity portion of its investments, the Company is also indirectly exposed to credit risk arising on loans advanced by investees to individual real estate development projects.

Credit risk also arises from the possibility that residents may experience financial difficulty and be unable to fulfill their lease commitments. A provision for bad debt (or expected credit loss) is taken for all anticipated collectability risks. The Company also manages credit risk by performing resident underwriting due diligence during the leasing process. As at December 31, 2022, the Company had rent receivables of $3,581 (December 31, 2021 – $4,510), net of bad debt, which adequately reflects the Company's credit risk.

**Liquidity risk**

The real estate industry is highly capital intensive. Liquidity risk is the risk that the Company may have difficulty in meeting obligations associated with its financial liabilities as they fall due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price. The Company's liquidity risk management includes maintaining sufficient cash on hand and the availability of funding through an adequate amount of committed credit facilities, as well as performing periodic cash flow forecasts to ensure the Company has sufficient cash to meet operational and financing costs. The Company's primary source of liquidity consists of cash and other financial assets, net of deposits and other associated liabilities, and undrawn available credit facilities. Cash flow generated from operating the rental property portfolio represents the primary source of liquidity used to service the interest on the property-level debt and fund direct property operating expenses, as well as reinvest in the portfolio through capital expenditures.

The Company is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. The Company believes these risks are mitigated through the use of long-term debt secured by high-quality assets, by maintaining certain debt levels that are set by management, and by staggering maturities over an extended period.

The following tables present the contractual maturities of the Company's financial liabilities at December 31, 2022 and December 31, 2021, excluding remaining unamortized deferred financing fees and debt discount:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| **As at December 31, 2022** | **Due on demand and in 2023** | **From 2024 <br>to 2025** | **From 2026 <br>to 2027** | **2028 and thereafter** | **Total** |
| **Liabilities** |  |  |  |  |  |
| Debt<sup>(1)</sup> | $757135 | $1949405 | $2529240 | $542457 | $5778237 |
| Other liabilities |  | 10370 | 8620 | 15534 | 34524 |
| Limited partners' interests in single-family rental business |  |  | 851416 | 845456 | 1696872 |
| Derivative financial instruments |  |  |  | 51158 | 51158 |
| Due to Affiliate |  |  |  | 295325 | 295325 |
| Amounts payable and accrued liabilities | 138273 |  |  |  | 138273 |
| Resident security deposits | 79864 |  |  |  | 79864 |
| Dividends payable | 15861 |  |  |  | 15861 |
| **Total** | $**991133** | $**1959775** | $**3389276** | $**1749930** | $**8090114** |

---

(1) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| **As at December 31, 2021** | **Due on demand and in 2022** | **From 2023 <br>to 2024** | **From 2025 <br>to 2026** | **2027 and thereafter** | **Total** |
| **Liabilities** |  |  |  |  |  |
| Debt<sup>(1)</sup> | $254805 | $822163 | $2439432 | $438251 | $3954651 |
| Other liabilities |  | 8538 | 7863 | 18347 | 34748 |
| Limited partners' interests in single-family rental business |  |  | 600572 | 346880 | 947452 |
| Derivative financial instruments |  |  |  | 230305 | 230305 |
| Due to Affiliate |  |  |  | 300000 | 300000 |
| Amounts payable and accrued liabilities | 102954 |  |  |  | 102954 |
| Resident security deposits | 56785 |  |  |  | 56785 |
| Dividends payable | 15821 |  |  |  | 15821 |
| **Total** | $**430365** | $**830701** | $**3047867** | $**1333783** | $**5642716** |

---

(1) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans.

The future repayments of principal and interest on financial liabilities are as follows, excluding remaining unamortized deferred financing fees and debt discount:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |  |  |  |
| **As at December 31, 2022** | **Due on demand and in 2023** | **From 2024 <br>to 2025** | **From 2026 <br>to 2027** | **2028 and thereafter** | **Total** |
| **Principal** |  |  |  |  |  |
| Debt<sup>(1),(2)</sup> | $757135 | $1949405 | $2529240 | $542457 | $5778237 |
| Due to Affiliate |  |  |  | 295325 | 295325 |
| **Interest** |  |  |  |  |  |
| Debt<sup>(1)</sup> | 190805 | 358650 | 128317 | 19544 | 697316 |
| Due to Affiliate<sup>(3)</sup> | 16981 | 33962 | 34192 | 120936 | 206071 |
| **Total** | $**964921** | $**2342017** | $**2691749** | $**978262** | $**6976949** |

---

(1) Certain mortgages' principal and interest repayments were translated to U.S. dollars at the period-end exchange rate.

