Tricon Residential Inc (TSX:TCN)

Tricon Residential Inc (TSX:TCN) caters to the middle market throughout the United States and Canada. It is a rental housing company that manages and owns around 31,000 single and multi-family rental spaces.

The rental units are technology operated and integrated via an online platform.

It was founded in 1988 to operate as a fund manager for institutional investors and private clients focused on residential real estate.

It became a publicly traded entity with the subsequent listing on the Toronto Stock Exchange in 2010.

As of 2021, the company owns a diverse portfolio of 23,502 single-family rental homes, 7,789 stabilized multi-family rental homes and 3,720 multi-family rental apartments under development.

With a history of over 30 years, the company invests in its own capital and manages the capital for institutional investors, including sovereign wealth funds, endowments, foundations and family offices, pension funds and insurance companies.

Tricon Residential claims to use a tech-enabled business model with a centralized operating platform. The core operations include:

• Acquisitions
• Leasing
• Call Center
• Construction & Development
• Repair & Maintenance
• Resident Underwriting
• Technology and Innovation

The company claims to provide professionally managed homes on rent for customers and freedom from mortgage, property tax, maintenance fees and other unanticipated expenses.

Tricon Residential’s housing units in the United States are reportedly built around an extensive inspecting list, which includes some features as follows:

• Smart homes with door locks, thermostats and sensors
• Regular water supply and clean drains
• Provision of garbage disposal
• Installed smoke detectors

The company claims to earn rental income and ancillary revenue from its properties and fees for managing third party capital through its integrated operating platform.

As of December 31, 2020, the housing company owns a portfolio of nearly 22,766 homes in 18 markets across ten states of the US.

The company is focused on developing, operating and owning Class A rental apartments in the Greater Toronto Area.