TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (“Tricon” or the “Company”) (NYSE: TCN, TSX: TCN), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, has update today on its environmental, social and governance (“ESG”) initiatives. The Society is pleased to announce the upcoming launch of a down payment assistance program for its residents and the progress being made on several key environmental sustainability initiatives. Tricon also released its annual ESG Report, a comprehensive review of the company’s progress toward its ESG commitments in five key priority areas: our people, our residents, our impact, our governance and our innovation.
“As a leader in single family rentals and a people-focused company, we believe it is our duty to be a corporate citizen and responsible housing provider,” said Gary Berman, President and CEO. from Tricon Residential. “We understand that a house is not just a building or an asset, but a house. Tricon’s new industry-leading Resident Down Payment Assistance Program delivers on its promise to put our residents first and make homeownership more accessible for those looking to buy a home. We believe housing is a continuum and families should have viable options for renting or buying single-family homes.
“I am also proud to share our progress on a series of environmental sustainability initiatives that take our ESG program to new heights, as well as a full account of our 2021 performance in our annual ESG report,” added Mr. Berman. “With this year’s ESG Report, we have taken a significant step towards expanding our ESG reporting and metrics to better reflect the breadth of our far-reaching ESG program.”
Tricon’s Market-Leading Down Payment Assistance Program
Tricon is committed to providing housing options to its residents, including the ability to rent or own a home. Tricon’s industry-leading Down Payment Assistance Program is a key part of Tricon Vantage, a collection of tools and resources to help Tricon residents achieve their financial goals and improve their economic stability in long term.
Under the program, single-family Tricon residents are eligible for $5,000 down payment assistance to purchase a home of their choice, provided they have been Tricon residents in good standing for at least five years. The program will be available to eligible existing residents beginning in the fourth quarter of 2022 and will be retroactive to the first move-in date.
Environmental sustainability initiatives
Tricon is pleased to report the progress of several sustainability initiatives that demonstrate a clear and dedicated action plan to create a long-term positive impact on the environment:
Energy efficiency upgrades completed on 70% of the single-family rental portfolio
Deployment of solar power on the roof of 1,175 newly built homes
Piloting a Net Zero single-family rental community
Target LEED Gold certification on 90% of the Canadian multifamily portfolio
Details of these initiatives include:
- Sustainable renovation practices: Tricon focuses on a number of high-impact sustainability priorities when renovating or transforming each home, including: (i) evaluating and replacing major mechanical systems with energy-efficient alternatives, including certified appliances ENERGY STAR® and energy efficient HVAC and hot water systems. water systems, (ii) the installation of low-flow faucets and toilets to reduce water consumption, (iii) the installation of smart thermostats to allow our residents to better control the energy consumption of the heating/cooling of their homes, and (iv) the installation of natural and ecological water-friendly materials to reduce the environmental impact of renovation activities. By the end of 2021, Tricon had installed new appliances, HVAC systems and/or water heaters in more than 20,000 homes, representing approximately 70% of its single-family rental portfolio. The combined impact of these retrofits translates into estimated annual savings of more than 43.5 MWh of energy and nearly 2.0 million gallons of water.
- Solar deployment on the roof: Tricon currently has 1,175 homes slated for construction in six build-to-let communities across California that will be equipped with solar power. When completed, these homes will have the capacity to generate a combined 4.5MW of clean, renewable solar energy and are expected to offset 100% of a resident’s average electricity consumption, resulting in a reduction of approximately 6,570 tonnes of carbon dioxide emissions per year. Additionally, Tricon is piloting solar power upgrades on select existing homes in the Southwestern United States and plans to expand this program to several hundred homes over the next year.
- Net zero pilot: Tricon is working with a subsidiary of Highland Homes, HHS Residential, its largest build-to-let partner in Texas, to design a Net Zero pilot community. This community includes homes that will generate a Home Energy Rating System (HERS) rating of less than zero, which means the homes will be able to generate more energy than they consume over the course of of a typical year, which will result in an excess of clean energy that can be made available for other uses such as electric vehicles and/or contribution to the electricity grid.
- Canadian LEED multi-family certification: In Toronto, Tricon’s growing multi-family housing portfolio of approximately 4,800 apartments in operation or under development represents one of the most sustainable large-scale residential development programs in North America. Over 90% of Tricon’s current development pipeline, which spans over 3.9 million square feet of residential space, is aimed at achieving LEED Gold certification. Tricon is also a proud supporter of the Toronto Green Standards (TGS) program, Toronto’s sustainable design performance requirements for new developments. Over 50% of the entire portfolio meets or exceeds TGS Tier 2 certification requirements.
2021 ESG Report
Tricon today released its 2021 ESG Report. Highlights include:
Certified Great Place to Work® for the second consecutive year thanks to several programs that support employee well-being and engagement.
Supported career goals and professional development of employees through the launch of the Tricon Academy, which enabled more than 10,000 hours of leadership and technical skills training.
Developed a Diversity, Inclusion, and Belonging (“DIB”) roadmap and formed a DIB Board to create an inclusive and respectful work culture, champion employee action, and measure impact.
Hired 511 new employees in 2021, of which 61% identified as Black, Indigenous and People of Color (BIPOC) and 39% identified as women.
Launched Tricon Vantage, an industry-leading program to provide Tricon residents with tools and resources to set financial goals and improve their long-term economic stability. This includes a Resident Down Payment Assistance Program, which provides eligible residents with down payment assistance to purchase a home.
Continued to deliver an exceptional resident experience, as evidenced by Tricon’s 4.5-star Google rating and record resident turnover rate of 19.7% in 2021.
Invested more than $68 million in energy efficiency measures, covering nearly 70% of Tricon’s single-family rental homes.
Launched a pilot study for net-zero energy homes, including solar power installations, insulation upgrades and electric vehicle charging stations.
Target LEED Gold certification for 90% of the current Canadian multifamily development portfolio, representing nearly 3.9 million square feet of residential space.
Achieved 30% Club Canada Board Gender Diversity Standards.
Signed to the BlackNorth CEO Initiative Pledge, joining Canada’s largest companies in this united commitment to counter systemic anti-Black racism, and fulfilled our public commitment to foster leadership diversity.
Completed the inaugural GRESB submission and became a signatory to the UN-backed Principles for Responsible Investment.
Launched a proprietary Innovation Lab at Tricon’s operational headquarters, focused on transforming emerging technologies and resident knowledge into new service offerings and operational improvements.
Expanded Intelligent Virtual Agent (IVA) technology to facilitate maintenance requests as well as rental activities at Tricon’s centralized call center.
Extending TriPOD, Tricon’s proprietary CRM platform, to the multi-family portfolio to improve service delivery and operational efficiency.
Additional details on Tricon’s ESG goals and progress, as well as our 2021 ESG Report, are available in the Sustainability section of Tricon’s website at www.triconresidential.com.
About Tricon Residential Inc.
Tricon Residential Inc. owns and operates a growing portfolio of approximately 39,000 single-family rental homes and multi-family rental apartments in the United States and Canada, with a particular focus on the US Sun Belt. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s corporate culture and philosophy. We strive to continually improve the resident experience through our technology operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks the potential of life. For more information, visit www.triconresidential.com.
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This press release contains information regarding initiatives and expected future results that reflect the Company’s current expectations and intentions, but are subject to change. It also contains environmental performance measures derived from publicly available information that the Company believes to be accurate but has not independently verified.
The eligibility of Residents for the Deposit Assistance Program and the details of their participation are subject to other terms and conditions established by the Company.