(2) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans.

(3) Reflects the contractual maturity date of September 3, 2032.

The details of the net liabilities are shown below:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) | **December 31, 2022** | **December 31, 2021** |
| Cash | $204303 | $176894 |
| Amounts receivable | 24984 | 41582 |
| Prepaid expenses and deposits | 37520 | 32946 |
| **Current assets** | **266807** | **251422** |
| Amounts payable and accrued liabilities | 138273 | 102954 |
| Resident security deposits | 79864 | 56785 |
| Dividends payable | 15861 | 15821 |
| Current portion of long-term debt | 757135 | 254805 |
| **Current liabilities** | **991133** | **430365** |
| **Net current liabilities** | $**(724326)** | $**(178943)** |

---

During the year ended December 31, 2022, the change in the Company's liquidity resulted in a working capital deficit of $724,326 (2021 - deficit of $178,943). The working capital deficit is primarily due to debts coming due in 2023, for which the Company intends to exercise available options to extend the applicable maturity dates, subject to lender approval. The Company has determined that its current financial obligations and working capital deficit are adequately funded from the available borrowing capacity and from operating cash flows.

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

As of December 31, 2022, there was no outstanding amount under the corporate credit facility (2021- nil) and $500,000 (2021 - $500,000) of the corporate credit facility remained available to the Company. During the year ended December 31, 2022, the Company received distributions of $51,372 (2021 - $71,916) from its investments.

**36.&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are: (i) to safeguard its ability to meet financial obligations and growth objectives, including future acquisitions; (ii) to provide an appropriate return to its shareholders; and (iii) to maintain an optimal capital structure that allows multiple financing options, should a financing need arise. The Company's capital consists of debt (including credit facilities, term loans, mortgages, securitizations and Due to Affiliate), cash and shareholders' equity. In order to maintain or adjust the capital structure, the Company manages equity as capital and may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or subsidiary entity interests, repurchase and cancel shares or sell assets.

As of December 31, 2022, the Company was in compliance with all financial covenants in its debt facilities (Note 19).

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**37.&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTARY CASH FLOW DETAILS** 

The details of the adjustments for non-cash items from continuing operations presented in operating activities of the cash flow statement are shown below:

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Fair value gain on rental properties (Note 6) | $(858987) | $(990575) |
| Fair value loss (gain) on Canadian development properties (Note 9) | 440 | (10098) |
| Fair value (gain) loss on derivative financial instruments and other liabilities (Note 21) | (184809) | 220177 |
| Income from investments in U.S. residential developments (Note 10) | (16897) | (31726) |
| Income from equity-accounted investments in multi-family rental properties (Note 7) | (1550) | (2255) |
| Income from equity-accounted investments in Canadian residential developments (Note 8) | (11198) | (8200) |
| Gain on Bryson MPC Holdings LLC disposition (Note 17)  | (5060) |  |
| Loss on debt modification and extinguishment (Notes 19, 22) | 6816 | 3497 |
| Amortization and depreciation expense (Notes 24, 25)  | 15608 | 12129 |
| Deferred income taxes (Note 14) | 189179 | 219137 |
| Net change in fair value of limited partners' interests in single-family rental business (Note 26)  | 297381 | 185921 |
| Amortization of debt discount and financing costs (Note 22) | 18116 | 15603 |
| Interest on lease obligation (Note 22) | 1168 | 968 |
| Long-term incentive plan (Note 31) | 17015 | 14093 |
| Annual incentive plan (Note 31) | 27201 | 32228 |
| Performance fees expense (Note 32) | 35854 | 42272 |
| Unrealized foreign exchange gain | (4238) | (4850) |
| **Adjustments for non-cash items from continuing operations** | $**(473961)** | $**(301679)** |

