Tricon Residential Management

Management criteria checks 2/4

Tricon Residential's CEO is Gary Berman, appointed in Mar 2015, has a tenure of 9.08 years. total yearly compensation is $19.81M, comprised of 4.1% salary and 95.9% bonuses, including company stock and options. directly owns 0.44% of the company’s shares, worth €13.61M. The average tenure of the management team and the board of directors is 8 years and 9.4 years respectively.

Key information

Gary Berman

Chief executive officer

US$19.8m

Total compensation

CEO salary percentage	4.1%
CEO tenure	9.1yrs
CEO ownership	0.4%
Management average tenure	8yrs
Board average tenure	9.4yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Gary Berman's remuneration changed compared to Tricon Residential's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	US$114m
Sep 30 2023	n/a	n/a	US$206m
Jun 30 2023	n/a	n/a	US$293m
Mar 31 2023	n/a	n/a	US$652m
Dec 31 2022	US$20m	US$808k	US$774m
Sep 30 2022	n/a	n/a	US$829m
Jun 30 2022	n/a	n/a	US$835m
Mar 31 2022	n/a	n/a	US$563m
Dec 31 2021	US$8m	US$838k	US$455m
Sep 30 2021	n/a	n/a	US$421m
Jun 30 2021	n/a	n/a	US$300m
Mar 31 2021	n/a	n/a	US$198m
Dec 31 2020	US$4m	US$671k	US$110m
Sep 30 2020	n/a	n/a	US$80m
Jun 30 2020	n/a	n/a	US$59m
Mar 31 2020	n/a	n/a	US$41m
Dec 31 2019	US$5m	US$622k	US$112m
Sep 30 2019	n/a	n/a	US$111m
Jun 30 2019	n/a	n/a	US$113m
Mar 31 2019	n/a	n/a	US$121m
Dec 31 2018	US$3m	US$618k	US$193m
Sep 30 2018	n/a	n/a	US$174m
Jun 30 2018	n/a	n/a	US$196m
Mar 31 2018	n/a	n/a	US$153m
Dec 31 2017	US$4m	US$540k	US$63m

Compensation vs Market: Gary's total compensation ($USD19.81M) is above average for companies of similar size in the German market ($USD2.56M).

Compensation vs Earnings: Gary's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Gary Berman (48 yo)

9.1yrs

Tenure

Mr. Gary Berman has been the Chief Executive Officer and President of Tricon Residential Inc. (Formerly, Tricon Capital Group Inc.) since March 10, 2015. He is involved in overseeing all aspects of Tricon'...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
David Berman	Co-Founder & Executive Chairman	14.3yrs	no data	1.44% $ 44.8m
Gary Berman	President	9.1yrs	no data	0.44% $ 13.6m
Geoffrey Matus	Co-Founder & Non Independent Director	36.3yrs	no data	0.27% $ 8.4m
Wissam Francis	Executive VP & CFO	8.7yrs	no data	0.016% $ 501.6k
Kevin Baldridge	Executive VP & COO	3.9yrs	no data	0.035% $ 1.1m
Jonathan Ellenzweig	Executive VP & Chief Investment Officer	3.9yrs	no data	0.049% $ 1.5m
David Veneziano	Executive VP	9.4yrs	no data	0.0030% $ 94.0k
Sherrie Suski	Executive VP & Chief People Officer	3.9yrs	no data	0.0033% $ 103.3k
Andrew Joyner	MD & Head of Multi-Family Investments	4.3yrs	no data	0.0022% $ 67.5k
Andrew Carmody	Senior MD of Investments & Chief Sustainability Officer	7.3yrs	no data	0% $ 0
Gina McMullan	Chief Accounting Officer	no data	no data	0% $ 0
Reshma Block	Chief Technology Officer	no data	no data	no data

8.0yrs

Average Tenure

61yo

Average Age

Experienced Management: 331's management team is seasoned and experienced (8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
David Berman	Co-Founder & Executive Chairman	14.3yrs	no data	1.44% $ 44.8m
Gary Berman	President	9.9yrs	no data	0.44% $ 13.6m
Geoffrey Matus	Co-Founder & Non Independent Director	14.3yrs	no data	0.27% $ 8.4m
Frank Cohen	Independent Director	3.6yrs	US$138.00k	no data
Peter Sacks	Lead Independent Director	9.9yrs	no data	0.022% $ 682.0k
J. Knowlton	Independent Director	12.9yrs	US$160.00k	0.0076% $ 238.0k
Ira Gluskin	Independent Director	7.4yrs	no data	0.0034% $ 104.2k
Sian Matthews	Independent Director	8.9yrs	no data	0.0025% $ 78.7k
Camille Douglas	Independent Director	5.7yrs	no data	0.012% $ 383.9k
Renee Glover	Independent Director	2.8yrs	US$144.00k	0.0075% $ 231.8k

9.4yrs

Average Tenure

72.5yo

Average Age

Experienced Board: 331's board of directors are considered experienced (9.4 years average tenure).

Tricon Residential Management

Management criteria checks 2/4

Key information

Recent management updates

Independent Director recently sold €3.6m worth of stock

President recently bought €349k worth of stock

Insufficient new directors

Executive VP & CFO recently bought €147k worth of stock

Independent Director recently sold €164k worth of stock

President recently bought €622k worth of stock

Recent updates

Tricon Residential's Common Shares to be Delisted from the New York Stock Exchange and the Toronto Stock Exchange

Tricon Residential's Common Shares to be Delisted from the New York Stock Exchange and the Toronto Stock Exchange

New minor risk - Insider selling

Independent Director recently sold €3.6m worth of stock

Full year 2023 earnings released: EPS: US$0.42 (vs US$2.82 in FY 2022)

New minor risk - Shareholder dilution

Tricon Residential Inc. to Report Q4, 2023 Results on Feb 27, 2024

Blackstone Real Estate Partners X L.P., a fund managed by Blackstone Real Estate Advisors L.P. entered into an arrangement agreement to acquire remaining 89% stake in Tricon Residential Inc. (TSX:TCN) for $2.7 billion.

