Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40889 |
Entity Registrant Name | TRICON RESIDENTIAL INC. |
Entity Incorporation, State or Country Code | Z4 |
Entity Primary SIC Number | 6510 |
Entity Address, Address Line One | 7 St. Thomas Street |
Entity Address, Address Line Two | Suite 801 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5S 2B7 |
City Area Code | 416 |
Local Phone Number | 925-7228 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | TCN |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Entity Central Index Key | 0001584425 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1180 Avenue of the Americas |
Entity Address, Address Line Two | Suite 210 |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10036-8401 |
City Area Code | 800 |
Local Phone Number | 927-9800 |
Contact Personnel Name | Corporation Service Company |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Firm ID | 271 |
Auditor Location | Toronto, Canada |
Auditor Name | PricewaterhouseCoopers LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Restricted cash | $ 71,833 | $ 117,300 |
Goodwill | 29,726 | 29,726 |
Deferred income tax assets | 84,787 | 75,062 |
Intangible assets | 5,178 | 7,093 |
Other assets | 110,780 | 96,852 |
Derivative financial instruments | 7,380 | 10,358 |
Total non-current assets | 12,976,471 | 12,184,139 |
Current assets | ||
Cash | 170,739 | 204,303 |
Restricted cash | 49,618 | 0 |
Amounts receivable | 27,962 | 24,984 |
Prepaid expenses and deposits | 23,635 | 37,520 |
Total current assets | 271,954 | 266,807 |
Total assets | 13,248,425 | 12,450,946 |
Non-current liabilities | ||
Long-term debt | 5,468,884 | 4,971,049 |
Due to Affiliate | 262,422 | 256,824 |
Derivative financial instruments | 53,788 | 51,158 |
Deferred income tax liabilities | 629,090 | 591,713 |
Limited partners' interests in single-family rental business | 2,300,294 | 1,696,872 |
Long-term incentive plan | 28,149 | 25,244 |
Performance fees liability | 42,370 | 39,893 |
Other liabilities | 33,498 | 30,035 |
Total non-current liabilities | 8,818,495 | 7,662,788 |
Current liabilities | ||
Amounts payable and accrued liabilities | 150,221 | 138,273 |
Resident security deposits | 85,196 | 79,864 |
Dividends payable | 15,856 | 15,861 |
Current portion of long-term debt | 309,116 | 757,135 |
Total current liabilities | 560,389 | 991,133 |
Total liabilities | 9,378,884 | 8,653,921 |
Equity | ||
Share capital | 2,122,830 | 2,124,618 |
Contributed surplus | 26,832 | 21,354 |
Cumulative translation adjustment | 26,805 | 6,209 |
Retained earnings | 1,687,297 | 1,638,068 |
Total shareholders' equity | 3,863,764 | 3,790,249 |
Non-controlling interest | 5,777 | 6,776 |
Total equity | 3,869,541 | 3,797,025 |
Total liabilities and equity | 13,248,425 | 12,450,946 |
Rental properties | ||
Non-current assets | ||
Investment property | 12,190,792 | 11,445,659 |
Equity-accounted investments in multi-family rental properties | ||
Non-current assets | ||
Equity-accounted investments | 51,925 | 20,769 |
Equity-accounted investments in Canadian residential developments | ||
Non-current assets | ||
Equity-accounted investments | 99,336 | 106,538 |
Canadian development properties | ||
Non-current assets | ||
Investment property | 169,763 | 136,413 |
Investments in U.S. residential developments | ||
Non-current assets | ||
Equity-accounted investments | $ 154,971 | $ 138,369 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Profit or loss [abstract] | ||
Revenue from single-family rental properties | $ 795,317 | $ 645,585 |
Direct operating expenses | (261,936) | (209,089) |
Net operating income from single-family rental properties | 533,381 | 436,496 |
Revenue from strategic capital services | 54,458 | 160,088 |
Income from equity-accounted investments in multi-family rental properties | 5,297 | 1,550 |
Income from equity-accounted investments in Canadian residential developments | 4,348 | 11,198 |
Other income | 518 | 10,886 |
Income from investments in U.S. residential developments | 30,773 | 16,897 |
Compensation expense | (89,343) | (99,256) |
Performance fees expense | (2,550) | (35,854) |
General and administration expense | (86,502) | (58,991) |
Gain (loss) on debt modification and extinguishment | 1,326 | (6,816) |
Transaction costs | (16,632) | (18,537) |
Interest expense | (316,473) | (213,932) |
Fair value gain on rental properties | 210,936 | 858,987 |
Fair value loss on Canadian development properties | 0 | (440) |
Realized and unrealized (loss) gain on derivative financial instruments | (2,424) | 184,809 |
Amortization and depreciation expense | (17,794) | (15,608) |
Realized and unrealized foreign exchange (loss) gain | (13,859) | 498 |
Net change in fair value of limited partners’ interests in single-family rental business | (145,497) | (297,381) |
Total income (expense) | (437,876) | 338,010 |
Income before income taxes from continuing operations | 149,963 | 934,594 |
Income tax (expense) recovery - current | (2,240) | 33,959 |
Income tax expense - deferred | (25,899) | (189,179) |
Net income from continuing operations | 121,824 | 779,374 |
Income before income taxes from discontinued operations | 0 | 37,738 |
Income tax expense - current | 0 | (43,114) |
Income tax recovery - deferred | 0 | 40,482 |
Net income from discontinued operations | 0 | 35,106 |
Net income | 121,824 | 814,480 |
Attributable to: | ||
Shareholders of Tricon | 114,190 | 808,941 |
Non-controlling interest | 7,634 | 5,539 |
Net income | 121,824 | 814,480 |
Items that will be reclassified subsequently to net income | ||
Cumulative translation reserve | 20,596 | (16,633) |
Comprehensive income for the year | 142,420 | 797,847 |
Attributable to: | ||
Shareholders of Tricon | 134,786 | 792,308 |
Non-controlling interest | 7,634 | 5,539 |
Comprehensive income for the year | $ 142,420 | $ 797,847 |
Basic earnings per share attributable to shareholders of Tricon | ||
Continuing operations (in dollars per share) | $ 0.42 | $ 2.82 |
Discontinued operations (in dollars per share) | 0 | 0.13 |
Basic earnings per share attributable to shareholders of Tricon (in dollars per share) | 0.42 | 2.95 |
Diluted earnings per share attributable to shareholders of Tricon | ||
Continuing operations (in dollars per share) | 0.41 | 1.98 |
Discontinued operations (in dollars per share) | 0 | 0.11 |
Diluted earnings per share attributable to shareholders of Tricon (in dollars per share) | $ 0.41 | $ 2.09 |
Weighted average shares outstanding - basic (in shares) | 273,657,451 | 274,483,264 |
Weighted average shares outstanding - diluted (in shares) | 275,543,799 | 311,100,493 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total shareholders' equity | Share capital | Contributed surplus | Cumulative translation adjustment | Retained earnings | Non - controlling interest |
Equity at beginning of period at Dec. 31, 2021 | $ 3,061,069 | $ 3,053,794 | $ 2,114,783 | $ 22,790 | $ 22,842 | $ 893,379 | $ 7,275 |
Net income | 814,480 | 808,941 | 808,941 | 5,539 | |||
Cumulative translation reserve | (16,633) | (16,633) | (16,633) | ||||
Distributions to non-controlling interest | (6,038) | (6,038) | |||||
Dividends/Dividend reinvestment plan | (59,484) | (59,484) | 3,995 | (63,479) | |||
Repurchase of common shares | (5,353) | (5,353) | (4,580) | (773) | |||
Stock-based compensation | 3,164 | 3,164 | 2,655 | 509 | |||
Preferred units exchanged | 8,015 | 8,015 | 8,015 | ||||
Shares reserved for restricted share awards | (250) | (250) | (250) | ||||
Tax adjustment for equity issuance costs | (1,945) | (1,945) | (1,945) | ||||
Equity at end of period at Dec. 31, 2022 | 3,797,025 | 3,790,249 | 2,124,618 | 21,354 | 6,209 | 1,638,068 | 6,776 |
Net income | 121,824 | 114,190 | 114,190 | 7,634 | |||
Cumulative translation reserve | 20,596 | 20,596 | 20,596 | ||||
Distributions to non-controlling interest | (8,633) | (8,633) | |||||
Dividends/Dividend reinvestment plan | (58,884) | (58,884) | 4,440 | (63,324) | |||
Repurchase of common shares | (8,749) | (8,749) | (7,112) | (1,637) | |||
Stock-based compensation | 9,380 | 9,380 | 1,958 | 7,422 | |||
Preferred units exchanged | 0 | ||||||
Shares reserved for restricted share awards | (1,074) | (1,074) | (1,074) | ||||
Tax adjustment for equity issuance costs | (1,944) | (1,944) | (1,944) | ||||
Equity at end of period at Dec. 31, 2023 | $ 3,869,541 | $ 3,863,764 | $ 2,122,830 | $ 26,832 | $ 26,805 | $ 1,687,297 | $ 5,777 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income | $ 121,824 | $ 814,480 |
Net income from discontinued operations | 0 | (35,106) |
Adjustments for non-cash items | 22,115 | (473,961) |
Cash paid for AIP, LTIP and performance fees, net of equity contribution | (22,916) | (78,828) |
Advances made to investments | (26,126) | (26,255) |
Distributions received from investments | 29,428 | 47,873 |
Addition of interest rate caps derivative | (14,477) | 0 |
Changes in non-cash working capital items | 28,187 | 18,567 |
Net cash provided by operating activities from continuing operations | 138,035 | 266,770 |
Net cash provided by operating activities from discontinued operations | 0 | 3,499 |
Net cash provided by operating activities | 138,035 | 270,269 |
Investing activities | ||
Acquisition of rental properties | (554,206) | (2,362,185) |
Capital additions to rental properties | (177,024) | (326,460) |
Disposition of rental properties | 197,033 | 80,369 |
Disposition of Bryson MPC Holdings LLC | 0 | 11,041 |
Additions to fixed assets and other non-current assets | (46,449) | (35,983) |
Net cash used in investing activities from continuing operations | (580,646) | (2,633,218) |
Net cash provided by investing activities from discontinued operations | 0 | 212,637 |
Net cash used in investing activities | (580,646) | (2,420,581) |
Financing activities | ||
Lease payments | (5,848) | (3,070) |
Repurchase of common shares | (8,749) | (5,353) |
Proceeds from corporate borrowing | 640,000 | 300,000 |
Repayments of corporate borrowing | (470,356) | (301,453) |
Proceeds from rental and development properties borrowing | 1,770,820 | 3,967,704 |
Repayments of rental and development properties borrowing | (1,903,256) | (2,172,410) |
Dividends paid | (58,889) | (59,444) |
Change in restricted cash | (4,151) | 6,029 |
Contributions from limited partners | 494,995 | 489,387 |
Distributions to limited partners | (37,070) | (37,348) |
Distributions to non-controlling interests | (8,633) | (6,038) |
Net cash provided by financing activities | 408,863 | 2,178,004 |
Effect of foreign exchange rate difference on cash | 184 | (283) |
Change in cash during the year | (33,564) | 27,409 |
Cash - beginning of year | 204,303 | 176,894 |
Cash - end of year | 170,739 | 204,303 |
Supplementary information - Cash paid on | ||
Income taxes | 14,663 | 872 |
Interest | $ 290,751 | $ 184,862 |
NATUE OF BUSINESS
NATUE OF BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
General Information about Financial Statements [Abstract] | |
NATUE OF BUSINESS | NATURE OF BUSINESS Tricon Residential Inc. (“Tricon” or the “Company”) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes located primarily in the U.S. Sun Belt and multi-family apartments in Canada. The Company also invests in adjacent residential businesses which include residential development assets in the United States and Canada. Through its fully integrated operating platform, the Company earns rental income and ancillary revenue from single-family rental properties, income from its investments in multi-family rental properties and residential developments, as well as fees from managing strategic capital associated with its businesses. Tricon was incorporated on June 16, 1997 under the Business Corporations Act (Ontario) and its head office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario, M5S 2B7. The Company is domiciled in Canada. Tricon became a public company in Canada on May 20, 2010 and completed an initial public offering of its common shares in the U.S. on October 12, 2021. The Company’s common shares are traded under the symbol TCN on both the New York Stock Exchange ("NYSE") and the Toronto Stock Exchange ("TSX"). On January 19, 2024, the Company announced that it had entered into an arrangement agreement (the "Arrangement Agreement") under which Blackstone Real Estate Partners X L.P. ("BREP X"), together with Blackstone Real Estate Income Trust, Inc. ("BREIT" and, together with BREP X and their respective affiliates, "Blackstone"), will acquire all outstanding common shares of Tricon, resulting in the privatization of the Company (Note 40). |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Preparation of consolidated financial statements The consolidated financial statements are prepared on a going-concern basis and have been presented in U.S. dollars, which is also the Company’s functional currency. All financial information is presented in thousands of U.S. dollars except where otherwise indicated. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). The preparation of consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The estimates involving a high degree of judgment or complexity, or estimates where assumptions are significant to the consolidated financial statements, are disclosed in Note 4. These consolidated financial statements have been prepared under the historical cost convention, except for: Rental properties, which are recorded at fair value with changes in fair value recorded in the consolidated statements of comprehensive income; (ii) Canadian development properties, which are recorded at fair value with changes in fair value recorded in the consolidated statements of comprehensive income; (iii) Certain investments in U.S. residential developments, which are accounted for as equity investments, are recorded at fair value through profit or loss, as permitted by IAS 28, Investments in Associates and Joint Ventures ("IAS 28"); (iv) Derivative financial instruments, which are recorded at fair value through profit or loss; and (v) Limited partners' interests, which are recorded at fair value through profit or loss. The accounting impact of the Company's businesses and their presentation in the Company's consolidated financial statements are summarized in the table below. ACCOUNTING PRESENTATION Business segment Accounting assessment Accounting methodology Presentation in Balance Sheet Presentation in Statement of Income Presentation of Non-controlling interest Single-Family Rental Tricon wholly-owned Controlled subsidiary Consolidation Rental properties Revenue from single-family rental properties N/A SFR JV-1 Controlled subsidiary Consolidation Limited partners' interests SFR JV-HD Controlled subsidiary Consolidation SFR JV-2 Controlled subsidiary Consolidation Multi-Family Rental U.S. multi-family (1) Divested in October 2022 Equity method Divested in October 2022 Income from discontinued operations N/A Canadian multi-family: Investments in associate Equity method Equity-accounted investments in multi-family rental properties Income from equity-accounted investments in multi-family rental properties N/A Canadian multi-family: 57 Spadina LP (The Taylor) (2) Investments in associate Equity method Income from equity-accounted investments in Canadian residential developments from January 1, 2023 to September 30, 2023 Income from equity-accounted investments in multi-family rental properties from October 1, 2023 to December 31, 2023 N/A Canadian residential developments Summerhill Shops LP (The Shops of Controlled subsidiary Consolidation Canadian development properties Other income N/A Scrivener Square LP (The James) N/A WDL 8 LP (Maple House) Joint venture Equity method Equity-accounted investments in Canadian residential developments Income from equity-accounted investments in Canadian residential developments N/A WDL 20 LP (Oak House) Joint venture Equity method N/A WDL 3/4/7 LP (Cherry House) Joint venture Equity method N/A DKT B10 LP (Birch House) Joint venture Equity method N/A 6-8 Gloucester LP (The Ivy) Joint venture Equity method N/A Queen Ontario LP (ROQ City) Joint venture Equity method N/A Symington LP (The Spoke) Joint venture Equity method N/A KT Housing Now Six Points LP (3) Joint venture Equity method N/A U.S. residential developments THPAS Holdings JV-1 LLC Investments in associates Equity method Investments in U.S. residential developments Income from investments in U.S. residential developments N/A THPAS Development JV-2 LLC Investments in associates Equity method N/A For-sale housing Investments in associates Equity method N/A Strategic Capital (4) Private funds GP entities Controlled subsidiary Consolidation Consolidated Revenue from strategic capital services N/A Johnson development management Controlled subsidiary Consolidation Consolidated Component of equity (1) On October 18, 2022, the Company completed the sale of its remaining 20% equity interest in the U.S. multi-family rental portfolio (Note 5). (2) As at September 30, 2023, 57 Spadina LP (The Taylor) achieved stabilization. In the fourth quarter of 2023, being the first full quarter after stabilization, it was reclassified from the Canadian residential developments segment to the multi-family rental segment. (3) On June 23, 2023, the Company entered into a new joint venture investment, KT Housing Now Six Points LP, with its partner, Kilmer Group (Note 8). (4) Strategic Capital was previously reported as Private Funds and Advisory. |
SUMMARY OF MATERIAL ACCOUNTING
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies, Changes In Accounting Policies And Errors [Abstract] | |
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 50 % 12/31/2023 — Tricon Housing Partners Canada III LP (3) Limited Partnership Canada Canada 10 % > 50 % 3/22/2022 — CCR Texas Equity LP Limited Partnership USA USA 10 % 50 % 12/31/2023 1 Vistancia West Equity LP Limited Partnership USA USA 7 % 50 % 12/31/2025 — Conroe CS Texas Equity LP Limited Partnership USA USA 10 % 50 % N/A N/A Arantine Hills Equity LP (5) Limited Partnership USA USA 7 % 50 % 11/06/2023 N/A AHEquity I LP (5) Limited Partnership USA USA 9 % 50 % N/A N/A Viridian Equity LP Limited Partnership USA USA 18 % 50 % 12/31/2027 1 McKinney Project Equity LLC Limited Partnership USA USA 44 % 50 % N/A N/A THPAS Holdings JV-1 LLC Limited Partnership USA USA 11 % 50 % N/A N/A (1) In respect of major decisions only. (2) Dissolution date is the date on which the Investment Vehicle is required to commence its liquidation process under its constating documents and may be subject to extension either pursuant to those documents or with the consent of investors in the vehicle. Some vehicles will conduct their liquidation by operating their remaining projects through to completion with no substantive changes to the business plan. (3) For the purposes of analysis under IFRS, it was determined that Tricon acts primarily as an agent for the benefit of its investors in these partnership entities, and thus Tricon does not control these entities in accordance with the criteria set out in IFRS 10. (4) Tricon Housing Partners US II LP obtained a one-year extension from the limited partners of the fund during the year. (5) During the year ended December 31, 2023, Arantine Hills Equity LP was dissolved. The Company's and its partner's interests were recapitalized into AHEquity I LP, which has no fixed dissolution date under its revised constating document. Structured entity — unconsolidated A structured entity is an entity created to accomplish a narrow and well-defined objective. Those entities’ activities are restricted to the extent that they are, in essence, not directed by voting or similar rights. The Company concluded that Tricon PIPE LLC is a structured entity as it was created for the sole purpose of issuing its preferred units to investors and offering financing to the Company (Note 20), and the Company does not have exposure to variable returns related to its involvement in the entity or make the relevant decisions for the entity. Under IFRS 10, such a structured entity does not meet the criteria for control and is not required to be consolidated. Acquisition transactions The Company assesses whether an acquisition transaction should be accounted for as an asset acquisition or a business combination under IFRS 3, Business Combinations ("IFRS 3"). The Company classifies its acquisitions as asset acquisitions when it acquires a single asset (or a group of similar assets) that does not include substantive processes that significantly contribute to the ability to create outputs. Where the Company has concluded that it has acquired an asset, the Company uses the asset purchase model whereby the initial cost of the acquired property is comprised of its purchase price and any directly attributable expenditures. Directly attributable expenditures include transaction costs such as due diligence costs, appraisal fees, environmental fees, legal fees, land transfer taxes and brokerage fees. Rental properties The Company's rental properties consist of single-family rental homes held to earn rental income. Subsequent to initial recognition, rental properties are recorded at fair value in accordance with IAS 40, Investment Property (“IAS 40”). Fair value is determined based on a combination of internal and external processes and valuation techniques according to the valuation policy discussed in Note 6. Gains or losses arising from changes in the fair value and capitalized costs of rental properties are recorded in the consolidated statements of comprehensive income in the period in which they arise. In determining whether certain costs are additions to the carrying amount of rental properties or period expenses, management applies judgment based on whether these costs are incurred to enhance the service potential of the property. All costs associated with upgrading and extending the economic life of the existing properties, including internal amounts that are directly attributable to a specific rental property, other than ordinary repairs and maintenance, are capitalized to rental property. Rental income and operating expenses from rental properties are reported within rental revenue and direct operating expenses incurred for rental properties, respectively, in the consolidated statements of comprehensive income. Foreign currency translation Currency translation Foreign currency transactions (Canadian dollar) are translated into U.S. dollars using exchange rates in effect at the date of the transaction. Monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the exchange rate in effect at the measurement date. Non-monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the historical exchange rate or the exchange rate in effect at the measurement date for items recognized at FVTPL. Gains and losses arising from foreign exchange are included in the consolidated statements of comprehensive income. Consolidated entities For subsidiaries that are required to be consolidated, the results and financial position of those subsidiaries with a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing rate at the date of the balance sheet; (ii) income and expenses are translated at average exchange rates. The Company uses monthly average exchange rates due to the volume of transactions each month; and (iii) all resulting exchange differences are recognized in other comprehensive income. Other assets Other assets include fixed assets, leasehold improvements and right-of-use assets. Fixed assets and leasehold improvements Fixed assets (building, property-related systems software, vehicles, furniture and office equipment and computer equipment) and leasehold improvements are accounted for at cost less accumulated depreciation and impairment. Leasehold improvements are amortized on a straight-line basis over their useful lives, which are typically their lease terms. All other depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, as follows: Building 30 years Furniture, computer, office equipment 3-7 years Software 3-15 years Vehicles and other 5-7 years The estimated useful lives of fixed assets are reviewed and adjusted, if appropriate, at each financial year-end. As described below under Impairment of non-financial assets, fixed assets are also reviewed at each balance sheet date to determine whether there is an indication of impairment. Right-of-use assets and lease liabilities At the lease commencement date, a right-of-use asset and lease liability are recognized on the consolidated balance sheets for all leases, with the exception of short-term and low-value leases. The right-of-use assets and lease liabilities are initially measured at the present value of the lease payments, which includes reasonably certain extension options. Lease payments are apportioned between the implicit finance charge and the implicit repayment of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of comprehensive income using the effective interest method. Right-of-use assets are amortized on a straight-line basis over their lease terms and are accounted for at cost less accumulated amortization and reviewed at each balance sheet date to determine whether there is an indication of impairment. Intangible assets Intangible assets include capitalized placement fees, customer relationship and contractual development fees. Placement fees represent costs incurred to secure investment management contracts. Performance fee rights represent costs incurred to obtain rights to receive future performance fees from joint venture projects. These are accounted for as intangible assets carried at cost less accumulated amortization. Amortization is recorded using the straight-line method and is based on the estimated useful lives of the associated joint ventures, which are generally eight years. The customer relationship intangible relates to the Company’s ownership of The Johnson Companies LP ("Johnson"), in which Tricon owns a 50.1% interest, and represents an estimate of the potential management fees, development fees and commissions that Tricon could collect, based on potential future projects resulting from Johnson’s existing customer relationships at the time of the acquisition of Johnson, and as such are considered to be definite-life intangibles. Similarly, the contractual development fee intangibles from Johnson represent an estimate of the future lot development fees and commissions that Tricon expects to collect over the lives of the projects that Johnson managed at the time of acquisition. They are amortized by project over the estimated periods that the Company expects to collect these fees, which is approximately seven years for both management fees and lot development fees. Impairment of non-financial assets Assets that are subject to amortization and depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level, which is the smallest identifiable group of assets that generate cash inflows from other assets or group of assets. Non-financial assets are reviewed for possible impairment or reversal of a previously recorded impairment as at each reporting date. Financial instruments Financial assets The Company's financial assets are comprised of cash, restricted cash, amounts receivable and derivative financial instruments. Financial assets within the scope of IFRS 9, Financial Instruments ("IFRS 9") are initially measured at fair value and subsequently classified and measured in one of three categories in accordance with IFRS 9: amortized cost, fair value through other comprehensive income ("FVOCI") or FVTPL. Transaction costs related to derivative financial instruments are expensed as incurred and charged to income within the consolidated statements of comprehensive income. Gains and losses arising from changes in the fair value of derivative financial instruments are presented in the consolidated statements of comprehensive income together with gains and losses arising from changes in the fair value of other liabilities. Financial assets and liabilities classified and measured at FVTPL are presented within changes in operating assets and liabilities in the consolidated statements of cash flows. Financial assets are derecognized only when the contractual rights to the cash flows from the financial assets expire or the Company transfers substantially all of the risks and rewards of ownership. The Company assesses, at each balance sheet date, whether or not there is an expected credit loss with respect to amounts receivable. If in a subsequent period the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed, to the extent that the carrying value of the receivable does not exceed its amortized cost at the reversal date. Any subsequent reversal of an impairment loss is recognized in net income. Financial liabilities The Company’s financial liabilities consist of amounts payable and accrued liabilities, resident security deposits, dividends payable, debt, convertible debentures, Due to Affiliate, derivative financial instruments, limited partners' interests in single-family rental business and other liabilities. Financial liabilities within the scope of IFRS 9 are initially measured at fair value and subsequently classified and measured at FVTPL or amortized cost, as appropriate. A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. Interest expense is accounted for using the effective interest rate method. The effective interest rate method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the expected life of the instrument. The effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Gains or losses from the modification of borrowing terms during the year are recognized over the remaining life of the borrowing by adjusting the effective interest rate, on the basis that the terms and conditions of the liability remained largely unchanged. Should the modification be considered substantial, the original financial liability is derecognized and a new financial liability is recognized at fair value. Derivative financial instruments Derivative financial instruments, which are primarily comprised of the mandatory prepayment provision related to the Due to Affiliate, the exchange and redemption provisions of the underlying preferred units (Note 21), are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value with the resulting gain or loss reflected in net income. Derivatives are valued using model calibration. Inputs to the valuation model are determined from observable market data wherever possible, including prices available from exchanges, over-the-counter markets and consensus pricing. Certain inputs may not be observable in the market directly, but can be determined from observable prices via model calibration procedures or estimated from historical data or other sources. Any directly attributable transaction costs are allocated between the derivative and the host liability component, and the portion attributed to the derivative is expensed in the consolidated statements of comprehensive income. Limited partners' interests in single-family rental business The interests of the limited partners in the following subsidiaries are recognized as financial liabilities in accordance with IAS 32, Financial Instruments: Presentation ("IAS 32"): Investment Vehicle Subsidiary Limited partners' ownership interest % SFR JV-1 SFR JV-1 Equity LLC 66.3 % SFR JV-1 LP 66.3 % SFR JV-1 REIT 1 LLC 49.5 % SFR JV-1 REIT 2 LLC 49.5 % SFR JV-1 Holding LP 49.5 % SFR JV-2 SFR JV-2 Equity LLC 70.7 % SFR JV-2 LP 70.7 % SFR JV-2 REIT 1 LLC 49.5 % SFR JV-2 REIT 2 LLC 49.5 % SFR JV-2 Holdings LP 49.5 % SFR JV-HD SFR JV-HD Equity LLC 66.3 % SFR JV-HD LP 66.3 % SFR JV-HD REIT 1 LLC 49.5 % SFR JV-HD REIT 2 LLC 49.5 % SFR JV-HD Holdings LP 49.5 % Limited partners' interests in single-family rental business are recorded at fair value through profit or loss and reflect the fair value of the underlying investments in SFR JV-1, SFR JV-2 and SFR JV-HD, along with any contributions by and distributions to limited partners during the period. Changes in the fair value of the limited partners' interests in single-family rental business are reflected in the consolidated statements of comprehensive income. Cash Cash includes cash deposited in banks. The Company maintains its cash in financial institutions with high credit quality in order to minimize its credit loss exposure. Restricted cash Restricted cash primarily consists of property tax reserves, capital reserves, and collateralized rent payment receipts held in bank accounts controlled by lenders. Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown as a deduction, net of tax, from the proceeds. Where the Company purchases its equity share capital to settle restricted share awards or for cancellation, the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company’s equity holders. Earnings per share Basic Basic earnings per share is determined using the weighted average number of shares outstanding including vested deferred share units, taking into account on a retrospective basis any increases or decreases caused by share splits or reverse share splits occurring after the reporting period, but prior to the consolidated financial statements being authorized for issue. Diluted The Company considers the effects of stock compensation, convertible debentures and exchange rights in connection with the preferred unit issuance of Tricon PIPE LLC in calculating diluted earnings per share. Diluted earnings per share is calculated by adjusting net income attributable to shareholders of the Company and the weighted average number of shares outstanding based on the assumption of the conversion of all potentially dilutive shares on a weighted average basis from the beginning of the year or, if later, the date the stock compensation, convertible debentures or conversion rights were issued to the balance sheet date. Dividends Dividends on common shares are recognized in the consolidated financial statements in the period in which the dividends are approved by Tricon’s Board of Directors. Current and deferred income taxes Income tax expense includes current and deferred income taxes. Income tax expense is recognized in the consolidated statements of comprehensive income, except to the extent that it relates to items recognized directly in equity, in which case the tax is also recognized directly in equity. Current income taxes are the expected taxes payable on the taxable income for the period, using income tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to income taxes payable in respect of previous years. The Company uses the liability method to recognize deferred income taxes on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax assets are only recorded if it is probable that they will be realized. Enacted or substantively enacted rates in effect at the consolidated balance sheet date that are expected to apply when the deferred income tax asset is realized or the deferred tax liability is settled are used to calculate deferred income taxes. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Revenue Revenue from single-family rental properties Revenue recognition under a lease commences when a resident has a right to use the leased asset, which is typically when the resident takes possession of, or controls the physical use of, the leased property. Generally, this occurs on the lease commencement date. Lease contracts with residents normally include lease and non-lease components, which may be bundled into one fixed gross lease payment. Lease revenue earned directly from leasing the homes is recognized and measured on a straight-line basis over the lease term in accordance with IFRS 16, Leases (“IFRS 16”). Leases for single-family rental homes are generally for a term of one Ancillary revenue is income the Company generates from providing services that are not primary rental revenue from a lease contract. Ancillary revenue includes pet fees, early termination fees and other service fees. Ancillary revenue is measured at the amount of consideration which the Company expects to receive in exchange for providing services to a resident. Ancillary revenue is included with revenue from single-family rental properties in the consolidated statements of comprehensive income, and the details of revenue, including ancillary income, are discussed in Note 15. In addition to revenue generated from the lease component, revenue from single-family rental properties includes a non-lease component earned from the residents, which is recognized under IFRS 15, Revenue from Contracts with Customers (“IFRS 15” ) . Non-lease revenue includes property management services, such as repairs and maintenance performed on the properties. These services represent a single performance obligation and revenue is recognized over time as the services are provided, regardless of when the payment is received. Revenue from rental properties is allocated to non-lease components using a cost-plus margin approach whereby the Company separates the operating costs that pertain to the services provided to the residents and applies a reasonable profit margin. The Company has concluded that it is the principal in all of its revenue arrangements since it controls the specified goods or services before those goods or services are transferred to customers. Revenue from strategic capital services The Company's vertically integrated management platform provides asset management, development management and property management services. The Company provides asset management services to joint venture partners and third-party investors for which it earns market-based fees in connection with its businesses in the U.S. and Canada. These contractual fees are typically up to 2% of committed or invested capital throughout the lives of the Investment Vehicles under management. The Company may also earn performance fees once targeted returns are achieved by an Investment Vehicle. The Company recognizes performance fees only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Consideration for these services is variable as it is dependent upon the occurrence of a future event that includes the repayment of investor capital and a predetermined rate of return. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle. The Company also earns development management and advisory service fees from third parties and/or related parties. Development management and advisory services are satisfied over time. Revenues are recognized based on the best estimate of the amounts earned for those services, which typically reflects contractual fees of 2-5% of the sales price of single-family lots, residential land parcels and commercial land within master-planned communities, as well as built-to-rent communities, and 4-5% of overall development costs of Canadian multi-family rental apartments. The Company includes variable consideration in the revenues only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Specifically for Johnson, consideration for these services is variable as it is dependent upon the occurrence of a future event that is the sale of the developed property. Revenue is typically recognized as the development of the property is completed, and control has been transferred to the respective buyer. These management fees earned in exchange for providing development management and advisory services are billed upon the sale of the property. The Company earns property management fees, leasing fees, acquisition and disposition fees, and construction management fees through its rental operating platform. These management services are satisfied over time and revenues are recognized as services are provided in accordance with IFRS 15. Compensation arrangements Stock option plan The Company accounts for its stock option plan by calculating the fair value of the options as of the grant date using a Black-Scholes option pricing model and observable market inputs. This fair value is recognized as compensation cost using the graded vesting method over the vesting period of the options. Upon the announcement of the Arrangement Agreement, specific adjustments have been made to the measurement of stock options to account for accelerated vesting and settlement value changes (Notes 31 and 40). Annual Incentive Plan ("AIP") The Company’s AIP provides for an aggregate bonus pool based on the sum of all employees’ individual AIP targets. The portion of the pool attributable to senior executive management is market-benchmarked and subject to an adjustment factor, as approved by the Board, of between 50% and 150%, based on the achievement of Company performance objectives determined by the Board at the beginning of each year. The final pool is then allocated among employees based on individual and collective performance. AIP awards will be made in cash and equity-based grants, with the proportion of equity-based awards being correlated to the seniority of an individual’s role within the Company. Equity-based AIP awards are granted in a combination of deferred share units ("DSUs"), performance share units ("PSUs"), stock options and restricted shares, pursuant to the Company's Deferred Share Unit Plan ("DSUP"), Performance Share Unit Plan ("PSUP"), stock option plan and Restricted Share Plan, respectively. Upon the announcement of the Arrangement Agreement, specific adjustments have been made to the measurement of equity-based awards to account for accelerated vesting and settlement value changes (Notes 31 and 40). Long-term incentive plan ("LTIP") LTIP expense is generated from two sources: (i) up to 50% of the Company’s share of performance fees or carried interest from certain Investment Vehicles, paid in cash when received; and (ii) 15% of the income from THP1 US (a U.S. residential development Investment Vehicle), also payable in cash. Amounts under the LTIP are allocated among employees in accordance with the plan. For the expense generated from the Company’s share of performance fees or carried interest from certain Investment Vehicles, the Company estimates its total liability by determining the unrealized carried interest at each reporting date based on the estimated fair value of the underlying inves" id="sjs-B4">SUMMARY OF MATERIAL ACCOUNTING POLICIES The following is a summary of the material accounting policies applied in the preparation of these consolidated financial statements. Consolidation The consolidated financial statements include the financial statements of the Company and its controlled subsidiaries. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The accounting policies of subsidiaries have been modified where necessary to align them with the policies adopted by the Company. When the Company does not own all of the equity in a subsidiary, the non-controlling equity interest is disclosed in the consolidated balance sheet as a separate component of total equity. A non-controlling interest may also be classified as a financial liability if the non-controlling interest contains an option or a redemption feature, which is the case for SFR JV-1, SFR JV-2 and SFR JV-HD. Intra-group balances and transactions are eliminated upon consolidation. The Company currently consolidates Tricon Single-Family Rental REIT LLC and its wholly-owned subsidiaries, along with SFR JV-1, SFR JV-2 and SFR JV-HD (collectively, the “single-family rental” business), and The James (Scrivener Square) and The Shops of Summerhill (collectively, the "Canadian development properties"). Joint arrangements and interests in associates Investments in joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Joint operations are accounted for using proportionate consolidation as per IFRS 11, Joint Arrangements ("IFRS 11") while joint ventures apply the equity method in accordance with IAS 28. Interests in associates - equity method of accounting An associate is an entity over which the Company has significant influence, but not control (or joint control), in accordance with IAS 28. Generally, the Company is considered to exert significant influence when it holds, directly or indirectly, 20% or more of the voting power of the investee. However, determining significant influence is a matter of judgment and specific circumstances. Joint ventures - equity method of accounting A joint venture is a joint arrangement under which the investors have joint control through a separate legal entity established and hold an interest in the net assets (as opposed to a direct interest in the underlying project). The Company accounts for its joint ventures using the equity method. Under the equity method, a contribution to an investee is initially recognized at cost and adjusted thereafter to recognize the Company's share of profit or loss of the investee in accordance with Tricon's accounting policies. Distributions received from an investee reduce the carrying amount of the investment. The Company's associates and joint ventures that are equity-accounted include the following investments in multi-family rental properties, U.S. residential developments and Canadian residential developments: Name Type Principal place of business Country of incorporation Ownership interest % Voting rights % (1) Associates 592 Sherbourne LP (The Selby) Limited Partnership Canada Canada 15 % 50 % 57 Spadina LP (The Taylor) Limited Partnership Canada Canada 30 % 50 % THPAS Development JV-2 LLC Limited Partnership USA USA 20 % 50 % Joint ventures WDL 3/4/7 LP (Cherry House) Limited Partnership Canada Canada 33 % 33 % WDL 8 LP (Maple House) Limited Partnership Canada Canada 33 % 33 % WDL 20 LP (Oak House) Limited Partnership Canada Canada 33 % 33 % DKT B10 LP (Birch House) Limited Partnership Canada Canada 33 % 33 % 6-8 Gloucester LP (The Ivy) Limited Partnership Canada Canada 47 % 50 % Queen Ontario LP (ROQ City) Limited Partnership Canada Canada 10 % 50 % Symington LP (The Spoke) Limited Partnership Canada Canada 10 % 50 % KT Housing Now Six Points LP Limited Partnership Canada Canada 50 % 50 % (1) In respect of major decisions only. The Company's investments in U.S. residential developments meet the definition of associates per IAS 28; however, Tricon has elected to apply the exception in paragraph IAS 28.36A, which permits a non-investment company investor to elect to retain investment entity accounting for associates that themselves qualify as investment entities, where applicable. Under IFRS 10, Consolidated Financial Statements ("IFRS 10"), an investment entity is an entity that (i) obtains funds from one or more investors for the purpose of providing them with investment management services, (ii) commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income (including rental income), or both, and (iii) measures and evaluates the performance of substantially all of its investments on a fair value basis. The following associates meet the definition of an investment entity, and therefore, all of their project assets held through subsidiaries are measured at fair value. Name Type Principal place of business Country of incorporation Ownership interest % Voting rights % (1) Dissolution date (2) Remaining extension period (years) Associates Tricon Housing Partners US LP (3) Limited Partnership USA USA 68 % 68 % 7/1/2022 — Tricon Housing Partners US Syndicated Pool II LP Limited Partnership USA USA 20 % 50 % 3/2/2024 2 Tricon Housing Partners US II LP (3),(4) Limited Partnership USA USA 8 % > 50 % 12/31/2023 — Tricon Housing Partners Canada III LP (3) Limited Partnership Canada Canada 10 % > 50 % 3/22/2022 — CCR Texas Equity LP Limited Partnership USA USA 10 % 50 % 12/31/2023 1 Vistancia West Equity LP Limited Partnership USA USA 7 % 50 % 12/31/2025 — Conroe CS Texas Equity LP Limited Partnership USA USA 10 % 50 % N/A N/A Arantine Hills Equity LP (5) Limited Partnership USA USA 7 % 50 % 11/06/2023 N/A AHEquity I LP (5) Limited Partnership USA USA 9 % 50 % N/A N/A Viridian Equity LP Limited Partnership USA USA 18 % 50 % 12/31/2027 1 McKinney Project Equity LLC Limited Partnership USA USA 44 % 50 % N/A N/A THPAS Holdings JV-1 LLC Limited Partnership USA USA 11 % 50 % N/A N/A (1) In respect of major decisions only. (2) Dissolution date is the date on which the Investment Vehicle is required to commence its liquidation process under its constating documents and may be subject to extension either pursuant to those documents or with the consent of investors in the vehicle. Some vehicles will conduct their liquidation by operating their remaining projects through to completion with no substantive changes to the business plan. (3) For the purposes of analysis under IFRS, it was determined that Tricon acts primarily as an agent for the benefit of its investors in these partnership entities, and thus Tricon does not control these entities in accordance with the criteria set out in IFRS 10. (4) Tricon Housing Partners US II LP obtained a one-year extension from the limited partners of the fund during the year. (5) During the year ended December 31, 2023, Arantine Hills Equity LP was dissolved. The Company's and its partner's interests were recapitalized into AHEquity I LP, which has no fixed dissolution date under its revised constating document. Structured entity — unconsolidated A structured entity is an entity created to accomplish a narrow and well-defined objective. Those entities’ activities are restricted to the extent that they are, in essence, not directed by voting or similar rights. The Company concluded that Tricon PIPE LLC is a structured entity as it was created for the sole purpose of issuing its preferred units to investors and offering financing to the Company (Note 20), and the Company does not have exposure to variable returns related to its involvement in the entity or make the relevant decisions for the entity. Under IFRS 10, such a structured entity does not meet the criteria for control and is not required to be consolidated. Acquisition transactions The Company assesses whether an acquisition transaction should be accounted for as an asset acquisition or a business combination under IFRS 3, Business Combinations ("IFRS 3"). The Company classifies its acquisitions as asset acquisitions when it acquires a single asset (or a group of similar assets) that does not include substantive processes that significantly contribute to the ability to create outputs. Where the Company has concluded that it has acquired an asset, the Company uses the asset purchase model whereby the initial cost of the acquired property is comprised of its purchase price and any directly attributable expenditures. Directly attributable expenditures include transaction costs such as due diligence costs, appraisal fees, environmental fees, legal fees, land transfer taxes and brokerage fees. Rental properties The Company's rental properties consist of single-family rental homes held to earn rental income. Subsequent to initial recognition, rental properties are recorded at fair value in accordance with IAS 40, Investment Property (“IAS 40”). Fair value is determined based on a combination of internal and external processes and valuation techniques according to the valuation policy discussed in Note 6. Gains or losses arising from changes in the fair value and capitalized costs of rental properties are recorded in the consolidated statements of comprehensive income in the period in which they arise. In determining whether certain costs are additions to the carrying amount of rental properties or period expenses, management applies judgment based on whether these costs are incurred to enhance the service potential of the property. All costs associated with upgrading and extending the economic life of the existing properties, including internal amounts that are directly attributable to a specific rental property, other than ordinary repairs and maintenance, are capitalized to rental property. Rental income and operating expenses from rental properties are reported within rental revenue and direct operating expenses incurred for rental properties, respectively, in the consolidated statements of comprehensive income. Foreign currency translation Currency translation Foreign currency transactions (Canadian dollar) are translated into U.S. dollars using exchange rates in effect at the date of the transaction. Monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the exchange rate in effect at the measurement date. Non-monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the historical exchange rate or the exchange rate in effect at the measurement date for items recognized at FVTPL. Gains and losses arising from foreign exchange are included in the consolidated statements of comprehensive income. Consolidated entities For subsidiaries that are required to be consolidated, the results and financial position of those subsidiaries with a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing rate at the date of the balance sheet; (ii) income and expenses are translated at average exchange rates. The Company uses monthly average exchange rates due to the volume of transactions each month; and (iii) all resulting exchange differences are recognized in other comprehensive income. Other assets Other assets include fixed assets, leasehold improvements and right-of-use assets. Fixed assets and leasehold improvements Fixed assets (building, property-related systems software, vehicles, furniture and office equipment and computer equipment) and leasehold improvements are accounted for at cost less accumulated depreciation and impairment. Leasehold improvements are amortized on a straight-line basis over their useful lives, which are typically their lease terms. All other depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, as follows: Building 30 years Furniture, computer, office equipment 3-7 years Software 3-15 years Vehicles and other 5-7 years The estimated useful lives of fixed assets are reviewed and adjusted, if appropriate, at each financial year-end. As described below under Impairment of non-financial assets, fixed assets are also reviewed at each balance sheet date to determine whether there is an indication of impairment. Right-of-use assets and lease liabilities At the lease commencement date, a right-of-use asset and lease liability are recognized on the consolidated balance sheets for all leases, with the exception of short-term and low-value leases. The right-of-use assets and lease liabilities are initially measured at the present value of the lease payments, which includes reasonably certain extension options. Lease payments are apportioned between the implicit finance charge and the implicit repayment of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of comprehensive income using the effective interest method. Right-of-use assets are amortized on a straight-line basis over their lease terms and are accounted for at cost less accumulated amortization and reviewed at each balance sheet date to determine whether there is an indication of impairment. Intangible assets Intangible assets include capitalized placement fees, customer relationship and contractual development fees. Placement fees represent costs incurred to secure investment management contracts. Performance fee rights represent costs incurred to obtain rights to receive future performance fees from joint venture projects. These are accounted for as intangible assets carried at cost less accumulated amortization. Amortization is recorded using the straight-line method and is based on the estimated useful lives of the associated joint ventures, which are generally eight years. The customer relationship intangible relates to the Company’s ownership of The Johnson Companies LP ("Johnson"), in which Tricon owns a 50.1% interest, and represents an estimate of the potential management fees, development fees and commissions that Tricon could collect, based on potential future projects resulting from Johnson’s existing customer relationships at the time of the acquisition of Johnson, and as such are considered to be definite-life intangibles. Similarly, the contractual development fee intangibles from Johnson represent an estimate of the future lot development fees and commissions that Tricon expects to collect over the lives of the projects that Johnson managed at the time of acquisition. They are amortized by project over the estimated periods that the Company expects to collect these fees, which is approximately seven years for both management fees and lot development fees. Impairment of non-financial assets Assets that are subject to amortization and depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level, which is the smallest identifiable group of assets that generate cash inflows from other assets or group of assets. Non-financial assets are reviewed for possible impairment or reversal of a previously recorded impairment as at each reporting date. Financial instruments Financial assets The Company's financial assets are comprised of cash, restricted cash, amounts receivable and derivative financial instruments. Financial assets within the scope of IFRS 9, Financial Instruments ("IFRS 9") are initially measured at fair value and subsequently classified and measured in one of three categories in accordance with IFRS 9: amortized cost, fair value through other comprehensive income ("FVOCI") or FVTPL. Transaction costs related to derivative financial instruments are expensed as incurred and charged to income within the consolidated statements of comprehensive income. Gains and losses arising from changes in the fair value of derivative financial instruments are presented in the consolidated statements of comprehensive income together with gains and losses arising from changes in the fair value of other liabilities. Financial assets and liabilities classified and measured at FVTPL are presented within changes in operating assets and liabilities in the consolidated statements of cash flows. Financial assets are derecognized only when the contractual rights to the cash flows from the financial assets expire or the Company transfers substantially all of the risks and rewards of ownership. The Company assesses, at each balance sheet date, whether or not there is an expected credit loss with respect to amounts receivable. If in a subsequent period the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed, to the extent that the carrying value of the receivable does not exceed its amortized cost at the reversal date. Any subsequent reversal of an impairment loss is recognized in net income. Financial liabilities The Company’s financial liabilities consist of amounts payable and accrued liabilities, resident security deposits, dividends payable, debt, convertible debentures, Due to Affiliate, derivative financial instruments, limited partners' interests in single-family rental business and other liabilities. Financial liabilities within the scope of IFRS 9 are initially measured at fair value and subsequently classified and measured at FVTPL or amortized cost, as appropriate. A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. Interest expense is accounted for using the effective interest rate method. The effective interest rate method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the expected life of the instrument. The effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Gains or losses from the modification of borrowing terms during the year are recognized over the remaining life of the borrowing by adjusting the effective interest rate, on the basis that the terms and conditions of the liability remained largely unchanged. Should the modification be considered substantial, the original financial liability is derecognized and a new financial liability is recognized at fair value. Derivative financial instruments Derivative financial instruments, which are primarily comprised of the mandatory prepayment provision related to the Due to Affiliate, the exchange and redemption provisions of the underlying preferred units (Note 21), are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value with the resulting gain or loss reflected in net income. Derivatives are valued using model calibration. Inputs to the valuation model are determined from observable market data wherever possible, including prices available from exchanges, over-the-counter markets and consensus pricing. Certain inputs may not be observable in the market directly, but can be determined from observable prices via model calibration procedures or estimated from historical data or other sources. Any directly attributable transaction costs are allocated between the derivative and the host liability component, and the portion attributed to the derivative is expensed in the consolidated statements of comprehensive income. Limited partners' interests in single-family rental business The interests of the limited partners in the following subsidiaries are recognized as financial liabilities in accordance with IAS 32, Financial Instruments: Presentation ("IAS 32"): Investment Vehicle Subsidiary Limited partners' ownership interest % SFR JV-1 SFR JV-1 Equity LLC 66.3 % SFR JV-1 LP 66.3 % SFR JV-1 REIT 1 LLC 49.5 % SFR JV-1 REIT 2 LLC 49.5 % SFR JV-1 Holding LP 49.5 % SFR JV-2 SFR JV-2 Equity LLC 70.7 % SFR JV-2 LP 70.7 % SFR JV-2 REIT 1 LLC 49.5 % SFR JV-2 REIT 2 LLC 49.5 % SFR JV-2 Holdings LP 49.5 % SFR JV-HD SFR JV-HD Equity LLC 66.3 % SFR JV-HD LP 66.3 % SFR JV-HD REIT 1 LLC 49.5 % SFR JV-HD REIT 2 LLC 49.5 % SFR JV-HD Holdings LP 49.5 % Limited partners' interests in single-family rental business are recorded at fair value through profit or loss and reflect the fair value of the underlying investments in SFR JV-1, SFR JV-2 and SFR JV-HD, along with any contributions by and distributions to limited partners during the period. Changes in the fair value of the limited partners' interests in single-family rental business are reflected in the consolidated statements of comprehensive income. Cash Cash includes cash deposited in banks. The Company maintains its cash in financial institutions with high credit quality in order to minimize its credit loss exposure. Restricted cash Restricted cash primarily consists of property tax reserves, capital reserves, and collateralized rent payment receipts held in bank accounts controlled by lenders. Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown as a deduction, net of tax, from the proceeds. Where the Company purchases its equity share capital to settle restricted share awards or for cancellation, the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company’s equity holders. Earnings per share Basic Basic earnings per share is determined using the weighted average number of shares outstanding including vested deferred share units, taking into account on a retrospective basis any increases or decreases caused by share splits or reverse share splits occurring after the reporting period, but prior to the consolidated financial statements being authorized for issue. Diluted The Company considers the effects of stock compensation, convertible debentures and exchange rights in connection with the preferred unit issuance of Tricon PIPE LLC in calculating diluted earnings per share. Diluted earnings per share is calculated by adjusting net income attributable to shareholders of the Company and the weighted average number of shares outstanding based on the assumption of the conversion of all potentially dilutive shares on a weighted average basis from the beginning of the year or, if later, the date the stock compensation, convertible debentures or conversion rights were issued to the balance sheet date. Dividends Dividends on common shares are recognized in the consolidated financial statements in the period in which the dividends are approved by Tricon’s Board of Directors. Current and deferred income taxes Income tax expense includes current and deferred income taxes. Income tax expense is recognized in the consolidated statements of comprehensive income, except to the extent that it relates to items recognized directly in equity, in which case the tax is also recognized directly in equity. Current income taxes are the expected taxes payable on the taxable income for the period, using income tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to income taxes payable in respect of previous years. The Company uses the liability method to recognize deferred income taxes on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax assets are only recorded if it is probable that they will be realized. Enacted or substantively enacted rates in effect at the consolidated balance sheet date that are expected to apply when the deferred income tax asset is realized or the deferred tax liability is settled are used to calculate deferred income taxes. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Revenue Revenue from single-family rental properties Revenue recognition under a lease commences when a resident has a right to use the leased asset, which is typically when the resident takes possession of, or controls the physical use of, the leased property. Generally, this occurs on the lease commencement date. Lease contracts with residents normally include lease and non-lease components, which may be bundled into one fixed gross lease payment. Lease revenue earned directly from leasing the homes is recognized and measured on a straight-line basis over the lease term in accordance with IFRS 16, Leases (“IFRS 16”). Leases for single-family rental homes are generally for a term of one Ancillary revenue is income the Company generates from providing services that are not primary rental revenue from a lease contract. Ancillary revenue includes pet fees, early termination fees and other service fees. Ancillary revenue is measured at the amount of consideration which the Company expects to receive in exchange for providing services to a resident. Ancillary revenue is included with revenue from single-family rental properties in the consolidated statements of comprehensive income, and the details of revenue, including ancillary income, are discussed in Note 15. In addition to revenue generated from the lease component, revenue from single-family rental properties includes a non-lease component earned from the residents, which is recognized under IFRS 15, Revenue from Contracts with Customers (“IFRS 15” ) . Non-lease revenue includes property management services, such as repairs and maintenance performed on the properties. These services represent a single performance obligation and revenue is recognized over time as the services are provided, regardless of when the payment is received. Revenue from rental properties is allocated to non-lease components using a cost-plus margin approach whereby the Company separates the operating costs that pertain to the services provided to the residents and applies a reasonable profit margin. The Company has concluded that it is the principal in all of its revenue arrangements since it controls the specified goods or services before those goods or services are transferred to customers. Revenue from strategic capital services The Company's vertically integrated management platform provides asset management, development management and property management services. The Company provides asset management services to joint venture partners and third-party investors for which it earns market-based fees in connection with its businesses in the U.S. and Canada. These contractual fees are typically up to 2% of committed or invested capital throughout the lives of the Investment Vehicles under management. The Company may also earn performance fees once targeted returns are achieved by an Investment Vehicle. The Company recognizes performance fees only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Consideration for these services is variable as it is dependent upon the occurrence of a future event that includes the repayment of investor capital and a predetermined rate of return. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle. The Company also earns development management and advisory service fees from third parties and/or related parties. Development management and advisory services are satisfied over time. Revenues are recognized based on the best estimate of the amounts earned for those services, which typically reflects contractual fees of 2-5% of the sales price of single-family lots, residential land parcels and commercial land within master-planned communities, as well as built-to-rent communities, and 4-5% of overall development costs of Canadian multi-family rental apartments. The Company includes variable consideration in the revenues only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Specifically for Johnson, consideration for these services is variable as it is dependent upon the occurrence of a future event that is the sale of the developed property. Revenue is typically recognized as the development of the property is completed, and control has been transferred to the respective buyer. These management fees earned in exchange for providing development management and advisory services are billed upon the sale of the property. The Company earns property management fees, leasing fees, acquisition and disposition fees, and construction management fees through its rental operating platform. These management services are satisfied over time and revenues are recognized as services are provided in accordance with IFRS 15. Compensation arrangements Stock option plan The Company accounts for its stock option plan by calculating the fair value of the options as of the grant date using a Black-Scholes option pricing model and observable market inputs. This fair value is recognized as compensation cost using the graded vesting method over the vesting period of the options. Upon the announcement of the Arrangement Agreement, specific adjustments have been made to the measurement of stock options to account for accelerated vesting and settlement value changes (Notes 31 and 40). Annual Incentive Plan ("AIP") The Company’s AIP provides for an aggregate bonus pool based on the sum of all employees’ individual AIP targets. The portion of the pool attributable to senior executive management is market-benchmarked and subject to an adjustment factor, as approved by the Board, of between 50% and 150%, based on the achievement of Company performance objectives determined by the Board at the beginning of each year. The final pool is then allocated among employees based on individual and collective performance. AIP awards will be made in cash and equity-based grants, with the proportion of equity-based awards being correlated to the seniority of an individual’s role within the Company. Equity-based AIP awards are granted in a combination of deferred share units ("DSUs"), performance share units ("PSUs"), stock options and restricted shares, pursuant to the Company's Deferred Share Unit Plan ("DSUP"), Performance Share Unit Plan ("PSUP"), stock option plan and Restricted Share Plan, respectively. Upon the announcement of the Arrangement Agreement, specific adjustments have been made to the measurement of equity-based awards to account for accelerated vesting and settlement value changes (Notes 31 and 40). Long-term incentive plan ("LTIP") LTIP expense is generated from two sources: (i) up to 50% of the Company’s share of performance fees or carried interest from certain Investment Vehicles, paid in cash when received; and (ii) 15% of the income from THP1 US (a U.S. residential development Investment Vehicle), also payable in cash. Amounts under the LTIP are allocated among employees in accordance with the plan. For the expense generated from the Company’s share of performance fees or carried interest from certain Investment Vehicles, the Company estimates its total liability by determining the unrealized carried interest at each reporting date based on the estimated fair value of the underlying inves |
CRITITAL ACCOUNTING ESTIMATES A
CRITITAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | |
CRITITAL ACCOUNTING ESTIMATES AND JUDGEMENTS | CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The Company makes estimates and assumptions concerning the future. The resulting accounting estimates can, by definition, differ from the related actual results. The following are the accounting policies subject to judgments and estimation uncertainty that management believes could have a significant risk of causing material adjustments to the amounts recognized in the consolidated financial statements. Actual results could differ from these estimates and the differences may be material. Significant estimates Income taxes The determination of the Company’s income and other tax liabilities requires interpretation of complex laws and regulations often involving multiple jurisdictions. Significant estimates are required in determining the Company’s consolidated income tax provision. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions. Furthermore, deferred income tax balances are recorded using enacted or substantively enacted future income tax rates. Changes in enacted income tax rates are not within the control of management. However, any such changes in income tax rates may result in actual income tax amounts that may differ significantly from estimates recorded in deferred tax balances. Valuation of rental properties The fair values of single-family rental properties are typically determined using a combination of internal and external processes and valuation techniques according to the valuation policy as set out in Note 6. The valuation inputs are considered Level 3, as judgment is used in determining the weight to apply to inputs based on recent comparable-sales data information and whether adjustments are needed to account for unique characteristics of the assets. A change to these inputs could significantly alter the fair values of the rental properties. Fair value of investments The fair values of the Company’s investments in multi-family rental properties, Canadian residential developments, Canadian development properties and U.S. residential development associates (excluding THPAS Development JV-2 LLC) are determined using the valuation methodologies described in Notes 7, 8, 9 and 10. By their nature, these valuation techniques require the use of assumptions that are mainly based on market conditions existing at the end of each reporting period. Changes in the underlying assumptions could materially impact the determination of the fair value of a financial instrument. Imprecision in determining fair value using valuation techniques may affect the investment income recognized in a particular period. Fair value of incentive plans and participation arrangements Management is required to make certain assumptions and to estimate future financial performance in order to estimate the fair value of incentive plans and performance fees participation arrangements at each consolidated balance sheet date. The LTIP and the performance fees liability require management to estimate the net asset value of each Investment Vehicle and the corresponding changes in unrealized carried interests, which are updated on a quarterly basis. Changes in the underlying assumptions used to calculate the net asset value of each Investment Vehicle could materially impact the determination of the LTIP and the performance fees liability. Significant estimates and assumptions relating to such incentive plans and participation arrangements are disclosed in Notes 3, 31 and 32. Significant judgments Acquisition of rental properties The Company’s accounting policies relating to rental properties are described in Note 3. In applying these policies, judgment is exercised in determining whether certain costs are additions to the carrying amount of a rental property and whether properties acquired are considered to be asset acquisitions or business combinations. Should the purchase meet the criteria of a business combination, then transaction costs such as appraisal and legal fees are expensed immediately and included in the consolidated statements of comprehensive income. If the purchase is an asset acquisition, transaction costs form part of the purchase price and earnings are not immediately affected. Basis of consolidation The consolidated financial statements of the Company include the accounts of Tricon and its wholly-owned subsidiaries, as well as entities over which the Company exercises control on a basis other than majority ownership of voting interests within the scope of IFRS 10. Judgment is applied in determining if an entity meets the criteria of control as defined in the accounting standard. Investments in joint ventures and joint arrangements The Company makes judgments in determining the appropriate accounting for investments in other entities. These judgments include determining the significant relevant activities and assessing the level of influence Tricon has over the activities through contractual arrangements. In addition, the Company also determines whether Tricon's rights and obligations are directly related to the assets and liabilities of the arrangement or to the net assets of the joint arrangement. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Non-current Asset Held for Sale and Discontinued Operations [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On October 18, 2022, the Company sold its remaining 20% equity interest in its U.S. multi-family rental portfolio (held through Tricon US Multi-Family REIT LLC), for total proceeds of $219,354, which resulted in a loss on sale of $856, net of transaction costs. (in thousands of U.S. dollars) December 31, 2022 Total consideration $ 219,354 Net asset value on disposition (213,493) Transaction cost (6,717) Loss on sale (856) The Company presented prior-period income from equity-accounted investments in U.S. multi-family rental properties as discontinued operations, separate from the Company's continuing operations. The profit or loss of the discontinued operations was as follows: (in thousands of U.S. dollars) For the year ended December 31, 2022 Revenue $ 105,641 Expenses (68,680) Fair value gain on U.S. multi-family rental properties 156,009 Net and other comprehensive income $ 192,970 Tricon's share of net income at 20% $ 38,594 Loss on sale (856) Income tax expense - current (43,114) Income tax expense - deferred 40,482 Net income from discontinued operations $ 35,106 |
RENTAL PROPERTIES
RENTAL PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
RENTAL PROPERTIES | RENTAL PROPERTIES Management is responsible for fair value measurements included in the financial statements, including Level 3 measurements. The valuation processes and results are reviewed and approved by the Valuation Committee once every quarter, in line with the Company’s quarterly reporting dates. The Valuation Committee consists of individuals who are knowledgeable and have experience in the fair value techniques for the real estate properties held by the Company. The Valuation Committee decides on the appropriate valuation methodologies for new real estate properties and contemplates changes in the valuation methodology for existing real estate holdings. Additionally, the Valuation Committee analyzes the movements in each property’s (or group of properties') value, which involves assessing the validity of the inputs applied in the valuation. The following table presents the changes in the rental property balances for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 11,445,659 $ 7,978,396 Acquisitions (1) 554,206 2,362,185 Capital expenditures 177,024 326,460 Fair value adjustments (2) 210,936 858,987 Dispositions (197,033) (80,369) Balance, end of year $ 12,190,792 $ 11,445,659 (1) The total purchase price includes $2,544 (2022 - $3,021) of capitalized transaction costs in relation to the acquisitions. (2) Fair value adjustments include realized fair value gains of $52,737 for the year ended December 31, 2023 (2022 - $12,997) on the single-family rental properties. The Company used the following techniques to determine the fair value measurements included in the consolidated financial statements categorized under Level 3. Single-family rental homes Valuation methodology The fair value of single-family rental homes is typically determined based on comparable sales primarily by using adjusted Home Price Index (“HPI”) and periodically Broker Price Opinions (“BPOs”), as applicable. In addition, homes that were purchased in the last three to six months (or homes purchased in the year that are not yet stabilized) from the reporting date are recorded at their purchase price plus the cost of capital expenditures. BPOs are quoted by qualified brokers who hold active real estate licenses and have market experience in the locations and segments of the properties being valued. The brokers value each property based on recent comparable sales and active comparable listings in the area, assuming the properties were all renovated to an average standard in their respective areas. The Company typically obtains a BPO when a home is first included in a securitization or other long-term financing vehicle. Adjusted HPI is used to update the value, on a quarterly basis, of single-family rental homes that were most recently valued using a BPO for purposes of use in a long-term financing, and if no BPO has been obtained, adjusted HPI is used for homes acquired more than six months prior to such quarter. The HPI is calculated based on a repeat-sales model using large real estate information databases compiled from public records. The HPI was calculated as at November 30, 2023 for rental homes acquired prior to October 1, 2023 and has been adjusted based on management's judgment informed by recent transactions and other relevant factors. The quarterly HPI change is then applied to the previously recorded fair value of the rental homes. The data used to determine the fair value of the Company’s single-family rental homes is specific to the zip code in which the property is located. Adjusted HPI growth during the quarter was 0.3%, net of capital expenditures (2022 - 0.7%). There were 1,685 homes valued using the BPO method during the quarter (2022 - none). The combination of the HPI and BPO methodologies resulted in a fair value gain of $2,029 for the quarter ended December 31, 2023 (2022 - $56,414). HPI growth during the year was 2.5% (2022 - 17.4%). Adjusted HPI growth during the year was 2.8%, net of capital expenditures, compared to 12.3% in the prior year. There were 5,503 homes valued using the BPO method during the year (2022 - 4,166 homes), and the combined methodologies of adjusted HPI and BPO resulted in a fair value gain of $210,936 for the year ended December 31, 2023 (2022 - $858,987). Sensitivity The adjusted HPI change during the year was 2.8% (2022 - 12.3%). If the change in the adjusted HPI increased or decreased by 1.0%, the impact on the single-family rental property balance at December 31, 2023 would be $94,632 and ($94,632), respectively (2022 - $77,962 and ($77,962)). |
EQUITY-ACCOUNTED INVESTMENTS IN
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Interests in Other Entities [Abstract] | |
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES | EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES The Company's equity-accounted investments in multi-family rental properties consist of investments in associates owning two class A multi-family rental properties in Toronto ("592 Sherbourne LP", operating as "The Selby", and "57 Spadina LP", operating as "The Taylor"), over which the Company has significant influence. The following table presents the change in the balance of equity-accounted investments in multi-family rental properties for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 20,769 $ 199,285 Distributions (695) (3,824) Income from equity-accounted investments in multi-family rental properties (1) 5,297 40,144 Reclassification from equity-accounted investments in Canadian residential developments (2) 25,416 — Disposition of equity-accounted investment in U.S. multi-family rental properties (Note 5) — (213,493) Translation adjustment (3) 1,138 (1,343) Balance, end of year $ 51,925 $ 20,769 (1) Of the $40,144 income from equity-accounted investments earned during 2022, $38,594 was attributable to U.S. multi-family rental properties and reclassified to income from discontinued operations (Note 5). (2) On September 30, 2023, The Taylor achieved stabilization. In the fourth quarter of 2023, being the first full quarter after stabilization, Tricon's investment in 57 Spadina LP was reclassified from equity-accounted investments in Canadian residential developments to investments in multi-family rental properties (Note 8). (3) For the year ended December 31, 2023, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $1,138. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $1,343. The following tables present the ownership interests and carrying values of the Company’s equity-accounted investments in multi-family rental properties. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee. December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 5,119 $ 275,359 $ 3,828 $ 116,409 $ 160,241 $ 23,446 57 Spadina LP (The Taylor) Toronto, ON 30 % 19,150 208,095 3,677 129,386 94,182 28,479 Total $ 24,269 $ 483,454 $ 7,505 $ 245,795 $ 254,423 $ 51,925 (1) Tricon's share of net assets of $51,925 is comprised of $52,304 as per the investees' financial statements less $379 of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments. December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 2,834 $ 256,854 $ 2,080 $ 115,311 $ 142,297 $ 20,769 Total $ 2,834 $ 256,854 $ 2,080 $ 115,311 $ 142,297 $ 20,769 (1) Tricon's share of net assets of $20,769 is comprised of $21,345 as per the investees' financial statements less $576 of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments. For the year ended December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income Tricon's share of net income Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 13,055 $ (7,974) $ 11,550 $ 16,631 $ 2,504 57 Spadina LP (The Taylor) (1) Toronto, ON 30 % 2,344 (3,150) 10,071 9,265 2,793 Total $ 15,399 $ (11,124) $ 21,621 $ 25,896 $ 5,297 (1) The income of $2,793 represents Tricon's share of net income from 57 Spadina LP for the period from October 1, 2023 to December 31, 2023. For the year ended December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income Tricon's share of net income Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 12,441 $ (8,023) $ 5,916 $ 10,334 $ 1,550 Total $ 12,441 $ (8,023) $ 5,916 $ 10,334 $ 1,550 |
EQUITY-ACCOUNTING INVESTMENTS I
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS | EQUITY-ACCOUNTED INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS The Company has entered into certain arrangements in the form of jointly controlled entities and investments in associates for various Canadian multi-family rental developments. Joint ventures represent development properties held in partnership with third parties where decisions relating to the relevant activities of the joint venture require the unanimous consent of the partners. These arrangements are accounted for under the equity method. The following table presents the change in the balance of equity-accounted investments in Canadian residential developments for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 106,538 $ 98,675 Advances (1) 11,934 13,360 Distributions (2) (370) (10,212) Income from equity-accounted investments in Canadian residential developments 4,348 11,198 Reclassification to equity-accounted investments in Canadian multi-family rental properties (3) (25,416) — Translation adjustment (4) 2,302 (6,483) Balance, end of year $ 99,336 $ 106,538 (1) Advances to equity-accounted investments in Canadian residential developments for the year ended December 31, 2023 include advances for 6-8 Gloucester LP, WDL 20 LP, WDL 3/4/7 LP, Queen Ontario LP, Symington LP and KT Housing Now Six Points LP. (2) Distributions from equity-accounted investments in Canadian residential developments for December 31, 2022 represent sales proceeds from the Company's divestiture of two-thirds of its original 30% equity ownership in Queen Ontario LP to its institutional partner. (3) On September 30, 2023, The Taylor achieved stabilization. In the fourth quarter of 2023, being the first full quarter after stabilization, Tricon's investment in 57 Spadina LP was reclassified from equity-accounted investments in Canadian residential developments to investments in multi-family rental properties (Note 7). (4) For the year ended December 31, 2023, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $2,302. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $6,483. The following tables present the ownership interests and carrying values of the Company’s equity-accounted investments in Canadian residential developments. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee. December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ 1,871 $ 202,646 $ 21,844 $ 128,402 $ 54,271 $ 18,097 WDL 8 LP (Maple House) Toronto, ON 33 % 7,449 321,163 16,295 257,400 54,917 18,312 WDL 20 LP (Oak House) Toronto, ON 33 % 422 46,118 6 36,311 10,223 3,414 DKT B10 LP (Birch House) (2) Toronto, ON 33 % 3,373 71,669 7,094 38,923 29,025 11,187 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 1,895 133,592 9,683 79,561 46,243 22,370 Queen Ontario LP (ROQ City) Toronto, ON 10 % 6,389 155,615 4,919 — 157,085 16,059 Symington LP (The Spoke) Toronto, ON 10 % 1,674 59,165 4,987 — 55,852 5,674 KT Housing Now Six Points LP (3) Toronto, ON 50 % 1,346 7,959 859 — 8,446 4,223 Total $ 24,419 $ 997,927 $ 65,687 $ 540,597 $ 416,062 $ 99,336 December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ 2,993 $ 141,357 $ 7,721 $ 84,646 $ 51,983 $ 17,335 WDL 8 LP (Maple House) Toronto, ON 33 % 7,318 241,907 21,105 188,473 39,647 13,222 WDL 20 LP (Oak House) Toronto, ON 33 % 722 43,082 186 34,295 9,323 3,114 DKT B10 LP (Birch House) (2) Toronto, ON 33 % 1,290 42,111 6,669 8,507 28,225 10,885 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 1,101 100,147 4,263 52,585 44,400 20,988 Queen Ontario LP (ROQ City) (4) Toronto, ON 10 % 5,167 121,336 806 — 125,697 12,912 Symington LP (The Spoke) (5) Toronto, ON 10 % 688 36,038 158 22,149 14,419 1,450 19,279 725,978 40,908 390,655 313,694 79,906 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % 1,280 189,106 6,000 96,344 88,042 26,632 1,280 189,106 6,000 96,344 88,042 26,632 Total $ 20,559 $ 915,084 $ 46,908 $ 486,999 $ 401,736 $ 106,538 ( 1) Tricon's share of net assets of $99,336 (December 31, 2022 - $106,538) is comprised of $96,818 (December 31, 2022 - $104,364) as per the investees' financial statements plus $2,518 (December 31, 2022 - $2,174) of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments. (2) Tricon's share of net assets of DKT B10 LP includes the purchase price paid to third-party partners for a one-third ownership interest in the partnership. (3) On June 23, 2023, the Company entered into a new joint venture investment, KT Housing Now LP. (4) On April 12, 2022, the Company sold two-thirds of its original 30% equity ownership interest in Queen & Ontario to its institutional partner. (5) On February 22, 2022, the Company entered into a new joint venture investment, Symington LP. For the year ended December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income (loss) Tricon's share of net income Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ 4 $ (102) $ — $ (98) $ (33) WDL 8 LP (Maple House) Toronto, ON 33 % 677 (2,610) 17,092 15,159 5,053 WDL 20 LP (Oak House) Toronto, ON 33 % — (6) — (6) (2) DKT B10 LP (Birch House) Toronto, ON 33 % 4 (60) 174 118 39 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 24 (1,507) 2,269 786 370 Queen Ontario LP (ROQ City) Toronto, ON 10 % 6 (98) 2,125 2,033 203 Symington LP (The Spoke) Toronto, ON 10 % — (68) — (68) (7) KT Housing Now Six Points LP (1) Toronto, ON 50 % — (23) — (23) (11) 715 (4,474) 21,660 17,901 5,612 Associates 57 Spadina LP (The Taylor) (2) Toronto, ON 30 % 3,849 (8,062) — (4,213) (1,264) Total $ 4,564 $ (12,536) $ 21,660 $ 13,688 $ 4,348 (1) On June 23, 2023, the Company entered into a new joint venture investment, KT Housing Now Six Points LP. (2) The loss of $1,264 represents Tricon's share of net loss from 57 Spadina LP for the period from January 1, 2023 to September 30, 2023. For the year ended December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income (loss) Tricon's share of net income Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ — $ — $ 234 $ 234 $ 78 WDL 8 LP (Maple House) Toronto, ON 33 % 1 (161) 13,176 13,016 4,337 WDL 20 LP (Oak House) Toronto, ON 33 % — — — — — DKT B10 LP (Birch House) Toronto, ON 33 % — (2) 238 236 79 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % — (24) 8,019 7,995 3,759 Labatt Village Holding LP Toronto, ON 38 % — — — — 8 Queen Ontario LP (ROQ City) Toronto, ON 10 % 114 (242) 1,676 1,548 155 Symington LP (The Spoke) Toronto, ON 10 % — (12) — (12) (1) 115 (441) 23,343 23,017 8,415 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % 133 (2,122) 10,634 8,645 2,783 Total $ 248 $ (2,563) $ 33,977 $ 31,662 $ 11,198 Based on the assessment of current economic conditions, there are no indicators of impairment of the Company's equity-accounted investments in Canadian residential developments as at December 31, 2023. |
CANADIAN DEVELOPMENT PROPERTIES
CANADIAN DEVELOPMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
CANADIAN DEVELOPMENT PROPERTIES | CANADIAN DEVELOPMENT PROPERTIES The Company's Canadian development properties include one development project (The James) and an adjacent commercial property (The Shops of Summerhill) in Toronto. The following table presents the changes in the Canadian development properties balance for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 136,413 $ 133,250 Development expenditures 29,415 12,686 Fair value adjustments — (440) Translation adjustment (1) 3,935 (9,083) Balance, end of year $ 169,763 $ 136,413 (1) During the year, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $3,935. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $9,083. The Company earned $1,441 of commercial rental income from The Shops of Summerhill for the year ended December 31, 2023 (2022 - $1,668), which is classified as other income. Valuation methodology Fair value is determined by independent appraisers who hold recognized and relevant professional qualifications and have recent experience in the location and category of the property being valued. The fair values of Canadian development properties are based on active market prices for similar development assets and the discounted cash flow methodology is used for commercial income-producing properties. For properties under development, active market prices for land value per square foot are quoted by third-party appraisers and are adjusted for differences, incorporating the nature of the development, location or condition of the asset, as well as assumptions about the recoverability of development costs, all of which are considered to be level 3 inputs. For commercial income-producing properties, the discounted cash flow methodology takes into consideration the present value of expected future cash flows from rental operations and the property's eventual sale. The Canadian development properties were valued on September 1, 2023. Management has assessed the impact of any market changes that occurred subsequent to the date of the valuation and has determined the value remained valid as at December 31, 2023. Key valuation assumptions for the Canadian development properties are set out below. December 31, 2023 December 31, 2022 Property under development Land value per square foot (1) $ 265 $ 258 Commercial income-producing property Discount rate 5.00 % 4.75 % Capitalization rate 4.75 % 4.50 % (1) Equivalent to C$350 per square foot (2022 - C$350) translated to U.S dollars at the year-end exchange rate. Sensitivity For the property valued using active market prices, a 5.0% increase or decrease in the appraised land value per square foot would result in a change to the fair value of $6,257 or ($6,257), respectively (2022 - $4,851 and ($4,851), respectively). |
INVESTMENT IN U.S. RESIDENTIAL
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS | INVESTMENTS IN U.S. RESIDENTIAL DEVELOPMENTS The Company makes investments in U.S. residential developments via equity investments and loan advances. Advances made to investments are added to the carrying value when paid; distributions from investments are deducted from the carrying value when received. The following table presents the changes in the investments in U.S. residential developments for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 138,369 $ 143,153 Advances (1) 14,192 15,655 Distributions (28,363) (37,336) Income from investments in U.S. residential developments (2) 30,773 16,897 Balance, end of year $ 154,971 $ 138,369 (1) Advances to U.S. residential developments for December 31, 2022 include $2,760 in non-cash contributions related to the syndication of the Company's investment in Bryson MPC Holdings LLC to THPAS Development JV-2 LLC. (2) There were no realized gains or losses included in the income from investments in U.S. residential developments for the year ended December 31, 2023 (2022 - nil). The following tables present the ownership interests and carrying values of the Company’s investments in U.S. residential developments. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee. December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 1,395 $ 43,881 $ 184 $ — $ 45,092 $ 30,820 THPAS Development JV-2 LLC USA 20 % 2,604 69,720 1,127 — 71,197 14,179 Viridian Equity LP USA 18 % 16 49,563 — — 49,579 8,899 McKinney Project Equity LLC USA 44 % — 133,038 — — 133,038 58,204 THPAS Holdings JV-1 LLC USA 11 % 24,393 229,238 182 — 253,449 28,161 Remaining investments (2) USA and Canada 7% - 22% 55,110 142,000 38,278 — 158,832 14,708 Total $ 83,518 $ 667,440 $ 39,771 $ — $ 711,187 $ 154,971 December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 1,236 $ 44,363 $ 118 $ — $ 45,481 $ 27,837 Viridian Equity LP USA 18 % 4 67,659 4 — 67,659 12,140 McKinney Project Equity LLC USA 44 % — 119,575 — — 119,575 52,314 THPAS Holdings JV-1 LLC USA 11 % 5,545 182,490 593 — 187,442 20,829 Remaining investments (2) USA and Canada 7% -22% 18,695 247,584 5,600 — 260,679 25,249 Total $ 25,480 $ 661,671 $ 6,315 $ — $ 680,836 $ 138,369 (1)Tricon's share of net assets could vary significantly from its pro-rata share due to the waterfall distribution model which incorporates subordination adjustments that are governed by each venture and partnership agreement. (2) Includes Tricon's investments in U.S. residential developments that are individually immaterial. See Note 3 for a list of all U.S. residential development investments. For the year ended December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains (losses) Net and other comprehensive income Tricon's share of net income (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 6,512 $ (68) $ (3,583) $ 2,861 $ 2,984 THPAS Development JV-2 LLC USA 20 % 18,033 (10,253) — 7,780 1,681 Viridian Equity LP USA 18 % — — 13,509 13,509 2,427 McKinney Project Equity LLC USA 44 % — — 41,153 41,153 18,004 THPAS Holdings JV-1 LLC USA 11 % 252 (3,169) 23,198 20,281 2,325 Remaining investments (2) USA and Canada 7% - 22% 3,391 (676) 30,640 33,355 3,352 Total $ 28,188 $ (14,166) $ 104,917 $ 118,939 $ 30,773 For the year ended December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains (losses) Net and other comprehensive income Tricon's share of net income (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 6,253 $ (75) $ (1,676) $ 4,502 $ 4,577 Viridian Equity LP USA 18 % — — 13,538 13,538 2,430 McKinney Project Equity LLC USA 44 % — — 9,588 9,588 4,128 THPAS Holdings JV-1 LLC USA 11 % 490 (2,852) 6,524 4,162 455 Remaining investments (2) USA and Canada 7% - 22% 4,324 (3,524) 49,290 50,090 5,307 Total $ 11,067 $ (6,451) $ 77,264 $ 81,880 $ 16,897 (1) Tricon's share of net income could vary significantly from its pro-rata share due to the waterfall distribution model which incorporates subordination adjustments that are governed by each venture and partnership agreement. (2) Includes Tricon's investments in U.S. residential developments that are individually immaterial. See Note 3 for a list of all U.S. residential development investments. Based on the assessment of current economic conditions, there are no indicators of impairment of the Company's investments in U.S. residential developments as at December 31, 2023. Valuation methodology The investments are measured at fair value (excluding THPAS Development JV-2 LLC) as determined by the Company’s proportionate share of the fair value of each Investment Vehicle’s net assets at each measurement date. The fair value of each Investment Vehicle’s net assets is determined by the waterfall distribution calculations specified in the relevant governing agreements. The inputs into the waterfall distribution calculations include the fair values of the land development and homebuilding projects and working capital held by the Investment Vehicles. The fair values of the land development and homebuilding projects are based on appraisals prepared by external third-party valuators or on internal valuations using comparable methodologies and assumptions. THPAS Development JV-2 LLC is measured at cost under the equity method and not recorded at fair value as the entity itself is not considered to be an investment entity. The residential real estate development business involves significant risks that could adversely affect the fair value of Tricon's investments in for-sale housing, especially in times of economic uncertainty. Quantitative information about fair value measurements of the investments uses the following significant unobservable inputs (Level 3): December 31, 2023 December 31, 2022 Valuation technique(s) Significant unobservable input Range Weighted average of inputs Range Weighted average of inputs Other inputs and key information Net asset value, determined using discounted cash flow Waterfall distribution model a) Discount rate (1) b) Future cash flow c) Appraised value 8.0% - 20.0% 18.1% 8.0% - 20.0% 17.7% Entitlement risk, sales risk and construction risk are taken into account in determining the discount rate. Price per acre of land, timing of project funding requirements and distributions. Estimated probability of default. Less than 1 - 8 years 5.9 years 1 - 10 years 7.2 years (1) Generally, an increase in future cash flow will result in an increase in the fair value of fund equity investments. An increase in the discount rate will result in a decrease in the fair value of fund equity investments. The same percentage change in the discount rate will result in a greater change in fair value than the same absolute percentage change in future cash flow. Sensitivity For those investments valued using discounted cash flows, an increase of 2.5% in the discount rate results in a decrease in fair value of $7,372 and a decrease of 2.5% in the discount rate results in an increase in fair value of $8,341 (December 31, 2022 - ($9,445) and $10,629, respectively). |
FAIR VALUE ESTIMATION
FAIR VALUE ESTIMATION | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE ESTIMATION | FAIR VALUE ESTIMATION Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on this basis, unless otherwise noted. Inputs to fair value measurement techniques are disaggregated into three hierarchical levels, which are based on the degree to which inputs to fair value measurement techniques are observable by market participants: • Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. • Level 3 - Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Fair value measurements are adopted by the Company to calculate the carrying amounts of various assets and liabilities. Acquisition costs, other than those related to financial instruments classified as FVTPL which are expensed as incurred, are capitalized to the carrying amount of the instrument and amortized using the effective interest method. The following table provides information about assets and liabilities measured at fair value on the balance sheet and categorized by level according to the significance of the inputs used in making the measurements: December 31, 2023 December 31, 2022 (in thousands of U.S. dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Rental properties (Note 6) $ — $ — $ 12,190,792 $ — $ — $ 11,445,659 Canadian development properties (Note 9) — — 169,763 — — 136,413 Investments in U.S. residential developments (Note 10) (1) — — 140,792 — — 130,270 Derivative financial instruments (Note 21) — 7,380 — — 10,358 — $ — $ 7,380 $ 12,501,347 $ — $ 10,358 $ 11,712,342 Liabilities Derivative financial instruments (Note 21) $ — $ 53,788 $ — $ — $ 51,158 $ — Limited partners' interests in single-family rental business (Note 26) — — 2,300,294 — — 1,696,872 $ — $ 53,788 $ 2,300,294 $ — $ 51,158 $ 1,696,872 (1) Excludes the Company's interest in THPAS Development JV-2 LLC, which is measured at cost under the equity method (Note 10). There have been no transfers between levels for the year ended December 31, 2023. Cash, restricted cash, amounts receivable, amounts payable and accrued liabilities, lease liabilities (included in other liabilities), resident security deposits and dividends payable are measured at amortized cost, which approximates fair value because they are short-term in nature. |
AMOUNTS PAYABLE AND ACCRUED LIA
AMOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
AMOUNTS PAYABLE AND ACCRUED LIABILITIES | AMOUNTS PAYABLE AND ACCRUED LIABILITIES Amounts payable and accrued liabilities consist of the following: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Trade payables and accrued liabilities $ 44,480 $ 34,219 Accrued property taxes 59,650 52,936 AIP liability (Note 31) 10,599 10,327 Income taxes payable 693 11,650 Interest payable 26,510 24,731 Deferred income 618 801 Current portion of lease obligations (Note 27) 7,671 3,609 Total amounts payable and accrued liabilities $ 150,221 $ 138,273 Pursuant to Indemnification Agreements with certain General Partners of Limited Partnerships managed by the Company and certain shareholders of the Company (who are also officers and directors of the Company), the Company has agreed to indemnify the General Partners and those shareholders and, where applicable, any of their directors, officers, agents and employees (collectively, the Indemnified Parties) for any past, present or future amounts paid or payable by any of the Indemnified Parties to the Limited Partnership in the form of a capital contribution or clawback guarantee relating to performance fees for any claim or obligation, as set out in the Limited Partnership Agreements. These indemnification agreements do not pertain to any executive compensation arrangements, or to any clawback rules, including those promulgated by any securities regulatory agency or stock exchange. There are no amounts payable in respect of this indemnification as of December 31, 2023 (December 31, 2022 – nil). |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
Impairment of Assets [Abstract] | |
GOODWILL | GOODWILL The goodwill recorded in the consolidated financial statements relates to the following groups of CGUs: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Johnson $ 219 $ 219 Single-Family Rental (1) 29,507 29,507 Total goodwill $ 29,726 $ 29,726 (1) Relates to the Tricon wholly-owned portfolio. The Company performed its annual goodwill impairment testing associated with its Single-Family Rental CGU on December 31, 2023 by comparing the recoverable amount of the underlying properties that form the Company's wholly-owned portfolio (Note 6) and its carrying value, including the associated deferred tax liability balance. The recoverable amount was determined based on the fair value less costs of disposal of the CGU. Based on the assessment of the underlying assumptions used in fair valuation at the CGU level (Note 6), management concluded that there was no impairment of goodwill as at December 31, 2023, as the recoverable value of the CGU exceeded its carrying value. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Income tax (expense) recovery - current $ (2,240) $ 33,959 Income tax expense - deferred (25,899) (189,179) Income tax expense from continuing operations $ (28,139) $ (155,220) Income tax expense from discontinued operations - current $ — $ (43,114) Income tax recovery from discontinued operations - deferred — 40,482 Income tax expense from discontinued operations $ — $ (2,632) The tax on the Company’s income differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Income before income taxes from continuing operations $ 149,963 $ 934,594 Combined statutory federal and provincial income tax rate 26.50 % 26.50 % Expected income tax expense 39,740 247,667 Non-taxable gains on investments (1,310) (1,739) Non-taxable losses (gains) on derivative financial instruments 2,193 (38,058) Foreign tax rate differential (1) (6,862) (52,151) Other, including permanent differences (2) (5,622) (499) Income tax expense from continuing operations $ 28,139 $ 155,220 (1) The Company’s single-family rental business is subject to the U.S. ordinary income tax rate of 21%, resulting in a reduction in Tricon’s effective tax rate from the Canadian combined statutory income tax rate of 26.5%. (2) Other permanent differences include $3,026 of adjustments related to prior tax returns filed as well as non-deductible share compensation, non-deductible debentures discount amortization and non-deductible interest expense. The expected realization of deferred income tax assets and deferred income tax liabilities is as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Deferred income tax assets Deferred income tax assets to be recovered after more than 12 months $ 84,787 $ 75,062 Deferred income tax assets to be recovered within 12 months — — Total deferred income tax assets $ 84,787 $ 75,062 Deferred income tax liabilities Deferred income tax liabilities reversing after more than 12 months $ 629,090 $ 591,713 Deferred income tax liabilities reversing within 12 months — — Total deferred income tax liabilities $ 629,090 $ 591,713 Net deferred income tax liabilities $ 544,303 $ 516,651 The movement of the deferred income tax accounts was as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Change in net deferred income tax liabilities Net deferred income tax liabilities, beginning of year $ 516,651 $ 364,744 Charge to the statement of comprehensive income 25,899 148,697 Charge to equity 1,944 1,945 Other (191) 1,265 Net deferred income tax liabilities, end of year $ 544,303 $ 516,651 The tax effects of the significant components of temporary differences giving rise to the Company’s deferred income tax assets and liabilities were as follows: (in thousands of U.S. dollars) Investments Long-term incentive plan accrual Performance fees liability Issuance Net operating losses Other Total Deferred income tax assets At December 31, 2022 $ — $ 8,009 $ 9,091 $ 8,723 $ 43,926 $ 5,313 $ 75,062 Addition / (Reversal) — 496 652 (3,148) 11,691 34 9,725 At December 31, 2023 $ — $ 8,505 $ 9,743 $ 5,575 $ 55,617 $ 5,347 $ 84,787 (in thousands of U.S. dollars) Investments Rental properties Deferred placement fees Other Total Deferred income tax liabilities At December 31, 2022 $ 1,505 $ 589,720 $ 488 $ — $ 591,713 Addition / (Reversal) 2,974 34,542 (139) — 37,377 At December 31, 2023 $ 4,479 $ 624,262 $ 349 $ — $ 629,090 The Company believes it will have sufficient future income to realize the deferred income tax assets. |
REVENUE FROM SINGLE-FAMILY RENT
REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES | REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES The components of the Company's revenue from single-family rental properties are as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Base rent $ 662,412 $ 520,196 Other revenue (1) 45,403 39,840 Non-lease component 87,502 85,549 Total revenue from single-family rental properties $ 795,317 $ 645,585 |
REVENUE FROM STRATEGIC CAPITAL
REVENUE FROM STRATEGIC CAPITAL SERVICES | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers [Abstract] | |
REVENUE FROM STRATEGIC CAPITAL SERVICES | REVENUE FROM STRATEGIC CAPITAL SERVICES The components of the Company’s revenue from strategic capital services (previously reported as revenue from private funds and advisory services) are described in the table below. Intercompany revenues and expenses between the Company and its subsidiaries, such as property management fees, are eliminated upon consolidation. Under certain arrangements, asset-based fees that are earned from third-party investors in Tricon's subsidiary entities are billed directly to those investors and are therefore not recognized in the accounts of the applicable subsidiary. These amounts are included in the asset management fees revenue recognized in the statements of comprehensive income. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Asset management fees $ 11,290 $ 12,431 Performance fees 10,359 110,330 Development fees 31,034 26,826 Property management fees 1,775 10,501 Total revenue from strategic capital services $ 54,458 $ 160,088 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
OTHER INCOME | OTHER INCOME Other income is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 The Shops of Summerhill commercial rental $ 1,441 $ 2,212 Insurance recoveries 342 861 Interest income 5,642 — Net operating loss from non-core homes (6,907) — Gain on sale - Bryson MPC Holdings LLC — 5,060 Income from Bryson - pre-sale — 2,753 Total other income $ 518 $ 10,886 |
AMOUNTS RECEIVABLE
AMOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
AMOUNTS RECEIVABLE | AMOUNTS RECEIVABLE Amounts receivable consist of rent receivables, trade receivables, income tax recoverable and other receivables. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Rent receivables $ 3,083 $ 3,581 Trade receivables 4,606 2,975 Income tax recoverable 1,843 4,138 Other receivables (1) 18,430 14,290 Total amounts receivable $ 27,962 $ 24,984 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