---

The following table presents the changes in non-cash working capital items from continuing operations for the periods ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
| (in thousands of U.S. dollars) |  |  |
| For the years ended December 31 | **2022** | **2021** |
| Amounts receivable<sup>(1)</sup> | $(4993) | $(15989) |
| Prepaid expenses and deposits | (4574) | (19287) |
| Resident security deposits | 23079 | 11628 |
| Amounts payable and accrued liabilities<sup>(1)</sup> | 48169 | 4664 |
| Deduct non-cash working capital items from discontinued operations | (43114) | (29890) |
| **Changes in non-cash working capital items from continuing operations** | $**18567** | $**(48874)** |

---

(1) The movement in non-cash working capital for the year ended December 31, 2022 excludes $21,591 of assets and $12,850 of liabilities related to Bryson MPC Holdings LLC, which was sold on September 1, 2022 (Note 17).

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**38.&nbsp;&nbsp;&nbsp;&nbsp;FINANCING ACTIVITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **As at December 31, 2021** | **Cash flows** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **As at December 31, 2022** |
| (in thousands of U.S. dollars) | **As at December 31, 2021** | **Cash flows** | **Foreign exchange movement** | **Fair value changes** | **Additions/(Dispositions)** | **Other**<sup>(1)</sup> | **As at December 31, 2022** |
| Term loan<sup>(2)</sup> | $220197 | $(5565) | $— | $— | $5105 | $— | $219737 |
| Securitization debt 2017-2 | 357991 | (12983) |  |  |  | 303 | 345311 |
| Securitization debt 2018-1 | 310995 | (8779) |  |  |  | 143 | 302359 |
| Securitization debt 2020-2 | 431684 | (12531) |  |  |  | 1121 | 420274 |
| SFR JV-1 securitization debt 2019-1 | 327424 | (501) |  |  |  | 1273 | 328196 |
| SFR JV-1 securitization debt 2020-1 | 544964 |  |  |  |  | 1749 | 546713 |
| SFR JV-1 securitization debt 2021-1 | 673653 | (978) |  |  |  | 2244 | 674919 |
| SFR JV-2 subscription facility | 348529 | 58614 |  |  |  | 1156 | 408299 |
| SFR JV-2 warehouse credit facility | 489321 | (101054) |  |  |  | 1449 | 389716 |
| SFR JV-2 term loan |  | 386442 |  |  |  | 259 | 386701 |
| SFR JV-2 securitization debt 2022-1 |  | 521675 |  |  |  | 1259 | 522934 |
| SFR JV-2 securitization debt 2022-2 |  | 341584 |  |  |  | 485 | 342069 |
| SFR JV-2 delayed draw term loan |  | 193034 |  |  |  | 92 | 193126 |
| SFR JV-HD subscription facility | 99543 | 26845 |  |  |  | 426 | 126814 |
| SFR JV-HD warehouse credit facility | 64971 | 422385 |  |  |  | 849 | 488205 |
| Land loan | 22086 | (21935) | (151) |  |  |  |  |
| The Shops of Summerhill mortgage | 12113 | 4026 | (176) |  |  | 10 | 15973 |
| Construction facility |  | 5015 | 17 |  |  |  | 5032 |
| Corporate office mortgages | 13962 | (390) | (855) |  |  |  | 12717 |
| Corporate credit facility |  | (1063) |  |  |  | 152 | (911) |
| Due to Affiliate<sup>(3)</sup> | 256362 |  |  |  | (4675) | 5137 | 256824 |
| Derivative financial instruments<sup>(4)</sup> | 230305 |  |  | (175848) |  | (3299) | 51158 |
| Limited partners' interests in single-family rental business | 947452 | 452039 |  | 297381 |  |  | 1696872 |
| Lease obligations | 30792 | (3070) |  |  | 4619 | 1303 | 33644 |
| **Total liabilities from financing activities** | $**5382344** | $**2242810** | $**(1165)** | $**121533** | $**5049** | $**16111** | $**7766682** |

---

(1) Includes amortization of transaction costs and debt discount and interest on lease obligations.

(2) During the year ended December 31, 2022, the non-cash changes for the term loan include loss on debt modification of $6,816 as described in Note 19, net of modification impact amortization of $1,711.

(3) During the year ended December 31, 2022, the Company settled $4,675 of the principal balance Due to Affiliate through the issuance of 554,832 common shares (Note 20).

