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TCN

Tricon Residential Inc

Employees

592

tricon is a principal investor and asset manager focused on the residential real estate industry in north america with approximately $4.6 billion (c$5.8 billion) of assets under management. tricon owns, or manages on behalf of third-party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities and multi-family development projects. our business objective is to invest for investment income and capital appreciation through our principal investment business and to earn fee income through our private funds and advisory business. since its inception in 1988, tricon has invested in real estate and development projects valued at approximately $19 billion.

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U.S. stocks saw gains with the S&P 500 increasing by 1.06%. State Street Corporation (NYSE:STT) reported Q4 earnings that surpassed expectations, with revenues of $3.04 billion and EPS of $2.04, also announcing a $5 billion share repurchase program. Kaman Corporation (NASDAQ:KAMN) surged 101% after an acquisition announcement by Arcline. Tricon Residential Inc. (NYSE:TCN) gained 28% due to an acquisition agreement with Blackstone entities. Conversely, iRobot Corporation (NASDAQ:IRBT) fell 28% amid reports that the EU may block its acquisition by Amazon. Other market movements included a decline in oil prices and an increase in gold prices.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 7:17 pm

TransCode Therapeutics, Inc. (RNAZ) shares fell by over 24% after pricing a common stock offering at $1.22 per share. Other stocks moved in Friday's mid-day session with notable gainers including Charge Enterprises (CRGE), Kaman Corporation (KAMN), and Mesa Air Group (MESA), among others. Losers included C3is Inc. (CISS), Azitra, Inc. (AZTR), and iRobot Corporation (IRBT). The market also reacted to various company announcements such as acquisitions, earnings reports, and analyst upgrades or downgrades.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 6:05 pm

Blackstone Inc (BX) is set to acquire Tricon Residential Inc. (TCN) for $11.25 per share, a 30% premium over Tricon's closing price on January 18, 2024. The deal, involving Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. (BREIT), values Tricon's equity at $3.5 billion. Tricon will suspend its dividend and dividend reinvestment plan due to the transaction, which includes standard clauses and termination fees. Tricon will continue to be headquartered in Toronto and will be delisted from the NYSE and TSX. BX shares saw a slight increase, while TCN shares jumped by 28%.

Portfolio Pulse from Akanksha Bakshi

January 19, 2024 | 5:58 pm

U.S. stocks traded higher, with the Dow Jones gaining 150 points. Consumer sentiment surged to 78.8 in January, the highest since July 2021. Kaman Corporation (KAMN) soared 101% after an acquisition announcement by Arcline. Processa Pharmaceuticals (PCSA) surged 20% on expanding its program into breast cancer treatment. Tricon Residential (TCN) gained 28% after an acquisition agreement with Blackstone. C3is (CISS) plummeted 64% due to a public offering pricing. Azitra (AZTR) fell 29% after a public stock offering. iRobot (IRBT) dropped 28% amid reports the EU may block Amazon's acquisition.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 5:01 pm

Tricon Residential's stock is trading higher following the announcement of an arrangement agreement for its acquisition by Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, who will purchase all outstanding common shares.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 4:00 pm

World Acceptance Corporation (WRLD) reported higher-than-expected quarterly earnings and sales, causing its shares to rise by 10.2%. Other stocks also moved higher, including Kaman Corporation (KAMN) after an acquisition announcement, Spirit Airlines (SAVE) following merger and guidance updates, and several others due to various positive developments such as earnings beats, analyst upgrades, and business transactions.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 3:20 pm

U.S. stocks opened higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. Schlumberger Limited (NYSE:SLB) reported Q4 earnings that surpassed estimates, with adjusted earnings of 86 cents per share and sales of $8.99 billion. Kaman Corporation (NASDAQ:KAMN) surged 101% after an acquisition announcement by Arcline. Tricon Residential Inc. (NYSE:TCN) also rose 28% due to an acquisition agreement with Blackstone. Conversely, C3is Inc. (NASDAQ:CISS), Accelerate Diagnostics, Inc. (NASDAQ:AXDX), and iRobot Corporation (NASDAQ:IRBT) saw significant share price drops due to various negative announcements.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 2:53 pm

Congressional Democrats introduced the End Hedge Fund Control of American Homes Act of 2023, which aims to prevent hedge funds from indefinitely owning single-family homes. If passed, these entities must divest from such properties within 10 years. The bill responds to concerns that hedge funds are distorting the housing market, particularly in areas where they own a significant percentage of single-family rentals. Companies like Invitation Homes, American Homes 4 Rent, Tricon Residential, and Zillow Group, which are involved in the single-family home market, could be affected by this legislation.

Portfolio Pulse from Piero Cingari

December 09, 2023 | 2:40 pm

Tricon has updated its FY23 guidance, reiterating its Core FFO per share guidance of $0.55-$0.58 and narrowing its same home revenue growth from 6%-7% to 6%-6.5%. The company also updated its acquisitions guidance to reflect a smaller number of homes to be acquired in 2023 but with a similar equity contribution as previously expected. The company has substantially completed the investment programs of SFR JV-2 and SFR JV-HD with lower leverage parameters.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 1:19 am

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