DEBT | DEBT The following table presents a summary of the Company's outstanding debt as at December 31, 2023: December 31, 2023 (in thousands of U.S. dollars) Maturity dates Coupon/stated interest rates Interest rate floor Interest rate cap Effective interest rates (1) Extension options (2) Total facility Outstanding balance Term Loan (3), (4) April 2024 SOFR+2.30 % 0.50 % SOFR 4.25 % SOFR 6.55 % 6 months $ 296,256 $ 296,256 Warehouse credit facility 2022 (5) January 2025 SOFR+1.95 % 0.15 % SOFR 3.25 % SOFR 5.20 % N/A 200,000 153,302 Securitization debt 2018-1 (3) May 2025 3.96 % N/A N/A 3.96 % N/A 282,726 282,726 Securitization debt 2020-2 (3) November 2027 1.94 % N/A N/A 1.94 % N/A 406,364 406,364 Securitization debt 2023-2 (14) December 2028 5.09 % N/A N/A 6.40 % N/A 360,188 360,188 Single-family rental wholly-owned properties borrowings 1,545,534 1,498,836 SFR JV-1 securitization debt 2019-1 (3) March 2026 3.12 % N/A N/A 3.12 % N/A 331,292 331,292 SFR JV-1 securitization debt 2020-1 (3) July 2026 2.43 % N/A N/A 2.43 % N/A 552,441 552,441 SFR JV-1 securitization debt 2021-1 (3) July 2026 2.57 % N/A N/A 2.57 % N/A 682,956 682,956 Single-family rental JV-1 properties borrowings 1,566,689 1,566,689 SFR JV-2 warehouse credit facility (12) July 2024 SOFR+1.99 % 0.10 % SOFR 3.25 % SOFR 5.24 % One year 18,618 18,618 SFR JV-2 term loan (3) (13) October 2025 SOFR+2.10 % 0.50 % SOFR 4.55 % SOFR 6.65 % Two one years 500,000 496,830 SFR JV-2 securitization debt 2022-1 (3) April 2027 4.32 % N/A N/A 4.32 % N/A 530,171 530,171 SFR JV-2 securitization debt 2022-2 (3) July 2028 5.47 % N/A N/A 5.47 % N/A 347,459 347,459 SFR JV-2 securitization debt 2023-1 (3), (10) July 2028 5.27 % N/A N/A 5.86 % N/A 416,175 416,175 SFR JV-2 delayed draw term loan (3) September 2028 5.39 % N/A N/A 5.39 % N/A 194,480 194,480 Single-family rental JV-2 properties borrowings 2,006,903 2,003,733 SFR JV-HD warehouse credit facility (6) May 2024 SOFR+2.00 % 0.15 % SOFR 2.85 % SOFR 4.85 % One year 350,000 262,816 JV-HD term loan A (3),(7) March 2028 5.96 % N/A N/A 5.96 % N/A 150,000 150,000 JV-HD term loan B (3),(7) March 2028 5.96 % N/A N/A 5.96 % N/A 150,000 150,000 Single-family rental JV-HD properties borrowings 650,000 562,816 Single-family rental properties borrowings 4.48 % 5,769,126 5,632,074 The Shops of Summerhill mortgage October 2025 5.58 % N/A N/A 5.58 % N/A 16,224 16,224 Construction facility (8), (15) June 2026 Prime+1.25 % N/A N/A 8.32 % One year 173,903 28,777 Canadian development properties borrowings 7.33 % 190,127 45,001 Corporate office mortgages November 2024 4.25 % N/A N/A 4.30 % N/A 12,624 12,624 Corporate credit facility (9), (11) June 2025 SOFR+3.07 % N/A N/A 8.46 % N/A 500,000 170,000 Corporate borrowings 8.17 % 512,624 182,624 $ 5,859,699 Transaction costs (net of amortization) (50,173) Debt discount (net of amortization) (31,526) Total debt 4.62 % $ 6,471,877 $ 5,778,000 Current portion of long-term debt (2) $ 309,116 Long-term debt $ 5,468,884 Fixed-rate debt - principal value 4.05 % $ 4,433,100 Floating-rate debt - principal value 6.37 % $ 1,426,599 (1) The effective interest rate is determined using the ending consolidated debt balances as at December 31, 2023 and the average of the applicable reference rates for the year ended December 31, 2023. The effective interest rate using the average debt balances and the average of the applicable reference rates for the year ended December 31, 2023 is 4.23%. (2) The Company has the ability to extend the maturity of the loans where an extension option exists and intends to exercise such options wherever available. The current portion of long-term debt reflects the balance after the Company's extension options have been exercised. (3) The term loan and securitization debt are secured, directly and indirectly, by approximately 31,400 single-family rental homes. (4) On July 27, 2023, the Company amended the loan agreement to extend the maturity of the term loan by six months to April 2024 (with the option to extend for another six months to October 2024) and increased the commitment value by $100,000 with an interest rate cap of 4.25% SOFR. The coupon rate remains unchanged. The amendment resulted in the extinguishment of the original liability and the recognition of a gain on debt extinguishment of $1,326 in the consolidated statements of comprehensive income. A new liability was recognized, reflecting the amended terms. On October 24, 2023, the Company purchased a new interest rate cap on this facility at 4.25% of SOFR. (5) On September 22, 2023, the Company amended the loan agreement in respect of the Warehouse credit facility 2022 to increase the commitment value by $50,000 to $100,000. The coupon rate also changed from SOFR+1.85% to SOFR+1.95%. On December 11, 2023, the Company amended the loan agreement again to increase the commitment value by $100,000 to $200,000 and extended the maturity of the facility by one year to January 1, 2025 with the coupon rate unchanged. (6) On May 11, 2023, SFR JV-HD amended its warehouse facility agreement to decrease the commitment value by $140,000 to $350,000 and increase the interest rate cap to 2.85% of SOFR. The maturity date and the extension option remained unchanged. (7) On March 10, 2023, SFR JV-HD entered into two new term loan facilities, each with a total commitment of $150,000, a term to maturity of five years and a fixed interest rate of 5.96%. These facilities are secured by pools of 707 and 696 single-family rental properties. The loan proceeds were primarily used to pay down existing short-term SFR JV-HD debt and to fund the acquisition of rental homes. (8) The construction facility is secured by the land under development at The James (Scrivener Square). (9) The Company has provided a general security agreement creating a first priority security interest on the assets of the Company, excluding, among other things, single-family rental homes, multi-family rental properties and interests in for-sale housing. As part of the corporate credit facility, the Company designated $35,000 to issue letters of credit as security against contingent obligations related to its Canadian multi-family developments. As at December 31, 2023, the letters of credit outstanding totaled $13,962 (C$18,467). (10) On July 11, 2023, SFR JV-2 entered into a new securitized loan facility with a total commitment of $416,430, a term to maturity of five years and a weighted average fixed interest rate of 5.27%. The securitization involved the issuance of five classes of fixed-rate pass-through certificates at a discount of $12,160 to the stated face value, resulting in an effective interest rate of 5.86%. This facility is secured by a pool of 2,115 single-family rental properties. The loan proceeds were primarily used to pay down the existing short-term SFR JV-2 variable-rate debt. (11) On September 15, 2023, the margin on the corporate facility was reduced by 3 basis points from 3.10% to 3.07%. (12) On August 1, 2023, the interest rate cap on the SFR JV-2 Warehouse Credit facility expired and was not renewed. On November 30, 2023, SFR JV-2 amended the loan agreement on this facility to reduce the commitment value from $134,456 to $18,618 and purchased a new interest rate cap at 3.25% of SOFR, effective December 1, 2023. (13) On October 4, 2023, SFR JV-2 purchased a new interest rate cap on the SFR JV-2 term loan at 4.55% of SOFR. (14) On November 29, 2023, the Company entered into a new securitized loan facility with a total commitment of $360,188, a term to maturity of five years and an effective interest rate of 6.40%. This facility is secured by a pool of 1,685 single-family rental properties. The loan proceeds were primarily used to pay down the existing Securitization debt 2017-2 fixed-rate debt. December 31, 2022 (in thousands of U.S. dollars) Maturity dates Coupon/stated interest rates Interest rate floor Interest rate cap Effective interest Extension options Total facility Outstanding balance Term loan October 2023 SOFR+2.30 % 0.50 % SOFR 5.50 % SOFR 4.21 % One year $ 220,499 $ 220,499 Securitization debt 2017-2 January 2024 3.68 % N/A N/A 3.68 % N/A 345,620 345,620 Warehouse credit facility 2022 January 2024 SOFR+1.85 % 0.15 % SOFR 3.25 % SOFR 3.72 % One year 50,000 — Securitization debt 2018-1 May 2025 3.96 % N/A N/A 3.96 % N/A 302,699 302,699 Securitization debt 2020-2 November 2027 1.94 % N/A N/A 1.94 % N/A 425,720 425,720 Single-family rental wholly-owned properties borrowings 1,344,538 1,294,538 SFR JV-1 securitization debt 2019-1 March 2026 3.12 % N/A N/A 3.12 % N/A 332,263 332,263 SFR JV-1 securitization debt 2020-1 July 2026 2.43 % N/A N/A 2.43 % N/A 552,882 552,882 SFR JV-1 securitization debt 2021-1 July 2026 2.57 % N/A N/A 2.57 % N/A 682,956 682,956 Single-family rental JV-1 properties borrowings 1,568,101 1,568,101 SFR JV-2 subscription facility July 2023 SOFR+2.00 % 0.15 % SOFR N/A 3.88 % One year 410,000 409,000 SFR JV-2 warehouse credit facility July 2024 SOFR+1.99 % 0.10 % SOFR 3.25 % SOFR 3.87 % One year 700,000 392,551 SFR JV-2 term loan October 2025 SOFR+2.10 % 0.50 % SOFR 4.55 % SOFR 5.98 % Two one years 500,000 390,671 SFR JV-2 securitization debt 2022-1 April 2027 4.32 % N/A N/A 4.32 % N/A 530,387 530,387 SFR JV-2 securitization debt 2022-2 July 2028 5.47 % N/A N/A 5.47 % N/A 347,772 347,772 SFR JV-2 delayed draw term loan September 2028 5.39 % N/A N/A 5.39 % N/A 200,000 194,685 Single-family rental JV-2 properties borrowings 2,688,159 2,265,066 SFR JV-HD subscription facility May 2023 SOFR+2.00 % 0.15 % SOFR N/A 3.88 % One year 130,000 127,000 SFR JV-HD warehouse credit facility May 2024 SOFR+2.00 % 0.15 % SOFR 2.60 % SOFR 3.81 % One year 490,000 489,720 Single-family rental JV-HD properties borrowings 620,000 616,720 Single-family rental properties borrowings 3.73 % 6,220,798 5,744,425 The Shops of Summerhill mortgage October 2025 5.58 % N/A N/A 5.58 % N/A 16,063 16,063 Construction facility June 2026 Prime+1.25 % N/A N/A 4.12 % One year 169,809 5,032 Canadian development properties borrowings 5.23 % 185,872 21,095 Corporate office mortgages November 2024 4.25 % N/A N/A 4.30 % N/A 12,717 12,717 Corporate credit facility June 2025 SOFR+3.10 % N/A N/A 4.60 % N/A 500,000 — Corporate borrowings 4.30 % 512,717 12,717 $ 5,778,237 Transaction costs (net of amortization) (49,404) Debt discount (net of amortization) (649) Total debt 3.73 % $ 6,919,387 $ 5,728,184 Current portion of long-term debt $ 757,135 Long-term debt $ 4,971,049 Fixed-rate debt - principal value 3.43 % $ 3,743,764 Floating-rate debt - principal value 4.30 % $ 2,034,473 The Company was in compliance with the covenants and other undertakings outlined in all loan agreements. The scheduled principal repayments and debt maturities are as follows, reflecting the maturity dates after all extensions have been exercised: (in thousands of U.S. dollars) Single-family rental borrowings Canadian development properties borrowings Corporate borrowings Total 2024 $ 296,256 $ 236 $ 12,624 $ 309,116 2025 717,462 15,988 170,000 903,450 2026 2,063,519 28,777 — 2,092,296 2027 936,535 — — 936,535 2028 and thereafter 1,618,302 — — 1,618,302 5,632,074 45,001 182,624 5,859,699 Transaction costs (net of amortization) (50,173) Debt discount (net of amortization) (31,526) Total debt $ 5,778,000 Fair value of debt The table below presents the fair value and the carrying value (net of unamortized deferred financing fees and debt discount) of the fixed-rate loans as at December 31, 2023. December 31, 2023 (in thousands of U.S. dollars) Fair value Carrying value Securitization debt 2018-1 281,393 282,530 Securitization debt 2020-2 365,928 402,039 SFR JV-1 securitization debt 2019-1 318,730 328,498 SFR JV-1 securitization debt 2020-1 520,270 548,021 SFR JV-1 securitization debt 2021-1 629,865 677,167 SFR JV-2 securitization debt 2022-1 509,276 524,460 SFR JV-2 securitization debt 2022-2 346,439 342,788 SFR JV-2 securitization debt 2023-1 415,281 398,278 Securitization debt 2023-2 354,406 333,310 JV-2 delayed draw term loan 188,655 193,256 JV-HD term loan A 148,966 148,954 JV-HD term loan B 148,966 148,954 The Shops of Summerhill mortgage 16,079 16,162 Corporate office mortgages 12,384 12,624 Total $ 4,256,638 $ 4,357,041 The carrying value of variable term loans approximates their fair value, since their variable interest terms are indicative of prevailing market prices. |
DUE TO AFFILIATE
DUE TO AFFILIATE | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
DUE TO AFFILIATE | 20. DUE TO AFFILIATE On August 26, 2020, Tricon and its affiliate, Tricon PIPE LLC (the “Affiliate” or “LLC”) entered into subscription agreements with each investor in a syndicate of investors (the “Investors”), pursuant to which the Investors subscribed for Preferred Units of the Affiliate (the “Preferred Units”) for an aggregate subscription price of $300,000 (the “PIPE Transaction”). The PIPE Transaction was completed on September 3, 2020, on which date the Company and the Affiliate entered into various agreements with the Investors in connection with the PIPE Transaction (together with the subscription agreements, the “Transaction Documents”). Transaction – between Tricon and Investors Pursuant to the Transaction Documents, holders of Preferred Units have the right to exchange the Preferred Units into common shares of the Company at any time at the option of the holder (the “Exchange Right”) at an initial exchange price of $8.50 (C$11.18 as of August 26, 2020) per common share, as may be adjusted from time to time in accordance with the terms of the Transaction Documents (the “Exchange Price”), subject to shareholder approval, where applicable. Holders of Preferred Units are also entitled to receive a cash dividend equal to 5.75% of the Liquidation Preference of the Preferred Units (as defined in the Transaction Documents), per annum, calculated and payable quarterly for the first seven years following closing of the PIPE Transaction (“Closing”), with a prescribed annual increase to the dividend rate of 1% per year thereafter, up to a maximum rate of 9.75% per year. The Affiliate has the right to force the exchange (the “Forced Exchange Right”) of the outstanding Preferred Units beginning after the fourth anniversary of Closing, provided the 20-day volume-weighted average price of Tricon’s shares exceeds 135% of the Exchange Price (reducing to 115% following the fifth anniversary of Closing). These exchange rights are classified as a derivative financial instrument (Note 21). The Affiliate also has the right to redeem the Preferred Units (“Redemption Right”) at any time following the fifth anniversary of Closing for cash equal to 105% of the Liquidation Preference of the Preferred Units (as defined in the Transaction Documents). During the year ended December 31, 2023, there were no exchanges of Preferred Units to common shares (2022 - 4,675 Preferred Units were exchanged for 554,832 common shares). On February 9, 2024, following the announcement of the Arrangement Agreement (Note 40), BCORE Preferred Holdco LLC ("BREIT Shareholder"), a subsidiary of BREIT, exercised its exchange rights under the Transaction Documents, resulting in the exchange of 180,000 Preferred Units and the accrued dividend on these units for 21,308,382 common shares of the Company at $8.50 per share. This exchange resulted in a reduction of $180,000 in the Affiliate's preferred unit liability and the Company's corresponding promissory note owed to the Affiliate. On February 27, 2024, the Company exchanged an additional 15,000 Preferred Units pursuant to the exercise by another holder of Preferred Units of exchange rights under the Transaction Documents for 1,780,773 common shares of the Company at $8.50 per share. This exchange resulted in a reduction of $15,000 in the Affiliate's preferred unit liability and the Company's corresponding promissory note owed to the Affiliate. As of the date hereof, 100,325 Preferred Units remain outstanding and subject to the terms of the Transaction Documents; the Affiliate has a preferred unit liability of $100,325 ($295,325 as of December 31, 2023) and holds a promissory note receivable from Tricon amounting to $100,325 ($295,325 as of December 31, 2023). Promissory note – between Tricon entities In connection with the PIPE Transaction, the Company borrowed the subscription proceeds of $295,325 from the Affiliate. This indebtedness, which is evidenced by a promissory note (the “Promissory Note” or “Due to Affiliate”), has a maturity of September 3, 2032 (permitting prepayment at any time pursuant to its terms) and bears interest at a rate of 5.75% per annum, calculated and payable quarterly for the first seven years following Closing with increases thereafter matching the applicable increases of the dividend rate applicable to the Preferred Units, described above. The Promissory Note contains mandatory prepayment provisions (“Mandatory Prepayment”) applicable in connection with certain provisions of the Transaction Documents requiring the redemption of all or a portion of the outstanding Preferred Units. This Mandatory Prepayment is a derivative, which incorporates assumptions in respect of the Exchange Right, Forced Exchange Right and Redemption Right, and is measured separately from the Promissory Note and classified as a derivative financial instrument (Note 21). The Promissory Note payable to Tricon PIPE LLC is initially measured at fair value, less transaction costs, and subsequently measured at amortized cost using the effective interest rate method. During the year ended December 31, 2023, the Company recorded interest expense of $22,579 (2022 - $22,159), including accretion expense of $5,598 (2022 - $5,137) with respect to the amortization of transaction costs and the discount. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Principal amount outstanding $ 295,325 $ 295,325 Less: Discount and transaction costs (net of amortization) (32,903) (38,501) Due to Affiliate $ 262,422 $ 256,824 The fair value of the Promissory Note was $261,700 as of December 31, 2023 (2022 - $225,314). The difference between the amortized cost and the implied fair value is a result of the difference between the effective interest rate and the market interest rate for debt with similar terms. Structured entity – Tricon PIPE LLC (the “Affiliate”) Tricon PIPE LLC (the “Affiliate” or “LLC”) was incorporated on August 7, 2020 for the purpose of raising third-party capital through the issuance of preferred units for an aggregate amount of $300,000. The Company has a 100% voting interest in this Affiliate; however, the Company does not consolidate this structured entity, as discussed in Note 3. As of December 31, 2023, the LLC has a preferred unit liability of $295,325 (2022 - $295,325) and a Promissory Note receivable of $295,325 (2022 - $295,325). During the year ended December 31, 2023, the Affiliate earned interest income of $16,981 (2022 - $17,022) from the Company and recognized dividends declared of $16,981 (2022 - $17,022). The Company’s obligation with respect to its involvement with the structured entity is equal to the cash flows under the Promissory Note payable. The Company has not recognized any income or losses in connection with its interest in this unconsolidated structured entity in the year ended December 31, 2023 (2022 - nil). Related parties include subsidiaries, associates, joint ventures, structured entities, key management personnel, the Board of Directors (“Directors”), immediate family members of key management personnel and Directors, and entities which are directly or indirectly controlled by, jointly controlled by or significantly influenced by key management personnel, Directors or their close family members. In the normal course of operations, the Company executes transactions on market terms with related parties that have been measured at the exchange value and are recognized in the consolidated financial statements, including, but not limited to: asset management fees, performance fees and incentive distributions; loans, interest and non-interest bearing deposits; purchase and sale agreements; capital commitments to Investment Vehicles; and development of residential real estate assets. As at December 31, 2023, the Company had unfunded capital commitments of $262,371, of which $47,493 represented the Company's total unfunded commitment to single-family rental Investment Vehicles which have completed their investment periods. The excess is, in most cases, treated as a reserve by the Investment Vehicle and is no longer expected to be called or contributed. Accordingly, this unfunded commitment amount does not accurately reflect the Company's future funding obligations. Excluding the unfunded commitment to these Investment Vehicles, the Company's unfunded capital commitment is at $214,878. Transactions and balances between consolidated entities are fully eliminated upon consolidation. Transactions and balances with unconsolidated structured entities are disclosed in Note 20. Transactions with related parties The following table lists the related party balances included within the consolidated financial statements. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Revenue from strategic capital services $ 54,458 $ 160,088 Income from equity-accounted investments in multi-family rental properties 5,297 1,550 Income from equity-accounted investments in Canadian residential developments 4,348 11,198 Income from investments in U.S. residential developments 30,773 16,897 Performance fees expense (2,550) (35,854) Gain on sale of Bryson MPC Holdings LLC — 5,060 Net income recognized from related parties $ 92,326 $ 158,939 Balances arising from transactions with related parties The items set out below are included on various line items in the Company’s consolidated financial statements. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Receivables from related parties included in amounts receivable Contractual fees and other receivables from investments managed $ 28,399 $ 14,976 Employee relocation housing loan (1) 1,512 1,477 Annual incentive plan (2) 35,508 26,111 Long-term incentive plan (2) 31,740 30,929 Performance fees liability (2) 42,370 39,893 Dividends payable 516 497 Other payables to related parties included in amounts payable and accrued liabilities 76 166 (1) The employee relocation housing loan is non-interest bearing for a term of ten years, maturing in 2028. (2) Balances from compensation arrangements are due to employees of the Company. The receivables are unsecured and non-interest bearing. There are no provisions recorded against receivables from related parties at December 31, 2023 (December 31, 2022 - nil). Key management compensation Key management includes the Named Executive Officers (“NEOs”), who are (i) the Chief Executive Officer, (ii) the Chief Financial Officer, (iii) each of the three other most highly-compensated executive officers of the Company, or the three most highly compensated individuals acting in a similar capacity at the end of the financial year, and (iv) any person who would be an NEO under (iii) above but for the fact that the individual was neither an executive officer of the Company, nor acting in a similar capacity, at the end of the financial year. Compensation awarded to key management is as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Total salaries and benefits $ 2,583 $ 2,499 Total AIP 10,504 12,996 Total LTIP 1,681 8,399 Total performance fees expense 1,489 24,374 Total key management compensation $ 16,257 $ 48,268 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The Promissory Note contains a mandatory prepayment option that is intermingled with other options in connection with the preferred units issued by Tricon PIPE LLC (including exchange and redemption rights), as exercising the mandatory prepayment option effectively terminates the other options. Although the exchange and redemption rights exist at the Affiliate level, the Affiliate is unable to issue the common shares of the Company upon exercise of one or all of the rights by either party. As a result, such options, in essence, were deemed to be written by the Company and are treated as a single combined financial derivative instrument for valuation purposes in accordance with IFRS 9. The option pricing model for the derivative uses market-based inputs, including the spot price of the underlying equity, implied volatility of the equity and USD/CAD foreign exchange rates, risk-free rates from the U.S. dollar swap curves and dividend yields related to the underlying equity. The valuation of the derivative assumes a 9.75-year expected life of the investment horizon of the unitholders. Quantitative information about fair value measurements (Level 2) using significant observable inputs other than quoted prices included in Level 1 is as follows: Due to Affiliate December 31, 2023 December 31, 2022 Risk-free rate (1) 4.53 % 4.46 % Implied volatility (2) 28.98 % 36.53 % Dividend yield (3) 2.55 % 3.01 % (1) Risk-free rates were from the U.S. dollar swap curves matching the expected maturity of the Due to Affiliate. (2) Implied volatility was computed from the trading volatility of the Company's stock over a comparable term to maturity, which are estimates based on traded options expiring in the future, and adjusted by the volatility of USD/CAD exchange rates and correlation between USD/CAD exchange rate and the Company's shares. (3) Dividend yields were from the forecast dividend yields matching the expected maturity of the Due to Affiliate. The Company also has other types of derivative financial instruments that consist of interest rate caps on the Company’s floating-rate debt and are classified and measured at FVTPL. Interest rate caps are valued using model calibration. Inputs to the valuation model are determined from observable market data wherever possible, including market volatility and interest rates. The values attributed to the derivative financial instruments are shown below: Exchange/prepayment options Interest rate caps (1) Total (in thousands of U.S. dollars) For the year ended December 31, 2023 Derivative financial (liabilities) assets, beginning of year $ (51,158) $ 10,358 $ (40,800) Addition of interest rate caps — 14,477 14,477 Fair value loss (2,630) (17,455) (20,085) Derivative financial instruments - end of year $ (53,788) $ 7,380 $ (46,408) For the year ended December 31, 2022 Derivative financial (liabilities) assets, beginning of year $ (230,305) $ 363 $ (229,942) Derivative financial instruments exchanged into common shares of the Company 3,299 — 3,299 Addition of interest rate caps — 1,034 1,034 Fair value gain 175,848 8,961 184,809 Derivative financial instruments - end of year $ (51,158) $ 10,358 $ (40,800) (1) For the year ended December 31, 2023, the Company received proceeds of $17,661 related to in-the-money interest rate caps. These proceeds were recognized as realized gain on derivative financial instruments in the consolidated statements of comprehensive income. For the year ended December 31, 2023, there was a fair value loss on the Due to Affiliate of $2,630 (2022 - fair value gain of $175,848). The fair value loss on the derivatives was primarily driven by an increase in Tricon's share price, on a USD-converted basis, which served to increase the probability of exchange of the preferred units of Tricon PIPE LLC into Tricon common shares. |
INTEREST EXPENSE
INTEREST EXPENSE | 12 Months Ended |
Dec. 31, 2023 | |
Borrowing costs [abstract] | |
INTEREST EXPENSE | INTEREST EXPENSE Interest expense is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Term loan $ 15,622 $ 6,729 Securitization debt 2017-2 (1) 11,421 13,080 Warehouse credit facility 2022 2,383 226 Securitization debt 2018-1 11,810 12,252 Securitization debt 2020-2 8,228 8,478 Securitization debt 2023-2 51 — SFR JV-1 securitization debt 2019-1 10,417 10,439 SFR JV-1 securitization debt 2020-1 13,534 13,540 SFR JV-1 securitization debt 2021-1 17,660 17,659 SFR JV-2 subscription facility (1) 11,985 15,517 SFR JV-2 warehouse credit facility 24,525 20,221 SFR JV-2 term loan 29,665 4,929 SFR JV-2 securitization debt 2022-1 23,008 16,868 SFR JV-2 securitization debt 2022-2 19,105 9,284 SFR JV-2 securitization debt 2023-1 10,467 — SFR JV-2 delayed draw term loan 10,882 3,431 SFR JV-HD subscription facility (1) 2,299 4,498 SFR JV-HD warehouse credit facility 22,527 13,165 JV-HD term loan A 7,418 — JV-HD term loan B 7,418 — Single-family rental interest expense 260,425 170,316 The Shops of Summerhill mortgage 881 531 Canadian development properties interest expense (2) 881 531 Corporate office mortgages 472 460 Corporate credit facility 13,233 6,319 Corporate interest expense 13,705 6,779 Amortization of financing costs 16,977 13,367 Amortization of debt discounts 6,262 4,749 Interest on Due to Affiliate 16,981 17,022 Interest on lease obligation 1,242 1,168 Total interest expense 316,473 $ 213,932 (1) These facilities were fully repaid during year ended December 31, 2023. (2) Canadian development properties capitalized $1,525 of interest for the year ended December 31, 2023 (2022 - $445). |
DIRECT OPERATING EXPENSES
DIRECT OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
DIRECT OPERATING EXPENSES | DIRECT OPERATING EXPENSES The Company's expenses are comprised of direct operating expenses for rental properties, compensation, general and administration, interest and depreciation and amortization. Direct operating expenses for rental properties include all attributable expenses incurred at the property level. The following table lists details of the direct operating expenses for rental properties by type. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Property taxes $ 131,217 $ 100,122 Repairs and maintenance 30,849 29,006 Turnover 10,944 7,829 Property management expenses 50,154 41,404 Property insurance 8,988 7,544 Marketing and leasing 2,300 2,554 Homeowners' association (HOA) costs 13,855 9,933 Other direct expense (1) 13,629 10,697 Direct operating expenses $ 261,936 $ 209,089 (1) Other direct expense includes property utilities and other property operating costs. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The intangible assets are as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Placement fees $ 1,564 $ 2,189 Customer relationship intangible 1,673 2,187 Contractual development fees 1,941 2,717 Intangible assets $ 5,178 $ 7,093 Intangible assets represent future management fees, development fees and commissions that Tricon expects to receive over the life of the assets and Investment Vehicles that the Company manages. They are amortized over the estimated periods that the Company expects to collect these fees, which range from two (in thousands of U.S. dollars) For the year ended December 31, 2023 Opening Additions Amortization expense Translation adjustment Ending Placement fees $ 2,189 $ — $ (625) $ — $ 1,564 Customer relationship intangible 2,187 — (514) — 1,673 Contractual development fees 2,717 — (776) — 1,941 Intangible assets $ 7,093 $ — $ (1,915) $ — $ 5,178 (in thousands of U.S. dollars) For the year ended December 31, 2022 Opening Additions Amortization expense Translation adjustment Ending Placement fees $ 2,814 $ — $ (625) $ — $ 2,189 Customer relationship intangible 2,701 — (514) — 2,187 Contractual development fees 3,809 — (1,092) — 2,717 Intangible assets $ 9,324 $ — $ (2,231) $ — $ 7,093 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
OTHER ASSETS | OTHER ASSETS The other assets are as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Building $ 34,177 $ 32,912 Furniture, computer and office equipment (1) 6,397 6,429 Right-of-use assets 35,109 28,750 Leasehold improvements 9,711 10,156 Software assets (1) 22,497 15,199 Vehicles and other 2,889 3,406 Other assets $ 110,780 $ 96,852 (1) The comparative period has been reclassified to conform with the current period presentation. Software assets of $14,098 that were previously presented as part of furniture, computer and office equipment, as well as property-related systems software of $1,101, have been reclassified to software assets. (in thousands of U.S. dollars) For the year ended December 31, 2023 Opening (1) Additions (Dispositions) (2) Depreciation expense Translation adjustment Ending Building $ 32,912 $ 1,510 $ (1,030) $ 785 $ 34,177 Furniture, computer and office equipment 6,429 2,727 (2,824) 65 6,397 Right-of-use assets (3),(4) 28,750 11,873 (5,514) — 35,109 Leasehold improvements 10,156 1,097 (1,542) — 9,711 Software assets 15,199 11,700 (4,452) 50 22,497 Vehicles and other 3,406 — (517) — 2,889 Other assets $ 96,852 $ 28,907 $ (15,879) $ 900 $ 110,780 (1) The opening balances have been reclassified to conform with the current period presentation. Software assets of $14,098 that were previously presented as part of furniture, computer and office equipment, as well as property-related systems software of $1,101, have been reclassified to software assets. There was no impact to depreciation expense as a result of this reclassification. (2) For the year ended December 31, 2023, additions are presented net of dispositions totaling $381. (3) Right-of-use assets include leased space in office buildings with a carrying value of $25,579 and maintenance vehicles with a carrying value of $9,530. (4) On December 20, 2022, the Company entered into an amendment to lease an additional 16,636 square feet of office space at the existing office location in Tustin, California. The Company recognized the right-of-use asset and the corresponding lease obligation on commencement of the lease term on August 16, 2023. (in thousands of U.S. dollars) For the year ended December 31, 2022 Opening Additions (Dispositions) (1) Depreciation expense Translation adjustment Ending Building $ 31,710 $ 4,126 $ (718) $ (2,206) $ 32,912 Furniture, computer and office equipment (3) 5,864 3,443 (2,720) (158) 6,429 Right-of-use assets (2) 28,269 4,944 (4,463) — 28,750 Leasehold improvements 8,249 3,090 (1,183) — 10,156 Software assets (3) 10,012 9,772 (4,188) (397) 15,199 Vehicles 645 2,866 (105) — 3,406 Other assets $ 84,749 $ 28,241 $ (13,377) $ (2,761) $ 96,852 (1) For the year ended December 31, 2022, additions are presented net of dispositions totaling $315. (2) Right-of-use assets include leased space in office buildings with a carrying value of $23,200 and maintenance vehicles with a carrying value of $5,368. The remaining balance of right-of use assets relates to office equipment. (3) The comparative period has been reclassified to conform with the current period presentation. Software assets that were previously presented as part of furniture, computer and office equipment, as well as property-related systems software, have been reclassified to software assets. There was no impact to total depreciation expense as a result of the presentation change. Depreciation expense for the year ended December 31, 2023 was $15,879 (2022 - $13,377). |
LIMITED PARTNERS' INTEREST IN S
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
Limited Partners' Interest In Investments [Abstract] | |
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS | LIMITED PARTNERS' INTERESTS IN SINGLE-FAMILY RENTAL BUSINESS Third-party ownership interests in single-family joint ventures are in the form of limited partnership interests which are classified as liabilities under the provisions of IAS 32. Limited partners' interests in single-family rental business represent a 68% interest in the net assets of the underlying joint ventures. The following table presents the changes in the limited partners' interests in single-family rental business balance for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 1,696,872 $ 947,452 Contributions 494,995 489,387 Distributions (37,070) (37,348) Net change in fair value of limited partners’ interests in single-family rental business 145,497 297,381 Balance, end of year $ 2,300,294 $ 1,696,872 The net change in fair value of limited partners' interests in single-family rental business of $145,497 for the year ended December 31, 2023 (2022 - $297,381) represents only unrealized fair value changes driven by increases in the net assets of SFR JV-1, SFR JV-HD and SFR JV-2 and is linked to fair value changes of the rental properties. If the fair value of rental properties increased or decreased by 2.0%, the impact on the limited partners' interests in single-family rental business at December 31, 2023 would be $100,983 and ($100,983), respectively (December 31, 2022 - $92,956 and ($92,956)). |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liability [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES The Company has multiple office leases, maintenance vehicle leases and office equipment leases. Tricon has 15 leases for office space with fixed lease terms ranging from one The carrying value of the Company's lease obligations is as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 33,644 $ 30,792 Addition of lease obligation (1) 11,884 4,619 Interest expense 1,489 1,303 Cash payments (5,848) (3,070) Balance, end of year $ 41,169 $ 33,644 Current portion of lease obligations (Note 12) $ 7,671 $ 3,609 Non-current portion of lease obligations $ 33,498 $ 30,035 (1) The additions included $6,615 (2022 - $1,815) from new maintenance vehicle leases and $5,253 (2022 - $2,681) from new office leases, which commenced during the year ended December 31, 2023. As at December 31, 2023, the carrying value of the Company's lease obligations was $41,169 (December 31, 2022 - $33,644) and the carrying value of the right-of-use assets was $35,109 (December 31, 2022 - $28,750). During the year ended December 31, 2023, the Company incurred depreciation expense of $5,514 (2022 - $4,463) on the right-of-use assets. The present value of the minimum lease payments required for the leases over the next five years and thereafter is as follows: (in thousands of U.S. dollars) 2024 $ 8,197 2025 7,508 2026 7,139 2027 6,369 2028 4,917 2029 and thereafter 14,402 Minimum lease payments obligation 48,532 Imputed interest included in minimum lease payments (7,363) Lease obligations $ 41,169 The current portion of lease obligations is included in amounts payable and accrued liabilities, and the non-current portion of lease obligations is classified as other liabilities. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Dividends [Abstract] | |
DIVIDENDS | DIVIDENDS (in thousands of U.S. dollars, except per share amounts) Date of declaration Record date Payment date Common shares issued Dividend amount Total dividend amount Dividend reinvestment February 28, 2023 March 31, 2023 April 17, 2023 272,598,588 $ 0.058 $ 15,811 $ 1,131 May 9, 2023 June 30, 2023 July 17, 2023 272,803,985 0.058 15,823 1,142 August 8, 2023 September 30, 2023 October 16, 2023 272,993,974 0.058 15,834 1,125 November 7, 2023 December 31, 2023 January 15, 2024 273,385,554 0.058 15,856 1,280 $ 63,324 $ 4,678 March 1, 2022 March 31, 2022 April 18, 2022 273,584,673 $ 0.058 $ 15,868 $ 984 May 10, 2022 June 30, 2022 July 15, 2022 273,653,385 0.058 15,872 967 August 9, 2022 September 30, 2022 October 17, 2022 273,760,820 0.058 15,878 472 November 8, 2022 December 31, 2022 January 15, 2023 273,464,780 0.058 15,861 1,042 $ 63,479 $ 3,465 The Company has a Dividend Reinvestment Plan (“DRIP”) under which eligible shareholders may elect to have their cash dividends automatically reinvested into additional common shares. These additional shares are issued from treasury (or purchased in the open market) at a discount, in the case of treasury issuances, of up to 5% of the Average Market Price, as defined under the DRIP, of the common shares as of the dividend payment date. If common shares are purchased in the open market, they are priced at the average weighted cost to the Company of the shares purchased. Brokerage, commissions and service fees are not charged to shareholders for purchases or withdrawals of the Company’s shares under the DRIP, and all DRIP administrative costs are assumed by the Company. For the year ended December 31, 2023, 554,906 common shares were issued under the DRIP (2022 - 323,048) for a total amount of $4,440 (2022 - $3,995). As part of the Go-Private Transaction, Tricon intends that during the pendency of the Go-Private Transaction its regular quarterly dividend will not be declared and it has agreed that the DRIP will be suspended. Tricon intends to continue paying quarterly distributions on the Preferred Units in accordance with the terms of the Transaction Documents. If the Arrangement Agreement is terminated, the Company intends to resume declaring and paying regular quarterly dividends on the common shares and to reinstate its DRIP (Note 40). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares. The common shares of the Company do not have par value. As of December 31, 2023, there were 273,385,554 common shares issued by the Company (December 31, 2022 - 273,464,780), of which 272,637,823 were outstanding (December 31, 2022 - 272,840,692) and 747,731 were reserved to settle restricted share awards in accordance with the Company's Restricted Share Plan (December 31, 2022 - 624,088) (Note 31). December 31, 2023 December 31, 2022 (in thousands of U.S. dollars) Number of shares issued (repurchased) Share capital Number of shares issued (repurchased) Share capital Beginning balance 272,840,692 $ 2,124,618 272,176,046 $ 2,114,783 Normal course issuer bid (NCIB) (1) (1,048,680) (7,112) (677,666) (4,580) Shares issued under DRIP (2) 554,906 4,440 323,048 3,995 Stock-based compensation exercised (3) 414,548 1,958 491,341 2,655 Preferred units exchanged (Note 20) — — 554,832 8,015 Shares repurchased and reserved for restricted share awards (4) (123,643) (1,074) (26,909) (250) Ending balance 272,637,823 $ 2,122,830 272,840,692 $ 2,124,618 (1) On October 13, 2022, the Company announced that the Toronto Stock Exchange ("TSX") had approved its notice of intention to make a normal course issuer bid ("NCIB") to repurchase up to 2,500,000 of its common shares trading on the TSX, the New York Stock Exchange ("NYSE") and/or alternative Canadian trading systems during the twelve-month period ending on October 17, 2023. During the year ended December 31, 2023, the Company repurchased 525,267 of its common shares on the TSX and 523,413 shares on the NYSE under the NCIB for $8,749, which reduced share capital and retained earnings by $7,112 and $1,637, respectively. Common shares that were purchased under the NCIB were cancelled by the Company. (2) In 2023, 554,906 common shares were issued under the DRIP at an average price of $8.00 per share. (3) In 2023, 414,548 common shares were issued upon the exercise of 356,941 vested deferred share units ("DSUs") and 57,607 vested stock options. (4) In 2023, 123,643 common shares were reserved at $8.69 per share in order to settle restricted share awards granted to employees in 2023 and DRIP with respect to restricted share awards granted in prior years. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic Basic earnings per share is calculated by dividing net income attributable to shareholders of Tricon by the sum of the weighted average number of shares outstanding and vested deferred share units during the period. (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) For the years ended December 31 2023 2022 Net income from continuing operations $ 121,824 $ 779,374 Non-controlling interest 7,634 5,539 Net income attributable to shareholders of Tricon from continuing operations 114,190 773,835 Net income attributable to shareholders of Tricon from discontinued operations — 35,106 Net income attributable to shareholders of Tricon $ 114,190 $ 808,941 Weighted average number of common shares outstanding 272,320,337 272,972,697 Adjustments for vested units 1,337,114 1,510,567 Weighted average number of common shares outstanding for basic earnings per share 273,657,451 274,483,264 Basic earnings per share Continuing operations $ 0.42 $ 2.82 Discontinued operations — 0.13 Basic earnings per share $ 0.42 $ 2.95 Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive shares. The Company has four categories of potentially dilutive shares: stock options (Note 31), restricted shares (Note 29), deferred share units (Note 31) and the preferred units issued by the Affiliate that are exchangeable into the common shares of the Company (Note 20). For the stock options, the number of dilutive shares is based on the number of shares that could have been acquired at fair value with the assumed proceeds, if any, from their exercise (determined using the average market price of the Company’s shares for the period then ended). For restricted shares and deferred share units, the number of dilutive shares is equal to the total number of unvested restricted shares and deferred share units. For the exchangeable preferred units, the number of dilutive shares is based on the number of common shares into which the elected amount would then be exchangeable. The number of shares calculated as described above is comparable to the number of shares that would have been issued assuming the vesting of the stock compensation arrangement and the exchange of preferred units. Stock options, restricted shares and deferred share units For the year ended December 31, 2023, the Company’s stock compensation plans resulted in 1,886,348 dilutive share units (2022 - 1,790,235), given that it would be advantageous to the holders to exercise their associated rights to acquire common shares, as the exercise prices of these potential shares are below the Company's average market share price for the period. Unvested restricted shares and deferred share units are always considered dilutive as there is no price to the holder associated with receiving or exercising their entitlement, respectively. Preferred units issued by the Affiliate For the year ended December 31, 2023, the impact of exchangeable preferred units of Tricon PIPE LLC (Note 20) was anti-dilutive, as the associated interest expense, net of tax, and the fair value loss on derivative financial instruments would result in increased earnings per share upon the exchange of the underlying preferred units. Therefore, in computing the diluted weighted average common shares outstanding and the associated earnings per share amounts for the year ended December 31, 2023, the impact of the preferred units was excluded (2022 - included). (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) For the years ended December 31 2023 2022 Net income attributable to shareholders of Tricon from continuing operations $ 114,190 $ 773,835 Adjustment for preferred units interest expense - net of tax — 18,410 Fair value gain on exchange and prepayment options of preferred units — (175,848) Adjusted net income attributable to shareholders of Tricon from continuing operations 114,190 616,397 Net income attributable to shareholders of Tricon from discontinued operations — 35,106 Adjusted net income attributable to shareholders of Tricon $ 114,190 $ 651,503 Weighted average number of common shares outstanding 273,657,451 274,483,264 Adjustments for stock compensation 1,886,348 1,790,235 Adjustments for preferred units — 34,826,994 Weighted average number of common shares outstanding for diluted earnings per share 275,543,799 311,100,493 Diluted earnings per share Continuing operations $ 0.41 $ 1.98 Discontinued operations — 0.11 Diluted earnings per share $ 0.41 $ 2.09 |
COMPENSATION EXPENSE
COMPENSATION EXPENSE | 12 Months Ended |
Dec. 31, 2023 | |
Share-based and Other Payment Arrangements [Abstract] | |
COMPENSATION EXPENSE | COMPENSATION EXPENSE The breakdown of compensation expense, including the annual incentive plan (“AIP”) and long-term incentive plan (“LTIP”) related to various compensation arrangements, is set out below. AIP awards include both short-term (cash and one-year DSUs) and long-term (three-year DSUs, stock options, restricted shares and PSUs) incentives. Compensation expense is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Salaries and benefits $ 53,672 $ 55,040 Annual incentive plan ("AIP") 28,702 27,201 Long-term incentive plan ("LTIP") 6,969 17,015 Total compensation expense $ 89,343 $ 99,256 The changes to the balances of the various cash-based and equity-based arrangements during the period are detailed in the sections below. Annual incentive plan (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Cash-based $ 12,519 $ 20,307 Equity-based 16,183 6,894 Total AIP expense $ 28,702 $ 27,201 Cash-based AIP expense For the year ended December 31, 2023, the Company recognized $12,519 in cash-based AIP expense (2022 - $20,307), of which $12,383 relates to current-year entitlements, and the remainder relates to prior-year adjustments that were paid during 2023. The following table summarizes the movement in the AIP liability: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 3,697 $ 73 AIP expense 12,519 20,307 Payments (14,213) (16,186) Translation adjustment 170 (497) Balance, end of year $ 2,173 $ 3,697 Equity-based AIP expense The transactions contemplated by the Arrangement Agreement (collectively, the "Go-Private Transaction") will result in an acceleration in vesting of all of the Company's outstanding equity-based compensation. Furthermore, pursuant to the plan of arrangement contemplated under the Arrangement Agreement, all of the Company's outstanding equity-based compensation will be settled in cash. Consequently, the Go-Private Transaction will result in a change in the vesting period for the equity-based compensation, and the amortization of equity-based compensation issued before December 31, 2023 will be accelerated in accordance with the modification rule outlined in IFRS 2, Share-based Payments . For the year ended December 31, 2023, the Company recorded $16,183 in equity-based AIP expense (2022 - $6,894), of which $5,421 (2022 - $3,234) relates to current-year entitlements and $10,762 (2022 - $3,660) relates to the amortization of PSUs, DSUs, stock options and restricted shares granted in prior years, along with the revaluation of PSUs at each reporting date, as the total liability amount is dependent on the Company's share price. The total equity-based AIP expense of $16,183 includes the effect of $4,470 resulting from the accelerated vesting as of December 31, 2023 noted above. The following table summarizes the movement in the PSU liability: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 6,630 $ 12,064 PSU expense 5,690 1,889 Payments (4,010) (7,061) Translation adjustment 116 (262) Balance, end of year $ 8,426 $ 6,630 Long-term incentive plan (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Cash-based $ 6,969 $ 16,635 Equity-based — 380 Total LTIP expense $ 6,969 $ 17,015 Cash-based LTIP expense The following table summarizes the movement in the LTIP liability: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 25,244 $ 21,431 LTIP expense 6,969 16,635 Payments (4,432) (11,685) Translation adjustment 368 (1,137) Balance, end of year $ 28,149 $ 25,244 Equity-based LTIP expense For the year ended December 31, 2023, the Company recorded no equity-based LTIP expense (2022 - $380) related to DSUs granted in prior years. LTIP expense related to income from THP1 US (a U.S. residential development investment) was paid in DSUs vesting in equal tranches over a three on the anniversary date of each grant in past years. The LTIP was amended in 2022 to provide that this expense would be settled in cash only going forward. Stock option plan For the year ended December 31, 2023, the Company recorded a stock option expense under the AIP of $2,239 (2022 - $275). The following tables summarize the movement in the stock option plan during the years ended December 31, 2023 and December 31, 2022. TSX NYSE For the year ended December 31, 2023 Number of options Weighted average exercise price (CAD) Number of options Weighted average exercise price (USD) Opening balance - outstanding 3,443,770 $ 10.61 395,953 $ 8.54 Granted 112,000 11.27 — — Exercised (225,000) 8.85 — — Cancelled (95,000) 10.81 — — Ending balance - outstanding 3,235,770 $ 10.75 395,953 $ 8.54 TSX NYSE For the year ended December 31, 2022 Number of options Weighted average exercise price (CAD) Number of options Weighted average exercise price (USD) Opening balance - outstanding 1,985,563 $ 10.45 31,764 $ 14.67 Granted 1,466,541 10.81 364,189 8.00 Exercised (8,334) 9.81 — — Ending balance - outstanding 3,443,770 $ 10.61 395,953 $ 8.54 The following table presents the inputs used to value the stock options granted in 2023 and 2022: For the year ended December 31 2023 2022 TSX NYSE TSX NYSE Risk-free interest rate (%) 3.53 — 2.86 3.58 Expected option life (years) 5.18 — 5.16 5.15 Expected volatility (%) 28.13 — 27.70 27.70 The following table summarizes the stock options outstanding as at December 31, 2023: December 31, 2023 Grant date Expiration date Options outstanding Options exercisable Exercise price of outstanding options (CAD) Exercise price of outstanding options (USD) November 14, 2016 November 14, 2023 (1) 325,000 325,000 $ 8.85 $ — December 15, 2017 December 15, 2024 800,000 800,000 11.35 — December 17, 2018 December 17, 2025 401,959 401,959 9.81 — December 15, 2020 December 15, 2027 199,380 199,380 11.50 — December 15, 2021 December 15, 2028 25,890 19,935 18.85 — December 15, 2021 December 15, 2028 31,764 18,501 — 14.67 December 15, 2022 December 15, 2029 1,371,541 496,832 10.81 — December 15, 2022 December 15, 2029 364,189 76,725 — 8.00 March 6, 2023 March 6, 2030 112,000 — 11.27 — Total 3,631,723 2,338,332 $ 10.75 $ 8.54 (1) The Company has been under a trading blackout under its disclosure and insider trading policy since prior to the expiry date of these stock options. The provisions of the stock option plan automatically extend this expiry date until after the Company comes out of blackout. AIP liability is recorded within amounts payable and accrued liabilities, and the equity component is included in the contributed surplus. The breakdown is presented below. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Amounts payable and accrued liabilities (1) $ 10,599 $ 10,327 Equity - contributed surplus 24,909 15,784 Total AIP $ 35,508 $ 26,111 (1) This balance includes outstanding PSU liability of $8,426 (2022 - $6,630) and cash-based AIP liability of $2,173 (2022 - $3,697). LTIP liability and equity components are presented on the balance sheet as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 LTIP - liability $ 28,149 $ 25,244 Equity - contributed surplus 3,591 5,685 Total LTIP $ 31,740 $ 30,929 |
PERFORMANCE FEES LIABILITY
PERFORMANCE FEES LIABILITY | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