(4) The interest rate cap component included in the derivative financial instruments was an asset of $10,358 as at December 31, 2022 and as a result is excluded from the above table and classified as an asset on the consolidated balance sheet. For the year ended December 31, 2022, non-cash change for derivative financial instruments represents $3,299 of fair value converted to common shares upon the conversion of 4,675 preferred units (Note 20).

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---

| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of U.S. dollars) | **As at December 31, 2020** | **Cash flows** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **As at**<br>**December 31, 2021** |
| (in thousands of U.S. dollars) | **As at December 31, 2020** | **Cash flows** | **Foreign exchange movement** | **Fair value changes** | **Additions/(Dispositions)** | **Other**<sup>(1)</sup> | **As at**<br>**December 31, 2021** |
| Term loan | $374745 | $(154548) | $— | $— | $— | $— | $220197 |
| Securitization debt 2017-2 | 362683 | (4994) |  |  |  | 302 | 357991 |
| Securitization debt 2018-1 | 311913 | (1062) |  |  |  | 144 | 310995 |
| Securitization debt 2020-2 | 432817 | (2254) |  |  |  | 1121 | 431684 |
| Securitization debt 2017-1 | 459530 | (459530) |  |  |  |  |  |
| Warehouse credit facility | 10110 | (10298) |  |  |  | 188 |  |
| Term loan 2 | 96077 | (96077) |  |  |  |  |  |
| SFR JV-1 securitization debt 2019-1 | 326767 | (614) |  |  |  | 1271 | 327424 |
| SFR JV-1 securitization debt 2020-1 | 543803 | (584) |  |  |  | 1745 | 544964 |
| SFR JV-1 securitization debt 2021-1 |  | 673324 |  |  |  | 329 | 673653 |
| SFR JV-1 subscription facility | 115664 | (116000) |  |  |  | 336 |  |
| SFR JV-1 warehouse credit facility | 95950 | (97249) |  |  |  | 1299 |  |
| SFR JV-2 subscription facility |  | 348229 |  |  |  | 300 | 348529 |
| SFR JV-2 warehouse credit facility |  | 489001 |  |  |  | 320 | 489321 |
| SFR JV-HD subscription facility |  | 99355 |  |  |  | 188 | 99543 |
| SFR JV-HD warehouse credit facility |  | 64585 |  |  |  | 386 | 64971 |
| U.S. multi-family credit facility<sup>(2)</sup> | 109890 | (109890) |  |  |  |  |  |
| Mortgage tranche A<sup>(2)</sup> | 160090 |  |  |  | (160090) |  |  |
| Mortgage tranche B<sup>(2)</sup> | 400225 |  |  |  | (400225) |  |  |
| Mortgage tranche C<sup>(2)</sup> | 240135 |  |  |  | (240135) |  |  |
| Land loan | 21991 |  | 95 |  |  |  | 22086 |
| The Shops of Summerhill mortgage | 12463 | (420) | 58 |  |  | 12 | 12113 |
| Vendor take-back (VTB) loan 2021 | 25564 | (26271) | 707 |  |  |  |  |
| Corporate credit facility | 26000 | (26000) |  |  |  |  |  |
| Corporate office mortgages | 11089 | 2877 | (4) |  |  |  | 13962 |
| Convertible debentures | 165956 |  |  |  |  | (165956) |  |
| Due to Affiliate | 251647 |  |  |  |  | 4715 | 256362 |
| Derivative financial instruments | 45494 |  |  | 220050 |  | (35239) | 230305 |
| Limited partners' interests in single-family rental business | 356305 | 405226 |  | 185921 |  |  | 947452 |
| Lease obligations | 6403 | (2466) |  |  | 25887 | 968 | 30792 |
| **Total liabilities from financing activities** | $**4963311** | $**974340** | $**856** | $**405971** | $**(774563)** | $**(187571)** | $**5382344** |

---

(1) Includes amortization of transaction costs and debt discount and interest on lease obligations.

(2) On March 31, 2021, U.S. multi-family rental mortgages totaling $800,450 were deconsolidated from the Company's balance sheet in connection with the sale of an 80% interest in the U.S. multi-family rental portfolio. The Company fully repaid the U.S. multi-family credit facility with the proceeds of the syndication.

