Full-Time
Posted on 1/21/2025
$77.6k - $129.3kAnnually
Junior, Mid
Orange, CA, USA
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Company Size
501-1,000
Company Stage
IPO
Total Funding
N/A
Headquarters
Toronto, Canada
Founded
1988
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Flexible Work Hours
Professional Development Budget
Mental Health Support
Wellness Program
Aew Capital Management L P invests $6.04 million in Tricon Residential Inc. (NYSE:TCN).
Tricon Residential Inc. has received Investment Canada Act approval for its take-private transaction by Blackstone Real Estate. Blackstone will acquire all outstanding Tricon shares at $11.25 each. The deal, also cleared under the Competition Act and approved by shareholders with a final court order, is set to complete by May 1, 2024, resulting in Tricon's delisting from the NYSE and TSX.
TORONTO--(BUSINESS WIRE)--Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) is pleased to announce that at its special meeting (“Meeting”) of shareholders of the Company (“Company Shareholders”) held earlier today, Company Shareholders voted to approve the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. (and together with their respective affiliates, “Blackstone”) will acquire all of the outstanding common shares of Tricon (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”). The Arrangement required the approval of: (i) at least two-thirds (66 2/3%) of the votes cast by Company Shareholders present or represented by proxy at the Meeting, voting as a single class; and (ii) because the proposed Arrangement is a “business combination” subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), a simple majority (more than 50%) of the votes cast by Company Shareholders present or represented by proxy at the Meeting, excluding the votes of Blackstone and other Company Shareholders whose votes were required to be excluded pursuant to MI 61-101. Of the votes cast at the Meeting with respect to the Arrangement, a total of 208,391,666 Common Shares were voted in favour of the special resolution approving the Arrangement, representing approximately 99.3% of the votes cast by Company Shareholders. In addition, a total of 173,887,643 Common Shares were voted in favour of the special resolution approving the Arrangement, representing approximately 99.2% of the votes cast by Company Shareholders, excluding those Common Shares required to be excluded pursuant to MI 61-101
TORONTO--(BUSINESS WIRE)--Tricon Residential Inc. (NYSE: TCN, TSX: TCN) ("Tricon" or the “Company”), an owner, operator and developer of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, released its annual sustainability report today. The report is a comprehensive review of the Company’s progress toward its five strategic sustainability priorities: Our People, Our Residents, Our Impact, Our Governance and Our Innovation. The Company also announced that it exceeded its sustainability targets for 2020 – 2022 and introduced its next set of three-year key performance indicators (KPIs). “I am incredibly proud to share our annual sustainability report, which highlights our commitment to responsible business practices and showcases how Tricon’s best-in-class resident experience is deeply intertwined with our sustainability program,” said Gary Berman, Chief Executive Officer and President of Tricon
TORONTO, March 26, 2024-(BUSINESS WIRE)-Tricon Residential Inc. (NYSE: TCN, TSX: TCN) ("Tricon" or the "Company"), an owner, operator and developer of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, released its annual sustainability report today.
Land & Buildings Investment Management LLC invests $45.87 million in Tricon Residential Inc. (NYSE:TCN).
LOS ANGELES--(BUSINESS WIRE)--Blackstone’s planned acquisition of the single-family rental company Tricon Residential will further exacerbate the housing affordability crisis and harm tenants and workers, according to UNITE HERE Local 11, AFSCME Local 3299, the Alliance of Californians for Community Empowerment (ACCE) and the Private Equity Stakeholder Project (PESP). As Blackstone seeks to grow as a landlord, workers at its hotel properties struggle to afford rent. Workers at the Blackstone-owned Fairfield LAX/El Segundo, Aloft LAX/El Segundo and Sheraton Phoenix went on strike last year and continue to fight for a contract that will provide living wages, affordable benefits, and adequate staffing. While 29 hotels have settled agreements that will enable workers to survive in Southern California, Blackstone’s hotels have failed to do so. According to the Department of Housing and Urban Development, the fair market rent for a one-bedroom apartment in the Los Angeles Metro area has increased 45% from $1,384 in FY 2019 to $2,006 in FY 2024. Most workers at Blackstone’s LAX hotels make $21 per hour, and would have to spend 55% of their pre-tax income to afford a one-bedroom apartment
The transaction is under investigation by law firm Halper Sadeh LLC to determine if Tricon and its board violated federal securities laws and/or breached their fiduciary duties to shareholders
Tricon Residential: Under the deal, Blackstone will acquire all outstanding shares of Tricon for $11.25 per share in cash, representing a 30.35% premium to the stock's last close.
NEW YORK TORONTO--(BUSINESS WIRE)--Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that they have entered into an arrangement agreement (the “Arrangement Agreement”) under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. (“BREIT”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.17) per Common Share in cash (the “Transaction”). The Transaction price represents a premium of 30% to Tricon’s closing share price on the NYSE on January 18, 2024, the last trading day prior to the announcement of the Transaction, and a 42% premium to the volume weighted average share price on the NYSE over the previous 90 days, and equates to a $3.5 billion equity transaction value based on fully-diluted shares outstanding. BREIT will maintain its approximately 11% ownership stake post-closing. Tricon provides quality rental homes and apartments in great neighborhoods, along with exceptional resident services through its tech-enabled operating platform and dedicated on-the-ground operating teams