PERFORMANCE FEES LIABILITY | PERFORMANCE FEES LIABILITY The actual amounts of performance fee revenue to be received and paid will depend on the cash realizations of Investment Vehicles and the performance of underlying investments. Recognizing such fee revenue is only permitted when the receipt is highly probable such that a significant amount of the cumulative fee revenue will not reverse. Any corresponding payable to participating unitholders, however, must be recognized by the Company as an expense and a liability in the period in which the change in underlying investment valuation occurs, although the change in the liability is unrealized and is a non-cash expense. The following table summarizes the movement in performance fees liability for the years ended December 31, 2023 and December 31, 2022: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 39,893 $ 48,358 Contributions from equity holders 10 971 Performance fees expense 2,550 35,854 Payments (271) (44,867) Translation adjustment 188 (423) Balance, end of year $ 42,370 $ 39,893 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENTED INFORMATION In accordance with IFRS 8, Operating Segments ("IFRS 8"), the Company discloses information about its reportable segments based upon the measures used by management in assessing the performance of those reportable segments. The Company evaluates segment performance based on the revenue and income of each operating segment. Tricon is comprised of three operating segments and four reportable segments. The Company's corporate office provides support functions, and therefore, it does not represent an operating segment but rather it is included as a reportable segment. The reportable segments are business units offering different products and services, and are managed separately due to their distinct natures although they are related and complementary. These four reportable segments have been determined by the Company’s chief operating decision-makers. • Single-Family Rental business includes owning and operating single-family rental homes primarily within major cities in the U.S. Sun Belt. • Adjacent Businesses includes owning, designing, developing and operating premier multi-family rental properties in Toronto. Canadian development properties (The James and The Shops of Summerhill) and the Company's equity-accounted Canadian residential development and multi-family rental activities are included in this segment. The segment also includes Tricon’s investments in U.S. residential developments. Effective October 18, 2022, Tricon completed the sale of its remaining 20% equity interest in its U.S. multi-family rental portfolio and income from equity-accounted investments in U.S. multi-family rental properties has been classified as discontinued operations (Note 5). • Strategic Capital business (previously reported as Private Funds and Advisory) includes providing asset management, property management and development management services. The Company’s asset management services are provided to Investment Vehicles that own the single-family rental homes, multi-family rental properties and residential developments described above. The Company’s property management function generates property management fees, construction management fees and leasing commissions through its technology-enabled platform used to operate the Company’s rental portfolio. In addition, Tricon earns market-based development management fees from its residential developments in the United States and Canada. • Corporate activities include providing support functions in the areas of accounting, treasury, credit management, information technology, legal, and human resources. Certain corporate costs such as directly identifiable compensation expense incurred on behalf of the Company's operating segments are allocated to each operating segment, where appropriate. Certain property management activities are also considered as part of corporate-level costs for the purpose of segment reporting. Those costs include salaries of employees engaged in leasing, acquisition, disposition and other property management-related activities. Direct property-level operating expenses are included in the net operating income of the single-family rental business. Inter-segment revenues adjustments Inter-segment revenues are determined under terms that approximate market value. For the year ended December 31, 2023, the adjustment to external revenues when determining segmented revenues consists of property management revenues earned from consolidated entities totaling $93,319 (2022 - $114,490), development revenues earned from consolidated entities totaling $1,445 (2022 - $1,500) and asset management revenues earned from consolidated entities totaling $9,249 (2022 - $10,035), which were eliminated on consolidation to arrive at the Company’s consolidated revenues in accordance with IFRS. (in thousands of U.S. dollars) For the year ended December 31, 2023 Single-Family Rental (1) Adjacent Businesses (1) Strategic Capital (1)(2) Corporate (1) Consolidated results Revenue from single-family rental properties $ 795,317 $ — $ — $ — $ 795,317 Direct operating expenses (261,936) — — — (261,936) Net operating income from single-family rental properties 533,381 — — — 533,381 Revenue from strategic capital services — — 54,458 — 54,458 Income from equity-accounted investments in multi-family rental properties — 5,297 — — 5,297 Income from equity-accounted investments in Canadian residential developments — 4,348 — — 4,348 Other income (expense) 342 1,441 — (1,265) 518 Income from investments in U.S. residential developments — 30,773 — — 30,773 Compensation expense — — — (89,343) (89,343) Performance fees expense — — — (2,550) (2,550) General and administration expense — — — (86,502) (86,502) Gain on debt modification and extinguishment — — — 1,326 1,326 Transaction costs — — — (16,632) (16,632) Interest expense — — — (316,473) (316,473) Fair value gain on rental properties — — — 210,936 210,936 Realized and unrealized loss on derivative financial instruments — — — (2,424) (2,424) Amortization and depreciation expense — — — (17,794) (17,794) Realized and unrealized foreign exchange loss — — — (13,859) (13,859) Net change in fair value of limited partners’ interests in single-family rental business — — — (145,497) (145,497) Income tax expense — — — (28,139) (28,139) Segment net income (loss) $ 533,723 $ 41,859 $ 54,458 $ (508,216) $ 121,824 (1) Financial information for each segment is presented on a consolidated basis. (2) Strategic Capital was previously reported as Private Funds and Advisory. (in thousands of U.S. dollars) For the year ended December 31, 2022 Single-Family Rental (1) Adjacent Businesses (1) Strategic Capital (1)(2) Corporate (1) Consolidated results Revenue from single-family rental properties $ 645,585 $ — $ — $ — $ 645,585 Direct operating expenses (209,089) — — — (209,089) Net operating income from single-family rental properties 436,496 — — — 436,496 Revenue from strategic capital services — — 160,088 — 160,088 Income from equity-accounted investments in multi-family rental properties — 1,550 — — 1,550 Income from equity-accounted investments in Canadian residential developments — 11,198 — — 11,198 Other income 1,405 1,668 — 7,813 10,886 Income from investments in U.S. residential developments — 16,897 — — 16,897 Compensation expense — — — (99,256) (99,256) Performance fees expense — — — (35,854) (35,854) General and administration expense — — — (58,991) (58,991) Loss on debt modification and extinguishment — — — (6,816) (6,816) Transaction costs — — — (18,537) (18,537) Interest expense — — — (213,932) (213,932) Fair value gain on rental properties — — — 858,987 858,987 Fair value loss on Canadian development properties — — — (440) (440) Realized and unrealized gain on derivative financial instruments and other liabilities — — — 184,809 184,809 Amortization and depreciation expense — — — (15,608) (15,608) Realized and unrealized foreign exchange gain — — — 498 498 Net change in fair value of limited partners’ interests in single-family rental business — — — (297,381) (297,381) Income tax expense — — — (155,220) (155,220) Segment net income from continuing operations $ 437,901 $ 31,313 $ 160,088 $ 150,072 $ 779,374 Segment net income from discontinued operations — 35,106 — — 35,106 Segment net income $ 437,901 $ 66,419 $ 160,088 $ 150,072 $ 814,480 (1) Financial information for each segment is presented on a consolidated basis. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 20. DUE TO AFFILIATE On August 26, 2020, Tricon and its affiliate, Tricon PIPE LLC (the “Affiliate” or “LLC”) entered into subscription agreements with each investor in a syndicate of investors (the “Investors”), pursuant to which the Investors subscribed for Preferred Units of the Affiliate (the “Preferred Units”) for an aggregate subscription price of $300,000 (the “PIPE Transaction”). The PIPE Transaction was completed on September 3, 2020, on which date the Company and the Affiliate entered into various agreements with the Investors in connection with the PIPE Transaction (together with the subscription agreements, the “Transaction Documents”). Transaction – between Tricon and Investors Pursuant to the Transaction Documents, holders of Preferred Units have the right to exchange the Preferred Units into common shares of the Company at any time at the option of the holder (the “Exchange Right”) at an initial exchange price of $8.50 (C$11.18 as of August 26, 2020) per common share, as may be adjusted from time to time in accordance with the terms of the Transaction Documents (the “Exchange Price”), subject to shareholder approval, where applicable. Holders of Preferred Units are also entitled to receive a cash dividend equal to 5.75% of the Liquidation Preference of the Preferred Units (as defined in the Transaction Documents), per annum, calculated and payable quarterly for the first seven years following closing of the PIPE Transaction (“Closing”), with a prescribed annual increase to the dividend rate of 1% per year thereafter, up to a maximum rate of 9.75% per year. The Affiliate has the right to force the exchange (the “Forced Exchange Right”) of the outstanding Preferred Units beginning after the fourth anniversary of Closing, provided the 20-day volume-weighted average price of Tricon’s shares exceeds 135% of the Exchange Price (reducing to 115% following the fifth anniversary of Closing). These exchange rights are classified as a derivative financial instrument (Note 21). The Affiliate also has the right to redeem the Preferred Units (“Redemption Right”) at any time following the fifth anniversary of Closing for cash equal to 105% of the Liquidation Preference of the Preferred Units (as defined in the Transaction Documents). During the year ended December 31, 2023, there were no exchanges of Preferred Units to common shares (2022 - 4,675 Preferred Units were exchanged for 554,832 common shares). On February 9, 2024, following the announcement of the Arrangement Agreement (Note 40), BCORE Preferred Holdco LLC ("BREIT Shareholder"), a subsidiary of BREIT, exercised its exchange rights under the Transaction Documents, resulting in the exchange of 180,000 Preferred Units and the accrued dividend on these units for 21,308,382 common shares of the Company at $8.50 per share. This exchange resulted in a reduction of $180,000 in the Affiliate's preferred unit liability and the Company's corresponding promissory note owed to the Affiliate. On February 27, 2024, the Company exchanged an additional 15,000 Preferred Units pursuant to the exercise by another holder of Preferred Units of exchange rights under the Transaction Documents for 1,780,773 common shares of the Company at $8.50 per share. This exchange resulted in a reduction of $15,000 in the Affiliate's preferred unit liability and the Company's corresponding promissory note owed to the Affiliate. As of the date hereof, 100,325 Preferred Units remain outstanding and subject to the terms of the Transaction Documents; the Affiliate has a preferred unit liability of $100,325 ($295,325 as of December 31, 2023) and holds a promissory note receivable from Tricon amounting to $100,325 ($295,325 as of December 31, 2023). Promissory note – between Tricon entities In connection with the PIPE Transaction, the Company borrowed the subscription proceeds of $295,325 from the Affiliate. This indebtedness, which is evidenced by a promissory note (the “Promissory Note” or “Due to Affiliate”), has a maturity of September 3, 2032 (permitting prepayment at any time pursuant to its terms) and bears interest at a rate of 5.75% per annum, calculated and payable quarterly for the first seven years following Closing with increases thereafter matching the applicable increases of the dividend rate applicable to the Preferred Units, described above. The Promissory Note contains mandatory prepayment provisions (“Mandatory Prepayment”) applicable in connection with certain provisions of the Transaction Documents requiring the redemption of all or a portion of the outstanding Preferred Units. This Mandatory Prepayment is a derivative, which incorporates assumptions in respect of the Exchange Right, Forced Exchange Right and Redemption Right, and is measured separately from the Promissory Note and classified as a derivative financial instrument (Note 21). The Promissory Note payable to Tricon PIPE LLC is initially measured at fair value, less transaction costs, and subsequently measured at amortized cost using the effective interest rate method. During the year ended December 31, 2023, the Company recorded interest expense of $22,579 (2022 - $22,159), including accretion expense of $5,598 (2022 - $5,137) with respect to the amortization of transaction costs and the discount. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Principal amount outstanding $ 295,325 $ 295,325 Less: Discount and transaction costs (net of amortization) (32,903) (38,501) Due to Affiliate $ 262,422 $ 256,824 The fair value of the Promissory Note was $261,700 as of December 31, 2023 (2022 - $225,314). The difference between the amortized cost and the implied fair value is a result of the difference between the effective interest rate and the market interest rate for debt with similar terms. Structured entity – Tricon PIPE LLC (the “Affiliate”) Tricon PIPE LLC (the “Affiliate” or “LLC”) was incorporated on August 7, 2020 for the purpose of raising third-party capital through the issuance of preferred units for an aggregate amount of $300,000. The Company has a 100% voting interest in this Affiliate; however, the Company does not consolidate this structured entity, as discussed in Note 3. As of December 31, 2023, the LLC has a preferred unit liability of $295,325 (2022 - $295,325) and a Promissory Note receivable of $295,325 (2022 - $295,325). During the year ended December 31, 2023, the Affiliate earned interest income of $16,981 (2022 - $17,022) from the Company and recognized dividends declared of $16,981 (2022 - $17,022). The Company’s obligation with respect to its involvement with the structured entity is equal to the cash flows under the Promissory Note payable. The Company has not recognized any income or losses in connection with its interest in this unconsolidated structured entity in the year ended December 31, 2023 (2022 - nil). Related parties include subsidiaries, associates, joint ventures, structured entities, key management personnel, the Board of Directors (“Directors”), immediate family members of key management personnel and Directors, and entities which are directly or indirectly controlled by, jointly controlled by or significantly influenced by key management personnel, Directors or their close family members. In the normal course of operations, the Company executes transactions on market terms with related parties that have been measured at the exchange value and are recognized in the consolidated financial statements, including, but not limited to: asset management fees, performance fees and incentive distributions; loans, interest and non-interest bearing deposits; purchase and sale agreements; capital commitments to Investment Vehicles; and development of residential real estate assets. As at December 31, 2023, the Company had unfunded capital commitments of $262,371, of which $47,493 represented the Company's total unfunded commitment to single-family rental Investment Vehicles which have completed their investment periods. The excess is, in most cases, treated as a reserve by the Investment Vehicle and is no longer expected to be called or contributed. Accordingly, this unfunded commitment amount does not accurately reflect the Company's future funding obligations. Excluding the unfunded commitment to these Investment Vehicles, the Company's unfunded capital commitment is at $214,878. Transactions and balances between consolidated entities are fully eliminated upon consolidation. Transactions and balances with unconsolidated structured entities are disclosed in Note 20. Transactions with related parties The following table lists the related party balances included within the consolidated financial statements. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Revenue from strategic capital services $ 54,458 $ 160,088 Income from equity-accounted investments in multi-family rental properties 5,297 1,550 Income from equity-accounted investments in Canadian residential developments 4,348 11,198 Income from investments in U.S. residential developments 30,773 16,897 Performance fees expense (2,550) (35,854) Gain on sale of Bryson MPC Holdings LLC — 5,060 Net income recognized from related parties $ 92,326 $ 158,939 Balances arising from transactions with related parties The items set out below are included on various line items in the Company’s consolidated financial statements. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Receivables from related parties included in amounts receivable Contractual fees and other receivables from investments managed $ 28,399 $ 14,976 Employee relocation housing loan (1) 1,512 1,477 Annual incentive plan (2) 35,508 26,111 Long-term incentive plan (2) 31,740 30,929 Performance fees liability (2) 42,370 39,893 Dividends payable 516 497 Other payables to related parties included in amounts payable and accrued liabilities 76 166 (1) The employee relocation housing loan is non-interest bearing for a term of ten years, maturing in 2028. (2) Balances from compensation arrangements are due to employees of the Company. The receivables are unsecured and non-interest bearing. There are no provisions recorded against receivables from related parties at December 31, 2023 (December 31, 2022 - nil). Key management compensation Key management includes the Named Executive Officers (“NEOs”), who are (i) the Chief Executive Officer, (ii) the Chief Financial Officer, (iii) each of the three other most highly-compensated executive officers of the Company, or the three most highly compensated individuals acting in a similar capacity at the end of the financial year, and (iv) any person who would be an NEO under (iii) above but for the fact that the individual was neither an executive officer of the Company, nor acting in a similar capacity, at the end of the financial year. Compensation awarded to key management is as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Total salaries and benefits $ 2,583 $ 2,499 Total AIP 10,504 12,996 Total LTIP 1,681 8,399 Total performance fees expense 1,489 24,374 Total key management compensation $ 16,257 $ 48,268 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT The Company is impacted by the effects of higher interest rates and inflation, which touch all aspects of its business, including its ability to negotiate contract terms and make investment and financing decisions. The Company is exposed to the following risks as a result of holding financial instruments, as well as real estate assets that are measured at fair value: market risk (i.e., interest rate risk, foreign currency risk and other price risk that may impact the fair value of financial instruments, as well as rental properties and development properties), credit risk and liquidity risk. The following is a description of these risks and how they are managed. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, foreign currency rates and changes in market prices due to other factors, such as changes in equity prices or credit spreads. The Company manages market risk from foreign currency assets and liabilities and the impact of changes in currency exchange rates and interest rates by funding assets with financial liabilities in the same currency and with similar interest rate characteristics, and by holding financial contracts such as interest rate derivatives to minimize residual exposures. The sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur, and changes in some of the factors may be correlated - for example, changes in interest rates and changes in foreign currency rates. Financial instruments held by the Company that are subject to market risk include other financial assets, borrowings and derivative instruments such as interest rate cap contracts. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in the net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the value of financial instruments whose cash flows are fixed in nature. The Company’s assets largely consist of long-term interest-sensitive physical real estate assets. Accordingly, the Company’s financial liabilities consist of long-term fixed-rate debt and floating-rate debt. These financial liabilities are recorded at their amortized cost. The Company also holds interest rate caps to limit its exposure to increases in interest rates on floating-rate debt and sometimes holds interest rate contracts to lock in fixed rates on anticipated future debt issuances and as an economic hedge against the changes in the value of long-term interest-sensitive physical real estate assets that have not been otherwise matched with fixed-rate debt. During the year ended December 31, 2023, the Company recognized a realized gain of $17,661 related to interest rate caps that were in-the-money. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. To limit its exposure to interest rate risk, the Company has a mixed portfolio of fixed-rate and variable-rate debt, with $4,433,100 (76%) in fixed-rate debt and $1,426,599 (24%) in variable-rate debt as at December 31, 2023. If interest rates had been 1% higher or lower, with all other variables held constant, interest expense would have increased (decreased) by: For the years ended December 31 2023 2022 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Interest expense $ 1,495 $ (15,102) 14,736 (15,711) Foreign currency risk Changes in foreign currency rates will impact the carrying value of financial instruments denominated in currencies other than the U.S. dollar, which is the functional and presentation currency of the Company. The Company has exposure to monetary and non-monetary foreign currency risk due to the effects of changes in foreign exchange rates related to consolidated Canadian subsidiaries, equity-accounted investments, and cash and debt in Canadian dollars held at the corporate level. The Company manages foreign currency risk by raising equity in Canadian dollars and by matching its principal cash outflows to the currency in which the principal cash inflows are denominated. The impact of a 1% increase or decrease in the Canadian dollar exchange rate would have increased (decreased) debt by: For the years ended December 31 2023 2022 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Debt $ 579 $ (579) $ 339 $ (339) Foreign exchange volatility is already embedded in the fair value of derivative financial instruments (Note 21), and therefore is excluded from the sensitivity calculations above. Other price risk Other price risk is the risk of variability in fair value due to movements in equity prices or other market prices such as commodity prices and credit spreads. The Company does not hold any financial instruments that are exposed to equity price risk, including equity securities and equity derivatives. Credit risk Credit risk is the risk that one party to a financial instrument will cause financial loss for the other party by failing to discharge an obligation. The Company has no significant concentrations of credit risk and its exposure to credit risk arises primarily through loans and receivables which are due primarily from associates. The loans and receivables due from associates are subject to the risk that the underlying real estate assets may not generate sufficient cash inflows in order to recover them. The Company manages this risk by: • Ensuring a due diligence process is conducted on each investment prior to funding; • Approving all loan disbursements by management; • Approving of total loan facilities by the Investment Committee; and • Actively monitoring the loan portfolio and initiating recovery procedures when necessary. The Company assesses all counterparties, including its partners, for credit risk before contracting with them. The Company does not include any collateral or other credit risk enhancers, which may reduce the Company’s exposure. The Company provides loans to land developers, which are represented as debt investments. The credit quality of these investments is based on the financial performance of the underlying real estate assets. For those assets that are not past due, it is believed that the capital repayments and interest payments will be made in accordance with the agreed terms and conditions. No terms or conditions have been renegotiated. At December 31, 2023, the Company had no exposure to credit risk arising from investment in debt instruments (December 31, 2022 – nil). Through the equity portion of its investments, the Company is also indirectly exposed to credit risk arising on loans advanced by investees to individual real estate development projects. Credit risk also arises from the possibility that residents may experience financial difficulty and be unable to fulfill their lease commitments. A provision for bad debt (or expected credit loss) is taken for all anticipated collectability risks. The Company also manages credit risk by performing resident underwriting due diligence during the leasing process. As at December 31, 2023, the Company had rent receivables of $3,083 (December 31, 2022 – $3,581), net of bad debt, which adequately reflects the Company's credit risk. Liquidity risk The real estate industry is highly capital intensive. Liquidity risk is the risk that the Company may have difficulty in meeting obligations associated with its financial liabilities as they fall due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price. The Company's liquidity risk management includes maintaining sufficient cash on hand and the availability of funding through an adequate amount of committed credit facilities, as well as performing periodic cash flow forecasts to ensure the Company has sufficient cash to meet operational and financing costs. The Company's primary source of liquidity consists of cash and other financial assets, net of deposits and other associated liabilities, and undrawn available credit facilities. Cash flow generated from operating the rental property portfolio represents the primary source of liquidity used to service the interest on the property-level debt and fund direct property operating expenses, as well as reinvest in the portfolio through capital expenditures. The Company is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. The Company believes these risks are mitigated through the use of long-term debt secured by high-quality assets, by maintaining certain debt levels that are set by management, and by staggering maturities over an extended period. The following tables present the contractual maturities of the Company’s financial liabilities at December 31, 2023 and December 31, 2022, excluding remaining unamortized deferred financing fees and debt discount: (in thousands of U.S. dollars) As at December 31, 2023 Due on demand and in 2024 From 2025 From 2027 2029 and thereafter Total Liabilities Debt (1) $ 309,116 $ 2,995,746 $ 2,554,837 $ — $ 5,859,699 Other liabilities — 14,647 11,286 14,402 40,335 Limited partners' interests in single-family rental business — 915,983 1,106,088 278,223 2,300,294 Derivative financial instruments — — — 53,788 53,788 Due to Affiliate — — — 295,325 295,325 Amounts payable and accrued liabilities 150,221 — — — 150,221 Resident security deposits 85,196 — — — 85,196 Dividends payable 15,856 — — — 15,856 Total $ 560,389 $ 3,926,376 $ 3,672,211 $ 641,738 $ 8,800,714 (1) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans. (in thousands of U.S. dollars) As at December 31, 2022 Due on demand and in 2023 From 2024 From 2026 2028 and thereafter Total Liabilities Debt (1) $ 757,135 $ 1,949,405 $ 2,529,240 $ 542,457 $ 5,778,237 Other liabilities — 10,370 8,620 15,534 34,524 Limited partners' interests in single-family rental business — — 851,416 845,456 1,696,872 Derivative financial instruments — — — 51,158 51,158 Due to Affiliate — — — 295,325 295,325 Amounts payable and accrued liabilities 138,273 — — — 138,273 Resident security deposits 79,864 — — — 79,864 Dividends payable 15,861 — — — 15,861 Total $ 991,133 $ 1,959,775 $ 3,389,276 $ 1,749,930 $ 8,090,114 (1) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans. The future repayments of principal and interest on financial liabilities are as follows, excluding remaining unamortized deferred financing fees and debt discount: (in thousands of U.S. dollars) As at December 31, 2023 Due on demand and in 2024 From 2025 From 2027 2029 and thereafter Total Principal Debt (1),(2) $ 309,116 $ 2,995,746 $ 2,554,837 $ — $ 5,859,699 Due to Affiliate (4) — — — 295,325 295,325 Interest Debt (1),(3) 274,567 378,948 159,023 — 812,538 Due to Affiliate (4) 16,981 33,962 37,375 100,771 189,089 Total $ 600,664 $ 3,408,656 $ 2,751,235 $ 396,096 $ 7,156,651 (1) Certain mortgages' principal and interest repayments were translated to U.S. dollars at the period-end exchange rate. (2) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise, where appropriate, the extension options available on all loans. (3) For floating-rate debt facilities, the future interest payments are calculated using the prevailing floating interest rates at the period-end date. (4) Reflects the contractual maturity date of September 3, 2032. The details of the net liabilities are shown below: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Cash $ 170,739 $ 204,303 Restricted cash 49,618 — Amounts receivable 27,962 24,984 Prepaid expenses and deposits 23,635 37,520 Current assets 271,954 266,807 Amounts payable and accrued liabilities 150,221 138,273 Resident security deposits 85,196 79,864 Dividends payable 15,856 15,861 Current portion of long-term debt 309,116 757,135 Current liabilities 560,389 991,133 Net current liabilities $ (288,435) $ (724,326) During the year ended December 31, 2023, the change in the Company’s liquidity resulted in a working capital deficit of $288,435 (2022 - deficit of $724,326). The working capital deficit is predominantly driven by the term loan of $296,256 coming due in April 2024. The Company has an option to extend the maturity of the term loan to October 2024 and is actively working with the lender to further extend the term of this facility beyond 2024. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT The Company’s objectives when managing capital are: (i) to safeguard its ability to meet financial obligations and growth objectives, including future acquisitions; (ii) to provide an appropriate return to its shareholders; and (iii) to maintain an optimal capital structure that allows multiple financing options, should a financing need arise. The Company’s capital consists of debt (including credit facilities, term loans, mortgages, securitizations and Due to Affiliate), cash and shareholders’ equity. In order to maintain or adjust the capital structure, the Company manages equity as capital and may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or subsidiary entity interests, repurchase and cancel shares or sell assets. |
SUPPLEMENTARY CASH FLOW DETAILS
SUPPLEMENTARY CASH FLOW DETAILS | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTARY CASH FLOW DETAILS | SUPPLEMENTARY CASH FLOW DETAILS The details of the adjustments for non-cash items presented in operating activities of the cash flow statement are shown below: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Fair value gain on rental properties (Note 6) $ (210,936) $ (858,987) Fair value loss on Canadian development properties (Note 9) — 440 Unrealized loss (gain) on derivative financial instruments (Note 21) 20,085 (184,809) Income from investments in U.S. residential developments (Note 10) (30,773) (16,897) Income from equity-accounted investments in multi-family rental properties (Note 7) (5,297) (1,550) Income from equity-accounted investments in Canadian residential developments (Note 8) (4,348) (11,198) Gain on Bryson MPC Holdings LLC disposition (Note 17) — (5,060) (Gain) loss on debt modification and extinguishment (Note 19) (1,326) 6,816 Amortization and depreciation expense (Note 24, 25) 17,794 15,608 Deferred income taxes (Note 14) 25,899 189,179 Net change in fair value of limited partners’ interests in single-family rental business (Note 26) 145,497 297,381 Amortization of debt discount and financing costs (Note 22) 23,239 18,116 Interest on lease obligation (Note 22) 1,242 1,168 Long-term incentive plan (Note 31) 6,969 17,015 Annual incentive plan (Note 31) 28,702 27,201 Performance fees expense (Note 32) 2,550 35,854 Non-cash impact related to debt modification (3,934) — Unrealized foreign exchange loss (gain) 6,752 (4,238) Adjustments for non-cash items $ 22,115 $ (473,961) The following table presents the changes in non-cash working capital items for the periods ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Amounts receivable $ (2,978) $ (4,993) Prepaid expenses and deposits 13,885 (4,574) Resident security deposits 5,332 23,079 Amounts payable and accrued liabilities 11,948 48,169 Deduct non-cash working capital items from discontinued operations — (43,114) Changes in non-cash working capital items $ 28,187 $ 18,567 |
FINANCING ACTIVITIES
FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCING ACTIVITIES | FINANCING ACTIVITIES (in thousands of U.S. dollars) As at December 31, 2022 Cash flows Non-cash changes As at December 31, 2023 Foreign exchange movement Fair value changes Additions/(Dispositions) Other (1) Term loan (2) $ 219,737 $ 81,521 $ — $ — $ (1,326) $ (3,934) $ 295,998 Securitization debt 2017-2 345,311 (345,626) — — — 315 — Warehouse credit facility 2022 — 153,272 — — — 4 153,276 Securitization debt 2018-1 302,359 (19,973) — — — 144 282,530 Securitization debt 2020-2 420,274 (19,356) — — — 1,121 402,039 Securitization debt 2023-2 — 333,199 — — — 111 333,310 SFR JV-1 securitization debt 2019-1 328,196 (971) — — — 1,273 328,498 SFR JV-1 securitization debt 2020-1 546,713 (441) — — — 1,749 548,021 SFR JV-1 securitization debt 2021-1 674,919 (33) — — — 2,281 677,167 SFR JV-2 subscription facility 408,299 (408,299) — — — — — SFR JV-2 warehouse credit facility 389,716 (374,188) — — — 1,927 17,455 SFR JV-2 term loan 386,701 105,994 — — — 1,041 493,736 SFR JV-2 securitization debt 2022-1 522,934 (216) — — — 1,742 524,460 SFR JV-2 securitization debt 2022-2 342,069 (314) — — — 1,033 342,788 SFR JV-2 securitization debt 2023-1 — 396,441 — — — 1,837 398,278 SFR JV-2 delayed draw term loan 193,126 (136) — — — 266 193,256 SFR JV-HD subscription facility 126,814 (126,814) — — — — — SFR JV-HD warehouse credit facility 488,205 (226,934) — — — 993 262,264 JV-HD term loan A — 148,753 — — — 201 148,954 JV-HD term loan B — 148,752 — — — 202 148,954 The Shops of Summerhill mortgage 15,973 (219) 373 — — 35 16,162 Construction facility 5,032 23,152 593 — — — 28,777 Corporate office mortgages 12,717 (356) 263 — — — 12,624 Corporate credit facility (911) 170,000 — — 364 169,453 Due to Affiliate 256,824 — — — — 5,598 262,422 Derivative financial instruments (3) 51,158 — — 2,630 — — 53,788 Limited partners' interests in single-family rental business 1,696,872 457,925 — 145,497 — — 2,300,294 Lease obligations 33,644 (5,848) — — 11,884 1,489 41,169 Total liabilities from financing activities $ 7,766,682 $ 489,285 $ 1,229 $ 148,127 $ 10,558 $ 19,792 $ 8,435,673 (1) Includes amortization of transaction costs and debt discount and interest on lease obligations. (2) During the year ended December 31, 2023, the non-cash changes for the term loan includes a gain on debt modification of $1,326 as described in Note 19. (3) The interest rate cap component included in the derivative financial instruments was an asset of $7,380 as at December 31, 2023 and as a result is excluded from the above table and classified as an asset on the consolidated balance sheet. (in thousands of U.S. dollars) As at December 31, 2021 Cash flows Non-cash changes As at December 31, 2022 Foreign exchange movement Fair value changes Additions/(Dispositions) Other (1) Term loan (2) $ 220,197 $ (5,565) $ — $ — $ 5,105 $ — $ 219,737 Securitization debt 2017-2 357,991 (12,983) — — — 303 345,311 Securitization debt 2018-1 310,995 (8,779) — — — 143 302,359 Securitization debt 2020-2 431,684 (12,531) — — — 1,121 420,274 SFR JV-1 securitization debt 2019-1 327,424 (501) — — — 1,273 328,196 SFR JV-1 securitization debt 2020-1 544,964 — — — — 1,749 546,713 SFR JV-1 securitization debt 2021-1 673,653 (978) — — — 2,244 674,919 SFR JV-2 subscription facility 348,529 58,614 — — — 1,156 408,299 SFR JV-2 warehouse credit facility 489,321 (101,054) — — — 1,449 389,716 SFR JV-2 term loan — 386,442 — — — 259 386,701 SFR JV-2 securitization debt 2022-1 — 521,675 — — — 1,259 522,934 SFR JV-2 securitization debt 2022-2 — 341,584 — — — 485 342,069 SFR JV-2 delayed draw term loan — 193,034 — — — 92 193,126 SFR JV-HD subscription facility 99,543 26,845 — — — 426 126,814 SFR JV-HD warehouse credit facility 64,971 422,385 — — — 849 488,205 Land loan 22,086 (21,935) (151) — — — — The Shops of Summerhill mortgage 12,113 4,026 (176) — — 10 15,973 Construction facility — 5,015 17 — — — 5,032 Corporate office mortgages 13,962 (390) (855) — — — 12,717 Corporate credit facility — (1,063) — — 152 (911) Due to Affiliate (3) 256,362 — — — (4,675) 5,137 256,824 Derivative financial instruments (4) 230,305 — — (175,848) — (3,299) 51,158 Limited partners' interests in single-family rental business 947,452 452,039 — 297,381 — — 1,696,872 Lease obligations 30,792 (3,070) — — 4,619 1,303 33,644 Total liabilities from financing activities $ 5,382,344 $ 2,242,810 $ (1,165) $ 121,533 $ 5,049 $ 16,111 $ 7,766,682 (1) Includes amortization of transaction costs and debt discount and interest on lease obligations. (2) During the year ended December 31, 2022, the non-cash changes for the term loan include loss on debt modification of $6,816 as described in Note 19, net of modification impact amortization of $1,711. (3) During the year ended December 31, 2022, the Company settled $4,675 of the principal balance Due to Affiliate through the issuance of 554,832 common shares (Note 20). |
INDEMNIFICATION
INDEMNIFICATION | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
INDEMNIFICATION | AMOUNTS PAYABLE AND ACCRUED LIABILITIES Amounts payable and accrued liabilities consist of the following: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Trade payables and accrued liabilities $ 44,480 $ 34,219 Accrued property taxes 59,650 52,936 AIP liability (Note 31) 10,599 10,327 Income taxes payable 693 11,650 Interest payable 26,510 24,731 Deferred income 618 801 Current portion of lease obligations (Note 27) 7,671 3,609 Total amounts payable and accrued liabilities $ 150,221 $ 138,273 Pursuant to Indemnification Agreements with certain General Partners of Limited Partnerships managed by the Company and certain shareholders of the Company (who are also officers and directors of the Company), the Company has agreed to indemnify the General Partners and those shareholders and, where applicable, any of their directors, officers, agents and employees (collectively, the Indemnified Parties) for any past, present or future amounts paid or payable by any of the Indemnified Parties to the Limited Partnership in the form of a capital contribution or clawback guarantee relating to performance fees for any claim or obligation, as set out in the Limited Partnership Agreements. These indemnification agreements do not pertain to any executive compensation arrangements, or to any clawback rules, including those promulgated by any securities regulatory agency or stock exchange. There are no amounts payable in respect of this indemnification as of December 31, 2023 (December 31, 2022 – nil). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Event [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Arrangement Agreement On January 19, 2024, the Company announced that it had entered into the Arrangement Agreement under which BREP X together with BREIT will acquire all outstanding common shares of the Company and each holder of common shares (other than Blackstone and dissenting shareholders) will be entitled to receive $11.25 per common share in cash. The Go-Private Transaction is structured as a statutory plan of arrangement under the Business Corporations Act (Ontario). The completion of the Go-Private Transaction is expected to occur in the second quarter of 2024 and is subject to customary closing conditions, including court approval, the approval of Tricon shareholders (in accordance with the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ) and regulatory approval under the Canadian Competition Act (which was obtained on February 19, 2024) and Investment Canada Act. Subject to and upon completion of the Go-Private Transaction, the Company expects that the common shares will no longer be listed on the NYSE or TSX and that the Company will apply to cease to be a reporting issuer under applicable Canadian securities laws. As of the announcement date, BREIT Shareholder owned 6,815,242 common shares and 240,000 Preferred Units (Note 20) that are exchangeable into 28,235,294 common shares, which represented approximately 11% of all outstanding common shares of the Company, assuming conversion of all Preferred Units. Pursuant to the support agreement entered into in connection with the Go-Private Transaction, BREIT Shareholder exchanged 180,000 of its Preferred Units for 21,308,382 common shares of the Company on February 9, 2024 (see Note 20). As of the date hereof, BREIT Shareholder owns 28,123,624 common shares and 60,000 Preferred Units. Pursuant to the support agreement, BREIT Shareholder agreed to exchange the balance of its Preferred Units into common shares prior to the closing of the Go-Private Transaction. The Arrangement Agreement provides for, among other things, customary representations, warranties and covenants, including customary non-solicitation covenants from Tricon, subject to the ability of the Company’s board to accept a superior proposal in certain circumstances, with a “right to match” in favor of Blackstone, and conditioned upon payment of a $122,750 termination fee to Blackstone, except that the termination fee will be reduced to $61,250 if the Arrangement Agreement is terminated by the Company prior to March 3, 2024 in order to enter into a definitive agreement providing for the implementation of a superior proposal. In certain circumstances, Blackstone will be required to pay a $526,000 reverse termination fee to Tricon upon the termination of the Arrangement Agreement. Completion of the Go-Private Transaction is subject to various closing conditions, including obtaining court approval and certain regulatory approvals and the approval of the Company’s shareholders in accordance with the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. As part of the Go-Private Transaction, Tricon intends that during the pendency of the Go-Private Transaction its regular quarterly dividend will not be declared and it has agreed that the DRIP will be suspended. Tricon intends to continue paying quarterly distributions on the Preferred Units in accordance with the terms of the Transaction Documents. If the Arrangement Agreement is terminated, the Company intends to resume declaring and paying regular quarterly dividends on the common shares and to reinstate its DRIP. |
SUMMARY OF MATERIAL ACCOUNTIN_2
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies, Changes In Accounting Policies And Errors [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the financial statements of the Company and its controlled subsidiaries. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The accounting policies of subsidiaries have been modified where necessary to align them with the policies adopted by the Company. When the Company does not own all of the equity in a subsidiary, the non-controlling equity interest is disclosed in the consolidated balance sheet as a separate component of total equity. A non-controlling interest may also be classified as a financial liability if the non-controlling interest contains an option or a redemption feature, which is the case for SFR JV-1, SFR JV-2 and SFR JV-HD. Intra-group balances and transactions are eliminated upon consolidation. The Company currently consolidates Tricon Single-Family Rental REIT LLC and its wholly-owned subsidiaries, along with SFR JV-1, SFR JV-2 and SFR JV-HD (collectively, the “single-family rental” business), and The James (Scrivener Square) and The Shops of Summerhill (collectively, the "Canadian development properties"). |
Joint arrangements and interests in associates | Joint arrangements and interests in associates Investments in joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Joint operations are accounted for using proportionate consolidation as per IFRS 11, Joint Arrangements ("IFRS 11") while joint ventures apply the equity method in accordance with IAS 28. Interests in associates - equity method of accounting An associate is an entity over which the Company has significant influence, but not control (or joint control), in accordance with IAS 28. Generally, the Company is considered to exert significant influence when it holds, directly or indirectly, 20% or more of the voting power of the investee. However, determining significant influence is a matter of judgment and specific circumstances. Joint ventures - equity method of accounting A joint venture is a joint arrangement under which the investors have joint control through a separate legal entity established and hold an interest in the net assets (as opposed to a direct interest in the underlying project). The Company accounts for its joint ventures using the equity method. Under the equity method, a contribution to an investee is initially recognized at cost and adjusted thereafter to recognize the Company's share of profit or loss of the investee in accordance with Tricon's accounting policies. Distributions received from an investee reduce the carrying amount of the investment. |
Structured entity - unconsolidated | Structured entity — unconsolidated A structured entity is an entity created to accomplish a narrow and well-defined objective. Those entities’ activities are restricted to the extent that they are, in essence, not directed by voting or similar rights. The Company concluded that Tricon PIPE LLC is a structured entity as it was created for the sole purpose of issuing its preferred units to investors and offering financing to the Company (Note 20), and the Company does not have exposure to variable returns related to its involvement in the entity or make the relevant decisions for the entity. Under IFRS 10, such a structured entity does not meet the criteria for control and is not required to be consolidated. |
Acquisition transactions | Acquisition transactions The Company assesses whether an acquisition transaction should be accounted for as an asset acquisition or a business combination under IFRS 3, Business Combinations ("IFRS 3"). |
Rental properties | Rental properties The Company's rental properties consist of single-family rental homes held to earn rental income. Subsequent to initial recognition, rental properties are recorded at fair value in accordance with IAS 40, Investment Property (“IAS 40”). Fair value is determined based on a combination of internal and external processes and valuation techniques according to the valuation policy discussed in Note 6. Gains or losses arising from changes in the fair value and capitalized costs of rental properties are recorded in the consolidated statements of comprehensive income in the period in which they arise. In determining whether certain costs are additions to the carrying amount of rental properties or period expenses, management applies judgment based on whether these costs are incurred to enhance the service potential of the property. All costs associated with upgrading and extending the economic life of the existing properties, including internal amounts that are directly attributable to a specific rental property, other than ordinary repairs and maintenance, are capitalized to rental property. |
Foreign currency translation | Foreign currency translation Currency translation Foreign currency transactions (Canadian dollar) are translated into U.S. dollars using exchange rates in effect at the date of the transaction. Monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the exchange rate in effect at the measurement date. Non-monetary assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using the historical exchange rate or the exchange rate in effect at the measurement date for items recognized at FVTPL. Gains and losses arising from foreign exchange are included in the consolidated statements of comprehensive income. Consolidated entities For subsidiaries that are required to be consolidated, the results and financial position of those subsidiaries with a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing rate at the date of the balance sheet; (ii) income and expenses are translated at average exchange rates. The Company uses monthly average exchange rates due to the volume of transactions each month; and (iii) all resulting exchange differences are recognized in other comprehensive income. |
Other assets | Other assets Other assets include fixed assets, leasehold improvements and right-of-use assets. Fixed assets and leasehold improvements Fixed assets (building, property-related systems software, vehicles, furniture and office equipment and computer equipment) and leasehold improvements are accounted for at cost less accumulated depreciation and impairment. Leasehold improvements are amortized on a straight-line basis over their useful lives, which are typically their lease terms. All other depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, as follows: Building 30 years Furniture, computer, office equipment 3-7 years Software 3-15 years Vehicles and other 5-7 years The estimated useful lives of fixed assets are reviewed and adjusted, if appropriate, at each financial year-end. As described below under Impairment of non-financial assets, fixed assets are also reviewed at each balance sheet date to determine whether there is an indication of impairment. Right-of-use assets and lease liabilities At the lease commencement date, a right-of-use asset and lease liability are recognized on the consolidated balance sheets for all leases, with the exception of short-term and low-value leases. The right-of-use assets and lease liabilities are initially measured at the present value of the lease payments, which includes reasonably certain extension options. Lease payments are apportioned between the implicit finance charge and the implicit repayment of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of comprehensive income using the effective interest method. Right-of-use assets are amortized on a straight-line basis over their lease terms and are accounted for at cost less accumulated amortization and reviewed at each balance sheet date to determine whether there is an indication of impairment. |
Intangible assets | Intangible assets Intangible assets include capitalized placement fees, customer relationship and contractual development fees. Placement fees represent costs incurred to secure investment management contracts. Performance fee rights represent costs incurred to obtain rights to receive future performance fees from joint venture projects. These are accounted for as intangible assets carried at cost less accumulated amortization. Amortization is recorded using the straight-line method and is based on the estimated useful lives of the associated joint ventures, which are generally eight years. The customer relationship intangible relates to the Company’s ownership of The Johnson Companies LP ("Johnson"), in which Tricon owns a 50.1% interest, and represents an estimate of the potential management fees, development fees and commissions that Tricon could collect, based on potential future projects resulting from Johnson’s existing customer relationships at the time of the acquisition of Johnson, and as such are considered to be definite-life intangibles. Similarly, the contractual development fee intangibles from Johnson represent an estimate of the future lot development fees and commissions that Tricon expects to collect over the lives of the projects that Johnson managed at the time of acquisition. They are amortized by project over the estimated periods that the Company expects to collect these fees, which is approximately seven years for both management fees and lot development fees. |
Impairment of non-financial assets | Impairment of non-financial assets Assets that are subject to amortization and depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level, which is the smallest identifiable group of assets that generate cash inflows from other assets or group of assets. Non-financial assets are reviewed for possible impairment or reversal of a previously recorded impairment as at each reporting date. |
Financial assets | Financial assets The Company's financial assets are comprised of cash, restricted cash, amounts receivable and derivative financial instruments. Financial assets within the scope of IFRS 9, Financial Instruments ("IFRS 9") are initially measured at fair value and subsequently classified and measured in one of three categories in accordance with IFRS 9: amortized cost, fair value through other comprehensive income ("FVOCI") or FVTPL. Transaction costs related to derivative financial instruments are expensed as incurred and charged to income within the consolidated statements of comprehensive income. Gains and losses arising from changes in the fair value of derivative financial instruments are presented in the consolidated statements of comprehensive income together with gains and losses arising from changes in the fair value of other liabilities. Financial assets and liabilities classified and measured at FVTPL are presented within changes in operating assets and liabilities in the consolidated statements of cash flows. Financial assets are derecognized only when the contractual rights to the cash flows from the financial assets expire or the Company transfers substantially all of the risks and rewards of ownership. |
Financial liabilities | Financial liabilities The Company’s financial liabilities consist of amounts payable and accrued liabilities, resident security deposits, dividends payable, debt, convertible debentures, Due to Affiliate, derivative financial instruments, limited partners' interests in single-family rental business and other liabilities. Financial liabilities within the scope of IFRS 9 are initially measured at fair value and subsequently classified and measured at FVTPL or amortized cost, as appropriate. A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. Interest expense is accounted for using the effective interest rate method. The effective interest rate method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the expected life of the instrument. The effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. |
Derivative financial instruments | Derivative financial instruments Derivative financial instruments, which are primarily comprised of the mandatory prepayment provision related to the Due to Affiliate, the exchange and redemption provisions of the underlying preferred units (Note 21), are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value with the resulting gain or loss reflected in net income. Derivatives are valued using model calibration. Inputs to the valuation model are determined from observable market data wherever possible, including prices available from exchanges, over-the-counter markets and consensus pricing. Certain inputs may not be observable in the market directly, but can be determined from observable prices via model calibration procedures or estimated from historical data or other sources. Any directly attributable transaction costs are allocated between the derivative and the host liability component, and the portion attributed to the derivative is expensed in the consolidated statements of comprehensive income. |
Cash and Restricted cash | Cash Cash includes cash deposited in banks. The Company maintains its cash in financial institutions with high credit quality in order to minimize its credit loss exposure. Restricted cash Restricted cash primarily consists of property tax reserves, capital reserves, and collateralized rent payment receipts held in bank accounts controlled by lenders. |
Share capital | Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown as a deduction, net of tax, from the proceeds. Where the Company purchases its equity share capital to settle restricted share awards or for cancellation, the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company’s equity holders. |
Earnings per share | Earnings per share Basic Basic earnings per share is determined using the weighted average number of shares outstanding including vested deferred share units, taking into account on a retrospective basis any increases or decreases caused by share splits or reverse share splits occurring after the reporting period, but prior to the consolidated financial statements being authorized for issue. Diluted The Company considers the effects of stock compensation, convertible debentures and exchange rights in connection with the preferred unit issuance of Tricon PIPE LLC in calculating diluted earnings per share. Diluted earnings per share is calculated by adjusting net income attributable to shareholders of the Company and the weighted average number of shares outstanding based on the assumption of the conversion of all potentially dilutive shares on a weighted average basis from the beginning of the year or, if later, the date the stock compensation, convertible debentures or conversion rights were issued to the balance sheet date. |
Dividends | Dividends Dividends on common shares are recognized in the consolidated financial statements in the period in which the dividends are approved by Tricon’s Board of Directors. |