Blackstone Real Estate Partners X L.P., a fund managed by Blackstone Real Estate Advisors L.P. entered into an arrangement agreement to acquire remaining 89% stake in Tricon Residential Inc. (TSX:TCN) for $2.7 billion.

Investor sentiment improves as stock rises 20%

Blackstone Real Estate Income Trust, Inc. and Blackstone Real Estate Partners X L.P., a fund managed by Blackstone Real Estate Advisors L.P. entered into an arrangement agreement to acquire Tricon Residential Inc. (TSX:TCN) for $3.5 billion.

New major risk - Revenue and earnings growth

President recently bought €349k worth of stock

Upcoming dividend of US$0.058 per share at 2.6% yield

Third quarter 2023 earnings released: EPS: US$0.29 (vs US$0.65 in 3Q 2022)

Tricon Residential Inc. Declares Quarterly Dividend, Payable on or After January 15, 2024

Tricon Residential Inc. to Report Q3, 2023 Results on Nov 08, 2023

Insufficient new directors

Upcoming dividend of US$0.058 per share at 2.8% yield

New minor risk - Profit margin trend

Second quarter 2023 earnings released: EPS: US$0.17 (vs US$1.47 in 2Q 2022)

Tricon Residential Inc. Declares Dividend, Payable on or After October 15, 2023

Tricon Residential Inc. to Report Q2, 2023 Results on Aug 09, 2023

Upcoming dividend of US$0.058 per share at 2.7% yield

First quarter 2023 earnings released: EPS: US$0.098 (vs US$0.59 in 1Q 2022)

Tricon Residential Inc. Declares Dividend, Payable on or After July 15, 2023

Upcoming dividend of US$0.058 per share at 3.1% yield

Full year 2022 earnings released: EPS: US$2.82 (vs US$2.33 in FY 2021)

Tricon Residential Inc. to Report Q4, 2022 Results on Mar 02, 2023

Upcoming dividend of US$0.058 per share

Executive VP & CFO recently bought €147k worth of stock

Third quarter 2022 earnings released: EPS: US$0.65 (vs US$0.93 in 3Q 2021)

Tricon Residential Inc. Declares Dividend, Payable on or After January 15, 2023

A vertically integrated residential real estate investment and property management company completed the acquisition of 20% stake in Portfolio of 23 Sun Belt Apartment Buildings.

A vertically integrated residential real estate investment and property management company completed the acquisition of 20% stake in Portfolio of 23 Sun Belt Apartment Buildings.

A vertically integrated residential real estate investment and property management company entered into an agreement to acquire 20% stake in portfolio of 23 Sun Belt apartment buildings from Tricon Residential Inc. (TSX:TCN) for approximately CAD 320 million.

Tricon Residential Inc. to Report Q3, 2022 Results on Nov 09, 2022

Upcoming dividend of US$0.058 per share

Second quarter 2022 earnings released: EPS: US$1.51 (vs US$0.73 in 2Q 2021)

Tricon Residential Inc. Declares Dividend, Payable on or After October 15, 2022

Tricon Residential Inc. to Report Q2, 2022 Results on Aug 11, 2022

Upcoming dividend of US$0.058 per share

First quarter 2022 earnings released: EPS: US$0.59 (vs US$0.21 in 1Q 2021)

Tricon Residential Inc. Declares Dividend, Payable on or After July 15, 2022

Tricon Residential Inc. to Report Q1, 2022 Results on May 11, 2022

Upcoming dividend of US$0.058 per share

Independent Director recently sold €164k worth of stock

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Tricon Residential Inc. Declares A Quarterly Dividend, Payable on or After April 15, 2022

Tricon Residential Inc. to Report Q4, 2021 Results on Mar 03, 2022

Tricon Residential Launches Tricon Vantage Program to Help Residents Enhance Their Financial Wellbeing

Upcoming dividend of CA$0.072 per share

President recently bought €622k worth of stock

Third quarter 2021 earnings released: EPS US$0.93 (vs US$0.30 in 3Q 2020)

President recently bought €685k worth of stock

Upcoming dividend of CA$0.07 per share

Second quarter 2021 earnings released: EPS US$0.73 (vs US$0.15 in 2Q 2020)

Upcoming dividend of CA$0.07 per share

Tricon Residential Inc. has completed a Follow-on Equity Offering in the amount of CAD 174.9995 million.

Co-Founder & Non Independent Director recently sold €1.4m worth of stock

First quarter 2021 earnings released: EPS US$0.21 (vs US$0.21 loss in 1Q 2020)

Tricon Residential Inc. Announces Dividend, Payable on or After July 15, 2021

Upcoming dividend of CA$0.07 per share

Revenue beats expectations

Full year 2020 earnings released: EPS US$0.58 (vs US$0.65 in FY 2019)

Tricon Residential Inc. (TSX:TCN) acquired remaining 75% stake in The Shops of Summerhill from RioCan Real Estate Investment Trust (TSX:REI.UN).

Two institutional investors entered into an agreement to acquire a 80% stake in Portfolio of 23 U.S. multi-family apartments from Tricon Residential Inc. (TSX:TCN) for approximately $430 million.

New 90-day high: €8.20

Hampshire Properties acquired two apartment complexes in Frisco from Tricon Residential Inc. (TSX:TCN) and STREETLIGHTS Residential, LLC.