**39.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION** 

Pursuant to Indemnification Agreements with certain General Partners of Limited Partnerships managed by the Company and certain shareholders of the Company (who are also officers and directors of the Company), the Company has agreed to indemnify the General Partners and those shareholders and, where applicable, any of their directors, officers, agents and employees (collectively, the Indemnified Parties) for any past, present or future amounts paid or payable by any of the Indemnified Parties to the Limited Partnership in the form of a capital contribution or clawback guarantee relating to performance fees for any claim or obligation, as set out in the Limited Partnership Agreements. There are no amounts payable in respect of this indemnification as of December 31, 2022 (December 31, 2021 – nil).

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| | |
|:---|:---|
| ![tri-20221231_g2.jpg](tri-20221231_g2.jpg) | Notes to the Consolidated Financial Statements<br>For the year ended December 31, 2022<br> (in thousands of U.S. dollars, except per share amounts and percentage amounts) |

---

**40.&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS** 

**Quarterly dividend**

On February 28, 2023, the Board of Directors of the Company declared a dividend of $0.058 per common share in U.S. dollars payable on or after April 15, 2023 to shareholders of record on March 31, 2023.

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![tri-20221231_g3.jpg](tri-20221231_g3.jpg)

7 St. Thomas Street, Suite 801 Toronto, Ontario M5S 2B7

T 416-925-7228 F 416-925-7964 www.triconresidential.com

Page 70 of [70](#i21066991f00d4d6dbe6241ab7f8c870a_364)<br>

## Exhibit 99.4

**EXHIBIT 99.4**

**CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Gary Berman, certify that:

 <br> 1. I have reviewed this annual report on Form 40-F of Tricon Residential Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

------

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

 <br> b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: February 28, 2023

<u>/s/</u> *<u>Gary Berman</u>*

Signature

<u>Chief Executive Officer</u>

Title

## Exhibit 99.5

**EXHIBIT 99.5** 

**CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Wissam Francis, certify that:

 <br> 1. I have reviewed this annual report on Form 40-F of Tricon Residential Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

------

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

 <br> b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: February 28, 2023

 <u>/s/</u> *<u>Wissam Francis</u>*

Signature

<u>Chief Financial Officer</u>

Title

## Exhibit 99.6

**EXHIBIT 99.6**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ENACTED PURSUANT TO**

**SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002**

Tricon Residential Inc. (the "Company") is filing with the U.S. Securities and Exchange Commission on the date hereof, its annual report on Form 40-F for the fiscal year ended December 31, 2022 (the "Report").

I, Gary Berman, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| <u>/s/</u> *<u>Gary Berman</u>* | <u>/s/</u> *<u>Gary Berman</u>* |
| Name: | Gary Berman |
| Title: | Chief Executive Officer |
| Date: February 28, 2023 | Date: February 28, 2023 |

---

## Exhibit 99.7

**EXHIBIT 99.7**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ENACTED PURSUANT TO**

**SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002**

Tricon Residential Inc. (the "Company") is filing with the U.S. Securities and Exchange Commission on the date hereof, its annual report on Form 40-F for the fiscal year ended December 31, 2022 (the "Report").

I, Wissam Francis, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<u>/s/</u> *<u>Wissam Francis</u>* 

---

| | |
|:---|:---|
| Name: | Wissam Francis |
| Title: | Chief Financial Officer |
| Date: February 28, 2023 | Date: February 28, 2023 |

---

## Exhibit 99.8

?xml version="1.0" ? tri-20221231_d3

**Exhibit 99.8**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Annual Report on Form 40-F for the year ended December 31, 2022 of Tricon Residential Inc. of our report dated February 28, 2023, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which is filed as Exhibit 99.3 to this Annual Report on Form 40-F.

We also consent to the incorporation by reference in the Registration Statements on Form F-10 (No. 333 - 260043) and Form S-8 (No. 333 - 261526) of **Tricon Residential Inc.** of our report dated **February 28, 2023** referred to above. We also consent to reference to us under the heading "Interests of Experts," which appears in the Annual Information Form which is filed as Exhibit 99.1 to this Annual Report on Form 40-F, which is incorporated by reference in such Registration Statements.

/s/ *PricewaterhouseCoopers LLP*

**Chartered Professional Accountants, Licensed Public Accountants**

Toronto, Canada

February 28, 2023

PricewaterhouseCoopers LLP

PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2

T: +1 416 863 1133, F: +1 416 365 8215, www.pwc.com/ca

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.