Current and deferred income taxes | Current and deferred income taxes Income tax expense includes current and deferred income taxes. Income tax expense is recognized in the consolidated statements of comprehensive income, except to the extent that it relates to items recognized directly in equity, in which case the tax is also recognized directly in equity. Current income taxes are the expected taxes payable on the taxable income for the period, using income tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to income taxes payable in respect of previous years. The Company uses the liability method to recognize deferred income taxes on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax assets are only recorded if it is probable that they will be realized. Enacted or substantively enacted rates in effect at the consolidated balance sheet date that are expected to apply when the deferred income tax asset is realized or the deferred tax liability is settled are used to calculate deferred income taxes. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Revenue | Revenue Revenue from single-family rental properties Revenue recognition under a lease commences when a resident has a right to use the leased asset, which is typically when the resident takes possession of, or controls the physical use of, the leased property. Generally, this occurs on the lease commencement date. Lease contracts with residents normally include lease and non-lease components, which may be bundled into one fixed gross lease payment. Lease revenue earned directly from leasing the homes is recognized and measured on a straight-line basis over the lease term in accordance with IFRS 16, Leases (“IFRS 16”). Leases for single-family rental homes are generally for a term of one Ancillary revenue is income the Company generates from providing services that are not primary rental revenue from a lease contract. Ancillary revenue includes pet fees, early termination fees and other service fees. Ancillary revenue is measured at the amount of consideration which the Company expects to receive in exchange for providing services to a resident. Ancillary revenue is included with revenue from single-family rental properties in the consolidated statements of comprehensive income, and the details of revenue, including ancillary income, are discussed in Note 15. In addition to revenue generated from the lease component, revenue from single-family rental properties includes a non-lease component earned from the residents, which is recognized under IFRS 15, Revenue from Contracts with Customers (“IFRS 15” ) . Non-lease revenue includes property management services, such as repairs and maintenance performed on the properties. These services represent a single performance obligation and revenue is recognized over time as the services are provided, regardless of when the payment is received. Revenue from rental properties is allocated to non-lease components using a cost-plus margin approach whereby the Company separates the operating costs that pertain to the services provided to the residents and applies a reasonable profit margin. The Company has concluded that it is the principal in all of its revenue arrangements since it controls the specified goods or services before those goods or services are transferred to customers. Revenue from strategic capital services The Company's vertically integrated management platform provides asset management, development management and property management services. The Company provides asset management services to joint venture partners and third-party investors for which it earns market-based fees in connection with its businesses in the U.S. and Canada. These contractual fees are typically up to 2% of committed or invested capital throughout the lives of the Investment Vehicles under management. The Company may also earn performance fees once targeted returns are achieved by an Investment Vehicle. The Company recognizes performance fees only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Consideration for these services is variable as it is dependent upon the occurrence of a future event that includes the repayment of investor capital and a predetermined rate of return. Revenue from performance fees is typically earned and recognized towards the end of the life of an Investment Vehicle. The Company also earns development management and advisory service fees from third parties and/or related parties. Development management and advisory services are satisfied over time. Revenues are recognized based on the best estimate of the amounts earned for those services, which typically reflects contractual fees of 2-5% of the sales price of single-family lots, residential land parcels and commercial land within master-planned communities, as well as built-to-rent communities, and 4-5% of overall development costs of Canadian multi-family rental apartments. The Company includes variable consideration in the revenues only to the extent that it is highly probable that a significant amount of the cumulative revenue recognized will not reverse. Specifically for Johnson, consideration for these services is variable as it is dependent upon the occurrence of a future event that is the sale of the developed property. Revenue is typically recognized as the development of the property is completed, and control has been transferred to the respective buyer. These management fees earned in exchange for providing development management and advisory services are billed upon the sale of the property. The Company earns property management fees, leasing fees, acquisition and disposition fees, and construction management fees through its rental operating platform. These management services are satisfied over time and revenues are recognized as services are provided in accordance with IFRS 15. |
Compensation arrangements | Compensation arrangements Stock option plan The Company accounts for its stock option plan by calculating the fair value of the options as of the grant date using a Black-Scholes option pricing model and observable market inputs. This fair value is recognized as compensation cost using the graded vesting method over the vesting period of the options. Upon the announcement of the Arrangement Agreement, specific adjustments have been made to the measurement of stock options to account for accelerated vesting and settlement value changes (Notes 31 and 40). Annual Incentive Plan ("AIP") The Company’s AIP provides for an aggregate bonus pool based on the sum of all employees’ individual AIP targets. The portion of the pool attributable to senior executive management is market-benchmarked and subject to an adjustment factor, as approved by the Board, of between 50% and 150%, based on the achievement of Company performance objectives determined by the Board at the beginning of each year. The final pool is then allocated among employees based on individual and collective performance. AIP awards will be made in cash and equity-based grants, with the proportion of equity-based awards being correlated to the seniority of an individual’s role within the Company. Equity-based AIP awards are granted in a combination of deferred share units ("DSUs"), performance share units ("PSUs"), stock options and restricted shares, pursuant to the Company's Deferred Share Unit Plan ("DSUP"), Performance Share Unit Plan ("PSUP"), stock option plan and Restricted Share Plan, respectively. Upon the announcement of the Arrangement Agreement, specific adjustments have been made to the measurement of equity-based awards to account for accelerated vesting and settlement value changes (Notes 31 and 40). Long-term incentive plan ("LTIP") LTIP expense is generated from two sources: (i) up to 50% of the Company’s share of performance fees or carried interest from certain Investment Vehicles, paid in cash when received; and (ii) 15% of the income from THP1 US (a U.S. residential development Investment Vehicle), also payable in cash. Amounts under the LTIP are allocated among employees in accordance with the plan. For the expense generated from the Company’s share of performance fees or carried interest from certain Investment Vehicles, the Company estimates its total liability by determining the unrealized carried interest at each reporting date based on the estimated fair value of the underlying investments. Once determined, the component that is payable to employees as part of the LTIP is recognized as LTIP liability, and the component that is payable to key management equity participants is allocated to performance fees liability (see Performance fees expense and liability below). The combined amount recognized as LTIP liability and performance fees liability represents no more than 50% of the Company’s share of unrealized carried interest for each. The actual amounts of performance fees to be received and LTIP and performance fees to be paid will depend on the cash realizations of Investment Vehicles and the performance of underlying investments. The values of the LTIP liability and the performance fees liability are determined using intrinsic value or liquidation at fair value in accordance with IAS 19 – Employee Benefits (“IAS 19”). |
Performance fees expense and liability | Performance fees expense and liability |
Directors' fees | Directors’ fees |
Reportable segments | Reportable segments Tricon is comprised of three operating segments: Single-Family Rental, Adjacent Businesses (which includes multi-family rental properties and residential developments) and Strategic Capital (previously Private Funds and Advisory). Including the Company's corporate activities, there are four reportable segments for internal and external reporting purposes. The reportable segments are business units offering different products and services, and are managed separately due to their distinct operating natures. These four reportable segments have been determined by the Company’s chief operating decision-makers (Note 33). |
Accounting standards and interpretations adopted and Accounting standards and interpretations issued but not yet adopted | Accounting standards and interpretations adopted Accounting Policies Disclosure - Amendments to IAS 1 Effective January 1, 2023, the Company has adopted amendments to IAS 1, Presentation of Financial Statements , which requires entities to disclose their material rather than their significant accounting policies. The amendments define what is material accounting policy information and explain how to identify when accounting policy information is material. The amendments have had an impact on the Company's disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the consolidated financial statements. Upon adoption of this policy, the Company removed the policy disclosures related to goodwill and offsetting financial instruments as these accounting policies have been determined not to be material. Definition of Accounting Estimates - Amendments to IAS 8 The Company adopted amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors to improve accounting policy disclosures and to help users of the financial statements distinguish between changes in accounting estimates and changes in accounting policies. The amendments did not have a significant impact on the Company's consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendment to IAS 12 The Company adopted amendments to IAS 12, Income Taxes ("IAS 12"), which requires companies to recognize deferred tax on transactions, such as leases and decommissioning obligations, that on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments did not have a significant impact on the Company's consolidated financial statements. Accounting standards and interpretations issued but not yet adopted In January 2020, the IASB issued amendments to IAS 1, Presentation of Financial Statements ("IAS 1"), to provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. In November 2022, the IASB further amended IAS 1 to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability as current or non-current. Covenants made under loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification even if the covenant is only tested for compliance after the reporting date. This amendment is effective for annual reporting periods beginning on or after January 1, 2024. In September 2022, the IASB issued a narrow scope amendment to the requirements for sale and leaseback transactions in IFRS 16, Leases . The amendment requires the seller-lessee to determine lease payments or revised lease payments such that the seller-lessee does not recognize a gain or loss that relates to the right of use retained by the seller-lessee, after the commencement date. This amendment is effective for annual reporting periods beginning on or after January 1, 2024. In May 2023, the IASB issued the final amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures , which add new disclosure requirements about supplier financing arrangements. An entity is required to disclose information about its suppliers finance arrangements that enables users of financial statements to assess the effect of those arrangements on the entity's liabilities and cash flows. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. In August 2023, the IASB amended IAS 21, The Effects of Changes in Foreign Exchange Rates, to help entities assess the exchangeability between two currencies, determine the spot rate when exchangeability is lacking and require additional disclosure when a currency is not exchangeable. The amendments are effective for annual reporting periods beginning on or after January 1, 2025. In December 2021, the Organization for Economic Co-operation and Development issued model rules for a new global minimum tax framework (Pillar Two) for multinational enterprises. Various governments around the world have issued, or are in the process of issuing legislation on this. In Canada, the Department of Finance released draft legislation to implement Pillar Two on August 4, 2023 with substantial enactment expected to apply in 2024. The Company is closely monitoring these regulatory developments and is in the process of assessing the full impact of Pillar Two. There are no other relevant standards, interpretations or amendments to existing standards that are not yet effective that are expected to have a material impact on the consolidated financial statements of the Company. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Disclosure of Investments | The accounting impact of the Company's businesses and their presentation in the Company's consolidated financial statements are summarized in the table below. ACCOUNTING PRESENTATION Business segment Accounting assessment Accounting methodology Presentation in Balance Sheet Presentation in Statement of Income Presentation of Non-controlling interest Single-Family Rental Tricon wholly-owned Controlled subsidiary Consolidation Rental properties Revenue from single-family rental properties N/A SFR JV-1 Controlled subsidiary Consolidation Limited partners' interests SFR JV-HD Controlled subsidiary Consolidation SFR JV-2 Controlled subsidiary Consolidation Multi-Family Rental U.S. multi-family (1) Divested in October 2022 Equity method Divested in October 2022 Income from discontinued operations N/A Canadian multi-family: Investments in associate Equity method Equity-accounted investments in multi-family rental properties Income from equity-accounted investments in multi-family rental properties N/A Canadian multi-family: 57 Spadina LP (The Taylor) (2) Investments in associate Equity method Income from equity-accounted investments in Canadian residential developments from January 1, 2023 to September 30, 2023 Income from equity-accounted investments in multi-family rental properties from October 1, 2023 to December 31, 2023 N/A Canadian residential developments Summerhill Shops LP (The Shops of Controlled subsidiary Consolidation Canadian development properties Other income N/A Scrivener Square LP (The James) N/A WDL 8 LP (Maple House) Joint venture Equity method Equity-accounted investments in Canadian residential developments Income from equity-accounted investments in Canadian residential developments N/A WDL 20 LP (Oak House) Joint venture Equity method N/A WDL 3/4/7 LP (Cherry House) Joint venture Equity method N/A DKT B10 LP (Birch House) Joint venture Equity method N/A 6-8 Gloucester LP (The Ivy) Joint venture Equity method N/A Queen Ontario LP (ROQ City) Joint venture Equity method N/A Symington LP (The Spoke) Joint venture Equity method N/A KT Housing Now Six Points LP (3) Joint venture Equity method N/A U.S. residential developments THPAS Holdings JV-1 LLC Investments in associates Equity method Investments in U.S. residential developments Income from investments in U.S. residential developments N/A THPAS Development JV-2 LLC Investments in associates Equity method N/A For-sale housing Investments in associates Equity method N/A Strategic Capital (4) Private funds GP entities Controlled subsidiary Consolidation Consolidated Revenue from strategic capital services N/A Johnson development management Controlled subsidiary Consolidation Consolidated Component of equity (1) On October 18, 2022, the Company completed the sale of its remaining 20% equity interest in the U.S. multi-family rental portfolio (Note 5). (2) As at September 30, 2023, 57 Spadina LP (The Taylor) achieved stabilization. In the fourth quarter of 2023, being the first full quarter after stabilization, it was reclassified from the Canadian residential developments segment to the multi-family rental segment. (3) On June 23, 2023, the Company entered into a new joint venture investment, KT Housing Now Six Points LP, with its partner, Kilmer Group (Note 8). (4) Strategic Capital was previously reported as Private Funds and Advisory. |
SUMMARY OF MATERIAL ACCOUNTIN_3
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies, Changes In Accounting Policies And Errors [Abstract] | |
Disclosure of Company's Associates and Joint Ventures that are Equity-Accounted | The Company's associates and joint ventures that are equity-accounted include the following investments in multi-family rental properties, U.S. residential developments and Canadian residential developments: Name Type Principal place of business Country of incorporation Ownership interest % Voting rights % (1) Associates 592 Sherbourne LP (The Selby) Limited Partnership Canada Canada 15 % 50 % 57 Spadina LP (The Taylor) Limited Partnership Canada Canada 30 % 50 % THPAS Development JV-2 LLC Limited Partnership USA USA 20 % 50 % Joint ventures WDL 3/4/7 LP (Cherry House) Limited Partnership Canada Canada 33 % 33 % WDL 8 LP (Maple House) Limited Partnership Canada Canada 33 % 33 % WDL 20 LP (Oak House) Limited Partnership Canada Canada 33 % 33 % DKT B10 LP (Birch House) Limited Partnership Canada Canada 33 % 33 % 6-8 Gloucester LP (The Ivy) Limited Partnership Canada Canada 47 % 50 % Queen Ontario LP (ROQ City) Limited Partnership Canada Canada 10 % 50 % Symington LP (The Spoke) Limited Partnership Canada Canada 10 % 50 % KT Housing Now Six Points LP Limited Partnership Canada Canada 50 % 50 % (1) In respect of major decisions only. The following associates meet the definition of an investment entity, and therefore, all of their project assets held through subsidiaries are measured at fair value. Name Type Principal place of business Country of incorporation Ownership interest % Voting rights % (1) Dissolution date (2) Remaining extension period (years) Associates Tricon Housing Partners US LP (3) Limited Partnership USA USA 68 % 68 % 7/1/2022 — Tricon Housing Partners US Syndicated Pool II LP Limited Partnership USA USA 20 % 50 % 3/2/2024 2 Tricon Housing Partners US II LP (3),(4) Limited Partnership USA USA 8 % > 50 % 12/31/2023 — Tricon Housing Partners Canada III LP (3) Limited Partnership Canada Canada 10 % > 50 % 3/22/2022 — CCR Texas Equity LP Limited Partnership USA USA 10 % 50 % 12/31/2023 1 Vistancia West Equity LP Limited Partnership USA USA 7 % 50 % 12/31/2025 — Conroe CS Texas Equity LP Limited Partnership USA USA 10 % 50 % N/A N/A Arantine Hills Equity LP (5) Limited Partnership USA USA 7 % 50 % 11/06/2023 N/A AHEquity I LP (5) Limited Partnership USA USA 9 % 50 % N/A N/A Viridian Equity LP Limited Partnership USA USA 18 % 50 % 12/31/2027 1 McKinney Project Equity LLC Limited Partnership USA USA 44 % 50 % N/A N/A THPAS Holdings JV-1 LLC Limited Partnership USA USA 11 % 50 % N/A N/A (1) In respect of major decisions only. (2) Dissolution date is the date on which the Investment Vehicle is required to commence its liquidation process under its constating documents and may be subject to extension either pursuant to those documents or with the consent of investors in the vehicle. Some vehicles will conduct their liquidation by operating their remaining projects through to completion with no substantive changes to the business plan. (3) For the purposes of analysis under IFRS, it was determined that Tricon acts primarily as an agent for the benefit of its investors in these partnership entities, and thus Tricon does not control these entities in accordance with the criteria set out in IFRS 10. (4) Tricon Housing Partners US II LP obtained a one-year extension from the limited partners of the fund during the year. |
Disclosure of Estimated Useful Lives of the Fixed Assets | All other depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, as follows: Building 30 years Furniture, computer, office equipment 3-7 years Software 3-15 years Vehicles and other 5-7 years |
Disclosure of Interests of the Limited Partners in Subsidiaries | The interests of the limited partners in the following subsidiaries are recognized as financial liabilities in accordance with IAS 32, Financial Instruments: Presentation ("IAS 32"): Investment Vehicle Subsidiary Limited partners' ownership interest % SFR JV-1 SFR JV-1 Equity LLC 66.3 % SFR JV-1 LP 66.3 % SFR JV-1 REIT 1 LLC 49.5 % SFR JV-1 REIT 2 LLC 49.5 % SFR JV-1 Holding LP 49.5 % SFR JV-2 SFR JV-2 Equity LLC 70.7 % SFR JV-2 LP 70.7 % SFR JV-2 REIT 1 LLC 49.5 % SFR JV-2 REIT 2 LLC 49.5 % SFR JV-2 Holdings LP 49.5 % SFR JV-HD SFR JV-HD Equity LLC 66.3 % SFR JV-HD LP 66.3 % SFR JV-HD REIT 1 LLC 49.5 % SFR JV-HD REIT 2 LLC 49.5 % SFR JV-HD Holdings LP 49.5 % |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-current Asset Held for Sale and Discontinued Operations [Abstract] | |
Disclosure of Analysis of Single Amount of Discontinued Operations | (in thousands of U.S. dollars) December 31, 2022 Total consideration $ 219,354 Net asset value on disposition (213,493) Transaction cost (6,717) Loss on sale (856) (in thousands of U.S. dollars) For the year ended December 31, 2022 Revenue $ 105,641 Expenses (68,680) Fair value gain on U.S. multi-family rental properties 156,009 Net and other comprehensive income $ 192,970 Tricon's share of net income at 20% $ 38,594 Loss on sale (856) Income tax expense - current (43,114) Income tax expense - deferred 40,482 Net income from discontinued operations $ 35,106 |
RENTAL PROPERTIES (Tables)
RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
Disclosure of Detailed Information About Investment Property | The following table presents the changes in the rental property balances for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 11,445,659 $ 7,978,396 Acquisitions (1) 554,206 2,362,185 Capital expenditures 177,024 326,460 Fair value adjustments (2) 210,936 858,987 Dispositions (197,033) (80,369) Balance, end of year $ 12,190,792 $ 11,445,659 (1) The total purchase price includes $2,544 (2022 - $3,021) of capitalized transaction costs in relation to the acquisitions. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 136,413 $ 133,250 Development expenditures 29,415 12,686 Fair value adjustments — (440) Translation adjustment (1) 3,935 (9,083) Balance, end of year $ 169,763 $ 136,413 (1) During the year, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $3,935. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $9,083. The components of the Company's revenue from single-family rental properties are as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Base rent $ 662,412 $ 520,196 Other revenue (1) 45,403 39,840 Non-lease component 87,502 85,549 Total revenue from single-family rental properties $ 795,317 $ 645,585 |
EQUITY-ACCOUNTED INVESTMENTS _2
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interests in Other Entities [Abstract] | |
Disclosure of Equity Accounted Investments | The following table presents the change in the balance of equity-accounted investments in multi-family rental properties for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 20,769 $ 199,285 Distributions (695) (3,824) Income from equity-accounted investments in multi-family rental properties (1) 5,297 40,144 Reclassification from equity-accounted investments in Canadian residential developments (2) 25,416 — Disposition of equity-accounted investment in U.S. multi-family rental properties (Note 5) — (213,493) Translation adjustment (3) 1,138 (1,343) Balance, end of year $ 51,925 $ 20,769 (1) Of the $40,144 income from equity-accounted investments earned during 2022, $38,594 was attributable to U.S. multi-family rental properties and reclassified to income from discontinued operations (Note 5). (2) On September 30, 2023, The Taylor achieved stabilization. In the fourth quarter of 2023, being the first full quarter after stabilization, Tricon's investment in 57 Spadina LP was reclassified from equity-accounted investments in Canadian residential developments to investments in multi-family rental properties (Note 8). (3) For the year ended December 31, 2023, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $1,138. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $1,343. December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 5,119 $ 275,359 $ 3,828 $ 116,409 $ 160,241 $ 23,446 57 Spadina LP (The Taylor) Toronto, ON 30 % 19,150 208,095 3,677 129,386 94,182 28,479 Total $ 24,269 $ 483,454 $ 7,505 $ 245,795 $ 254,423 $ 51,925 (1) Tricon's share of net assets of $51,925 is comprised of $52,304 as per the investees' financial statements less $379 of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments. December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 2,834 $ 256,854 $ 2,080 $ 115,311 $ 142,297 $ 20,769 Total $ 2,834 $ 256,854 $ 2,080 $ 115,311 $ 142,297 $ 20,769 (1) Tricon's share of net assets of $20,769 is comprised of $21,345 as per the investees' financial statements less $576 of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments. For the year ended December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income Tricon's share of net income Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 13,055 $ (7,974) $ 11,550 $ 16,631 $ 2,504 57 Spadina LP (The Taylor) (1) Toronto, ON 30 % 2,344 (3,150) 10,071 9,265 2,793 Total $ 15,399 $ (11,124) $ 21,621 $ 25,896 $ 5,297 (1) The income of $2,793 represents Tricon's share of net income from 57 Spadina LP for the period from October 1, 2023 to December 31, 2023. For the year ended December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income Tricon's share of net income Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 12,441 $ (8,023) $ 5,916 $ 10,334 $ 1,550 Total $ 12,441 $ (8,023) $ 5,916 $ 10,334 $ 1,550 |
EQUITY-ACCOUNTING INVESTMENTS_2
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
Disclosure Of Equity Accounted Investments in Canadian Residential Developments | The following table presents the change in the balance of equity-accounted investments in Canadian residential developments for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 106,538 $ 98,675 Advances (1) 11,934 13,360 Distributions (2) (370) (10,212) Income from equity-accounted investments in Canadian residential developments 4,348 11,198 Reclassification to equity-accounted investments in Canadian multi-family rental properties (3) (25,416) — Translation adjustment (4) 2,302 (6,483) Balance, end of year $ 99,336 $ 106,538 (1) Advances to equity-accounted investments in Canadian residential developments for the year ended December 31, 2023 include advances for 6-8 Gloucester LP, WDL 20 LP, WDL 3/4/7 LP, Queen Ontario LP, Symington LP and KT Housing Now Six Points LP. (2) Distributions from equity-accounted investments in Canadian residential developments for December 31, 2022 represent sales proceeds from the Company's divestiture of two-thirds of its original 30% equity ownership in Queen Ontario LP to its institutional partner. (3) On September 30, 2023, The Taylor achieved stabilization. In the fourth quarter of 2023, being the first full quarter after stabilization, Tricon's investment in 57 Spadina LP was reclassified from equity-accounted investments in Canadian residential developments to investments in multi-family rental properties (Note 7). (4) For the year ended December 31, 2023, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $2,302. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $6,483. The following tables present the ownership interests and carrying values of the Company’s equity-accounted investments in Canadian residential developments. The financial information below discloses each investee at 100% and at Tricon's ownership interests in the net assets of the investee. December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ 1,871 $ 202,646 $ 21,844 $ 128,402 $ 54,271 $ 18,097 WDL 8 LP (Maple House) Toronto, ON 33 % 7,449 321,163 16,295 257,400 54,917 18,312 WDL 20 LP (Oak House) Toronto, ON 33 % 422 46,118 6 36,311 10,223 3,414 DKT B10 LP (Birch House) (2) Toronto, ON 33 % 3,373 71,669 7,094 38,923 29,025 11,187 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 1,895 133,592 9,683 79,561 46,243 22,370 Queen Ontario LP (ROQ City) Toronto, ON 10 % 6,389 155,615 4,919 — 157,085 16,059 Symington LP (The Spoke) Toronto, ON 10 % 1,674 59,165 4,987 — 55,852 5,674 KT Housing Now Six Points LP (3) Toronto, ON 50 % 1,346 7,959 859 — 8,446 4,223 Total $ 24,419 $ 997,927 $ 65,687 $ 540,597 $ 416,062 $ 99,336 December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ 2,993 $ 141,357 $ 7,721 $ 84,646 $ 51,983 $ 17,335 WDL 8 LP (Maple House) Toronto, ON 33 % 7,318 241,907 21,105 188,473 39,647 13,222 WDL 20 LP (Oak House) Toronto, ON 33 % 722 43,082 186 34,295 9,323 3,114 DKT B10 LP (Birch House) (2) Toronto, ON 33 % 1,290 42,111 6,669 8,507 28,225 10,885 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 1,101 100,147 4,263 52,585 44,400 20,988 Queen Ontario LP (ROQ City) (4) Toronto, ON 10 % 5,167 121,336 806 — 125,697 12,912 Symington LP (The Spoke) (5) Toronto, ON 10 % 688 36,038 158 22,149 14,419 1,450 19,279 725,978 40,908 390,655 313,694 79,906 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % 1,280 189,106 6,000 96,344 88,042 26,632 1,280 189,106 6,000 96,344 88,042 26,632 Total $ 20,559 $ 915,084 $ 46,908 $ 486,999 $ 401,736 $ 106,538 ( 1) Tricon's share of net assets of $99,336 (December 31, 2022 - $106,538) is comprised of $96,818 (December 31, 2022 - $104,364) as per the investees' financial statements plus $2,518 (December 31, 2022 - $2,174) of fair value differences arising from the initial recognition on January 1, 2020 and foreign exchange translation adjustments. (2) Tricon's share of net assets of DKT B10 LP includes the purchase price paid to third-party partners for a one-third ownership interest in the partnership. (3) On June 23, 2023, the Company entered into a new joint venture investment, KT Housing Now LP. (4) On April 12, 2022, the Company sold two-thirds of its original 30% equity ownership interest in Queen & Ontario to its institutional partner. (5) On February 22, 2022, the Company entered into a new joint venture investment, Symington LP. For the year ended December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income (loss) Tricon's share of net income Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ 4 $ (102) $ — $ (98) $ (33) WDL 8 LP (Maple House) Toronto, ON 33 % 677 (2,610) 17,092 15,159 5,053 WDL 20 LP (Oak House) Toronto, ON 33 % — (6) — (6) (2) DKT B10 LP (Birch House) Toronto, ON 33 % 4 (60) 174 118 39 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 24 (1,507) 2,269 786 370 Queen Ontario LP (ROQ City) Toronto, ON 10 % 6 (98) 2,125 2,033 203 Symington LP (The Spoke) Toronto, ON 10 % — (68) — (68) (7) KT Housing Now Six Points LP (1) Toronto, ON 50 % — (23) — (23) (11) 715 (4,474) 21,660 17,901 5,612 Associates 57 Spadina LP (The Taylor) (2) Toronto, ON 30 % 3,849 (8,062) — (4,213) (1,264) Total $ 4,564 $ (12,536) $ 21,660 $ 13,688 $ 4,348 (1) On June 23, 2023, the Company entered into a new joint venture investment, KT Housing Now Six Points LP. (2) The loss of $1,264 represents Tricon's share of net loss from 57 Spadina LP for the period from January 1, 2023 to September 30, 2023. For the year ended December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains Net and other comprehensive income (loss) Tricon's share of net income Joint ventures WDL 3/4/7 LP (Cherry House) Toronto, ON 33 % $ — $ — $ 234 $ 234 $ 78 WDL 8 LP (Maple House) Toronto, ON 33 % 1 (161) 13,176 13,016 4,337 WDL 20 LP (Oak House) Toronto, ON 33 % — — — — — DKT B10 LP (Birch House) Toronto, ON 33 % — (2) 238 236 79 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % — (24) 8,019 7,995 3,759 Labatt Village Holding LP Toronto, ON 38 % — — — — 8 Queen Ontario LP (ROQ City) Toronto, ON 10 % 114 (242) 1,676 1,548 155 Symington LP (The Spoke) Toronto, ON 10 % — (12) — (12) (1) 115 (441) 23,343 23,017 8,415 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % 133 (2,122) 10,634 8,645 2,783 Total $ 248 $ (2,563) $ 33,977 $ 31,662 $ 11,198 |
CANADIAN DEVELOPMENT PROPERTI_2
CANADIAN DEVELOPMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
Disclosure of Detailed Information About Investment Property | The following table presents the changes in the rental property balances for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 11,445,659 $ 7,978,396 Acquisitions (1) 554,206 2,362,185 Capital expenditures 177,024 326,460 Fair value adjustments (2) 210,936 858,987 Dispositions (197,033) (80,369) Balance, end of year $ 12,190,792 $ 11,445,659 (1) The total purchase price includes $2,544 (2022 - $3,021) of capitalized transaction costs in relation to the acquisitions. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 136,413 $ 133,250 Development expenditures 29,415 12,686 Fair value adjustments — (440) Translation adjustment (1) 3,935 (9,083) Balance, end of year $ 169,763 $ 136,413 (1) During the year, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $3,935. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $9,083. The components of the Company's revenue from single-family rental properties are as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Base rent $ 662,412 $ 520,196 Other revenue (1) 45,403 39,840 Non-lease component 87,502 85,549 Total revenue from single-family rental properties $ 795,317 $ 645,585 |
Disclosure of Significant Unobservable Inputs Used in Fair Value Measurement of Assets | Key valuation assumptions for the Canadian development properties are set out below. December 31, 2023 December 31, 2022 Property under development Land value per square foot (1) $ 265 $ 258 Commercial income-producing property Discount rate 5.00 % 4.75 % Capitalization rate 4.75 % 4.50 % (1) Equivalent to C$350 per square foot (2022 - C$350) translated to U.S dollars at the year-end exchange rate. December 31, 2023 December 31, 2022 Valuation technique(s) Significant unobservable input Range Weighted average of inputs Range Weighted average of inputs Other inputs and key information Net asset value, determined using discounted cash flow Waterfall distribution model a) Discount rate (1) b) Future cash flow c) Appraised value 8.0% - 20.0% 18.1% 8.0% - 20.0% 17.7% Entitlement risk, sales risk and construction risk are taken into account in determining the discount rate. Price per acre of land, timing of project funding requirements and distributions. Estimated probability of default. Less than 1 - 8 years 5.9 years 1 - 10 years 7.2 years (1) Generally, an increase in future cash flow will result in an increase in the fair value of fund equity investments. An increase in the discount rate will result in a decrease in the fair value of fund equity investments. The same percentage change in the discount rate will result in a greater change in fair value than the same absolute percentage change in future cash flow. |
INVESTMENT IN U.S. RESIDENTIA_2
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
Disclosure of Equity Accounted Investments in U.S. Residential Developments | The following table presents the changes in the investments in U.S. residential developments for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 138,369 $ 143,153 Advances (1) 14,192 15,655 Distributions (28,363) (37,336) Income from investments in U.S. residential developments (2) 30,773 16,897 Balance, end of year $ 154,971 $ 138,369 (1) Advances to U.S. residential developments for December 31, 2022 include $2,760 in non-cash contributions related to the syndication of the Company's investment in Bryson MPC Holdings LLC to THPAS Development JV-2 LLC. (2) There were no realized gains or losses included in the income from investments in U.S. residential developments for the year ended December 31, 2023 (2022 - nil). December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 1,395 $ 43,881 $ 184 $ — $ 45,092 $ 30,820 THPAS Development JV-2 LLC USA 20 % 2,604 69,720 1,127 — 71,197 14,179 Viridian Equity LP USA 18 % 16 49,563 — — 49,579 8,899 McKinney Project Equity LLC USA 44 % — 133,038 — — 133,038 58,204 THPAS Holdings JV-1 LLC USA 11 % 24,393 229,238 182 — 253,449 28,161 Remaining investments (2) USA and Canada 7% - 22% 55,110 142,000 38,278 — 158,832 14,708 Total $ 83,518 $ 667,440 $ 39,771 $ — $ 711,187 $ 154,971 December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Current assets Non-current assets Current liabilities Non-current liabilities Net assets Tricon's share of net assets (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 1,236 $ 44,363 $ 118 $ — $ 45,481 $ 27,837 Viridian Equity LP USA 18 % 4 67,659 4 — 67,659 12,140 McKinney Project Equity LLC USA 44 % — 119,575 — — 119,575 52,314 THPAS Holdings JV-1 LLC USA 11 % 5,545 182,490 593 — 187,442 20,829 Remaining investments (2) USA and Canada 7% -22% 18,695 247,584 5,600 — 260,679 25,249 Total $ 25,480 $ 661,671 $ 6,315 $ — $ 680,836 $ 138,369 (1)Tricon's share of net assets could vary significantly from its pro-rata share due to the waterfall distribution model which incorporates subordination adjustments that are governed by each venture and partnership agreement. (2) Includes Tricon's investments in U.S. residential developments that are individually immaterial. See Note 3 for a list of all U.S. residential development investments. For the year ended December 31, 2023 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains (losses) Net and other comprehensive income Tricon's share of net income (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 6,512 $ (68) $ (3,583) $ 2,861 $ 2,984 THPAS Development JV-2 LLC USA 20 % 18,033 (10,253) — 7,780 1,681 Viridian Equity LP USA 18 % — — 13,509 13,509 2,427 McKinney Project Equity LLC USA 44 % — — 41,153 41,153 18,004 THPAS Holdings JV-1 LLC USA 11 % 252 (3,169) 23,198 20,281 2,325 Remaining investments (2) USA and Canada 7% - 22% 3,391 (676) 30,640 33,355 3,352 Total $ 28,188 $ (14,166) $ 104,917 $ 118,939 $ 30,773 For the year ended December 31, 2022 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains (losses) Net and other comprehensive income Tricon's share of net income (1) Joint ventures and associates Tricon Housing Partners US LP USA 68 % $ 6,253 $ (75) $ (1,676) $ 4,502 $ 4,577 Viridian Equity LP USA 18 % — — 13,538 13,538 2,430 McKinney Project Equity LLC USA 44 % — — 9,588 9,588 4,128 THPAS Holdings JV-1 LLC USA 11 % 490 (2,852) 6,524 4,162 455 Remaining investments (2) USA and Canada 7% - 22% 4,324 (3,524) 49,290 50,090 5,307 Total $ 11,067 $ (6,451) $ 77,264 $ 81,880 $ 16,897 (1) Tricon's share of net income could vary significantly from its pro-rata share due to the waterfall distribution model which incorporates subordination adjustments that are governed by each venture and partnership agreement. (2) Includes Tricon's investments in U.S. residential developments that are individually immaterial. See Note 3 for a list of all U.S. residential development investments. |
Disclosure of Significant Unobservable Inputs Used in Fair Value Measurement of Assets | Key valuation assumptions for the Canadian development properties are set out below. December 31, 2023 December 31, 2022 Property under development Land value per square foot (1) $ 265 $ 258 Commercial income-producing property Discount rate 5.00 % 4.75 % Capitalization rate 4.75 % 4.50 % (1) Equivalent to C$350 per square foot (2022 - C$350) translated to U.S dollars at the year-end exchange rate. December 31, 2023 December 31, 2022 Valuation technique(s) Significant unobservable input Range Weighted average of inputs Range Weighted average of inputs Other inputs and key information Net asset value, determined using discounted cash flow Waterfall distribution model a) Discount rate (1) b) Future cash flow c) Appraised value 8.0% - 20.0% 18.1% 8.0% - 20.0% 17.7% Entitlement risk, sales risk and construction risk are taken into account in determining the discount rate. Price per acre of land, timing of project funding requirements and distributions. Estimated probability of default. Less than 1 - 8 years 5.9 years 1 - 10 years 7.2 years (1) Generally, an increase in future cash flow will result in an increase in the fair value of fund equity investments. An increase in the discount rate will result in a decrease in the fair value of fund equity investments. The same percentage change in the discount rate will result in a greater change in fair value than the same absolute percentage change in future cash flow. |
FAIR VALUE ESTIMATION (Tables)
FAIR VALUE ESTIMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurement [Abstract] | |
Disclosure of Fair Value Measurement of Assets | The following table provides information about assets and liabilities measured at fair value on the balance sheet and categorized by level according to the significance of the inputs used in making the measurements: December 31, 2023 December 31, 2022 (in thousands of U.S. dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Rental properties (Note 6) $ — $ — $ 12,190,792 $ — $ — $ 11,445,659 Canadian development properties (Note 9) — — 169,763 — — 136,413 Investments in U.S. residential developments (Note 10) (1) — — 140,792 — — 130,270 Derivative financial instruments (Note 21) — 7,380 — — 10,358 — $ — $ 7,380 $ 12,501,347 $ — $ 10,358 $ 11,712,342 Liabilities Derivative financial instruments (Note 21) $ — $ 53,788 $ — $ — $ 51,158 $ — Limited partners' interests in single-family rental business (Note 26) — — 2,300,294 — — 1,696,872 $ — $ 53,788 $ 2,300,294 $ — $ 51,158 $ 1,696,872 (1) Excludes the Company's interest in THPAS Development JV-2 LLC, which is measured at cost under the equity method (Note 10). |
AMOUNTS PAYABLE AND ACCRUED L_2
AMOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Accounts Payable and Accrued Liabilities | Amounts payable and accrued liabilities consist of the following: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Trade payables and accrued liabilities $ 44,480 $ 34,219 Accrued property taxes 59,650 52,936 AIP liability (Note 31) 10,599 10,327 Income taxes payable 693 11,650 Interest payable 26,510 24,731 Deferred income 618 801 Current portion of lease obligations (Note 27) 7,671 3,609 Total amounts payable and accrued liabilities $ 150,221 $ 138,273 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairment of Assets [Abstract] | |
Disclosure of Information for Impairment Loss Recognised or Reversed for Individual Asset or Cash-Generating Unit | The goodwill recorded in the consolidated financial statements relates to the following groups of CGUs: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Johnson $ 219 $ 219 Single-Family Rental (1) 29,507 29,507 Total goodwill $ 29,726 $ 29,726 (1) Relates to the Tricon wholly-owned portfolio. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Disclosure of Major Components of Tax Expense (Income) | (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Income tax (expense) recovery - current $ (2,240) $ 33,959 Income tax expense - deferred (25,899) (189,179) Income tax expense from continuing operations $ (28,139) $ (155,220) Income tax expense from discontinued operations - current $ — $ (43,114) Income tax recovery from discontinued operations - deferred — 40,482 Income tax expense from discontinued operations $ — $ (2,632) |
Disclosure of Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates | The tax on the Company’s income differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Income before income taxes from continuing operations $ 149,963 $ 934,594 Combined statutory federal and provincial income tax rate 26.50 % 26.50 % Expected income tax expense 39,740 247,667 Non-taxable gains on investments (1,310) (1,739) Non-taxable losses (gains) on derivative financial instruments 2,193 (38,058) Foreign tax rate differential (1) (6,862) (52,151) Other, including permanent differences (2) (5,622) (499) Income tax expense from continuing operations $ 28,139 $ 155,220 (1) The Company’s single-family rental business is subject to the U.S. ordinary income tax rate of 21%, resulting in a reduction in Tricon’s effective tax rate from the Canadian combined statutory income tax rate of 26.5%. |
Disclosure of Deferred Income Tax Assets and Liabilities | The expected realization of deferred income tax assets and deferred income tax liabilities is as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Deferred income tax assets Deferred income tax assets to be recovered after more than 12 months $ 84,787 $ 75,062 Deferred income tax assets to be recovered within 12 months — — Total deferred income tax assets $ 84,787 $ 75,062 Deferred income tax liabilities Deferred income tax liabilities reversing after more than 12 months $ 629,090 $ 591,713 Deferred income tax liabilities reversing within 12 months — — Total deferred income tax liabilities $ 629,090 $ 591,713 Net deferred income tax liabilities $ 544,303 $ 516,651 The movement of the deferred income tax accounts was as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Change in net deferred income tax liabilities Net deferred income tax liabilities, beginning of year $ 516,651 $ 364,744 Charge to the statement of comprehensive income 25,899 148,697 Charge to equity 1,944 1,945 Other (191) 1,265 Net deferred income tax liabilities, end of year $ 544,303 $ 516,651 The tax effects of the significant components of temporary differences giving rise to the Company’s deferred income tax assets and liabilities were as follows: (in thousands of U.S. dollars) Investments Long-term incentive plan accrual Performance fees liability Issuance Net operating losses Other Total Deferred income tax assets At December 31, 2022 $ — $ 8,009 $ 9,091 $ 8,723 $ 43,926 $ 5,313 $ 75,062 Addition / (Reversal) — 496 652 (3,148) 11,691 34 9,725 At December 31, 2023 $ — $ 8,505 $ 9,743 $ 5,575 $ 55,617 $ 5,347 $ 84,787 (in thousands of U.S. dollars) Investments Rental properties Deferred placement fees Other Total Deferred income tax liabilities At December 31, 2022 $ 1,505 $ 589,720 $ 488 $ — $ 591,713 Addition / (Reversal) 2,974 34,542 (139) — 37,377 At December 31, 2023 $ 4,479 $ 624,262 $ 349 $ — $ 629,090 |
REVENUE FROM SINGLE-FAMILY RE_2
REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment property [abstract] | |
Disclosure of Detailed Information About Investment Property | The following table presents the changes in the rental property balances for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 11,445,659 $ 7,978,396 Acquisitions (1) 554,206 2,362,185 Capital expenditures 177,024 326,460 Fair value adjustments (2) 210,936 858,987 Dispositions (197,033) (80,369) Balance, end of year $ 12,190,792 $ 11,445,659 (1) The total purchase price includes $2,544 (2022 - $3,021) of capitalized transaction costs in relation to the acquisitions. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Opening balance $ 136,413 $ 133,250 Development expenditures 29,415 12,686 Fair value adjustments — (440) Translation adjustment (1) 3,935 (9,083) Balance, end of year $ 169,763 $ 136,413 (1) During the year, the USD/CAD exchange rate moved from 1.3544 as at December 31, 2022 to 1.3226 as at December 31, 2023, resulting in a favorable foreign currency translation adjustment of $3,935. In the prior year, the USD/CAD exchange rate moved from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in an unfavorable foreign currency translation adjustment of $9,083. The components of the Company's revenue from single-family rental properties are as follows: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Base rent $ 662,412 $ 520,196 Other revenue (1) 45,403 39,840 Non-lease component 87,502 85,549 Total revenue from single-family rental properties $ 795,317 $ 645,585 |
REVENUE FROM STRATEGIC CAPITA_2
REVENUE FROM STRATEGIC CAPITAL SERVICES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers [Abstract] | |
Disclosure of Disaggregation of Revenue from Contracts with Customers | The components of the Company’s revenue from strategic capital services (previously reported as revenue from private funds and advisory services) are described in the table below. Intercompany revenues and expenses between the Company and its subsidiaries, such as property management fees, are eliminated upon consolidation. Under certain arrangements, asset-based fees that are earned from third-party investors in Tricon's subsidiary entities are billed directly to those investors and are therefore not recognized in the accounts of the applicable subsidiary. These amounts are included in the asset management fees revenue recognized in the statements of comprehensive income. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Asset management fees $ 11,290 $ 12,431 Performance fees 10,359 110,330 Development fees 31,034 26,826 Property management fees 1,775 10,501 Total revenue from strategic capital services $ 54,458 $ 160,088 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Other Income | Other income is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 The Shops of Summerhill commercial rental $ 1,441 $ 2,212 Insurance recoveries 342 861 Interest income 5,642 — Net operating loss from non-core homes (6,907) — Gain on sale - Bryson MPC Holdings LLC — 5,060 Income from Bryson - pre-sale — 2,753 Total other income $ 518 $ 10,886 |
AMOUNTS RECEIVABLE (Tables)
AMOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information About Trade and Other Receivables | Amounts receivable consist of rent receivables, trade receivables, income tax recoverable and other receivables. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Rent receivables $ 3,083 $ 3,581 Trade receivables 4,606 2,975 Income tax recoverable 1,843 4,138 Other receivables (1) 18,430 14,290 Total amounts receivable $ 27,962 $ 24,984 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Disclosure of Detailed Information About Debt | The following table presents a summary of the Company's outstanding debt as at December 31, 2023: December 31, 2023 (in thousands of U.S. dollars) Maturity dates Coupon/stated interest rates Interest rate floor Interest rate cap Effective interest rates (1) Extension options (2) Total facility Outstanding balance Term Loan (3), (4) April 2024 SOFR+2.30 % 0.50 % SOFR 4.25 % SOFR 6.55 % 6 months $ 296,256 $ 296,256 Warehouse credit facility 2022 (5) January 2025 SOFR+1.95 % 0.15 % SOFR 3.25 % SOFR 5.20 % N/A 200,000 153,302 Securitization debt 2018-1 (3) May 2025 3.96 % N/A N/A 3.96 % N/A 282,726 282,726 Securitization debt 2020-2 (3) November 2027 1.94 % N/A N/A 1.94 % N/A 406,364 406,364 Securitization debt 2023-2 (14) December 2028 5.09 % N/A N/A 6.40 % N/A 360,188 360,188 Single-family rental wholly-owned properties borrowings 1,545,534 1,498,836 SFR JV-1 securitization debt 2019-1 (3) March 2026 3.12 % N/A N/A 3.12 % N/A 331,292 331,292 SFR JV-1 securitization debt 2020-1 (3) July 2026 2.43 % N/A N/A 2.43 % N/A 552,441 552,441 SFR JV-1 securitization debt 2021-1 (3) July 2026 2.57 % N/A N/A 2.57 % N/A 682,956 682,956 Single-family rental JV-1 properties borrowings 1,566,689 1,566,689 SFR JV-2 warehouse credit facility (12) July 2024 SOFR+1.99 % 0.10 % SOFR 3.25 % SOFR 5.24 % One year 18,618 18,618 SFR JV-2 term loan (3) (13) October 2025 SOFR+2.10 % 0.50 % SOFR 4.55 % SOFR 6.65 % Two one years 500,000 496,830 SFR JV-2 securitization debt 2022-1 (3) April 2027 4.32 % N/A N/A 4.32 % N/A 530,171 530,171 SFR JV-2 securitization debt 2022-2 (3) July 2028 5.47 % N/A N/A 5.47 % N/A 347,459 347,459 SFR JV-2 securitization debt 2023-1 (3), (10) July 2028 5.27 % N/A N/A 5.86 % N/A 416,175 416,175 SFR JV-2 delayed draw term loan (3) September 2028 5.39 % N/A N/A 5.39 % N/A 194,480 194,480 Single-family rental JV-2 properties borrowings 2,006,903 2,003,733 SFR JV-HD warehouse credit facility (6) May 2024 SOFR+2.00 % 0.15 % SOFR 2.85 % SOFR 4.85 % One year 350,000 262,816 JV-HD term loan A (3),(7) March 2028 5.96 % N/A N/A 5.96 % N/A 150,000 150,000 JV-HD term loan B (3),(7) March 2028 5.96 % N/A N/A 5.96 % N/A 150,000 150,000 Single-family rental JV-HD properties borrowings 650,000 562,816 Single-family rental properties borrowings 4.48 % 5,769,126 5,632,074 The Shops of Summerhill mortgage October 2025 5.58 % N/A N/A 5.58 % N/A 16,224 16,224 Construction facility (8), (15) June 2026 Prime+1.25 % N/A N/A 8.32 % One year 173,903 28,777 Canadian development properties borrowings 7.33 % 190,127 45,001 Corporate office mortgages November 2024 4.25 % N/A N/A 4.30 % N/A 12,624 12,624 Corporate credit facility (9), (11) June 2025 SOFR+3.07 % N/A N/A 8.46 % N/A 500,000 170,000 Corporate borrowings 8.17 % 512,624 182,624 $ 5,859,699 Transaction costs (net of amortization) (50,173) Debt discount (net of amortization) (31,526) Total debt 4.62 % $ 6,471,877 $ 5,778,000 Current portion of long-term debt (2) $ 309,116 Long-term debt $ 5,468,884 Fixed-rate debt - principal value 4.05 % $ 4,433,100 Floating-rate debt - principal value 6.37 % $ 1,426,599 (1) The effective interest rate is determined using the ending consolidated debt balances as at December 31, 2023 and the average of the applicable reference rates for the year ended December 31, 2023. The effective interest rate using the average debt balances and the average of the applicable reference rates for the year ended December 31, 2023 is 4.23%. (2) The Company has the ability to extend the maturity of the loans where an extension option exists and intends to exercise such options wherever available. The current portion of long-term debt reflects the balance after the Company's extension options have been exercised. (3) The term loan and securitization debt are secured, directly and indirectly, by approximately 31,400 single-family rental homes. (4) On July 27, 2023, the Company amended the loan agreement to extend the maturity of the term loan by six months to April 2024 (with the option to extend for another six months to October 2024) and increased the commitment value by $100,000 with an interest rate cap of 4.25% SOFR. The coupon rate remains unchanged. The amendment resulted in the extinguishment of the original liability and the recognition of a gain on debt extinguishment of $1,326 in the consolidated statements of comprehensive income. A new liability was recognized, reflecting the amended terms. On October 24, 2023, the Company purchased a new interest rate cap on this facility at 4.25% of SOFR. (5) On September 22, 2023, the Company amended the loan agreement in respect of the Warehouse credit facility 2022 to increase the commitment value by $50,000 to $100,000. The coupon rate also changed from SOFR+1.85% to SOFR+1.95%. On December 11, 2023, the Company amended the loan agreement again to increase the commitment value by $100,000 to $200,000 and extended the maturity of the facility by one year to January 1, 2025 with the coupon rate unchanged. (6) On May 11, 2023, SFR JV-HD amended its warehouse facility agreement to decrease the commitment value by $140,000 to $350,000 and increase the interest rate cap to 2.85% of SOFR. The maturity date and the extension option remained unchanged. (7) On March 10, 2023, SFR JV-HD entered into two new term loan facilities, each with a total commitment of $150,000, a term to maturity of five years and a fixed interest rate of 5.96%. These facilities are secured by pools of 707 and 696 single-family rental properties. The loan proceeds were primarily used to pay down existing short-term SFR JV-HD debt and to fund the acquisition of rental homes. (8) The construction facility is secured by the land under development at The James (Scrivener Square). (9) The Company has provided a general security agreement creating a first priority security interest on the assets of the Company, excluding, among other things, single-family rental homes, multi-family rental properties and interests in for-sale housing. As part of the corporate credit facility, the Company designated $35,000 to issue letters of credit as security against contingent obligations related to its Canadian multi-family developments. As at December 31, 2023, the letters of credit outstanding totaled $13,962 (C$18,467). (10) On July 11, 2023, SFR JV-2 entered into a new securitized loan facility with a total commitment of $416,430, a term to maturity of five years and a weighted average fixed interest rate of 5.27%. The securitization involved the issuance of five classes of fixed-rate pass-through certificates at a discount of $12,160 to the stated face value, resulting in an effective interest rate of 5.86%. This facility is secured by a pool of 2,115 single-family rental properties. The loan proceeds were primarily used to pay down the existing short-term SFR JV-2 variable-rate debt. (11) On September 15, 2023, the margin on the corporate facility was reduced by 3 basis points from 3.10% to 3.07%. (12) On August 1, 2023, the interest rate cap on the SFR JV-2 Warehouse Credit facility expired and was not renewed. On November 30, 2023, SFR JV-2 amended the loan agreement on this facility to reduce the commitment value from $134,456 to $18,618 and purchased a new interest rate cap at 3.25% of SOFR, effective December 1, 2023. (13) On October 4, 2023, SFR JV-2 purchased a new interest rate cap on the SFR JV-2 term loan at 4.55% of SOFR. (14) On November 29, 2023, the Company entered into a new securitized loan facility with a total commitment of $360,188, a term to maturity of five years and an effective interest rate of 6.40%. This facility is secured by a pool of 1,685 single-family rental properties. The loan proceeds were primarily used to pay down the existing Securitization debt 2017-2 fixed-rate debt. December 31, 2022 (in thousands of U.S. dollars) Maturity dates Coupon/stated interest rates Interest rate floor Interest rate cap Effective interest Extension options Total facility Outstanding balance Term loan October 2023 SOFR+2.30 % 0.50 % SOFR 5.50 % SOFR 4.21 % One year $ 220,499 $ 220,499 Securitization debt 2017-2 January 2024 3.68 % N/A N/A 3.68 % N/A 345,620 345,620 Warehouse credit facility 2022 January 2024 SOFR+1.85 % 0.15 % SOFR 3.25 % SOFR 3.72 % One year 50,000 — Securitization debt 2018-1 May 2025 3.96 % N/A N/A 3.96 % N/A 302,699 302,699 Securitization debt 2020-2 November 2027 1.94 % N/A N/A 1.94 % N/A 425,720 425,720 Single-family rental wholly-owned properties borrowings 1,344,538 1,294,538 SFR JV-1 securitization debt 2019-1 March 2026 3.12 % N/A N/A 3.12 % N/A 332,263 332,263 SFR JV-1 securitization debt 2020-1 July 2026 2.43 % N/A N/A 2.43 % N/A 552,882 552,882 SFR JV-1 securitization debt 2021-1 July 2026 2.57 % N/A N/A 2.57 % N/A 682,956 682,956 Single-family rental JV-1 properties borrowings 1,568,101 1,568,101 SFR JV-2 subscription facility July 2023 SOFR+2.00 % 0.15 % SOFR N/A 3.88 % One year 410,000 409,000 SFR JV-2 warehouse credit facility July 2024 SOFR+1.99 % 0.10 % SOFR 3.25 % SOFR 3.87 % One year 700,000 392,551 SFR JV-2 term loan October 2025 SOFR+2.10 % 0.50 % SOFR 4.55 % SOFR 5.98 % Two one years 500,000 390,671 SFR JV-2 securitization debt 2022-1 April 2027 4.32 % N/A N/A 4.32 % N/A 530,387 530,387 SFR JV-2 securitization debt 2022-2 July 2028 5.47 % N/A N/A 5.47 % N/A 347,772 347,772 SFR JV-2 delayed draw term loan September 2028 5.39 % N/A N/A 5.39 % N/A 200,000 194,685 Single-family rental JV-2 properties borrowings 2,688,159 2,265,066 SFR JV-HD subscription facility May 2023 SOFR+2.00 % 0.15 % SOFR N/A 3.88 % One year 130,000 127,000 SFR JV-HD warehouse credit facility May 2024 SOFR+2.00 % 0.15 % SOFR 2.60 % SOFR 3.81 % One year 490,000 489,720 Single-family rental JV-HD properties borrowings 620,000 616,720 Single-family rental properties borrowings 3.73 % 6,220,798 5,744,425 The Shops of Summerhill mortgage October 2025 5.58 % N/A N/A 5.58 % N/A 16,063 16,063 Construction facility June 2026 Prime+1.25 % N/A N/A 4.12 % One year 169,809 5,032 Canadian development properties borrowings 5.23 % 185,872 21,095 Corporate office mortgages November 2024 4.25 % N/A N/A 4.30 % N/A 12,717 12,717 Corporate credit facility June 2025 SOFR+3.10 % N/A N/A 4.60 % N/A 500,000 — Corporate borrowings 4.30 % 512,717 12,717 $ 5,778,237 Transaction costs (net of amortization) (49,404) Debt discount (net of amortization) (649) Total debt 3.73 % $ 6,919,387 $ 5,728,184 Current portion of long-term debt $ 757,135 Long-term debt $ 4,971,049 Fixed-rate debt - principal value 3.43 % $ 3,743,764 Floating-rate debt - principal value 4.30 % $ 2,034,473 The table below presents the fair value and the carrying value (net of unamortized deferred financing fees and debt discount) of the fixed-rate loans as at December 31, 2023. December 31, 2023 (in thousands of U.S. dollars) Fair value Carrying value Securitization debt 2018-1 281,393 282,530 Securitization debt 2020-2 365,928 402,039 SFR JV-1 securitization debt 2019-1 318,730 328,498 SFR JV-1 securitization debt 2020-1 520,270 548,021 SFR JV-1 securitization debt 2021-1 629,865 677,167 SFR JV-2 securitization debt 2022-1 509,276 524,460 SFR JV-2 securitization debt 2022-2 346,439 342,788 SFR JV-2 securitization debt 2023-1 415,281 398,278 Securitization debt 2023-2 354,406 333,310 JV-2 delayed draw term loan 188,655 193,256 JV-HD term loan A 148,966 148,954 JV-HD term loan B 148,966 148,954 The Shops of Summerhill mortgage 16,079 16,162 Corporate office mortgages 12,384 12,624 Total $ 4,256,638 $ 4,357,041 |
Disclosure of Maturity Analysis for Borrowings | The scheduled principal repayments and debt maturities are as follows, reflecting the maturity dates after all extensions have been exercised: (in thousands of U.S. dollars) Single-family rental borrowings Canadian development properties borrowings Corporate borrowings Total 2024 $ 296,256 $ 236 $ 12,624 $ 309,116 2025 717,462 15,988 170,000 903,450 2026 2,063,519 28,777 — 2,092,296 2027 936,535 — — 936,535 2028 and thereafter 1,618,302 — — 1,618,302 5,632,074 45,001 182,624 5,859,699 Transaction costs (net of amortization) (50,173) Debt discount (net of amortization) (31,526) Total debt $ 5,778,000 The future repayments of principal and interest on financial liabilities are as follows, excluding remaining unamortized deferred financing fees and debt discount: (in thousands of U.S. dollars) As at December 31, 2023 Due on demand and in 2024 From 2025 From 2027 2029 and thereafter Total Principal Debt (1),(2) $ 309,116 $ 2,995,746 $ 2,554,837 $ — $ 5,859,699 Due to Affiliate (4) — — — 295,325 295,325 Interest Debt (1),(3) 274,567 378,948 159,023 — 812,538 Due to Affiliate (4) 16,981 33,962 37,375 100,771 189,089 Total $ 600,664 $ 3,408,656 $ 2,751,235 $ 396,096 $ 7,156,651 (1) Certain mortgages' principal and interest repayments were translated to U.S. dollars at the period-end exchange rate. (2) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise, where appropriate, the extension options available on all loans. (3) For floating-rate debt facilities, the future interest payments are calculated using the prevailing floating interest rates at the period-end date. (4) Reflects the contractual maturity date of September 3, 2032. |
DUE TO AFFILIATE (Tables)
DUE TO AFFILIATE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Disclosure of Due to Affiliate | (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Principal amount outstanding $ 295,325 $ 295,325 Less: Discount and transaction costs (net of amortization) (32,903) (38,501) Due to Affiliate $ 262,422 $ 256,824 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of Significant Observable Inputs used in Fair Value Measurement of Liabilities | Quantitative information about fair value measurements (Level 2) using significant observable inputs other than quoted prices included in Level 1 is as follows: Due to Affiliate December 31, 2023 December 31, 2022 Risk-free rate (1) 4.53 % 4.46 % Implied volatility (2) 28.98 % 36.53 % Dividend yield (3) 2.55 % 3.01 % (1) Risk-free rates were from the U.S. dollar swap curves matching the expected maturity of the Due to Affiliate. (2) Implied volatility was computed from the trading volatility of the Company's stock over a comparable term to maturity, which are estimates based on traded options expiring in the future, and adjusted by the volatility of USD/CAD exchange rates and correlation between USD/CAD exchange rate and the Company's shares. (3) Dividend yields were from the forecast dividend yields matching the expected maturity of the Due to Affiliate. |
Disclosure of Derivatives at Fair Value Through Profit or Loss | The values attributed to the derivative financial instruments are shown below: Exchange/prepayment options Interest rate caps (1) Total (in thousands of U.S. dollars) For the year ended December 31, 2023 Derivative financial (liabilities) assets, beginning of year $ (51,158) $ 10,358 $ (40,800) Addition of interest rate caps — 14,477 14,477 Fair value loss (2,630) (17,455) (20,085) Derivative financial instruments - end of year $ (53,788) $ 7,380 $ (46,408) For the year ended December 31, 2022 Derivative financial (liabilities) assets, beginning of year $ (230,305) $ 363 $ (229,942) Derivative financial instruments exchanged into common shares of the Company 3,299 — 3,299 Addition of interest rate caps — 1,034 1,034 Fair value gain 175,848 8,961 184,809 Derivative financial instruments - end of year $ (51,158) $ 10,358 $ (40,800) |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowing costs [abstract] | |
Disclosure of Interest Expense | Interest expense is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Term loan $ 15,622 $ 6,729 Securitization debt 2017-2 (1) 11,421 13,080 Warehouse credit facility 2022 2,383 226 Securitization debt 2018-1 11,810 12,252 Securitization debt 2020-2 8,228 8,478 Securitization debt 2023-2 51 — SFR JV-1 securitization debt 2019-1 10,417 10,439 SFR JV-1 securitization debt 2020-1 13,534 13,540 SFR JV-1 securitization debt 2021-1 17,660 17,659 SFR JV-2 subscription facility (1) 11,985 15,517 SFR JV-2 warehouse credit facility 24,525 20,221 SFR JV-2 term loan 29,665 4,929 SFR JV-2 securitization debt 2022-1 23,008 16,868 SFR JV-2 securitization debt 2022-2 19,105 9,284 SFR JV-2 securitization debt 2023-1 10,467 — SFR JV-2 delayed draw term loan 10,882 3,431 SFR JV-HD subscription facility (1) 2,299 4,498 SFR JV-HD warehouse credit facility 22,527 13,165 JV-HD term loan A 7,418 — JV-HD term loan B 7,418 — Single-family rental interest expense 260,425 170,316 The Shops of Summerhill mortgage 881 531 Canadian development properties interest expense (2) 881 531 Corporate office mortgages 472 460 Corporate credit facility 13,233 6,319 Corporate interest expense 13,705 6,779 Amortization of financing costs 16,977 13,367 Amortization of debt discounts 6,262 4,749 Interest on Due to Affiliate 16,981 17,022 Interest on lease obligation 1,242 1,168 Total interest expense 316,473 $ 213,932 (1) These facilities were fully repaid during year ended December 31, 2023. (2) Canadian development properties capitalized $1,525 of interest for the year ended December 31, 2023 (2022 - $445). |
DIRECT OPERATING EXPENSES (Tabl
DIRECT OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Direct Operating Expenses | The following table lists details of the direct operating expenses for rental properties by type. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Property taxes $ 131,217 $ 100,122 Repairs and maintenance 30,849 29,006 Turnover 10,944 7,829 Property management expenses 50,154 41,404 Property insurance 8,988 7,544 Marketing and leasing 2,300 2,554 Homeowners' association (HOA) costs 13,855 9,933 Other direct expense (1) 13,629 10,697 Direct operating expenses $ 261,936 $ 209,089 (1) Other direct expense includes property utilities and other property operating costs. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Disclosure of Detailed Information About Intangible Assets | The intangible assets are as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Placement fees $ 1,564 $ 2,189 Customer relationship intangible 1,673 2,187 Contractual development fees 1,941 2,717 Intangible assets $ 5,178 $ 7,093 |
Disclosure of Reconciliation of Changes in Intangible Assets | (in thousands of U.S. dollars) For the year ended December 31, 2023 Opening Additions Amortization expense Translation adjustment Ending Placement fees $ 2,189 $ — $ (625) $ — $ 1,564 Customer relationship intangible 2,187 — (514) — 1,673 Contractual development fees 2,717 — (776) — 1,941 Intangible assets $ 7,093 $ — $ (1,915) $ — $ 5,178 (in thousands of U.S. dollars) For the year ended December 31, 2022 Opening Additions Amortization expense Translation adjustment Ending Placement fees $ 2,814 $ — $ (625) $ — $ 2,189 Customer relationship intangible 2,701 — (514) — 2,187 Contractual development fees 3,809 — (1,092) — 2,717 Intangible assets $ 9,324 $ — $ (2,231) $ — $ 7,093 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of Detailed Information About Property, Plant and Equipment | The other assets are as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Building $ 34,177 $ 32,912 Furniture, computer and office equipment (1) 6,397 6,429 Right-of-use assets 35,109 28,750 Leasehold improvements 9,711 10,156 Software assets (1) 22,497 15,199 Vehicles and other 2,889 3,406 Other assets $ 110,780 $ 96,852 (1) The comparative period has been reclassified to conform with the current period presentation. Software assets of $14,098 that were previously presented as part of furniture, computer and office equipment, as well as property-related systems software of $1,101, have been reclassified to software assets. (in thousands of U.S. dollars) For the year ended December 31, 2023 Opening (1) Additions (Dispositions) (2) Depreciation expense Translation adjustment Ending Building $ 32,912 $ 1,510 $ (1,030) $ 785 $ 34,177 Furniture, computer and office equipment 6,429 2,727 (2,824) 65 6,397 Right-of-use assets (3),(4) 28,750 11,873 (5,514) — 35,109 Leasehold improvements 10,156 1,097 (1,542) — 9,711 Software assets 15,199 11,700 (4,452) 50 22,497 Vehicles and other 3,406 — (517) — 2,889 Other assets $ 96,852 $ 28,907 $ (15,879) $ 900 $ 110,780 (1) The opening balances have been reclassified to conform with the current period presentation. Software assets of $14,098 that were previously presented as part of furniture, computer and office equipment, as well as property-related systems software of $1,101, have been reclassified to software assets. There was no impact to depreciation expense as a result of this reclassification. (2) For the year ended December 31, 2023, additions are presented net of dispositions totaling $381. (3) Right-of-use assets include leased space in office buildings with a carrying value of $25,579 and maintenance vehicles with a carrying value of $9,530. (4) On December 20, 2022, the Company entered into an amendment to lease an additional 16,636 square feet of office space at the existing office location in Tustin, California. The Company recognized the right-of-use asset and the corresponding lease obligation on commencement of the lease term on August 16, 2023. (in thousands of U.S. dollars) For the year ended December 31, 2022 Opening Additions (Dispositions) (1) Depreciation expense Translation adjustment Ending Building $ 31,710 $ 4,126 $ (718) $ (2,206) $ 32,912 Furniture, computer and office equipment (3) 5,864 3,443 (2,720) (158) 6,429 Right-of-use assets (2) 28,269 4,944 (4,463) — 28,750 Leasehold improvements 8,249 3,090 (1,183) — 10,156 Software assets (3) 10,012 9,772 (4,188) (397) 15,199 Vehicles 645 2,866 (105) — 3,406 Other assets $ 84,749 $ 28,241 $ (13,377) $ (2,761) $ 96,852 (1) For the year ended December 31, 2022, additions are presented net of dispositions totaling $315. (2) Right-of-use assets include leased space in office buildings with a carrying value of $23,200 and maintenance vehicles with a carrying value of $5,368. The remaining balance of right-of use assets relates to office equipment. |
LIMITED PARTNERS' INTEREST IN_2
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Limited Partners' Interest In Investments [Abstract] | |
Disclosure of Changes in Limited Partners' Interests in Single-Family Rental Business | The following table presents the changes in the limited partners' interests in single-family rental business balance for the years ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 1,696,872 $ 947,452 Contributions 494,995 489,387 Distributions (37,070) (37,348) Net change in fair value of limited partners’ interests in single-family rental business 145,497 297,381 Balance, end of year $ 2,300,294 $ 1,696,872 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liability [Abstract] | |
Disclosure of Changes in the Carrying Value of Lease Obligations Explanatory | The carrying value of the Company's lease obligations is as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 33,644 $ 30,792 Addition of lease obligation (1) 11,884 4,619 Interest expense 1,489 1,303 Cash payments (5,848) (3,070) Balance, end of year $ 41,169 $ 33,644 Current portion of lease obligations (Note 12) $ 7,671 $ 3,609 Non-current portion of lease obligations $ 33,498 $ 30,035 (1) The additions included $6,615 (2022 - $1,815) from new maintenance vehicle leases and $5,253 (2022 - $2,681) from new office leases, which commenced during the year ended December 31, 2023. |
Disclosure of Maturity Analysis of Finance Lease Payments | The present value of the minimum lease payments required for the leases over the next five years and thereafter is as follows: (in thousands of U.S. dollars) 2024 $ 8,197 2025 7,508 2026 7,139 2027 6,369 2028 4,917 2029 and thereafter 14,402 Minimum lease payments obligation 48,532 Imputed interest included in minimum lease payments (7,363) Lease obligations $ 41,169 |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Dividends [Abstract] | |
Disclosure of Dividends Paid | (in thousands of U.S. dollars, except per share amounts) Date of declaration Record date Payment date Common shares issued Dividend amount Total dividend amount Dividend reinvestment February 28, 2023 March 31, 2023 April 17, 2023 272,598,588 $ 0.058 $ 15,811 $ 1,131 May 9, 2023 June 30, 2023 July 17, 2023 272,803,985 0.058 15,823 1,142 August 8, 2023 September 30, 2023 October 16, 2023 272,993,974 0.058 15,834 1,125 November 7, 2023 December 31, 2023 January 15, 2024 273,385,554 0.058 15,856 1,280 $ 63,324 $ 4,678 March 1, 2022 March 31, 2022 April 18, 2022 273,584,673 $ 0.058 $ 15,868 $ 984 May 10, 2022 June 30, 2022 July 15, 2022 273,653,385 0.058 15,872 967 August 9, 2022 September 30, 2022 October 17, 2022 273,760,820 0.058 15,878 472 November 8, 2022 December 31, 2022 January 15, 2023 273,464,780 0.058 15,861 1,042 $ 63,479 $ 3,465 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of Share Capital | December 31, 2023 December 31, 2022 (in thousands of U.S. dollars) Number of shares issued (repurchased) Share capital Number of shares issued (repurchased) Share capital Beginning balance 272,840,692 $ 2,124,618 272,176,046 $ 2,114,783 Normal course issuer bid (NCIB) (1) (1,048,680) (7,112) (677,666) (4,580) Shares issued under DRIP (2) 554,906 4,440 323,048 3,995 Stock-based compensation exercised (3) 414,548 1,958 491,341 2,655 Preferred units exchanged (Note 20) — — 554,832 8,015 Shares repurchased and reserved for restricted share awards (4) (123,643) (1,074) (26,909) (250) Ending balance 272,637,823 $ 2,122,830 272,840,692 $ 2,124,618 (1) On October 13, 2022, the Company announced that the Toronto Stock Exchange ("TSX") had approved its notice of intention to make a normal course issuer bid ("NCIB") to repurchase up to 2,500,000 of its common shares trading on the TSX, the New York Stock Exchange ("NYSE") and/or alternative Canadian trading systems during the twelve-month period ending on October 17, 2023. During the year ended December 31, 2023, the Company repurchased 525,267 of its common shares on the TSX and 523,413 shares on the NYSE under the NCIB for $8,749, which reduced share capital and retained earnings by $7,112 and $1,637, respectively. Common shares that were purchased under the NCIB were cancelled by the Company. (2) In 2023, 554,906 common shares were issued under the DRIP at an average price of $8.00 per share. (3) In 2023, 414,548 common shares were issued upon the exercise of 356,941 vested deferred share units ("DSUs") and 57,607 vested stock options. (4) In 2023, 123,643 common shares were reserved at $8.69 per share in order to settle restricted share awards granted to employees in 2023 and DRIP with respect to restricted share awards granted in prior years. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Disclosure of Earnings per Share | Basic earnings per share is calculated by dividing net income attributable to shareholders of Tricon by the sum of the weighted average number of shares outstanding and vested deferred share units during the period. (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) For the years ended December 31 2023 2022 Net income from continuing operations $ 121,824 $ 779,374 Non-controlling interest 7,634 5,539 Net income attributable to shareholders of Tricon from continuing operations 114,190 773,835 Net income attributable to shareholders of Tricon from discontinued operations — 35,106 Net income attributable to shareholders of Tricon $ 114,190 $ 808,941 Weighted average number of common shares outstanding 272,320,337 272,972,697 Adjustments for vested units 1,337,114 1,510,567 Weighted average number of common shares outstanding for basic earnings per share 273,657,451 274,483,264 Basic earnings per share Continuing operations $ 0.42 $ 2.82 Discontinued operations — 0.13 Basic earnings per share $ 0.42 $ 2.95 (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) For the years ended December 31 2023 2022 Net income attributable to shareholders of Tricon from continuing operations $ 114,190 $ 773,835 Adjustment for preferred units interest expense - net of tax — 18,410 Fair value gain on exchange and prepayment options of preferred units — (175,848) Adjusted net income attributable to shareholders of Tricon from continuing operations 114,190 616,397 Net income attributable to shareholders of Tricon from discontinued operations — 35,106 Adjusted net income attributable to shareholders of Tricon $ 114,190 $ 651,503 Weighted average number of common shares outstanding 273,657,451 274,483,264 Adjustments for stock compensation 1,886,348 1,790,235 Adjustments for preferred units — 34,826,994 Weighted average number of common shares outstanding for diluted earnings per share 275,543,799 311,100,493 Diluted earnings per share Continuing operations $ 0.41 $ 1.98 Discontinued operations — 0.11 Diluted earnings per share $ 0.41 $ 2.09 |
COMPENSATION EXPENSE (Tables)
COMPENSATION EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based and Other Payment Arrangements [Abstract] | |
Disclosure of Effect of Share-Based Payments on Entity's Profit or Loss | Compensation expense is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Salaries and benefits $ 53,672 $ 55,040 Annual incentive plan ("AIP") 28,702 27,201 Long-term incentive plan ("LTIP") 6,969 17,015 Total compensation expense $ 89,343 $ 99,256 The changes to the balances of the various cash-based and equity-based arrangements during the period are detailed in the sections below. Annual incentive plan (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Cash-based $ 12,519 $ 20,307 Equity-based 16,183 6,894 Total AIP expense $ 28,702 $ 27,201 Long-term incentive plan (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Cash-based $ 6,969 $ 16,635 Equity-based — 380 Total LTIP expense $ 6,969 $ 17,015 |
Disclosure of Effect of Share-Based Payments on Entity's Financial Position | The following table summarizes the movement in the AIP liability: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 3,697 $ 73 AIP expense 12,519 20,307 Payments (14,213) (16,186) Translation adjustment 170 (497) Balance, end of year $ 2,173 $ 3,697 The following table summarizes the movement in the PSU liability: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 6,630 $ 12,064 PSU expense 5,690 1,889 Payments (4,010) (7,061) Translation adjustment 116 (262) Balance, end of year $ 8,426 $ 6,630 The following table summarizes the movement in the LTIP liability: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 25,244 $ 21,431 LTIP expense 6,969 16,635 Payments (4,432) (11,685) Translation adjustment 368 (1,137) Balance, end of year $ 28,149 $ 25,244 AIP liability is recorded within amounts payable and accrued liabilities, and the equity component is included in the contributed surplus. The breakdown is presented below. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Amounts payable and accrued liabilities (1) $ 10,599 $ 10,327 Equity - contributed surplus 24,909 15,784 Total AIP $ 35,508 $ 26,111 (1) This balance includes outstanding PSU liability of $8,426 (2022 - $6,630) and cash-based AIP liability of $2,173 (2022 - $3,697). LTIP liability and equity components are presented on the balance sheet as follows: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 LTIP - liability $ 28,149 $ 25,244 Equity - contributed surplus 3,591 5,685 Total LTIP $ 31,740 $ 30,929 |
Disclosure of Number and Weighted Average Exercise Prices of Share Options | The following tables summarize the movement in the stock option plan during the years ended December 31, 2023 and December 31, 2022. TSX NYSE For the year ended December 31, 2023 Number of options Weighted average exercise price (CAD) Number of options Weighted average exercise price (USD) Opening balance - outstanding 3,443,770 $ 10.61 395,953 $ 8.54 Granted 112,000 11.27 — — Exercised (225,000) 8.85 — — Cancelled (95,000) 10.81 — — Ending balance - outstanding 3,235,770 $ 10.75 395,953 $ 8.54 TSX NYSE For the year ended December 31, 2022 Number of options Weighted average exercise price (CAD) Number of options Weighted average exercise price (USD) Opening balance - outstanding 1,985,563 $ 10.45 31,764 $ 14.67 Granted 1,466,541 10.81 364,189 8.00 Exercised (8,334) 9.81 — — Ending balance - outstanding 3,443,770 $ 10.61 395,953 $ 8.54 |
Disclosure of Indirect Measurement of Fair Value of Goods or Services Received, Share Options Granted During Period | The following table presents the inputs used to value the stock options granted in 2023 and 2022: For the year ended December 31 2023 2022 TSX NYSE TSX NYSE Risk-free interest rate (%) 3.53 — 2.86 3.58 Expected option life (years) 5.18 — 5.16 5.15 Expected volatility (%) 28.13 — 27.70 27.70 |
Disclosure of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options | The following table summarizes the stock options outstanding as at December 31, 2023: December 31, 2023 Grant date Expiration date Options outstanding Options exercisable Exercise price of outstanding options (CAD) Exercise price of outstanding options (USD) November 14, 2016 November 14, 2023 (1) 325,000 325,000 $ 8.85 $ — December 15, 2017 December 15, 2024 800,000 800,000 11.35 — December 17, 2018 December 17, 2025 401,959 401,959 9.81 — December 15, 2020 December 15, 2027 199,380 199,380 11.50 — December 15, 2021 December 15, 2028 25,890 19,935 18.85 — December 15, 2021 December 15, 2028 31,764 18,501 — 14.67 December 15, 2022 December 15, 2029 1,371,541 496,832 10.81 — December 15, 2022 December 15, 2029 364,189 76,725 — 8.00 March 6, 2023 March 6, 2030 112,000 — 11.27 — Total 3,631,723 2,338,332 $ 10.75 $ 8.54 |
PERFORMANCE FEES LIABILITY (Tab
PERFORMANCE FEES LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Reconciliation of Changes in Performance Fee Liability | The following table summarizes the movement in performance fees liability for the years ended December 31, 2023 and December 31, 2022: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Balance, beginning of year $ 39,893 $ 48,358 Contributions from equity holders 10 971 Performance fees expense 2,550 35,854 Payments (271) (44,867) Translation adjustment 188 (423) Balance, end of year $ 42,370 $ 39,893 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Disclosure of Operating Segments | (in thousands of U.S. dollars) For the year ended December 31, 2023 Single-Family Rental (1) Adjacent Businesses (1) Strategic Capital (1)(2) Corporate (1) Consolidated results Revenue from single-family rental properties $ 795,317 $ — $ — $ — $ 795,317 Direct operating expenses (261,936) — — — (261,936) Net operating income from single-family rental properties 533,381 — — — 533,381 Revenue from strategic capital services — — 54,458 — 54,458 Income from equity-accounted investments in multi-family rental properties — 5,297 — — 5,297 Income from equity-accounted investments in Canadian residential developments — 4,348 — — 4,348 Other income (expense) 342 1,441 — (1,265) 518 Income from investments in U.S. residential developments — 30,773 — — 30,773 Compensation expense — — — (89,343) (89,343) Performance fees expense — — — (2,550) (2,550) General and administration expense — — — (86,502) (86,502) Gain on debt modification and extinguishment — — — 1,326 1,326 Transaction costs — — — (16,632) (16,632) Interest expense — — — (316,473) (316,473) Fair value gain on rental properties — — — 210,936 210,936 Realized and unrealized loss on derivative financial instruments — — — (2,424) (2,424) Amortization and depreciation expense — — — (17,794) (17,794) Realized and unrealized foreign exchange loss — — — (13,859) (13,859) Net change in fair value of limited partners’ interests in single-family rental business — — — (145,497) (145,497) Income tax expense — — — (28,139) (28,139) Segment net income (loss) $ 533,723 $ 41,859 $ 54,458 $ (508,216) $ 121,824 (1) Financial information for each segment is presented on a consolidated basis. (2) Strategic Capital was previously reported as Private Funds and Advisory. (in thousands of U.S. dollars) For the year ended December 31, 2022 Single-Family Rental (1) Adjacent Businesses (1) Strategic Capital (1)(2) Corporate (1) Consolidated results Revenue from single-family rental properties $ 645,585 $ — $ — $ — $ 645,585 Direct operating expenses (209,089) — — — (209,089) Net operating income from single-family rental properties 436,496 — — — 436,496 Revenue from strategic capital services — — 160,088 — 160,088 Income from equity-accounted investments in multi-family rental properties — 1,550 — — 1,550 Income from equity-accounted investments in Canadian residential developments — 11,198 — — 11,198 Other income 1,405 1,668 — 7,813 10,886 Income from investments in U.S. residential developments — 16,897 — — 16,897 Compensation expense — — — (99,256) (99,256) Performance fees expense — — — (35,854) (35,854) General and administration expense — — — (58,991) (58,991) Loss on debt modification and extinguishment — — — (6,816) (6,816) Transaction costs — — — (18,537) (18,537) Interest expense — — — (213,932) (213,932) Fair value gain on rental properties — — — 858,987 858,987 Fair value loss on Canadian development properties — — — (440) (440) Realized and unrealized gain on derivative financial instruments and other liabilities — — — 184,809 184,809 Amortization and depreciation expense — — — (15,608) (15,608) Realized and unrealized foreign exchange gain — — — 498 498 Net change in fair value of limited partners’ interests in single-family rental business — — — (297,381) (297,381) Income tax expense — — — (155,220) (155,220) Segment net income from continuing operations $ 437,901 $ 31,313 $ 160,088 $ 150,072 $ 779,374 Segment net income from discontinued operations — 35,106 — — 35,106 Segment net income $ 437,901 $ 66,419 $ 160,088 $ 150,072 $ 814,480 (1) Financial information for each segment is presented on a consolidated basis. |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Disclosure of Transactions Between Related Parties | The following table lists the related party balances included within the consolidated financial statements. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Revenue from strategic capital services $ 54,458 $ 160,088 Income from equity-accounted investments in multi-family rental properties 5,297 1,550 Income from equity-accounted investments in Canadian residential developments 4,348 11,198 Income from investments in U.S. residential developments 30,773 16,897 Performance fees expense (2,550) (35,854) Gain on sale of Bryson MPC Holdings LLC — 5,060 Net income recognized from related parties $ 92,326 $ 158,939 The items set out below are included on various line items in the Company’s consolidated financial statements. (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Receivables from related parties included in amounts receivable Contractual fees and other receivables from investments managed $ 28,399 $ 14,976 Employee relocation housing loan (1) 1,512 1,477 Annual incentive plan (2) 35,508 26,111 Long-term incentive plan (2) 31,740 30,929 Performance fees liability (2) 42,370 39,893 Dividends payable 516 497 Other payables to related parties included in amounts payable and accrued liabilities 76 166 (1) The employee relocation housing loan is non-interest bearing for a term of ten years, maturing in 2028. (2) Balances from compensation arrangements are due to employees of the Company. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Total salaries and benefits $ 2,583 $ 2,499 Total AIP 10,504 12,996 Total LTIP 1,681 8,399 Total performance fees expense 1,489 24,374 Total key management compensation $ 16,257 $ 48,268 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of Sensitivity Analysis for Types of Market Risk | If interest rates had been 1% higher or lower, with all other variables held constant, interest expense would have increased (decreased) by: For the years ended December 31 2023 2022 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Interest expense $ 1,495 $ (15,102) 14,736 (15,711) The impact of a 1% increase or decrease in the Canadian dollar exchange rate would have increased (decreased) debt by: For the years ended December 31 2023 2022 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Debt $ 579 $ (579) $ 339 $ (339) |
Disclosure of Maturity Analysis for Derivative Financial Liabilities | The following tables present the contractual maturities of the Company’s financial liabilities at December 31, 2023 and December 31, 2022, excluding remaining unamortized deferred financing fees and debt discount: (in thousands of U.S. dollars) As at December 31, 2023 Due on demand and in 2024 From 2025 From 2027 2029 and thereafter Total Liabilities Debt (1) $ 309,116 $ 2,995,746 $ 2,554,837 $ — $ 5,859,699 Other liabilities — 14,647 11,286 14,402 40,335 Limited partners' interests in single-family rental business — 915,983 1,106,088 278,223 2,300,294 Derivative financial instruments — — — 53,788 53,788 Due to Affiliate — — — 295,325 295,325 Amounts payable and accrued liabilities 150,221 — — — 150,221 Resident security deposits 85,196 — — — 85,196 Dividends payable 15,856 — — — 15,856 Total $ 560,389 $ 3,926,376 $ 3,672,211 $ 641,738 $ 8,800,714 (1) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise the extension options available on all loans. (in thousands of U.S. dollars) As at December 31, 2022 Due on demand and in 2023 From 2024 From 2026 2028 and thereafter Total Liabilities Debt (1) $ 757,135 $ 1,949,405 $ 2,529,240 $ 542,457 $ 5,778,237 Other liabilities — 10,370 8,620 15,534 34,524 Limited partners' interests in single-family rental business — — 851,416 845,456 1,696,872 Derivative financial instruments — — — 51,158 51,158 Due to Affiliate — — — 295,325 295,325 Amounts payable and accrued liabilities 138,273 — — — 138,273 Resident security deposits 79,864 — — — 79,864 Dividends payable 15,861 — — — 15,861 Total $ 991,133 $ 1,959,775 $ 3,389,276 $ 1,749,930 $ 8,090,114 |
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities | The scheduled principal repayments and debt maturities are as follows, reflecting the maturity dates after all extensions have been exercised: (in thousands of U.S. dollars) Single-family rental borrowings Canadian development properties borrowings Corporate borrowings Total 2024 $ 296,256 $ 236 $ 12,624 $ 309,116 2025 717,462 15,988 170,000 903,450 2026 2,063,519 28,777 — 2,092,296 2027 936,535 — — 936,535 2028 and thereafter 1,618,302 — — 1,618,302 5,632,074 45,001 182,624 5,859,699 Transaction costs (net of amortization) (50,173) Debt discount (net of amortization) (31,526) Total debt $ 5,778,000 The future repayments of principal and interest on financial liabilities are as follows, excluding remaining unamortized deferred financing fees and debt discount: (in thousands of U.S. dollars) As at December 31, 2023 Due on demand and in 2024 From 2025 From 2027 2029 and thereafter Total Principal Debt (1),(2) $ 309,116 $ 2,995,746 $ 2,554,837 $ — $ 5,859,699 Due to Affiliate (4) — — — 295,325 295,325 Interest Debt (1),(3) 274,567 378,948 159,023 — 812,538 Due to Affiliate (4) 16,981 33,962 37,375 100,771 189,089 Total $ 600,664 $ 3,408,656 $ 2,751,235 $ 396,096 $ 7,156,651 (1) Certain mortgages' principal and interest repayments were translated to U.S. dollars at the period-end exchange rate. (2) The contractual maturities reflect the maturity dates after all extensions have been exercised. The Company intends to exercise, where appropriate, the extension options available on all loans. (3) For floating-rate debt facilities, the future interest payments are calculated using the prevailing floating interest rates at the period-end date. (4) Reflects the contractual maturity date of September 3, 2032. |
Disclosure of Net Liabilities | The details of the net liabilities are shown below: (in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Cash $ 170,739 $ 204,303 Restricted cash 49,618 — Amounts receivable 27,962 24,984 Prepaid expenses and deposits 23,635 37,520 Current assets 271,954 266,807 Amounts payable and accrued liabilities 150,221 138,273 Resident security deposits 85,196 79,864 Dividends payable 15,856 15,861 Current portion of long-term debt 309,116 757,135 Current liabilities 560,389 991,133 Net current liabilities $ (288,435) $ (724,326) |
SUPPLEMENTARY CASH FLOW DETAI_2
SUPPLEMENTARY CASH FLOW DETAILS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Statement [Abstract] | |
Disclosure of Adjustments For and Changes In Non-Cash Working Capital | The details of the adjustments for non-cash items presented in operating activities of the cash flow statement are shown below: (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Fair value gain on rental properties (Note 6) $ (210,936) $ (858,987) Fair value loss on Canadian development properties (Note 9) — 440 Unrealized loss (gain) on derivative financial instruments (Note 21) 20,085 (184,809) Income from investments in U.S. residential developments (Note 10) (30,773) (16,897) Income from equity-accounted investments in multi-family rental properties (Note 7) (5,297) (1,550) Income from equity-accounted investments in Canadian residential developments (Note 8) (4,348) (11,198) Gain on Bryson MPC Holdings LLC disposition (Note 17) — (5,060) (Gain) loss on debt modification and extinguishment (Note 19) (1,326) 6,816 Amortization and depreciation expense (Note 24, 25) 17,794 15,608 Deferred income taxes (Note 14) 25,899 189,179 Net change in fair value of limited partners’ interests in single-family rental business (Note 26) 145,497 297,381 Amortization of debt discount and financing costs (Note 22) 23,239 18,116 Interest on lease obligation (Note 22) 1,242 1,168 Long-term incentive plan (Note 31) 6,969 17,015 Annual incentive plan (Note 31) 28,702 27,201 Performance fees expense (Note 32) 2,550 35,854 Non-cash impact related to debt modification (3,934) — Unrealized foreign exchange loss (gain) 6,752 (4,238) Adjustments for non-cash items $ 22,115 $ (473,961) The following table presents the changes in non-cash working capital items for the periods ended December 31, 2023 and December 31, 2022. (in thousands of U.S. dollars) For the years ended December 31 2023 2022 Amounts receivable $ (2,978) $ (4,993) Prepaid expenses and deposits 13,885 (4,574) Resident security deposits 5,332 23,079 Amounts payable and accrued liabilities 11,948 48,169 Deduct non-cash working capital items from discontinued operations — (43,114) Changes in non-cash working capital items $ 28,187 $ 18,567 |
FINANCING ACTIVITIES (Tables)
FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of Reconciliation of Financing Activities | (in thousands of U.S. dollars) As at December 31, 2022 Cash flows Non-cash changes As at December 31, 2023 Foreign exchange movement Fair value changes Additions/(Dispositions) Other (1) Term loan (2) $ 219,737 $ 81,521 $ — $ — $ (1,326) $ (3,934) $ 295,998 Securitization debt 2017-2 345,311 (345,626) — — — 315 — Warehouse credit facility 2022 — 153,272 — — — 4 153,276 Securitization debt 2018-1 302,359 (19,973) — — — 144 282,530 Securitization debt 2020-2 420,274 (19,356) — — — 1,121 402,039 Securitization debt 2023-2 — 333,199 — — — 111 333,310 SFR JV-1 securitization debt 2019-1 328,196 (971) — — — 1,273 328,498 SFR JV-1 securitization debt 2020-1 546,713 (441) — — — 1,749 548,021 SFR JV-1 securitization debt 2021-1 674,919 (33) — — — 2,281 677,167 SFR JV-2 subscription facility 408,299 (408,299) — — — — — SFR JV-2 warehouse credit facility 389,716 (374,188) — — — 1,927 17,455 SFR JV-2 term loan 386,701 105,994 — — — 1,041 493,736 SFR JV-2 securitization debt 2022-1 522,934 (216) — — — 1,742 524,460 SFR JV-2 securitization debt 2022-2 342,069 (314) — — — 1,033 342,788 SFR JV-2 securitization debt 2023-1 — 396,441 — — — 1,837 398,278 SFR JV-2 delayed draw term loan 193,126 (136) — — — 266 193,256 SFR JV-HD subscription facility 126,814 (126,814) — — — — — SFR JV-HD warehouse credit facility 488,205 (226,934) — — — 993 262,264 JV-HD term loan A — 148,753 — — — 201 148,954 JV-HD term loan B — 148,752 — — — 202 148,954 The Shops of Summerhill mortgage 15,973 (219) 373 — — 35 16,162 Construction facility 5,032 23,152 593 — — — 28,777 Corporate office mortgages 12,717 (356) 263 — — — 12,624 Corporate credit facility (911) 170,000 — — 364 169,453 Due to Affiliate 256,824 — — — — 5,598 262,422 Derivative financial instruments (3) 51,158 — — 2,630 — — 53,788 Limited partners' interests in single-family rental business 1,696,872 457,925 — 145,497 — — 2,300,294 Lease obligations 33,644 (5,848) — — 11,884 1,489 41,169 Total liabilities from financing activities $ 7,766,682 $ 489,285 $ 1,229 $ 148,127 $ 10,558 $ 19,792 $ 8,435,673 (1) Includes amortization of transaction costs and debt discount and interest on lease obligations. (2) During the year ended December 31, 2023, the non-cash changes for the term loan includes a gain on debt modification of $1,326 as described in Note 19. (3) The interest rate cap component included in the derivative financial instruments was an asset of $7,380 as at December 31, 2023 and as a result is excluded from the above table and classified as an asset on the consolidated balance sheet. (in thousands of U.S. dollars) As at December 31, 2021 Cash flows Non-cash changes As at December 31, 2022 Foreign exchange movement Fair value changes Additions/(Dispositions) Other (1) Term loan (2) $ 220,197 $ (5,565) $ — $ — $ 5,105 $ — $ 219,737 Securitization debt 2017-2 357,991 (12,983) — — — 303 345,311 Securitization debt 2018-1 310,995 (8,779) — — — 143 302,359 Securitization debt 2020-2 431,684 (12,531) — — — 1,121 420,274 SFR JV-1 securitization debt 2019-1 327,424 (501) — — — 1,273 328,196 SFR JV-1 securitization debt 2020-1 544,964 — — — — 1,749 546,713 SFR JV-1 securitization debt 2021-1 673,653 (978) — — — 2,244 674,919 SFR JV-2 subscription facility 348,529 58,614 — — — 1,156 408,299 SFR JV-2 warehouse credit facility 489,321 (101,054) — — — 1,449 389,716 SFR JV-2 term loan — 386,442 — — — 259 386,701 SFR JV-2 securitization debt 2022-1 — 521,675 — — — 1,259 522,934 SFR JV-2 securitization debt 2022-2 — 341,584 — — — 485 342,069 SFR JV-2 delayed draw term loan — 193,034 — — — 92 193,126 SFR JV-HD subscription facility 99,543 26,845 — — — 426 126,814 SFR JV-HD warehouse credit facility 64,971 422,385 — — — 849 488,205 Land loan 22,086 (21,935) (151) — — — — The Shops of Summerhill mortgage 12,113 4,026 (176) — — 10 15,973 Construction facility — 5,015 17 — — — 5,032 Corporate office mortgages 13,962 (390) (855) — — — 12,717 Corporate credit facility — (1,063) — — 152 (911) Due to Affiliate (3) 256,362 — — — (4,675) 5,137 256,824 Derivative financial instruments (4) 230,305 — — (175,848) — (3,299) 51,158 Limited partners' interests in single-family rental business 947,452 452,039 — 297,381 — — 1,696,872 Lease obligations 30,792 (3,070) — — 4,619 1,303 33,644 Total liabilities from financing activities $ 5,382,344 $ 2,242,810 $ (1,165) $ 121,533 $ 5,049 $ 16,111 $ 7,766,682 (1) Includes amortization of transaction costs and debt discount and interest on lease obligations. (2) During the year ended December 31, 2022, the non-cash changes for the term loan include loss on debt modification of $6,816 as described in Note 19, net of modification impact amortization of $1,711. (3) During the year ended December 31, 2022, the Company settled $4,675 of the principal balance Due to Affiliate through the issuance of 554,832 common shares (Note 20). |
NATUE OF BUSINESS (Details)
NATUE OF BUSINESS (Details) home in Thousands | Dec. 31, 2023 home |
General Information about Financial Statements [Abstract] | |
Number of single-family rental homes | 38 |
SUMMARY OF MATERIAL ACCOUNTIN_4
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Joint Arrangements and Interest in Associates (Details) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2022 | Feb. 27, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
592 Sherbourne LP (The Selby) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 15% | 15% | ||||
Proportion of voting rights held in associate | 50% | |||||
57 Spadina LP (The Taylor) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 30% | 30% | 30% | 30% | ||
Proportion of voting rights held in associate | 50% | |||||
THPAS Development JV-2 LLC | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 20% | |||||
Proportion of voting rights held in associate | 50% | |||||
WDL 3/4/7 LP (Cherry House) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 33% | 33% | ||||
Proportion of voting rights held in joint venture | 33% | |||||
WDL 8 LP (Maple House) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 33% | 33% | ||||
Proportion of voting rights held in joint venture | 33% | |||||
WDL 20 LP (Oak House) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 33% | 33% | ||||
Proportion of voting rights held in joint venture | 33% | |||||
DKT B10 LP (Birch House) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 33% | 33% | ||||
Proportion of voting rights held in joint venture | 33% | |||||
6-8 Gloucester LP (The Ivy) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 47% | 47% | ||||
Proportion of voting rights held in joint venture | 50% | |||||
Queen Ontario LP (ROQ City) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 30% | 10% | 10% | |||
Proportion of voting rights held in joint venture | 50% | |||||
Symington LP (The Spoke) | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 10% | 10% | ||||
Proportion of voting rights held in joint venture | 50% | |||||
KT Housing Now Six Points LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Proportion of ownership interest in joint venture | 50% | |||||
Proportion of voting rights held in joint venture | 50% | |||||
Tricon Housing Partners US LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 68% | |||||
Proportion of voting rights held in associate | 68% | |||||
Tricon Housing Partners US Syndicated Pool II LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 20% | |||||
Proportion of voting rights held in associate | 50% | |||||
Remaining extension period (years) | 2 years | |||||
Tricon Housing Partners US II LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 8% | |||||
Proportion of voting rights held in associate | 50% | |||||
Tricon Housing Partners US II LP | Extension Received from Limited Partners | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Remaining extension period (years) | 1 year | |||||
Tricon Housing Partners Canada III LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 10% | |||||
Proportion of voting rights held in associate | 50% | |||||
CCR Texas Equity LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 10% | |||||
Proportion of voting rights held in associate | 50% | |||||
Remaining extension period (years) | 1 year | |||||
Vistancia West Equity LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 7% | |||||
Proportion of voting rights held in associate | 50% | |||||
Conroe CS Texas Equity LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 10% | |||||
Proportion of voting rights held in associate | 50% | |||||
Arantine Hills Equity LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 7% | |||||
Proportion of voting rights held in associate | 50% | |||||
AHEquity I LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 9% | |||||
Proportion of voting rights held in associate | 50% | |||||
Viridian Equity LP | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 18% | |||||
Proportion of voting rights held in associate | 50% | |||||
Remaining extension period (years) | 1 year | |||||
McKinney Project Equity LLC | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 44% | |||||
Proportion of voting rights held in associate | 50% | |||||
THPAS Holdings JV-1 LLC | ||||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||||
Ownership interest % | 11% | |||||
Proportion of voting rights held in associate | 50% |
SUMMARY OF MATERIAL ACCOUNTIN_5
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Other Assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Building | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 30 years |
Furniture, computer, office equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Furniture, computer, office equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 7 years |
Software | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Software | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 15 years |
Vehicles and other | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Vehicles and other | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 7 years |
SUMMARY OF MATERIAL ACCOUNTIN_6
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 8 years |
Asset management fees | |
Disclosure of intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 7 years |
Development fees | |
Disclosure of intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 7 years |
The Johnson Companies LP | |
Disclosure of intangible assets [line items] | |
Proportion of ownership interest in subsidiary | 50.10% |
SUMMARY OF MATERIAL ACCOUNTIN_7
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Interests of the Limited Partners in Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2023 | |
SFR JV-1 Equity LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-1 LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-1 REIT 1 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-1 REIT 2 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-1 Holding LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-2 Equity LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 70.70% |
SFR JV-2 LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 70.70% |
SFR JV-2 REIT 1 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-2 REIT 2 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-2 Holdings LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-HD Equity LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-HD LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-HD REIT 1 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-HD REIT 2 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-HD Holdings LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SUMMARY OF MATERIAL ACCOUNTIN_8
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Revenue (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Contract fees, based on sales price | 2% |
Contract fees, based on overall development costs | 4% |
Top of range | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Contract fees, based on invested capital | 2% |
Contract fees, based on sales price | 5% |
Contract fees, based on overall development costs | 5% |
Single-Family Rental Investment Properties | Bottom of range | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Lessee, lease, term of contract | 1 year |
Single-Family Rental Investment Properties | Top of range | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Lessee, lease, term of contract | 2 years |
SUMMARY OF MATERIAL ACCOUNTIN_9
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Compensation Arrangements (Details) | 12 Months Ended |
Dec. 31, 2023 | |
LTIP | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |
Expense from share based payment transactions with employees, generated from share of performance fees or carried interests from income investment vehicle, percent | 50% |
Expense from share based payment transactions with employees, generated from income investment vehicle, percent | 15% |
Expense from share based payment transactions with employees, generated from share of performance fees or carried interest, percent | 50% |
Bottom of range | AIP | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |
Market benchmark adjustment factor for share-based payment arrangement | 0.50 |
Top of range | AIP | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |
Market benchmark adjustment factor for share-based payment arrangement | 1.50 |
SUMMARY OF MATERIAL ACCOUNTI_10
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Accounting Policies, Changes In Accounting Policies And Errors [Abstract] | |
Number of operating segments | 3 |
Number of operating segments for internal and external reporting purposes | 4 |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 18, 2022 | Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Proceeds from sale | $ 219,354 | |
Loss on sale | 856 | |
Discontinued operations | Tricon US Multi-Family REIT LLC | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Proportion of remaining ownership interest sold | 20% | |
Proceeds from sale | $ 219,354 | |
Loss on sale | $ 856 | $ 856 |
DISCONTINUED OPERATIONS - Loss
DISCONTINUED OPERATIONS - Loss on Sale (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Non-current Asset Held for Sale and Discontinued Operations [Abstract] | |
Total consideration | $ 219,354 |
Net asset value on disposition | (213,493) |
Transaction cost | (6,717) |
Loss on sale | $ (856) |
DISCONTINUED OPERATIONS - Profi
DISCONTINUED OPERATIONS - Profit or Loss of the Discontinued Operations (Details) $ in Thousands | 12 Months Ended | ||
Oct. 18, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net income | $ 121,824 | $ 814,480 | |
Loss on sale | (856) | ||
Income tax expense - current | 0 | (43,114) | |
Income tax recovery - deferred | 0 | 40,482 | |
Net income from discontinued operations | $ 0 | $ 35,106 | |
Tricon US Multi-Family REIT LLC | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Ownerships interest | 0.20 | ||
Tricon US Multi-Family REIT LLC | Discontinued operations | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | $ 105,641 | ||
Expenses | (68,680) | ||
Fair value gain on U.S. multi-family rental properties | 156,009 | ||
Net income | 192,970 | ||
Tricon's share of net income at 20% | 38,594 | ||
Loss on sale | $ (856) | (856) | |
Income tax expense - current | (43,114) | ||
Income tax recovery - deferred | 40,482 | ||
Net income from discontinued operations | $ 35,106 |
RENTAL PROPERTIES - Changes in
RENTAL PROPERTIES - Changes in Rental Property Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in investment property [abstract] | ||||
Fair value adjustments | $ 2,029 | $ 56,414 | $ 210,936 | $ 858,987 |
Rental properties | ||||
Changes in investment property [abstract] | ||||
Beginning balance | 11,445,659 | 7,978,396 | ||
Acquisitions | 554,206 | 2,362,185 | ||
Capital expenditures | 177,024 | 326,460 | ||
Fair value adjustments | 210,936 | 858,987 | ||
Dispositions | (197,033) | (80,369) | ||
Ending balance | $ 12,190,792 | $ 11,445,659 | 12,190,792 | 11,445,659 |
Transaction costs capitalized | 2,544 | 3,021 | ||
Gains realized on fair value adjustment | $ 52,737 | $ 12,997 |
RENTAL PROPERTIES - Narrative (
RENTAL PROPERTIES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) home | Dec. 31, 2022 USD ($) home | Dec. 31, 2023 USD ($) home | Dec. 31, 2022 USD ($) home | |
Disclosure of detailed information about investments [line items] | ||||
Number of homes valued using Broker Price Opinion | home | 1,685 | 0 | 5,503 | 4,166 |
Fair value adjustments | $ 2,029 | $ 56,414 | $ 210,936 | $ 858,987 |
Home Price Index Risk | ||||
Disclosure of detailed information about investments [line items] | ||||
Reasonably possible 1.0% increase in risk variable, impact on investment property | 94,632 | 77,962 | ||
Reasonably possible 1.0% decrease in risk variable, impact on investment property | $ 94,632 | $ 77,962 | ||
Adjusted Home Price Index, Measurement Input | ||||
Disclosure of detailed information about investments [line items] | ||||
Significant unobservable input, assets | 0.028 | 0.123 | 0.028 | 0.123 |
Quarterly Adjusted Home Price Index, Measurement Input | ||||
Disclosure of detailed information about investments [line items] | ||||
Significant unobservable input, assets | 0.003 | 0.007 | 0.003 | 0.007 |
Home Price Index, Measurement Input | ||||
Disclosure of detailed information about investments [line items] | ||||
Significant unobservable input, assets | 0.025 | 0.174 | 0.025 | 0.174 |
EQUITY-ACCOUNTED INVESTMENTS _3
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES - Narrative (Details) | Oct. 31, 2022 property |
Selby And Taylor | |
Disclosure of joint ventures [line items] | |
Number of multi-family rental properties | 2 |
EQUITY-ACCOUNTED INVESTMENTS _4
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES - Change in the Balances Equity-accounted Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Equity-accounted investments in multi-family rental properties | |||
Equity Accounted Investments [Roll Forward] | |||
Opening balance | $ 20,769 | $ 199,285 | |
Distributions | (695) | (3,824) | |
Income from equity-accounted investments in multi-family rental properties | 5,297 | 40,144 | |
Reclassification from equity-accounted investments in Canadian residential developments | 25,416 | 0 | |
Disposition of equity-accounting investment in U.S. multi-family rental properties | 0 | 213,493 | |
Translation adjustment | 1,138 | (1,343) | |
Balance, end of year | $ 51,925 | $ 20,769 | |
Closing foreign exchange rate (USD/CAD) | 1.3226 | 1.3544 | 1.2678 |
Tricon US Multi-Family REIT LLC | Discontinued operations | |||
Equity Accounted Investments [Roll Forward] | |||
Income from equity-accounted investments in multi-family rental properties | $ 38,594 |
EQUITY-ACCOUNTED INVESTMENTS _5
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES - Ownership Interests and Carrying Values (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Equity Accounting Investments [Line Items] | ||||
Current assets | $ 271,954 | $ 271,954 | $ 266,807 | |
Non-current assets | 12,976,471 | 12,976,471 | 12,184,139 | |
Current liabilities | 560,389 | 560,389 | 991,133 | |
Non-current liabilities | 8,818,495 | 8,818,495 | 7,662,788 | |
Net and other comprehensive income | 121,824 | 814,480 | ||
Multi-Family Rental Properties Under Equity Accounting | ||||
Disclosure of Equity Accounting Investments [Line Items] | ||||
Current assets | 24,269 | 24,269 | 2,834 | |
Non-current assets | 483,454 | 483,454 | 256,854 | |
Current liabilities | 7,505 | 7,505 | 2,080 | |
Non-current liabilities | 245,795 | 245,795 | 115,311 | |
Net assets (liabilities) | 254,423 | 254,423 | 142,297 | |
Tricon's share of net assets | 51,925 | 51,925 | 20,769 | |
Total investment of affiliates | 52,304 | 52,304 | 21,345 | |
Cumulative fair value adjustments | 379 | 379 | 576 | |
Revenue | 15,399 | 12,441 | ||
Expenses | (11,124) | (8,023) | ||
Fair value gains | 21,621 | 5,916 | ||
Net and other comprehensive income | 25,896 | 10,334 | ||
Tricon's share of net income | $ 5,297 | $ 1,550 | ||
592 Sherbourne LP (The Selby) | ||||
Disclosure of Equity Accounting Investments [Line Items] | ||||
Ownership interest % | 15% | 15% | ||
Current assets | 5,119 | $ 5,119 | $ 2,834 | |
Non-current assets | 275,359 | 275,359 | 256,854 | |
Current liabilities | 3,828 | 3,828 | 2,080 | |
Non-current liabilities | 116,409 | 116,409 | 115,311 | |
Net assets (liabilities) | 160,241 | 160,241 | 142,297 | |
Tricon's share of net assets | $ 23,446 | 23,446 | 20,769 | |
Revenue | 13,055 | 12,441 | ||
Expenses | (7,974) | (8,023) | ||
Fair value gains | 11,550 | 5,916 | ||
Net and other comprehensive income | 16,631 | 10,334 | ||
Tricon's share of net income | $ 2,504 | $ 1,550 | ||
57 Spadina LP (The Taylor) | ||||
Disclosure of Equity Accounting Investments [Line Items] | ||||
Ownership interest % | 30% | 30% | 30% | 30% |
Current assets | $ 19,150 | $ 19,150 | $ 1,280 | |
Non-current assets | 208,095 | 208,095 | 189,106 | |
Current liabilities | 3,677 | 3,677 | 6,000 | |
Non-current liabilities | 129,386 | 129,386 | 96,344 | |
Net assets (liabilities) | 94,182 | 94,182 | 88,042 | |
Tricon's share of net assets | 28,479 | $ 28,479 | 26,632 | |
Revenue | 2,344 | $ 3,849 | 133 | |
Expenses | (3,150) | (8,062) | (2,122) | |
Fair value gains | 10,071 | 0 | 10,634 | |
Net and other comprehensive income | 9,265 | (4,213) | 8,645 | |
Tricon's share of net income | $ 2,793 | $ (1,264) | $ 2,783 |
EQUITY-ACCOUNTING INVESTMENTS_3
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS - Change in the Balances Equity-accounted Investments (Details) $ in Thousands | 12 Months Ended | |||
Apr. 12, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Equity-accounted investments in Canadian residential developments | ||||
Equity Accounted Investments [Roll Forward] | ||||
Opening balance | $ 106,538 | $ 98,675 | ||
Advances | 11,934 | 13,360 | ||
Distributions | (370) | (10,212) | ||
Income from equity-accounted investments in Canadian residential developments | 4,348 | 11,198 | ||
Reclassification from equity-accounted investments in Canadian residential developments | (25,416) | 0 | ||
Translation adjustment | 2,302 | (6,483) | ||
Balance, end of year | $ 99,336 | $ 106,538 | ||
Closing foreign exchange rate (USD/CAD) | 1.3226 | 1.3544 | 1.2678 | |
Queen Ontario LP (ROQ City) | ||||
Equity Accounted Investments [Roll Forward] | ||||
Opening balance | $ 12,912 | |||
Balance, end of year | $ 16,059 | $ 12,912 | ||
Proportion of ownership interest in joint venture | 30% | 10% | 10% | |
Portion of ownership interest in joint venture sold | 66.66% |
EQUITY-ACCOUNTING INVESTMENTS_4
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS - Ownership Interests and Carrying Values (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | $ 271,954 | $ 271,954 | $ 266,807 | ||
Non-current assets | 12,976,471 | 12,976,471 | 12,184,139 | ||
Current liabilities | 560,389 | 560,389 | 991,133 | ||
Non-current liabilities | 8,818,495 | 8,818,495 | 7,662,788 | ||
Net income | 121,824 | 814,480 | |||
Equity-accounted investments in Canadian residential developments | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | 24,419 | 24,419 | 20,559 | ||
Non-current assets | 997,927 | 997,927 | 915,084 | ||
Current liabilities | 65,687 | 65,687 | 46,908 | ||
Non-current liabilities | 540,597 | 540,597 | 486,999 | ||
Net assets (liabilities) | 416,062 | 416,062 | 401,736 | ||
Tricon's share of net assets | 99,336 | 99,336 | 106,538 | ||
Total investment of affiliates | 96,818 | 96,818 | 104,364 | ||
Cumulative fair value adjustments | 2,518 | 2,518 | 2,174 | ||
Revenue | 4,564 | 248 | |||
Expenses | (12,536) | (2,563) | |||
Fair value gains | 21,660 | 33,977 | |||
Net income | 13,688 | 31,662 | |||
Tricon's share of net income | 4,348 | 11,198 | |||
Joint ventures | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | 19,279 | ||||
Non-current assets | 725,978 | ||||
Current liabilities | 40,908 | ||||
Non-current liabilities | 390,655 | ||||
Net assets (liabilities) | 313,694 | ||||
Tricon's share of net assets | 79,906 | ||||
Revenue | 715 | 115 | |||
Expenses | (4,474) | (441) | |||
Fair value gains | 21,660 | 23,343 | |||
Net income | 17,901 | 23,017 | |||
Tricon's share of net income | $ 5,612 | $ 8,415 | |||
WDL 3/4/7 LP (Cherry House) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | 1,871 | $ 1,871 | $ 2,993 | ||
Non-current assets | 202,646 | 202,646 | 141,357 | ||
Current liabilities | 21,844 | 21,844 | 7,721 | ||
Non-current liabilities | 128,402 | 128,402 | 84,646 | ||
Net assets (liabilities) | 54,271 | 54,271 | 51,983 | ||
Tricon's share of net assets | 18,097 | 18,097 | 17,335 | ||
Revenue | 4 | 0 | |||
Expenses | (102) | 0 | |||
Fair value gains | 0 | 234 | |||
Net income | (98) | 234 | |||
Tricon's share of net income | $ (33) | $ 78 | |||
WDL 8 LP (Maple House) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | 7,449 | $ 7,449 | $ 7,318 | ||
Non-current assets | 321,163 | 321,163 | 241,907 | ||
Current liabilities | 16,295 | 16,295 | 21,105 | ||
Non-current liabilities | 257,400 | 257,400 | 188,473 | ||
Net assets (liabilities) | 54,917 | 54,917 | 39,647 | ||
Tricon's share of net assets | 18,312 | 18,312 | 13,222 | ||
Revenue | 677 | 1 | |||
Expenses | (2,610) | (161) | |||
Fair value gains | 17,092 | 13,176 | |||
Net income | 15,159 | 13,016 | |||
Tricon's share of net income | $ 5,053 | $ 4,337 | |||
WDL 20 LP (Oak House) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | 422 | $ 422 | $ 722 | ||
Non-current assets | 46,118 | 46,118 | 43,082 | ||
Current liabilities | 6 | 6 | 186 | ||
Non-current liabilities | 36,311 | 36,311 | 34,295 | ||
Net assets (liabilities) | 10,223 | 10,223 | 9,323 | ||
Tricon's share of net assets | 3,414 | 3,414 | 3,114 | ||
Revenue | 0 | 0 | |||
Expenses | (6) | 0 | |||
Fair value gains | 0 | 0 | |||
Net income | (6) | 0 | |||
Tricon's share of net income | $ (2) | $ 0 | |||
DKT B10 LP (Birch House) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | 3,373 | $ 3,373 | $ 1,290 | ||
Non-current assets | 71,669 | 71,669 | 42,111 | ||
Current liabilities | 7,094 | 7,094 | 6,669 | ||
Non-current liabilities | 38,923 | 38,923 | 8,507 | ||
Net assets (liabilities) | 29,025 | 29,025 | 28,225 | ||
Tricon's share of net assets | 11,187 | 11,187 | 10,885 | ||
Revenue | 4 | 0 | |||
Expenses | (60) | (2) | |||
Fair value gains | 174 | 238 | |||
Net income | 118 | 236 | |||
Tricon's share of net income | $ 39 | $ 79 | |||
6-8 Gloucester LP (The Ivy) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 47% | 47% | |||
Current assets | 1,895 | $ 1,895 | $ 1,101 | ||
Non-current assets | 133,592 | 133,592 | 100,147 | ||
Current liabilities | 9,683 | 9,683 | 4,263 | ||
Non-current liabilities | 79,561 | 79,561 | 52,585 | ||
Net assets (liabilities) | 46,243 | 46,243 | 44,400 | ||
Tricon's share of net assets | 22,370 | 22,370 | 20,988 | ||
Revenue | 24 | 0 | |||
Expenses | (1,507) | (24) | |||
Fair value gains | 2,269 | 8,019 | |||
Net income | 786 | 7,995 | |||
Tricon's share of net income | $ 370 | $ 3,759 | |||
Labatt Village Holding LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 38% | ||||
Revenue | $ 0 | ||||
Expenses | 0 | ||||
Fair value gains | 0 | ||||
Net income | 0 | ||||
Tricon's share of net income | $ 8 | ||||
Queen Ontario LP (ROQ City) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 30% | 10% | 10% | ||
Current assets | 6,389 | $ 6,389 | $ 5,167 | ||
Non-current assets | 155,615 | 155,615 | 121,336 | ||
Current liabilities | 4,919 | 4,919 | 806 | ||
Non-current liabilities | 0 | 0 | 0 | ||
Net assets (liabilities) | 157,085 | 157,085 | 125,697 | ||
Tricon's share of net assets | 16,059 | 16,059 | 12,912 | ||
Portion of ownership interest in joint venture sold | 66.66% | ||||
Revenue | 6 | 114 | |||
Expenses | (98) | (242) | |||
Fair value gains | 2,125 | 1,676 | |||
Net income | 2,033 | 1,548 | |||
Tricon's share of net income | $ 203 | $ 155 | |||
Symington LP (The Spoke) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 10% | 10% | |||
Current assets | 1,674 | $ 1,674 | $ 688 | ||
Non-current assets | 59,165 | 59,165 | 36,038 | ||
Current liabilities | 4,987 | 4,987 | 158 | ||
Non-current liabilities | 0 | 0 | 22,149 | ||
Net assets (liabilities) | 55,852 | 55,852 | 14,419 | ||
Tricon's share of net assets | 5,674 | 5,674 | 1,450 | ||
Revenue | 0 | 0 | |||
Expenses | (68) | (12) | |||
Fair value gains | 0 | 0 | |||
Net income | (68) | (12) | |||
Tricon's share of net income | $ (7) | (1) | |||
KT Housing Now Six Points LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | ||||
Current assets | 1,346 | $ 1,346 | |||
Non-current assets | 7,959 | 7,959 | |||
Current liabilities | 859 | 859 | |||
Non-current liabilities | 0 | 0 | |||
Net assets (liabilities) | 8,446 | 8,446 | |||
Tricon's share of net assets | $ 4,223 | 4,223 | |||
Revenue | 0 | ||||
Expenses | (23) | ||||
Fair value gains | 0 | ||||
Net income | (23) | ||||
Tricon's share of net income | $ (11) | ||||
Associates | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | 1,280 | ||||
Non-current assets | 189,106 | ||||
Current liabilities | 6,000 | ||||
Non-current liabilities | 96,344 | ||||
Net assets (liabilities) | 88,042 | ||||
Tricon's share of net assets | $ 26,632 | ||||
57 Spadina LP (The Taylor) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Ownership interest % | 30% | 30% | 30% | 30% | |
Current assets | $ 19,150 | $ 19,150 | $ 1,280 | ||
Non-current assets | 208,095 | 208,095 | 189,106 | ||
Current liabilities | 3,677 | 3,677 | 6,000 | ||
Non-current liabilities | 129,386 | 129,386 | 96,344 | ||
Net assets (liabilities) | 94,182 | 94,182 | 88,042 | ||
Tricon's share of net assets | 28,479 | $ 28,479 | 26,632 | ||
Revenue | 2,344 | $ 3,849 | 133 | ||
Expenses | (3,150) | (8,062) | (2,122) | ||
Fair value gains | 10,071 | 0 | 10,634 | ||
Net income | 9,265 | (4,213) | 8,645 | ||
Tricon's share of net income | $ 2,793 | $ (1,264) | $ 2,783 |
CANADIAN DEVELOPMENT PROPERTI_3
CANADIAN DEVELOPMENT PROPERTIES - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) project | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about investments [line items] | ||
Number of development projects | project | 1 | |
Canadian development properties | ||
Disclosure of detailed information about investments [line items] | ||
Property development income | $ 1,441 | $ 1,668 |
Canadian development properties | Appraised Land Value Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 5.0% increase in risk variable, impact on investment property | 6,257 | 4,851 |
Reasonably possible 5.0% decrease in risk variable, impact on investment property | (6,257) | (4,851) |
Canadian development properties | Discount Rate Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 1.0% increase in risk variable, impact on investment property | (2,967) | (2,724) |
Reasonably possible 1.0% decrease in risk variable, impact on investment property | 3,333 | 3,015 |
Canadian development properties | Capitalisation Rate Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 0.25% increase in risk variable, impact on investment property | (1,142) | (1,246) |
Reasonably possible 0.25% decrease in risk variable, impact on investment property | $ 1,301 | $ 1,401 |
CANADIAN DEVELOPMENT PROPERTI_4
CANADIAN DEVELOPMENT PROPERTIES - Changes in the Canadian Development Properties Balance (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Changes in investment property [abstract] | |||
Fair value adjustments | $ 0 | $ (440) | |
Canadian development properties | |||
Changes in investment property [abstract] | |||
Beginning balance | 136,413 | 133,250 | |
Development expenditures | 29,415 | 12,686 | |
Fair value adjustments | 0 | (440) | |
Translation adjustment | 3,935 | (9,083) | |
Ending balance | $ 169,763 | $ 136,413 | |
Closing foreign exchange rate (USD/CAD) | 1.3226 | 1.3544 | 1.2678 |
CANADIAN DEVELOPMENT PROPERTI_5
CANADIAN DEVELOPMENT PROPERTIES - Key Valuation Assumptions (Details) - Canadian development properties | Dec. 31, 2023 | Dec. 31, 2023 $ / ft² | Dec. 31, 2023 $ / ft² | Dec. 31, 2022 | Dec. 31, 2022 $ / ft² | Dec. 31, 2022 $ / ft² |
Land value per square foot | ||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||||
Significant unobservable input, assets | 265 | 350 | 258 | 350 | ||
Discount rate | ||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||||
Significant unobservable input, assets | 0.0500 | 0.0475 | ||||
Capitalization rate | ||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||||
Significant unobservable input, assets | 0.0475 | 0.0450 |
INVESTMENT IN U.S. RESIDENTIA_3
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS - Changes in the Balances of Equity-accounted Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments in U.S. residential developments | ||
Investment Properties [Roll Forward] | ||
Opening balance | $ 138,369,000 | $ 143,153,000 |
Advances | 14,192,000 | 15,655,000 |
Distributions | (28,363,000) | (37,336,000) |
Income from investments in U.S. residential developments | 30,773,000 | 16,897,000 |
Balance, end of year | 154,971,000 | 138,369,000 |
Gains (losses) on disposals of investments | $ 0 | 0 |
Bryson MPC Holdings LLC | THPAS Development JV-2 LLC | ||
Investment Properties [Roll Forward] | ||
Advances | $ 2,760,000 |
INVESTMENT IN U.S. RESIDENTIA_4
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS - Ownership Interests and Carrying Values (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about investments [line items] | ||
Current assets | $ 271,954 | $ 266,807 |
Non-current assets | 12,976,471 | 12,184,139 |
Current liabilities | 560,389 | 991,133 |
Non-current liabilities | 8,818,495 | 7,662,788 |
Net income | 121,824 | 814,480 |
Investments in U.S. residential developments | ||
Disclosure of detailed information about investments [line items] | ||
Current assets | 83,518 | 25,480 |
Non-current assets | 667,440 | 661,671 |
Current liabilities | 39,771 | 6,315 |
Non-current liabilities | 0 | 0 |
Net assets (liabilities) | 711,187 | 680,836 |
Tricon's share of net assets | 154,971 | 138,369 |
Revenue | 28,188 | 11,067 |
Expenses | (14,166) | (6,451) |
Fair value gains (losses) | 104,917 | 77,264 |
Net income | 118,939 | 81,880 |
Tricon's share of net income | $ 30,773 | $ 16,897 |
Tricon Housing Partners US LP | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 68% | 68% |
Current assets | $ 1,395 | $ 1,236 |
Non-current assets | 43,881 | 44,363 |
Current liabilities | 184 | 118 |
Non-current liabilities | 0 | 0 |
Net assets (liabilities) | 45,092 | 45,481 |
Tricon's share of net assets | 30,820 | 27,837 |
Revenue | 6,512 | 6,253 |
Expenses | (68) | (75) |
Fair value gains (losses) | (3,583) | (1,676) |
Net income | 2,861 | 4,502 |
Tricon's share of net income | $ 2,984 | $ 4,577 |
THPAS Development JV-2 LLC | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 20% | |
Current assets | $ 2,604 | |
Non-current assets | 69,720 | |
Current liabilities | 1,127 | |
Non-current liabilities | 0 | |
Net assets (liabilities) | 71,197 | |
Tricon's share of net assets | 14,179 | |
Revenue | 18,033 | |
Expenses | (10,253) | |
Fair value gains (losses) | 0 | |
Net income | 7,780 | |
Tricon's share of net income | $ 1,681 | |
Viridian Equity LP | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 18% | 18% |
Current assets | $ 16 | $ 4 |
Non-current assets | 49,563 | 67,659 |
Current liabilities | 0 | 4 |
Non-current liabilities | 0 | 0 |
Net assets (liabilities) | 49,579 | 67,659 |
Tricon's share of net assets | 8,899 | 12,140 |
Revenue | 0 | 0 |
Expenses | 0 | 0 |
Fair value gains (losses) | 13,509 | 13,538 |
Net income | 13,509 | 13,538 |
Tricon's share of net income | $ 2,427 | $ 2,430 |
McKinney Project Equity LLC | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 44% | 44% |
Current assets | $ 0 | $ 0 |
Non-current assets | 133,038 | 119,575 |
Current liabilities | 0 | 0 |
Non-current liabilities | 0 | 0 |
Net assets (liabilities) | 133,038 | 119,575 |
Tricon's share of net assets | 58,204 | 52,314 |
Revenue | 0 | 0 |
Expenses | 0 | 0 |
Fair value gains (losses) | 41,153 | 9,588 |
Net income | 41,153 | 9,588 |
Tricon's share of net income | $ 18,004 | $ 4,128 |
THPAS Holdings JV-1 LLC | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 11% | 11% |
Current assets | $ 24,393 | $ 5,545 |
Non-current assets | 229,238 | 182,490 |
Current liabilities | 182 | 593 |
Non-current liabilities | 0 | 0 |
Net assets (liabilities) | 253,449 | 187,442 |
Tricon's share of net assets | 28,161 | 20,829 |
Revenue | 252 | 490 |
Expenses | (3,169) | (2,852) |
Fair value gains (losses) | 23,198 | 6,524 |
Net income | 20,281 | 4,162 |
Tricon's share of net income | 2,325 | 455 |
Remaining investments | ||
Disclosure of detailed information about investments [line items] | ||
Current assets | 55,110 | 18,695 |
Non-current assets | 142,000 | 247,584 |
Current liabilities | 38,278 | 5,600 |
Non-current liabilities | 0 | 0 |
Net assets (liabilities) | 158,832 | 260,679 |
Tricon's share of net assets | 14,708 | 25,249 |
Revenue | 3,391 | 4,324 |
Expenses | (676) | (3,524) |
Fair value gains (losses) | 30,640 | 49,290 |
Net income | 33,355 | 50,090 |
Tricon's share of net income | $ 3,352 | $ 5,307 |
Remaining investments | Minimum | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 7% | 22% |
Remaining investments | Maximum | ||
Disclosure of detailed information about investments [line items] | ||
Tricon's ownership % | 22% | 7% |
INVESTMENT IN U.S. RESIDENTIA_5
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS - Key Valuation Assumptions and Sensitivity (Details) - Investments in U.S. residential developments $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) yr | Dec. 31, 2022 USD ($) yr | |
Discount Rate Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 2.5% increase in risk variable, impact on investment | $ | $ (7,372) | $ (9,445) |
Reasonably possible 2.5% decrease in risk variable, impact on investment | $ | $ 8,341 | $ 10,629 |
Discount rate | Minimum | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 0.080 | 0.080 |
Discount rate | Maximum | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 0.200 | 0.200 |
Discount rate | Weighted average of inputs | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 0.181 | 0.177 |
Future cash flow | Minimum | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 1 | 1 |
Future cash flow | Maximum | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 8 | 10 |
Future cash flow | Weighted average of inputs | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 5.9 | 7.2 |
FAIR VALUE ESTIMATION (Details)
FAIR VALUE ESTIMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 13,248,425 | $ 12,450,946 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 9,378,884 | 8,653,921 |
Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 0 | 0 |
Level 1 | Derivative financial instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 0 | 0 |
Level 1 | Limited partners' interests in single-family rental business | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 0 | 0 |
Level 1 | Rental properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 1 | Canadian development properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 1 | Investments in U.S. residential developments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 1 | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 7,380 | 10,358 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 53,788 | 51,158 |
Level 2 | Derivative financial instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 53,788 | 51,158 |
Level 2 | Limited partners' interests in single-family rental business | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 0 | 0 |
Level 2 | Rental properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 2 | Canadian development properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 2 | Investments in U.S. residential developments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Level 2 | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 7,380 | 10,358 |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 12,501,347 | 11,712,342 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 2,300,294 | 1,696,872 |
Level 3 | Derivative financial instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 0 | 0 |
Level 3 | Limited partners' interests in single-family rental business | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 2,300,294 | 1,696,872 |
Level 3 | Rental properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 12,190,792 | 11,445,659 |
Level 3 | Canadian development properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 169,763 | 136,413 |
Level 3 | Investments in U.S. residential developments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 140,792 | 130,270 |
Level 3 | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 0 | $ 0 |
AMOUNTS PAYABLE AND ACCRUED L_3
AMOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables and accrued liabilities | $ 44,480 | $ 34,219 |
Accrued property taxes | 59,650 | 52,936 |
AP liability | 10,599 | 10,327 |
Income taxes payable | 693 | 11,650 |
Interest payable | 26,510 | 24,731 |
Deferred income | 618 | 801 |
Current portion of lease obligations | 7,671 | 3,609 |
Total amounts payable and accrued liabilities | $ 150,221 | $ 138,273 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of goodwill [line items] | ||
Goodwill | $ 29,726,000 | $ 29,726,000 |
Johnson | ||
Disclosure of goodwill [line items] | ||
Goodwill | 219,000 | 219,000 |
Single-Family Rental | ||
Disclosure of goodwill [line items] | ||
Goodwill | 29,507,000 | $ 29,507,000 |
Impairment of goodwill | $ 0 |
INCOME TAXES - Components of Ta
INCOME TAXES - Components of Tax Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Income tax (expense) recovery - current | $ (2,240) | $ 33,959 |
Income tax expense - deferred | (25,899) | (189,179) |
Income tax expense from continuing operations | (28,139) | (155,220) |
Income tax expense from discontinued operations - current | 0 | (43,114) |
Income tax recovery from discontinued operations - deferred | 0 | 40,482 |
Income tax expense from discontinued operations | $ 0 | $ (2,632) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Income before income taxes from continuing operations | $ 149,963 | $ 934,594 |
Combined statutory federal and provincial income tax rate | 26.50% | 26.50% |
Expected income tax expense | $ 39,740 | $ 247,667 |
Non-taxable gains on investments | (1,310) | (1,739) |
Non-taxable losses (gains) on derivative financial instruments | 2,193 | (38,058) |
Foreign tax rate differential | (6,862) | (52,151) |
Other, including permanent differences | (5,622) | (499) |
Income tax expense from continuing operations | 28,139 | 155,220 |
Other permanent differences include adjustments related to prior tax returns | $ 3,026 | $ 3,026 |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | $ 84,787 | $ 75,062 |
Deferred income tax liabilities | 629,090 | 591,713 |
Net deferred income tax liabilities | 544,303 | 516,651 |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred income tax liabilities, beginning of year | 516,651 | 364,744 |
Charge to the statement of comprehensive income | 25,899 | 148,697 |
Charge to equity | 1,944 | 1,945 |
Other | (191) | 1,265 |
Net deferred income tax liabilities, end of year | 544,303 | 516,651 |
Later than one year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 84,787 | 75,062 |
Deferred income tax liabilities | 629,090 | 591,713 |
Not later than one year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 0 | 0 |
Deferred income tax liabilities | $ 0 | $ 0 |
INCOME TAXES - Reconciliation_2
INCOME TAXES - Reconciliation of Temporary Differences in Deferred Tax Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | $ 75,062 |
Addition / (Reversal) | 9,725 |
Ending balance | 84,787 |
Investments | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 0 |
Addition / (Reversal) | 0 |
Ending balance | 0 |
Long-term incentive plan accrual | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 8,009 |
Addition / (Reversal) | 496 |
Ending balance | 8,505 |
Performance fees liability | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 9,091 |
Addition / (Reversal) | 652 |
Ending balance | 9,743 |
Issuance costs | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 8,723 |
Addition / (Reversal) | (3,148) |
Ending balance | 5,575 |
Net operating losses | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 43,926 |
Addition / (Reversal) | 11,691 |
Ending balance | 55,617 |
Other | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 5,313 |
Addition / (Reversal) | 34 |
Ending balance | $ 5,347 |
INCOME TAXES - Reconciliation_3
INCOME TAXES - Reconciliation of Temporary Differences in Deferred Tax Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | $ 591,713 |
Addition / (Reversal) | 37,377 |
Ending balance | 629,090 |
Investments | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 1,505 |
Addition / (Reversal) | 2,974 |
Ending balance | 4,479 |
Rental properties | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 589,720 |
Addition / (Reversal) | 34,542 |
Ending balance | 624,262 |
Deferred placement fees | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 488 |
Addition / (Reversal) | (139) |
Ending balance | 349 |
Other | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 0 |
Addition / (Reversal) | 0 |
Ending balance | $ 0 |
REVENUE FROM SINGLE-FAMILY RE_3
REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment property [abstract] | ||
Base rent | $ 662,412 | $ 520,196 |
Other revenue | 45,403 | 39,840 |
Non-lease component | 87,502 | 85,549 |
Total revenue from single-family rental properties | $ 795,317 | $ 645,585 |
REVENUE FROM STRATEGIC CAPITA_3
REVENUE FROM STRATEGIC CAPITAL SERVICES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from strategic capital services | $ 54,458 | $ 160,088 |
Asset management fees | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from strategic capital services | 11,290 | 12,431 |
Performance fees | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from strategic capital services | 10,359 | 110,330 |
Development fees | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from strategic capital services | 31,034 | 26,826 |
Property management fees | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from strategic capital services | $ 1,775 | $ 10,501 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||
The Shops of Summerhill commercial rental | $ 1,441 | $ 2,212 |
Insurance recoveries | 342 | 861 |
Interest income | 5,642 | 0 |
Net operating loss from non-core homes | (6,907) | 0 |
Income from Bryson - pre-sale | 0 | 2,753 |
Total other income | 518 | 10,886 |
Bryson MPC Holdings LLC | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Gain on sale - Bryson MPC Holdings LLC | $ 0 | $ 5,060 |
AMOUNTS RECEIVABLE (Details)
AMOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Rent receivables | $ 3,083 | $ 3,581 |
Trade receivables | 4,606 | 2,975 |
Income tax recoverable | 1,843 | 4,138 |
Other receivables | 18,430 | 14,290 |
Total amounts receivable | $ 27,962 | $ 24,984 |
DEBT - Summary of Outstanding D
DEBT - Summary of Outstanding Debt (Details) $ in Thousands | 12 Months Ended | ||||||||||||||
Dec. 11, 2023 USD ($) | Nov. 29, 2023 USD ($) home | Jul. 27, 2023 USD ($) | Jul. 11, 2023 USD ($) home | Mar. 10, 2023 USD ($) facility home | Dec. 31, 2023 USD ($) option home | Dec. 31, 2022 USD ($) | Dec. 31, 2023 CAD ($) home | Oct. 24, 2023 | Oct. 04, 2023 | Sep. 22, 2023 USD ($) | Sep. 15, 2023 | Aug. 01, 2023 USD ($) | May 11, 2023 USD ($) | Aug. 22, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 6,471,877,000 | $ 6,919,387,000 | |||||||||||||
Borrowings | 5,778,000,000 | 5,728,184,000 | |||||||||||||
Current portion of long-term debt | 309,116,000 | 757,135,000 | |||||||||||||
Long-term debt | $ 5,468,884,000 | 4,971,049,000 | |||||||||||||
Number of single-family rental homes | home | 38,000 | 38,000 | |||||||||||||
Gain recognition on debt extinguishment | $ 1,326,000 | (6,816,000) | |||||||||||||
Fixed interest rate | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 4,433,100,000 | 3,743,764,000 | |||||||||||||
Floating interest rate | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 1,426,599,000 | $ 2,034,473,000 | |||||||||||||
Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.62% | 3.73% | 4.62% | ||||||||||||
Effective interest rate | 4.23% | 4.23% | |||||||||||||
Weighted average of inputs | Fixed interest rate | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.05% | 3.43% | 4.05% | ||||||||||||
Weighted average of inputs | Floating interest rate | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 6.37% | 4.30% | 6.37% | ||||||||||||
Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 1,545,534,000 | $ 1,344,538,000 | |||||||||||||
Number of single-family rental homes | home | 31,400 | 31,400 | |||||||||||||
Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 1,566,689,000 | 1,568,101,000 | |||||||||||||
Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | 2,006,903,000 | 2,688,159,000 | |||||||||||||
Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | 650,000,000 | 620,000,000 | |||||||||||||
Number new term loan facilities | facility | 2 | ||||||||||||||
Single-family rental properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 5,769,126,000 | $ 6,220,798,000 | |||||||||||||
Single-family rental properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.48% | 3.73% | 4.48% | ||||||||||||
Canadian development properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 190,127,000 | $ 185,872,000 | |||||||||||||
Canadian development properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 7.33% | 5.23% | 7.33% | ||||||||||||
Corporate borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 512,624,000 | $ 512,717,000 | |||||||||||||
Corporate borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 8.17% | 4.30% | 8.17% | ||||||||||||
Outstanding balance | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 5,859,699,000 | $ 5,778,237,000 | |||||||||||||
Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 1,498,836,000 | 1,294,538,000 | |||||||||||||
Outstanding balance | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 1,566,689,000 | 1,568,101,000 | |||||||||||||
Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 2,003,733,000 | 2,265,066,000 | |||||||||||||
Outstanding balance | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 562,816,000 | 616,720,000 | |||||||||||||
Outstanding balance | Single-family rental properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 5,632,074,000 | 5,744,425,000 | |||||||||||||
Outstanding balance | Canadian development properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 45,001,000 | 21,095,000 | |||||||||||||
Outstanding balance | Corporate borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | 182,624,000 | 12,717,000 | |||||||||||||
Transaction costs (net of amortization) | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | (50,173,000) | (49,404,000) | |||||||||||||
Debt discount (net of amortization) | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ (31,526,000) | $ (649,000) | |||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 6 months | 6 months | 1 year | ||||||||||||
Notional amount | $ 100,000 | $ 296,256,000 | $ 220,499,000 | ||||||||||||
Option to extend term | 6 months | ||||||||||||||
Gain recognition on debt extinguishment | $ 1,326,000 | $ 1,326,000 | $ 6,816,000 | ||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 4.25% | 2.30% | 2.30% | 2.30% | |||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.50% | 0.50% | 0.50% | 4.25% | |||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | Maximum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 4.25% | 5.50% | 4.25% | ||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 6.55% | 4.21% | 6.55% | ||||||||||||
Term loan | Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 296,256,000 | $ 220,499,000 | |||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | 1 year | |||||||||||||
Notional amount | $ 200,000,000 | $ 50,000,000 | |||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 1.95% | 1.85% | 1.95% | ||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | Minimum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 100,000 | $ 50,000 | |||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.15% | 0.15% | 0.15% | 1.85% | |||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | Maximum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 200,000 | $ 100,000 | |||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | Maximum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.25% | 3.25% | 3.25% | 1.95% | |||||||||||
SFR JV-2 warehouse credit facility | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.20% | 3.72% | 5.20% | ||||||||||||
SFR JV-2 warehouse credit facility | Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 153,302,000 | $ 0 | |||||||||||||
Securitization debt 2018-1 | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.96% | 3.96% | 3.96% | ||||||||||||
Notional amount | $ 282,726,000 | $ 302,699,000 | |||||||||||||
Securitization debt 2018-1 | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.96% | 3.96% | 3.96% | ||||||||||||
Securitization debt 2018-1 | Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 282,726,000 | $ 302,699,000 | |||||||||||||
Securitization debt 2020-2 | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 1.94% | 1.94% | 1.94% | ||||||||||||
Notional amount | $ 406,364,000 | $ 425,720,000 | |||||||||||||
Securitization debt 2020-2 | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 1.94% | 1.94% | 1.94% | ||||||||||||
Securitization debt 2020-2 | Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 406,364,000 | $ 425,720,000 | |||||||||||||
Securitization debt 2023-2 | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.09% | 5.09% | |||||||||||||
Notional amount | $ 360,188,000 | ||||||||||||||
Securitization debt 2023-2 | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 6.40% | 6.40% | |||||||||||||
Securitization debt 2023-2 | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 360,188,000 | ||||||||||||||
Number of single-family rental homes | home | 1,685 | ||||||||||||||
Borrowings maturity, term | 5 years | ||||||||||||||
Securitization debt 2023-2 | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 6.40% | ||||||||||||||
Securitization debt 2023-2 | Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 360,188,000 | ||||||||||||||
SFR JV-1 securitization debt 2019-1 | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.12% | 3.12% | 3.12% | ||||||||||||
Notional amount | $ 331,292,000 | $ 332,263,000 | |||||||||||||
SFR JV-1 securitization debt 2019-1 | Single-family rental JV-1 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.12% | 3.12% | 3.12% | ||||||||||||
SFR JV-1 securitization debt 2019-1 | Outstanding balance | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 331,292,000 | $ 332,263,000 | |||||||||||||
SFR JV-1 securitization debt 2020-1 | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 2.43% | 2.43% | 2.43% | ||||||||||||
Notional amount | $ 552,441,000 | $ 552,882,000 | |||||||||||||
SFR JV-1 securitization debt 2020-1 | Single-family rental JV-1 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 2.43% | 2.43% | 2.43% | ||||||||||||
SFR JV-1 securitization debt 2020-1 | Outstanding balance | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 552,441,000 | $ 552,882,000 | |||||||||||||
SFR JV-1 securitization debt 2021-1 | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 2.57% | 2.57% | 2.57% | ||||||||||||
Notional amount | $ 682,956,000 | $ 682,956,000 | |||||||||||||
SFR JV-1 securitization debt 2021-1 | Single-family rental JV-1 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 2.57% | 2.57% | 2.57% | ||||||||||||
SFR JV-1 securitization debt 2021-1 | Outstanding balance | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 682,956,000 | $ 682,956,000 | |||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | ||||||||||||||
Notional amount | $ 410,000,000 | ||||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2% | ||||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.15% | ||||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.88% | ||||||||||||||
SFR JV-2 subscription facility | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 409,000,000 | ||||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.25% | ||||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-1 properties borrowings | Minimum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 18,618,000 | ||||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-1 properties borrowings | Maximum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 134,456,000 | ||||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | 1 year | |||||||||||||
Notional amount | $ 18,618,000 | $ 700,000,000 | |||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 1.99% | 1.99% | 1.99% | ||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.10% | 0.10% | 0.10% | ||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | Maximum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.25% | 3.25% | 3.25% | ||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.24% | 3.87% | 5.24% | ||||||||||||
SFR JV-2 warehouse credit facility | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 18,618,000 | $ 392,551,000 | |||||||||||||
SFR JV-2 term loan | Single-family rental JV-1 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.55% | ||||||||||||||
SFR JV-2 term loan | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | 1 year | |||||||||||||
Number of extension options | option | 2 | ||||||||||||||
Notional amount | $ 500,000,000 | $ 500,000,000 | |||||||||||||
SFR JV-2 term loan | Single-family rental JV-2 properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2.10% | 2.10% | 2.10% | ||||||||||||
SFR JV-2 term loan | Single-family rental JV-2 properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.50% | 0.50% | 0.50% | ||||||||||||
SFR JV-2 term loan | Single-family rental JV-2 properties borrowings | Maximum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 4.55% | 4.55% | 4.55% | ||||||||||||
SFR JV-2 term loan | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 6.65% | 5.98% | 6.65% | ||||||||||||
SFR JV-2 term loan | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 496,830,000 | $ 390,671,000 | |||||||||||||
SFR JV-2 securitization debt 2022-1 | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.32% | 4.32% | 4.32% | ||||||||||||
Notional amount | $ 530,171,000 | $ 530,387,000 | |||||||||||||
SFR JV-2 securitization debt 2022-1 | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.32% | 4.32% | 4.32% | ||||||||||||
SFR JV-2 securitization debt 2022-1 | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 530,171,000 | $ 530,387,000 | |||||||||||||
SFR JV-2 securitization debt 2022-2 | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.47% | 5.47% | 5.47% | ||||||||||||
Notional amount | $ 347,459,000 | $ 347,772,000 | |||||||||||||
SFR JV-2 securitization debt 2022-2 | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.47% | 5.47% | 5.47% | ||||||||||||
SFR JV-2 securitization debt 2022-2 | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 347,459,000 | $ 347,772,000 | |||||||||||||
SFR JV-2 securitization debt 2023-1 | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.27% | 5.27% | 5.27% | ||||||||||||
Notional amount | $ 416,430,000 | $ 416,175,000 | |||||||||||||
Effective interest rate | 5.86% | ||||||||||||||
Number of single-family rental homes | home | 2,115 | ||||||||||||||
Borrowings maturity, term | 5 years | ||||||||||||||
Stated face value of discount | $ 12,160,000 | ||||||||||||||
SFR JV-2 securitization debt 2023-1 | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.86% | 5.86% | |||||||||||||
SFR JV-2 securitization debt 2023-1 | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 416,175,000 | ||||||||||||||
SFR JV-2 delayed draw term loan | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.39% | 5.39% | 5.39% | ||||||||||||
Notional amount | $ 194,480,000 | $ 200,000,000 | |||||||||||||
SFR JV-2 delayed draw term loan | Single-family rental JV-2 properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.39% | 5.39% | 5.39% | ||||||||||||
SFR JV-2 delayed draw term loan | Outstanding balance | Single-family rental JV-2 properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 194,480,000 | $ 194,685,000 | |||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | ||||||||||||||
Notional amount | $ 130,000,000 | ||||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2% | ||||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.15% | ||||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.88% | ||||||||||||||
SFR JV-HD subscription facility | Outstanding balance | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 127,000,000 | ||||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | 1 year | |||||||||||||
Notional amount | $ 350,000,000 | $ 490,000,000 | |||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2% | 2% | 2% | 2.85% | |||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Minimum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 140,000 | ||||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Minimum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.15% | 0.15% | 0.15% | ||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Maximum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 350,000 | ||||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Maximum | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2.85% | 2.60% | 2.85% | ||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.85% | 3.81% | 4.85% | ||||||||||||
SFR JV-HD warehouse credit facility | Outstanding balance | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 262,816,000 | $ 489,720,000 | |||||||||||||
JV-HD term loan A | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.96% | 5.96% | 5.96% | ||||||||||||
Notional amount | $ 150,000 | $ 150,000,000 | |||||||||||||
Number of single-family rental homes | home | 707 | ||||||||||||||
Borrowings maturity, term | 5 years | ||||||||||||||
JV-HD term loan A | Single-family rental JV-HD properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.96% | 5.96% | |||||||||||||
JV-HD term loan A | Outstanding balance | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 150,000,000 | ||||||||||||||
JV-HD term loan B | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.96% | 5.96% | 5.96% | ||||||||||||
Notional amount | $ 150,000 | $ 150,000,000 | |||||||||||||
Number of single-family rental homes | home | 696 | ||||||||||||||
Borrowings maturity, term | 5 years | ||||||||||||||
JV-HD term loan B | Single-family rental JV-HD properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.96% | 5.96% | |||||||||||||
JV-HD term loan B | Outstanding balance | Single-family rental JV-HD properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 150,000,000 | ||||||||||||||
The Shops of Summerhill mortgage | Canadian development properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.58% | 5.58% | 5.58% | ||||||||||||
Notional amount | $ 16,224,000 | $ 16,063,000 | |||||||||||||
The Shops of Summerhill mortgage | Canadian development properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 5.58% | 5.58% | 5.58% | ||||||||||||
The Shops of Summerhill mortgage | Outstanding balance | Canadian development properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 16,224,000 | $ 16,063,000 | |||||||||||||
Construction facility | Canadian development properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extension options | 1 year | 1 year | |||||||||||||
Notional amount | $ 173,903,000 | $ 169,809,000 | |||||||||||||
Construction facility | Canadian development properties borrowings | Prime | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 1.25% | 1.25% | 1.25% | ||||||||||||
Construction facility | Canadian development properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 8.32% | 4.12% | 8.32% | ||||||||||||
Construction facility | Outstanding balance | Canadian development properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 28,777,000 | $ 5,032,000 | |||||||||||||
Corporate office mortgages | Corporate borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | ||||||||||||
Notional amount | $ 12,624,000 | $ 12,717,000 | |||||||||||||
Corporate office mortgages | Corporate borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 4.30% | 4.30% | 4.30% | ||||||||||||
Corporate office mortgages | Outstanding balance | Corporate borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 12,624,000 | $ 12,717,000 | |||||||||||||
Corporate credit facility | Corporate borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 0.03% | ||||||||||||||
Notional amount | 500,000,000 | 500,000,000 | $ 35,000 | ||||||||||||
Borrowings | 170,000,000 | $ 0 | |||||||||||||
Letters of credit | $ 13,962,000 | $ 18,467 | |||||||||||||
Corporate credit facility | Corporate borrowings | SOFR | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.07% | 3.10% | 3.07% | ||||||||||||
Corporate credit facility | Corporate borrowings | Minimum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.07% | ||||||||||||||
Corporate credit facility | Corporate borrowings | Maximum | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.10% | ||||||||||||||
Corporate credit facility | Corporate borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 8.46% | 4.60% | 8.46% | ||||||||||||
Corporate credit facility | Outstanding balance | Corporate borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 170,000,000 | $ 0 | |||||||||||||
Securitization debt 2017-2 | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.68% | ||||||||||||||
Notional amount | $ 345,620,000 | ||||||||||||||
Securitization debt 2017-2 | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.68% | ||||||||||||||
Securitization debt 2017-2 | Outstanding balance | Single-family rental wholly-owned properties borrowings | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Borrowings | $ 345,620,000 |
DEBT - Scheduled Principal Repa
DEBT - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 5,778,000 | $ 5,728,184 |
Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,859,699 | |
Gross carrying amount | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,632,074 | |
Gross carrying amount | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 45,001 | |
Gross carrying amount | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 182,624 | |
Gross carrying amount | 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 309,116 | |
Gross carrying amount | 2024 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 296,256 | |
Gross carrying amount | 2024 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 236 | |
Gross carrying amount | 2024 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,624 | |
Gross carrying amount | 2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 903,450 | |
Gross carrying amount | 2025 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 717,462 | |
Gross carrying amount | 2025 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 15,988 | |
Gross carrying amount | 2025 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 170,000 | |
Gross carrying amount | 2026 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,092,296 | |
Gross carrying amount | 2026 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,063,519 | |
Gross carrying amount | 2026 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 28,777 | |
Gross carrying amount | 2026 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Gross carrying amount | 2027 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 936,535 | |
Gross carrying amount | 2027 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 936,535 | |
Gross carrying amount | 2027 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Gross carrying amount | 2027 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Gross carrying amount | 2028 and thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,618,302 | |
Gross carrying amount | 2028 and thereafter | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,618,302 | |
Gross carrying amount | 2028 and thereafter | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Gross carrying amount | 2028 and thereafter | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Transaction costs (net of amortization) | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | (50,173) | (49,404) |
Debt discount (net of amortization) | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ (31,526) | $ (649) |
DEBT - Fair Value of Debt (Deta
DEBT - Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Notional amount | $ 6,471,877 | $ 6,919,387 |
Borrowings | 5,778,000 | $ 5,728,184 |
Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 4,256,638 | |
Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 4,357,041 | |
Securitization debt 2018-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 281,393 | |
Securitization debt 2018-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 282,530 | |
Securitization debt 2020-2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 365,928 | |
Securitization debt 2020-2 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 402,039 | |
SFR JV-1 securitization debt 2019-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 318,730 | |
SFR JV-1 securitization debt 2019-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 328,498 | |
SFR JV-1 securitization debt 2020-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 520,270 | |
SFR JV-1 securitization debt 2020-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 548,021 | |
SFR JV-1 securitization debt 2021-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 629,865 | |
SFR JV-1 securitization debt 2021-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 677,167 | |
SFR JV-2 securitization debt 2022-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 509,276 | |
SFR JV-2 securitization debt 2022-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 524,460 | |
SFR JV-2 securitization debt 2022-2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 346,439 | |
SFR JV-2 securitization debt 2022-2 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 342,788 | |
SFR JV-2 securitization debt 2023-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 415,281 | |
SFR JV-2 securitization debt 2023-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 398,278 | |
Securitization debt 2023-2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 354,406 | |
Securitization debt 2023-2 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 333,310 | |
JV-2 delayed draw term loan | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 188,655 | |
JV-2 delayed draw term loan | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 193,256 | |
JV-HD term loan A | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 148,966 | |
JV-HD term loan A | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 148,954 | |
JV-HD term loan B | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 148,966 | |
JV-HD term loan B | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 148,954 | |
The Shops of Summerhill mortgage | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 16,079 | |
The Shops of Summerhill mortgage | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 16,162 | |
Corporate office mortgages | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,384 | |
Corporate office mortgages | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 12,624 |
DUE TO AFFILIATE - Narrative (D
DUE TO AFFILIATE - Narrative (Details) | 12 Months Ended | |||||||
Feb. 27, 2024 USD ($) $ / shares shares | Feb. 09, 2024 USD ($) $ / shares shares | Aug. 26, 2020 USD ($) $ / shares | Aug. 07, 2020 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 shares | Aug. 26, 2020 $ / shares | |
Disclosure of transactions between related parties [line items] | ||||||||
Notional amount | $ 6,471,877,000 | $ 6,919,387,000 | ||||||
Capital exchanged (in shares) | shares | 0 | 554,832 | ||||||
Shares outstanding (in shares) | shares | 272,637,823 | 272,840,692 | 272,176,046 | |||||
Preferred unit liability | $ 295,325,000 | $ 295,325,000 | ||||||
Promissory note receivable | 295,325,000 | 295,325,000 | ||||||
Share capital | 2,122,830,000 | 2,124,618,000 | ||||||
Tricon PIPE LLC | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Preferred unit liability | 295,325,000 | |||||||
Promissory note receivable | 295,325,000 | |||||||
Share capital | $ 300,000,000 | |||||||
Percentage of voting interest in structured entity | 100% | |||||||
Interest income | 16,981,000 | 17,022,000 | ||||||
Dividend income | 16,981,000 | 17,022,000 | ||||||
Due to Affiliate | Fair value | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Liability component at fair value | $ 261,700,000 | $ 225,314,000 | ||||||
Major ordinary share transactions | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Price per capital exchanged (in dollars per share) | $ / shares | $ 8.50 | $ 8.50 | ||||||
Reduction in the affiliate's preferred unit liability | $ 15,000 | $ 180,000 | ||||||
Preferred unit liability | 100,325,000 | |||||||
Promissory note receivable | $ 100,325,000 | |||||||
Preferred units | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Capital exchanged (in shares) | shares | 0 | 4,675 | ||||||
Preferred units | Major ordinary share transactions | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Preferred units exchanged (in shares) | shares | 15,000 | 180,000 | ||||||
Shares outstanding (in shares) | shares | 100,325 | |||||||
Common shares | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Capital exchanged (in shares) | shares | 554,832 | |||||||
Common shares | Major ordinary share transactions | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Preferred units exchanged (in shares) | shares | 1,780,773 | 21,308,382 | ||||||
Tricon PIPE LLC | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Exchange right, initial exchange price (in dollars per share) | (per share) | $ 8.50 | $ 11.18 | ||||||
Preferred units, dividend percentage | 5.75% | |||||||
Preferred units, dividend payable period | 7 years | |||||||
Preferred units, dividend, annual increase percentage | 1% | |||||||
Preferred units, maximum dividend percentage | 9.75% | |||||||
Preferred units, forced exchange right, volume-weighted average share price period | 20 days | |||||||
Preferred units, forced exchange right, threshold exchange price percentage | 135% | |||||||
Preferred units, forced exchange right, threshold exchange price percentage, after fifth anniversary of closing | 115% | |||||||
Preferred units, redemption right, percentage of liquidation preference | 105% | |||||||
Tricon PIPE LLC | Tricon PIPE LLC | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Income (expense) from structured entities | $ 0 | $ 0 | ||||||
Tricon PIPE LLC | Due to Affiliate | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Notional amount | $ 300,000,000 | 295,325,000 | 295,325,000 | |||||
Borrowings, interest rate, applicable term | 7 years | |||||||
Interest expense on debt instruments issued | 22,579,000 | 22,159,000 | ||||||
Accretion expense | $ 5,598,000 | $ 5,137,000 | ||||||
Tricon PIPE LLC | Due to Affiliate | Fixed interest rate | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Interest rate | 5.75% |
DUE TO AFFILIATE - Summary of P
DUE TO AFFILIATE - Summary of Promissory Note (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 26, 2020 |
Disclosure of transactions between related parties [line items] | |||
Principal amount outstanding | $ 6,471,877 | $ 6,919,387 | |
Due to Affiliate | 5,778,000 | 5,728,184 | |
Due to Affiliate | Tricon PIPE LLC | |||
Disclosure of transactions between related parties [line items] | |||
Principal amount outstanding | 295,325 | 295,325 | $ 300,000 |
Less: Discount and transaction costs (net of amortization) | (32,903) | (38,501) | |
Due to Affiliate | $ 262,422 | $ 256,824 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gain (loss) | $ (20,085) | $ 184,809 |
Exchange/prepayment options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gain (loss) | $ (2,630) | $ 175,848 |
Exchange/prepayment options | Financial liabilities at fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, expected life | 9 years 9 months |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Observable Inputs (Details) - Level 2 - Exchange/prepayment options - Financial liabilities at fair value through profit or loss | Dec. 31, 2023 | Dec. 31, 2022 |
Risk-free rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Significant observable input | 0.0453 | 0.0446 |
Implied volatility | ||
Disclosure of detailed information about financial instruments [line items] | ||
Significant observable input | 0.2898 | 0.3653 |
Dividend yield | ||
Disclosure of detailed information about financial instruments [line items] | ||
Significant observable input | 0.0255 | 0.0301 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Values Attributed to Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Reconciliation In Derivative Financial Instruments [Abstract] | ||
Derivative assets (liabilities), beginning balance | $ (40,800) | $ (229,942) |
Derivative financial instruments exchanged into common shares of the Company | 3,299 | |
Addition of interest rate caps | 14,477 | 1,034 |
Fair value gain (loss) | (20,085) | 184,809 |
Derivative assets (liabilities), ending balance | (46,408) | (40,800) |
Exchange/prepayment options | ||
Disclosure Of Reconciliation In Derivative Financial Instruments [Abstract] | ||
Derivative assets (liabilities), beginning balance | (51,158) | (230,305) |
Derivative financial instruments exchanged into common shares of the Company | 3,299 | |
Addition of interest rate caps | 0 | 0 |
Fair value gain (loss) | (2,630) | 175,848 |
Derivative assets (liabilities), ending balance | (53,788) | (51,158) |
Interest rate caps | ||
Disclosure Of Reconciliation In Derivative Financial Instruments [Abstract] | ||
Derivative assets (liabilities), beginning balance | 10,358 | 363 |
Derivative financial instruments exchanged into common shares of the Company | 0 | |
Addition of interest rate caps | 14,477 | 1,034 |
Fair value gain (loss) | (17,455) | 8,961 |
Derivative assets (liabilities), ending balance | 7,380 | $ 10,358 |
Proceeds received from money interest rate caps | $ 17,661 |
INTEREST EXPENSE (Details)
INTEREST EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | $ 316,473 | $ 213,932 |
Amortization of financing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 16,977 | 13,367 |
Amortization of debt discounts | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 6,262 | 4,749 |
Interest on Due to Affiliate | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 16,981 | 17,022 |
Interest on lease obligation | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 1,242 | 1,168 |
Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 260,425 | 170,316 |
Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 881 | 531 |
Interest costs capitalised | 1,525 | 445 |
Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 13,705 | 6,779 |
Term loan | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 15,622 | 6,729 |
Securitization debt 2017-2 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 11,421 | 13,080 |
Warehouse credit facility 2022 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 2,383 | 226 |
Securitization debt 2018-1 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 11,810 | 12,252 |
Securitization debt 2020-2 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 8,228 | 8,478 |
Securitization debt 2023-2 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 51 | 0 |
SFR JV-1 securitization debt 2019-1 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 10,417 | 10,439 |
SFR JV-1 securitization debt 2020-1 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 13,534 | 13,540 |
SFR JV-1 securitization debt 2021-1 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 17,660 | 17,659 |
SFR JV-2 subscription facility | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 11,985 | 15,517 |
SFR JV-2 warehouse credit facility | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 24,525 | 20,221 |
SFR JV-2 term loan | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 29,665 | 4,929 |
SFR JV-2 securitization debt 2022-1 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 23,008 | 16,868 |
SFR JV-2 securitization debt 2022-2 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 19,105 | 9,284 |
SFR JV-2 securitization debt 2023-1 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 10,467 | 0 |
SFR JV-2 delayed draw term loan | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 10,882 | 3,431 |
SFR JV-HD subscription facility | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 2,299 | 4,498 |
SFR JV-HD warehouse credit facility | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 22,527 | 13,165 |
JV-HD term loan A | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 7,418 | 0 |
JV-HD term loan B | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 7,418 | 0 |
The Shops of Summerhill mortgage | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 881 | 531 |
Corporate office mortgages | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | 472 | 460 |
Corporate credit facility | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | $ 13,233 | $ 6,319 |
DIRECT OPERATING EXPENSES (Deta
DIRECT OPERATING EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Property taxes | $ 131,217 | $ 100,122 |
Repairs and maintenance | 30,849 | 29,006 |
Turnover | 10,944 | 7,829 |
Property management expenses | 50,154 | 41,404 |
Property insurance | 8,988 | 7,544 |
Marketing and leasing | 2,300 | 2,554 |
Homeowners' association (HOA) costs | 13,855 | 9,933 |
Other direct expenses | 13,629 | 10,697 |
Direct operating expenses | $ 261,936 | $ 209,089 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 5,178 | $ 7,093 | $ 9,324 |
Placement fees | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,564 | 2,189 | 2,814 |
Customer relationship intangible | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,673 | 2,187 | 2,701 |
Contractual development fees | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 1,941 | $ 2,717 | $ 3,809 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation, intangible assets other than goodwill | $ 1,915 | $ 2,231 |
Bottom of range | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation period | 2 years | |
Top of range | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation period | 13 years |
INTANGIBLE ASSETS - Intangible
INTANGIBLE ASSETS - Intangible Asset Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | $ 7,093 | $ 9,324 |
Additions | 0 | 0 |
Amortization expense | (1,915) | (2,231) |
Translation adjustment | 0 | 0 |
Ending balance | 5,178 | 7,093 |
Placement fees | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 2,189 | 2,814 |
Additions | 0 | 0 |
Amortization expense | (625) | (625) |
Translation adjustment | 0 | 0 |
Ending balance | 1,564 | 2,189 |
Customer relationship intangible | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 2,187 | 2,701 |
Additions | 0 | 0 |
Amortization expense | (514) | (514) |
Translation adjustment | 0 | 0 |
Ending balance | 1,673 | 2,187 |
Contractual development fees | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 2,717 | 3,809 |
Additions | 0 | 0 |
Amortization expense | (776) | (1,092) |
Translation adjustment | 0 | 0 |
Ending balance | $ 1,941 | $ 2,717 |
OTHER ASSETS - Summary of Other
OTHER ASSETS - Summary of Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | $ 110,780 | $ 96,852 | $ 84,749 |
Building | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 34,177 | 32,912 | 31,710 |
Furniture, computer and office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 6,397 | 6,429 | 5,864 |
Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 35,109 | 28,750 | 28,269 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 9,711 | 10,156 | 8,249 |
Software assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 22,497 | 15,199 | 10,012 |
Software assets | 14,098 | ||
Property-related systems software | 1,101 | ||
Vehicles and other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | $ 2,889 | $ 3,406 | $ 645 |
OTHER ASSETS - Summary of Activ
OTHER ASSETS - Summary of Activity (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 20, 2022 ft² | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 96,852 | $ 84,749 | |
Additions (dispositions) | 28,907 | 28,241 | |
Depreciation expense | (15,879) | (13,377) | |
Translation adjustment | 900 | (2,761) | |
Ending balance | 110,780 | 96,852 | |
Disposals, property, plant and equipment | 381 | 315 | |
Building | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 32,912 | 31,710 | |
Additions (dispositions) | 1,510 | 4,126 | |
Depreciation expense | (1,030) | (718) | |
Translation adjustment | 785 | (2,206) | |
Ending balance | 34,177 | 32,912 | |
Furniture, computer and office equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 6,429 | 5,864 | |
Additions (dispositions) | 2,727 | 3,443 | |
Depreciation expense | (2,824) | (2,720) | |
Translation adjustment | 65 | (158) | |
Ending balance | 6,397 | 6,429 | |
Right-of-use assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 28,750 | 28,269 | |
Additions (dispositions) | 11,873 | 4,944 | |
Depreciation expense | (5,514) | (4,463) | |
Translation adjustment | 0 | 0 | |
Ending balance | 35,109 | 28,750 | |
Area of leased property (in sqft) | ft² | 16,636 | ||
Office Buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 23,200 | ||
Ending balance | 25,579 | 23,200 | |
Maintenance Vehicles | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,368 | ||
Ending balance | 9,530 | 5,368 | |
Leasehold improvements | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 10,156 | 8,249 | |
Additions (dispositions) | 1,097 | 3,090 | |
Depreciation expense | (1,542) | (1,183) | |
Translation adjustment | 0 | 0 | |
Ending balance | 9,711 | 10,156 | |
Software assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 15,199 | 10,012 | |
Additions (dispositions) | 11,700 | 9,772 | |
Depreciation expense | (4,452) | (4,188) | |
Translation adjustment | 50 | (397) | |
Ending balance | 22,497 | 15,199 | |
Software assets | 14,098 | ||
Property-related systems software | 1,101 | ||
Vehicles and other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 3,406 | 645 | |
Additions (dispositions) | 0 | 2,866 | |
Depreciation expense | (517) | (105) | |
Translation adjustment | 0 | 0 | |
Ending balance | $ 2,889 | $ 3,406 |
OTHER ASSETS - Narrative (Detai
OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant and equipment [abstract] | ||
Depreciation expense | $ 15,879 | $ 13,377 |
LIMITED PARTNERS' INTEREST IN_3
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation Of Changes In Limited Partners' Interest In Investments [Abstract] | ||
Balance, beginning of year | $ 1,696,872 | $ 947,452 |
Contributions | 494,995 | 489,387 |
Distributions | (37,070) | (37,348) |
Net change in fair value of limited partners’ interests in single-family rental business | 145,497 | 297,381 |
Balance, end of year | 2,300,294 | 1,696,872 |
Effect of 2.0% increase in fair value of rental properties | 100,983 | 92,956 |
Effect of 2.0% decrease in fair value of rental properties | $ (100,983) | $ (92,956) |
Limited partners' interests in single-family rental business | Third-party | ||
Disclosure of detailed information about investments [line items] | ||
Limited partners' ownership interest | 68% |
OTHER LIABILITIES - Narrative (
OTHER LIABILITIES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) lease vehicle | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease liabilities | $ 41,169 | $ 33,644 | $ 30,792 |
Right-of-use assets | 35,109 | 28,750 | |
Depreciation, right-of-use assets | $ 5,514 | $ 4,463 | |
Office space | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Number of finance leases | lease | 15 | ||
Office space | Bottom of range | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lessee, finance lease, term | 1 year | ||
Office space | Top of range | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lessee, finance lease, term | 8 years | ||
Vehicles and other | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lessee, finance lease, term | 5 years | ||
Number of maintenance vehicles | vehicle | 390 |
OTHER LIABILITIES - Carrying Va
OTHER LIABILITIES - Carrying Value of Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation Of Changes In Lease Liabilities [Abstract] | ||
Balance, beginning of year | $ 33,644 | $ 30,792 |
Addition of lease obligation | 11,884 | 4,619 |
Interest expense | 1,489 | 1,303 |
Cash payments | (5,848) | (3,070) |
Balance, end of year | 41,169 | 33,644 |
Current portion of lease obligations | 7,671 | 3,609 |
Non-current portion of lease obligations | 33,498 | 30,035 |
Vehicles and other | ||
Reconciliation Of Changes In Lease Liabilities [Abstract] | ||
Addition of lease obligation | 6,615 | 1,815 |
Office space | ||
Reconciliation Of Changes In Lease Liabilities [Abstract] | ||
Addition of lease obligation | $ 5,253 | $ 2,681 |
OTHER LIABILITIES - Minimum Lea
OTHER LIABILITIES - Minimum Lease Payments Required (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | $ 48,532 | ||
Imputed interest included in minimum lease payments | (7,363) | ||
Lease obligations | 41,169 | $ 33,644 | $ 30,792 |
2024 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 8,197 | ||
2025 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 7,508 | ||
2026 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 7,139 | ||
2027 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 6,369 | ||
2028 and thereafter | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 4,917 | ||
2029 and thereafter | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | $ 14,402 |
DIVIDENDS (Details)
DIVIDENDS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||
Jan. 15, 2024 | Oct. 16, 2023 | Jul. 17, 2023 | Apr. 17, 2023 | Jan. 15, 2023 | Oct. 17, 2022 | Jul. 15, 2022 | Apr. 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Dividends [Line Items] | ||||||||||||||||
Common shares issued (in shares) | 273,385,554 | 273,464,780 | 272,993,974 | 272,803,985 | 272,598,588 | 273,760,820 | 273,653,385 | 273,584,673 | ||||||||
Dividend amount per share (in dollars per share) | $ 0.058 | $ 0.058 | $ 0.058 | $ 0.058 | $ 0.058 | $ 0.058 | $ 0.058 | |||||||||
Total dividend amount | $ 15,834 | $ 15,823 | $ 15,811 | $ 15,861 | $ 15,878 | $ 15,872 | $ 15,868 | $ 63,324 | $ 63,479 | |||||||
Dividend reinvestment plan ("DRIP") | $ 1,125 | $ 1,142 | $ 1,131 | $ 1,042 | $ 472 | $ 967 | $ 984 | $ 4,678 | $ 3,465 | |||||||
Dividend reinvestment plan, percentage issuance discount (up to) | 5% | |||||||||||||||
Shares issued under DRIP (in shares) | 554,906 | 323,048 | ||||||||||||||
Shares issued under DRIP, equity impact | $ 4,440 | $ 3,995 | ||||||||||||||
Payment of Dividend | ||||||||||||||||
Dividends [Line Items] | ||||||||||||||||
Dividend amount per share (in dollars per share) | $ 0.058 | |||||||||||||||
Total dividend amount | $ 15,856 | |||||||||||||||
Dividend reinvestment plan ("DRIP") | $ 1,280 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) - shares | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Share Capital, Reserves and Other Equity Interest [Abstract] | |||||||||
Number of shares issued (in shares) | 273,385,554 | 272,993,974 | 272,803,985 | 272,598,588 | 273,464,780 | 273,760,820 | 273,653,385 | 273,584,673 | |
Shares outstanding (in shares) | 272,637,823 | 272,840,692 | 272,176,046 | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 747,731 | 624,088 |
SHARE CAPITAL - Share Capital A
SHARE CAPITAL - Share Capital Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of shares issued (repurchased) | ||
Beginning balance (in shares) | 272,840,692 | 272,176,046 |
Normal Course Issuer Bid (NCIB) (in shares) | (1,048,680) | (677,666) |
Shares issued under DRIP (in shares) | 554,906 | 323,048 |
Stock-based compensation exercised (in shares) | 414,548 | 491,341 |
Preferred units exchanged (in shares) | 0 | 554,832 |
Shares repurchased and reserved for restricted share awards (in shares) | (123,643) | (26,909) |
Ending balance (in shares) | 272,637,823 | 272,840,692 |
Share capital | ||
Equity at beginning of period | $ 2,124,618 | |
Normal course issuer bid (NCIB) | 8,749 | |
Shares issued under DRIP | 4,440 | $ 3,995 |
Stock-based compensation exercised | 9,380 | 3,164 |
Preferred units exchanged | 8,015 | |
Shares repurchased and reserved for restricted share awards | (1,074) | (250) |
Equity at end of period | $ 2,122,830 | 2,124,618 |
Maximum shares available to be repurchased in NCIB (in shares) | 2,500,000 | |
Weighted average share price of shares issued through DRIP (in dollars per share) | $ 8 | |
Number of DSUs exercised (in shares) | 356,941 | |
Number of share options exercised in share-based payment arrangement (in shares) | 57,607 | |
Share price of shares repurchased and reserved for restricted shares (in dollars per share) | $ 8.69 | |
TSX | ||
Number of shares issued (repurchased) | ||
Normal Course Issuer Bid (NCIB) (in shares) | (525,267) | |
NYSE | ||
Number of shares issued (repurchased) | ||
Normal Course Issuer Bid (NCIB) (in shares) | (523,413) | |
Share capital | ||
Share capital | ||
Equity at beginning of period | $ 2,124,618 | 2,114,783 |
Normal course issuer bid (NCIB) | (7,112) | (4,580) |
Shares issued under DRIP | 4,440 | 3,995 |
Stock-based compensation exercised | 1,958 | 2,655 |
Preferred units exchanged | 0 | 8,015 |
Shares repurchased and reserved for restricted share awards | (1,074) | (250) |
Equity at end of period | 2,122,830 | $ 2,124,618 |
Share capital | TSX | ||
Share capital | ||
Normal course issuer bid (NCIB) | 7,112 | |
Share capital | NYSE | ||
Share capital | ||
Normal course issuer bid (NCIB) | $ 1,637 |
EARNINGS PER SHARE - Basic (Det
EARNINGS PER SHARE - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Net income from continuing operations | $ 121,824 | $ 779,374 |
Non-controlling interest | 7,634 | 5,539 |
Net income attributable to shareholders of Tricon from continuing operations | 114,190 | 773,835 |
Net income attributable to shareholders of Tricon from discontinued operations | 0 | 35,106 |
Net income attributable to shareholders of Tricon | $ 114,190 | $ 808,941 |
Weighted average number of common shares outstanding (in shares) | 272,320,337 | 272,972,697 |
Adjustments for vested units (in shares) | 1,337,114 | 1,510,567 |
Weighted average number of common shares outstanding for basic earnings per shares (in shares) | 273,657,451 | 274,483,264 |
Basic earnings per share | ||
Continuing operations (in dollars per share) | $ 0.42 | $ 2.82 |
Discontinued operations (in dollars per share) | 0 | 0.13 |
Basic earnings per share attributable to shareholders of Tricon (in dollars per share) | $ 0.42 | $ 2.95 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Dilutive effect of share units on number of ordinary shares (in shares) | 1,886,348 | 1,790,235 |
EARNINGS PER SHARE - Diluted (D
EARNINGS PER SHARE - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Net income attributable to shareholders of Tricon from continuing operations | $ 114,190 | $ 773,835 |
Adjustment for preferred units interest expense - net of tax | 0 | 18,410 |
Fair value gain on exchange and prepayment options of preferred units | 0 | (175,848) |
Adjusted net income attributable to shareholders of Tricon from continuing operations | 114,190 | 616,397 |
Net income attributable to shareholders of Tricon from discontinued operations | 0 | 35,106 |
Adjusted net income attributable to shareholders of Tricon | $ 114,190 | $ 651,503 |
Weighted average number of common shares outstanding (in shares) | 273,657,451 | 274,483,264 |
Adjustments for stock compensation (in shares) | 1,886,348 | 1,790,235 |
Adjustments for preferred units (in shares) | 0 | 34,826,994 |
Weighted average number of common shares outstanding for diluted earnings per share (in shares) | 275,543,799 | 311,100,493 |
Diluted earnings per share | ||
Continuing operations (in dollars per share) | $ 0.41 | $ 1.98 |
Discontinued operations (in dollars per share) | 0 | 0.11 |
Diluted earnings per share attributable to shareholders of Tricon (in dollars per share) | $ 0.41 | $ 2.09 |
COMPENSATION EXPENSE - Narrativ
COMPENSATION EXPENSE - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Expense from equity-settled share-based payment transactions, accelerated vesting | $ 4,470,000 | |
AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Cash-based compensation expense | 12,519,000 | $ 20,307,000 |
Expense from cash-settled share-based payment transactions, current year entitlements | 12,383,000 | |
Equity-based | $ 16,183,000 | 6,894,000 |
AIP | Bottom of range | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Market benchmark adjustment factor for share-based payment arrangement | 0.50 | |
AIP | Top of range | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Market benchmark adjustment factor for share-based payment arrangement | 1.50 | |
LTIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Cash-based compensation expense | $ 6,969,000 | 16,635,000 |
Equity-based | $ 0 | 380,000 |
Short-term Deferred Share Units (DSUs) | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Award vesting period | 1 year | |
Long Term Share Based Payment Awards | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Award vesting period | 3 years | |
Long Term Share Based Payment Awards | AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Expense from equity-settled share-based payment transactions, current year entitlements | $ 5,421,000 | 3,234,000 |
Expense from equity-settled share-based payment transactions, amortization of awards granted in prior years | $ 10,762,000 | 3,660,000 |
Deferred Share Units (DSUs) | LTIP | Bottom of range | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Award vesting period | 3 years | |
Deferred Share Units (DSUs) | LTIP | Top of range | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Award vesting period | 5 years | |
Employee Stock Option | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Equity-based | $ 2,239,000 | $ 275,000 |
COMPENSATION EXPENSE - Compensa
COMPENSATION EXPENSE - Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Salaries and benefits | $ 53,672,000 | $ 55,040,000 |
Total compensation expense | 89,343,000 | 99,256,000 |
AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Expense from share-based payment transactions with employees | 28,702,000 | 27,201,000 |
Cash-based | 12,519,000 | 20,307,000 |
Equity-based | 16,183,000 | 6,894,000 |
Total AIP expense | 28,702,000 | 27,201,000 |
LTIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Expense from share-based payment transactions with employees | 6,969,000 | 17,015,000 |
Cash-based | 6,969,000 | 16,635,000 |
Equity-based | 0 | 380,000 |
Total AIP expense | $ 6,969,000 | $ 17,015,000 |
COMPENSATION EXPENSE - Compen_2
COMPENSATION EXPENSE - Compensation Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||
Beginning balance | $ 25,244 | |
Ending balance | 28,149 | $ 25,244 |
AIP | ||
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||
Beginning balance | 3,697 | 73 |
Cash-based | 12,519 | 20,307 |
Payments | (14,213) | (16,186) |
Translation adjustment | 170 | (497) |
Ending balance | 2,173 | 3,697 |
AIP | Performance Share Units (PSUs) | ||
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||
Beginning balance | 6,630 | 12,064 |
PSU expense | 5,690 | 1,889 |
Payments | (4,010) | (7,061) |
Translation adjustment | 116 | (262) |
Ending balance | 8,426 | 6,630 |
LTIP | ||
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||
Beginning balance | 25,244 | 21,431 |
Cash-based | 6,969 | 16,635 |
Payments | (4,432) | (11,685) |
Translation adjustment | 368 | (1,137) |
Ending balance | $ 28,149 | $ 25,244 |
COMPENSATION EXPENSE - Option A
COMPENSATION EXPENSE - Option Activity (Details) | 12 Months Ended | |||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||||
Exercised (in shares) | (57,607) | (57,607) | ||
Ending balance (in shares) | 3,631,723 | 3,631,723 | ||
Ending balance (in dollars per share) | (per share) | $ 10.75 | $ 8.54 | ||
TSX | ||||
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||||
Beginning balance (in shares) | 3,443,770 | 3,443,770 | 1,985,563 | 1,985,563 |
Granted (in shares) | 112,000 | 112,000 | 1,466,541 | 1,466,541 |
Exercised (in shares) | (225,000) | (225,000) | (8,334) | (8,334) |
Cancelled (in shares) | (95,000) | (95,000) | ||
Ending balance (in shares) | 3,235,770 | 3,235,770 | 3,443,770 | 3,443,770 |
Beginning balance (in dollars per share) | $ / shares | $ 10.61 | $ 10.45 | ||
Granted (in dollars per share) | $ / shares | 11.27 | 10.81 | ||
Exercised (in dollars per share) | $ / shares | 8.85 | 9.81 | ||
Cancelled (in dollars per share) | $ / shares | 10.81 | |||
Ending balance (in dollars per share) | $ / shares | $ 10.75 | $ 10.61 | ||
NYSE | ||||
Reconciliation Of Changes In Share-Based Payment Arrangements [Abstract] | ||||
Beginning balance (in shares) | 395,953 | 395,953 | 31,764 | 31,764 |
Granted (in shares) | 0 | 0 | 364,189 | 364,189 |
Exercised (in shares) | 0 | 0 | 0 | 0 |
Cancelled (in shares) | 0 | 0 | ||
Ending balance (in shares) | 395,953 | 395,953 | 395,953 | 395,953 |
Beginning balance (in dollars per share) | $ / shares | $ 8.54 | $ 14.67 | ||
Granted (in dollars per share) | $ / shares | 0 | 8 | ||
Exercised (in dollars per share) | $ / shares | 0 | 0 | ||
Cancelled (in dollars per share) | $ / shares | 0 | |||
Ending balance (in dollars per share) | $ / shares | $ 8.54 | $ 8.54 |
COMPENSATION EXPENSE - Valuatio
COMPENSATION EXPENSE - Valuation Assumptions (Details) - yr | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
TSX | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Risk-free interest rate (%) | 3.53% | 2.86% |
Expected option life (years) | 5.18 | 5.16 |
Expected volatility (%) | 28.13% | 27.70% |
NYSE | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Risk-free interest rate (%) | 0% | 3.58% |
Expected option life (years) | 0 | 5.15 |
Expected volatility (%) | 0% | 27.70% |
COMPENSATION EXPENSE - Options
COMPENSATION EXPENSE - Options Outstanding (Details) | Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 shares $ / shares |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 3,631,723 | 3,631,723 |
Options exercisable (in shares) | 2,338,332 | 2,338,332 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 10.75 | $ 8.54 |
November 14, 2016 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 325,000 | 325,000 |
Options exercisable (in shares) | 325,000 | 325,000 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 8.85 | $ 0 |
December 15, 2017 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 800,000 | 800,000 |
Options exercisable (in shares) | 800,000 | 800,000 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 11.35 | $ 0 |
December 17, 2018 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 401,959 | 401,959 |
Options exercisable (in shares) | 401,959 | 401,959 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 9.81 | $ 0 |
December 15, 2020 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 199,380 | 199,380 |
Options exercisable (in shares) | 199,380 | 199,380 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 11.50 | $ 0 |
December 15, 2021 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 25,890 | 25,890 |
Options exercisable (in shares) | 19,935 | 19,935 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 18.85 | $ 0 |
December 15, 2021 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 31,764 | 31,764 |
Options exercisable (in shares) | 18,501 | 18,501 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 0 | $ 14.67 |
December 15, 2022 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 1,371,541 | 1,371,541 |
Options exercisable (in shares) | 496,832 | 496,832 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 10.81 | $ 0 |
December 15, 2022 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 364,189 | 364,189 |
Options exercisable (in shares) | 76,725 | 76,725 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 0 | $ 8 |
March 6, 2023 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 112,000 | 112,000 |
Options exercisable (in shares) | 0 | 0 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 11.27 | $ 0 |
COMPENSATION EXPENSE - Liabilit
COMPENSATION EXPENSE - Liability and Equity Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Amounts payable and accrued liabilities | $ 10,599 | $ 10,327 | |
Incentive plan liability | 28,149 | 25,244 | |
AIP | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Amounts payable and accrued liabilities | 10,599 | 10,327 | |
Equity - contributed surplus | 24,909 | 15,784 | |
Total liability | 35,508 | 26,111 | |
Incentive plan liability | 2,173 | 3,697 | $ 73 |
AIP | Performance Share Units (PSUs) | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Incentive plan liability | 8,426 | 6,630 | 12,064 |
LTIP | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Amounts payable and accrued liabilities | 28,149 | 25,244 | |
Equity - contributed surplus | 3,591 | 5,685 | |
Total liability | 31,740 | 30,929 | |
Incentive plan liability | $ 28,149 | $ 25,244 | $ 21,431 |
PERFORMANCE FEES LIABILITY (Det
PERFORMANCE FEES LIABILITY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation Of Changes In Performance Fee Liability [Abstract] | ||
Beginning balance | $ 39,893 | $ 48,358 |
Contributions from equity holders | 10 | 971 |
Performance fees expense | 2,550 | 35,854 |
Payments | (271) | (44,867) |
Translation adjustment | 188 | (423) |
Ending balance | 42,370 | 39,893 |
Employment related costs | $ 91,893 | $ 135,110 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Oct. 18, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Disclosure of operating segments [line items] | |||||
Number of operating segments | segment | 3 | ||||
Number of reportable segments | segment | 4 | ||||
Revenue from strategic capital services | $ 54,458 | $ 160,088 | |||
Revenue from single-family rental properties | 795,317 | 645,585 | |||
Direct operating expenses | (261,936) | (209,089) | |||
Net operating income from single-family rental properties | 533,381 | 436,496 | |||
Income from equity-accounted investments in multi-family rental properties | 5,297 | 1,550 | |||
Income from equity-accounted investments in Canadian residential developments | 4,348 | 11,198 | |||
Other income (expense) | 518 | 10,886 | |||
Income from investments in U.S. residential developments | 30,773 | 16,897 | |||
Compensation expense | (89,343) | (99,256) | |||
Performance fees expense | (2,550) | (35,854) | |||
General and administration expense | (86,502) | (58,991) | |||
Gain (loss) on debt modification and extinguishment | 1,326 | (6,816) | |||
Transaction costs | (16,632) | (18,537) | |||
Interest expense | (316,473) | (213,932) | |||
Fair value gain on rental properties | $ 2,029 | $ 56,414 | 210,936 | 858,987 | |
Fair value loss on Canadian development properties | 0 | (440) | |||
Realized and unrealized loss on derivative financial instruments | (2,424) | 184,809 | |||
Amortization and depreciation expense | (17,794) | (15,608) | |||
Realized and unrealized foreign exchange loss | (13,859) | 498 | |||
Net change in fair value of limited partners’ interests in single-family rental business | (145,497) | (297,381) | |||
Income tax expense | (28,139) | (155,220) | |||
Net income from continuing operations | 121,824 | 779,374 | |||
Segment net income from discontinued operations | 0 | 35,106 | |||
Net income | 121,824 | 814,480 | |||
Operating segments | Single-Family Rental | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 0 | 0 | |||
Revenue from single-family rental properties | 795,317 | 645,585 | |||
Direct operating expenses | (261,936) | (209,089) | |||
Net operating income from single-family rental properties | 533,381 | 436,496 | |||
Income from equity-accounted investments in multi-family rental properties | 0 | 0 | |||
Income from equity-accounted investments in Canadian residential developments | 0 | 0 | |||
Other income (expense) | 342 | 1,405 | |||
Income from investments in U.S. residential developments | 0 | 0 | |||
Compensation expense | 0 | 0 | |||
Performance fees expense | 0 | 0 | |||
General and administration expense | 0 | 0 | |||
Gain (loss) on debt modification and extinguishment | 0 | 0 | |||
Transaction costs | 0 | 0 | |||
Interest expense | 0 | 0 | |||
Fair value gain on rental properties | 0 | 0 | |||
Fair value loss on Canadian development properties | 0 | ||||
Realized and unrealized loss on derivative financial instruments | 0 | 0 | |||
Amortization and depreciation expense | 0 | 0 | |||
Realized and unrealized foreign exchange loss | 0 | 0 | |||
Net change in fair value of limited partners’ interests in single-family rental business | 0 | 0 | |||
Income tax expense | 0 | 0 | |||
Net income from continuing operations | 437,901 | ||||
Segment net income from discontinued operations | 0 | ||||
Net income | 533,723 | 437,901 | |||
Operating segments | Adjacent Businesses | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 0 | 0 | |||
Revenue from single-family rental properties | 0 | 0 | |||
Direct operating expenses | 0 | 0 | |||
Net operating income from single-family rental properties | 0 | 0 | |||
Income from equity-accounted investments in multi-family rental properties | 5,297 | 1,550 | |||
Income from equity-accounted investments in Canadian residential developments | 4,348 | 11,198 | |||
Other income (expense) | 1,441 | 1,668 | |||
Income from investments in U.S. residential developments | 30,773 | 16,897 | |||
Compensation expense | 0 | 0 | |||
Performance fees expense | 0 | 0 | |||
General and administration expense | 0 | 0 | |||
Gain (loss) on debt modification and extinguishment | 0 | 0 | |||
Transaction costs | 0 | 0 | |||
Interest expense | 0 | 0 | |||
Fair value gain on rental properties | 0 | 0 | |||
Fair value loss on Canadian development properties | 0 | ||||
Realized and unrealized loss on derivative financial instruments | 0 | 0 | |||
Amortization and depreciation expense | 0 | 0 | |||
Realized and unrealized foreign exchange loss | 0 | 0 | |||
Net change in fair value of limited partners’ interests in single-family rental business | 0 | 0 | |||
Income tax expense | 0 | 0 | |||
Net income from continuing operations | 31,313 | ||||
Segment net income from discontinued operations | 35,106 | ||||
Net income | 41,859 | 66,419 | |||
Operating segments | Strategic Capital | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 54,458 | 160,088 | |||
Revenue from single-family rental properties | 0 | 0 | |||
Direct operating expenses | 0 | 0 | |||
Net operating income from single-family rental properties | 0 | 0 | |||
Income from equity-accounted investments in multi-family rental properties | 0 | 0 | |||
Income from equity-accounted investments in Canadian residential developments | 0 | 0 | |||
Other income (expense) | 0 | 0 | |||
Income from investments in U.S. residential developments | 0 | 0 | |||
Compensation expense | 0 | 0 | |||
Performance fees expense | 0 | 0 | |||
General and administration expense | 0 | 0 | |||
Gain (loss) on debt modification and extinguishment | 0 | 0 | |||
Transaction costs | 0 | 0 | |||
Interest expense | 0 | 0 | |||
Fair value gain on rental properties | 0 | 0 | |||
Fair value loss on Canadian development properties | 0 | ||||
Realized and unrealized loss on derivative financial instruments | 0 | 0 | |||
Amortization and depreciation expense | 0 | 0 | |||
Realized and unrealized foreign exchange loss | 0 | 0 | |||
Net change in fair value of limited partners’ interests in single-family rental business | 0 | 0 | |||
Income tax expense | 0 | 0 | |||
Net income from continuing operations | 160,088 | ||||
Segment net income from discontinued operations | 0 | ||||
Net income | 54,458 | 160,088 | |||
Corporate | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 0 | 0 | |||
Revenue from single-family rental properties | 0 | 0 | |||
Direct operating expenses | 0 | 0 | |||
Net operating income from single-family rental properties | 0 | 0 | |||
Income from equity-accounted investments in multi-family rental properties | 0 | 0 | |||
Income from equity-accounted investments in Canadian residential developments | 0 | 0 | |||
Other income (expense) | (1,265) | 7,813 | |||
Income from investments in U.S. residential developments | 0 | 0 | |||
Compensation expense | (89,343) | (99,256) | |||
Performance fees expense | (2,550) | (35,854) | |||
General and administration expense | (86,502) | (58,991) | |||
Gain (loss) on debt modification and extinguishment | 1,326 | (6,816) | |||
Transaction costs | (16,632) | (18,537) | |||
Interest expense | (316,473) | (213,932) | |||
Fair value gain on rental properties | 210,936 | 858,987 | |||
Fair value loss on Canadian development properties | (440) | ||||
Realized and unrealized loss on derivative financial instruments | (2,424) | 184,809 | |||
Amortization and depreciation expense | (17,794) | (15,608) | |||
Realized and unrealized foreign exchange loss | (13,859) | 498 | |||
Net change in fair value of limited partners’ interests in single-family rental business | (145,497) | (297,381) | |||
Income tax expense | (28,139) | (155,220) | |||
Net income from continuing operations | 150,072 | ||||
Segment net income from discontinued operations | 0 | ||||
Net income | (508,216) | 150,072 | |||
Property management fees | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 1,775 | 10,501 | |||
Property management fees | Adjustments to External Revenues | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | (93,319) | (114,490) | |||
Development fees | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 31,034 | 26,826 | |||
Development fees | Adjustments to External Revenues | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | (1,445) | (1,500) | |||
Asset management fees | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | 11,290 | 12,431 | |||
Asset management fees | Adjustments to External Revenues | |||||
Disclosure of operating segments [line items] | |||||
Revenue from strategic capital services | $ (9,249) | (10,035) | |||
Tricon US Multi-Family REIT LLC | Discontinued operations | |||||
Disclosure of operating segments [line items] | |||||
Proportion of remaining ownership interest sold | 20% | ||||
Segment net income from discontinued operations | 35,106 | ||||
Net income | $ 192,970 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Unfunded capital commitments | $ 262,371,000 | |
Provisions for doubtful debts related to receivables of related party transaction | 0 | $ 0 |
Single-Family Rental Investment Vehicles | ||
Disclosure of transactions between related parties [line items] | ||
Unfunded capital commitments | 47,493,000 | |
Excluding Single-Family Rental Investment Vehicles | ||
Disclosure of transactions between related parties [line items] | ||
Unfunded capital commitments | $ 214,878,000 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party [Abstract] | ||
Revenue from strategic capital services | $ 54,458 | $ 160,088 |
Income from equity-accounted investments in multi-family rental properties | 5,297 | 1,550 |
Income from equity-accounted investments in Canadian residential developments | 4,348 | 11,198 |
Income from investments in U.S. residential developments | 30,773 | 16,897 |
Performance fees expense | (2,550) | (35,854) |
Gain on sale of Bryson MPC Holdings LLC | 0 | 5,060 |
Net income recognized from related parties | $ 92,326 | $ 158,939 |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND BALANCES - Related Party Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables from related parties included in amounts receivable | ||
Contractual fees and other receivables from investments managed | $ 28,399 | $ 14,976 |
Employee relocation housing loan | 1,512 | 1,477 |
Annual incentive plan | 35,508 | 26,111 |
Long-term incentive plan | 31,740 | 30,929 |
Performance fees liability | 42,370 | 39,893 |
Dividends payable | 516 | 497 |
Other payables to related parties included in amounts payable and accrued liabilities | $ 76 | $ 166 |
Related party receivable, underlying employee relocation housing loan, term | 10 years |
RELATED PARTY TRANSACTIONS AN_6
RELATED PARTY TRANSACTIONS AND BALANCES - Key Management Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Total salaries and benefits | $ 2,583 | $ 2,499 |
Total performance fees expense | 1,489 | 24,374 |
Total key management compensation | 16,257 | 48,268 |
AIP | ||
Disclosure of transactions between related parties [line items] | ||
Total share-based payment | 10,504 | 12,996 |
LTIP | ||
Disclosure of transactions between related parties [line items] | ||
Total share-based payment | $ 1,681 | $ 8,399 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - Interest rate risk $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on interest expense | $ 1,495 | $ 14,736 |
Reasonably possible decrease in risk variable, impact on interest expense | (15,102) | $ (15,711) |
Fixed interest rate | Debt | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 4,433,100 | |
Risk exposure percentage associated with instruments sharing characteristic | 0.76 | |
Floating interest rate | Debt | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 1,426,599 | |
Risk exposure percentage associated with instruments sharing characteristic | 0.24 |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) - Currency risk - Debt - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, liabilities | $ 579 | $ 339 |
1% decrease, liabilities | $ (579) | $ (339) |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Rent receivables | $ 3,083 | $ 3,581 |
Credit risk | ||
Disclosure of credit risk exposure [line items] | ||
Rent receivables | 3,083 | 3,581 |
Credit risk | Investment in debt instruments | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT - Con
FINANCIAL RISK MANAGEMENT - Contractual Maturities of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | $ 5,778,000 | $ 5,728,184 | |
Limited partners' interests in single-family rental business | 2,300,294 | 1,696,872 | $ 947,452 |
Derivative financial instruments | 53,788 | 51,158 | |
Due to Affiliate | 262,422 | 256,824 | |
Amounts payable and accrued liabilities | 150,221 | 138,273 | |
Resident security deposits | 85,196 | 79,864 | |
Dividends payable | 15,856 | 15,861 | |
Financial liabilities | 8,435,673 | 7,766,682 | $ 5,382,344 |
Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 5,859,699 | ||
Gross carrying amount | Due on demand and in 2024 | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 309,116 | ||
Liquidity risk | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 5,859,699 | 5,778,237 | |
Other liabilities | 40,335 | 34,524 | |
Limited partners' interests in single-family rental business | 2,300,294 | 1,696,872 | |
Derivative financial instruments | 53,788 | 51,158 | |
Due to Affiliate | 295,325 | 295,325 | |
Amounts payable and accrued liabilities | 150,221 | 138,273 | |
Resident security deposits | 85,196 | 79,864 | |
Dividends payable | 15,856 | 15,861 | |
Financial liabilities | 8,800,714 | 8,090,114 | |
Liquidity risk | Gross carrying amount | Due on demand and in 2024 | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 309,116 | 757,135 | |
Other liabilities | 0 | 0 | |
Limited partners' interests in single-family rental business | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Due to Affiliate | 0 | 0 | |
Amounts payable and accrued liabilities | 150,221 | 138,273 | |
Resident security deposits | 85,196 | 79,864 | |
Dividends payable | 15,856 | 15,861 | |
Financial liabilities | 560,389 | 991,133 | |
Liquidity risk | Gross carrying amount | From 2025 to 2026 | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 2,995,746 | 1,949,405 | |
Other liabilities | 14,647 | 10,370 | |
Limited partners' interests in single-family rental business | 915,983 | 0 | |
Derivative financial instruments | 0 | 0 | |
Due to Affiliate | 0 | 0 | |
Amounts payable and accrued liabilities | 0 | 0 | |
Resident security deposits | 0 | 0 | |
Dividends payable | 0 | 0 | |
Financial liabilities | 3,926,376 | 1,959,775 | |
Liquidity risk | Gross carrying amount | From 2027 to 2028 | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 2,554,837 | 2,529,240 | |
Other liabilities | 11,286 | 8,620 | |
Limited partners' interests in single-family rental business | 1,106,088 | 851,416 | |
Derivative financial instruments | 0 | 0 | |
Due to Affiliate | 0 | 0 | |
Amounts payable and accrued liabilities | 0 | 0 | |
Resident security deposits | 0 | 0 | |
Dividends payable | 0 | 0 | |
Financial liabilities | 3,672,211 | 3,389,276 | |
Liquidity risk | Gross carrying amount | 2029 and thereafter | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 0 | 542,457 | |
Other liabilities | 14,402 | 15,534 | |
Limited partners' interests in single-family rental business | 278,223 | 845,456 | |
Derivative financial instruments | 53,788 | 51,158 | |
Due to Affiliate | 295,325 | 295,325 | |
Amounts payable and accrued liabilities | 0 | 0 | |
Resident security deposits | 0 | 0 | |
Dividends payable | 0 | 0 | |
Financial liabilities | $ 641,738 | $ 1,749,930 |
FINANCIAL RISK MANAGEMENT - Fut
FINANCIAL RISK MANAGEMENT - Future Repayments of Principal and Interest (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | $ 5,778,000 | $ 5,728,184 |
Due to Affiliate | 262,422 | 256,824 |
Principal | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 5,859,699 | |
Principal | Due on demand and in 2024 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 309,116 | |
Liquidity risk | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 7,156,651 | |
Liquidity risk | Due on demand and in 2024 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 600,664 | |
Liquidity risk | From 2025 to 2026 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 3,408,656 | |
Liquidity risk | From 2027 to 2028 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 2,751,235 | |
Liquidity risk | 2029 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 396,096 | |
Liquidity risk | Principal | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 5,859,699 | 5,778,237 |
Due to Affiliate | 295,325 | 295,325 |
Liquidity risk | Principal | Due on demand and in 2024 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 309,116 | 757,135 |
Due to Affiliate | 0 | 0 |
Liquidity risk | Principal | From 2025 to 2026 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 2,995,746 | 1,949,405 |
Due to Affiliate | 0 | 0 |
Liquidity risk | Principal | From 2027 to 2028 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 2,554,837 | 2,529,240 |
Due to Affiliate | 0 | 0 |
Liquidity risk | Principal | 2029 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 0 | 542,457 |
Due to Affiliate | 295,325 | $ 295,325 |
Liquidity risk | Interest | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 812,538 | |
Due to Affiliate | 189,089 | |
Liquidity risk | Interest | Due on demand and in 2024 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 274,567 | |
Due to Affiliate | 16,981 | |
Liquidity risk | Interest | From 2025 to 2026 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 378,948 | |
Due to Affiliate | 33,962 | |
Liquidity risk | Interest | From 2027 to 2028 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 159,023 | |
Due to Affiliate | 37,375 | |
Liquidity risk | Interest | 2029 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 0 | |
Due to Affiliate | $ 100,771 |
FINANCIAL RISK MANAGEMENT - Net
FINANCIAL RISK MANAGEMENT - Net Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments [Abstract] | ||
Cash | $ 170,739 | $ 204,303 |
Restricted cash | 49,618 | 0 |
Amounts receivable | 27,962 | 24,984 |
Prepaid expenses and deposits | 23,635 | 37,520 |
Total current assets | 271,954 | 266,807 |
Amounts payable and accrued liabilities | 150,221 | 138,273 |
Resident security deposits | 85,196 | 79,864 |
Dividends payable | 15,856 | 15,861 |
Current portion of long-term debt | 309,116 | 757,135 |
Current liabilities | 560,389 | 991,133 |
Net current liabilities | $ (288,435) | $ (724,326) |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 27, 2023 | Aug. 22, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Working capital deficit | $ (288,435,000) | $ (724,326,000) | ||
Notional amount | 6,471,877,000 | 6,919,387,000 | ||
Borrowings | 5,778,000,000 | 5,728,184,000 | ||
Distributions from investments | 29,428,000 | 51,372,000 | ||
Single-family rental wholly-owned properties borrowings | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Notional amount | 1,545,534,000 | 1,344,538,000 | ||
Corporate borrowings | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Notional amount | 512,624,000 | 512,717,000 | ||
Term loan | Single-family rental wholly-owned properties borrowings | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Notional amount | 296,256,000 | 220,499,000 | $ 100,000 | |
Corporate credit facility | Corporate borrowings | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Notional amount | 500,000,000 | 500,000,000 | $ 35,000 | |
Borrowings | 170,000,000 | 0 | ||
Undrawn borrowing facilities | $ 330,000,000 | $ 500,000,000 |
SUPPLEMENTARY CASH FLOW DETAI_3
SUPPLEMENTARY CASH FLOW DETAILS - Non-Cash Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Fair value (gain) loss on rental properties | $ 2,029 | $ 56,414 | $ 210,936 | $ 858,987 |
Unrealized loss (gain) on derivative financial instruments | 20,085 | (184,809) | ||
Loss on debt modification and extinguishment | (1,326) | 6,816 | ||
Amortization and depreciation expense | 17,794 | 15,608 | ||
Deferred income taxes | 25,899 | 189,179 | ||
Net change in fair value of limited partners’ interests in single-family rental business | 145,497 | 297,381 | ||
Amortization of debt discount and financing costs | 23,239 | 18,116 | ||
Interest on lease obligation | 316,473 | 213,932 | ||
Performance fees expense | 2,550 | 35,854 | ||
Non-cash impact related to debt modification | (3,934) | 0 | ||
Unrealized foreign exchange loss (gain) | 6,752 | (4,238) | ||
Adjustments for non-cash items | 22,115 | (473,961) | ||
LTIP | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Expenses from incentive plans | 6,969 | 17,015 | ||
AIP | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Expenses from incentive plans | 28,702 | 27,201 | ||
Interest on lease obligation | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Interest on lease obligation | 1,242 | 1,168 | ||
Bryson MPC Holdings LLC | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Gain on Bryson MPC Holdings LLC disposition | 0 | (5,060) | ||
Single-Family Rental Investment Properties | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Fair value (gain) loss on rental properties | (210,936) | (858,987) | ||
Canadian development properties | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Fair value (gain) loss on rental properties | 0 | 440 | ||
Investments in U.S. residential developments | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Income from investments and equity-accounted investments | (30,773) | (16,897) | ||
Equity-accounted investments in multi-family rental properties | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Income from investments and equity-accounted investments | (5,297) | (1,550) | ||
Equity-accounted investments in Canadian residential developments | ||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||
Income from investments and equity-accounted investments | $ (4,348) | $ (11,198) |
SUPPLEMENTARY CASH FLOW DETAI_4
SUPPLEMENTARY CASH FLOW DETAILS - Non-Cash Working Capital Items (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | ||
Amounts receivable | $ (2,978) | $ (4,993) |
Prepaid expenses and deposits | 13,885 | (4,574) |
Resident security deposits | 5,332 | 23,079 |
Amounts payable and accrued liabilities | 11,948 | 48,169 |
Deduct non-cash working capital items from discontinued operations | 0 | (43,114) |
Changes in non-cash working capital items | $ 28,187 | $ 18,567 |
FINANCING ACTIVITIES (Details)
FINANCING ACTIVITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | $ 7,766,682 | $ 5,382,344 | |
Cash flows | 489,285 | 2,242,810 | |
Foreign exchange movement | 1,229 | (1,165) | |
Fair value changes | 148,127 | 121,533 | |
Additions/(Dispositions) | 10,558 | 5,049 | |
Other | 19,792 | 16,111 | |
Ending balance | 8,435,673 | 7,766,682 | |
Gain (loss) on debt modification and extinguishment | 1,326 | (6,816) | |
Derivative financial instruments | $ 7,380 | $ 10,358 | |
Capital exchanged (in shares) | 0 | 554,832 | |
Derivative financial instruments exchanged into common shares of the Company | $ 3,299 | ||
Common shares | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Capital exchanged (in shares) | 554,832 | ||
Preferred units | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Capital exchanged (in shares) | 0 | 4,675 | |
Interest rate caps | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Derivative financial instruments | $ 7,380 | $ 10,358 | |
Derivative financial instruments exchanged into common shares of the Company | 0 | ||
Due to Affiliate | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 256,824 | 256,362 | |
Cash flows | 0 | 0 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | (4,675) | |
Other | 5,598 | 5,137 | |
Ending balance | 262,422 | 256,824 | |
Reduction in promissory note receivable | $ 4,675 | ||
Due to Affiliate | Common shares | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Capital exchanged (in shares) | 554,832 | ||
Derivative financial instruments | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 51,158 | $ 230,305 | |
Cash flows | 0 | 0 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 2,630 | (175,848) | |
Additions/(Dispositions) | 0 | 0 | |
Other | 0 | (3,299) | |
Ending balance | 53,788 | 51,158 | |
Derivative financial instruments exchanged into common shares of the Company | $ 3,299 | ||
Derivative financial instruments | Preferred units | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Capital exchanged (in shares) | 4,675 | ||
Limited partners' interests in single-family rental business | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 1,696,872 | $ 947,452 | |
Cash flows | 457,925 | 452,039 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 145,497 | 297,381 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 0 | 0 | |
Ending balance | 2,300,294 | 1,696,872 | |
Lease obligations | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 33,644 | 30,792 | |
Cash flows | (5,848) | (3,070) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 11,884 | 4,619 | |
Other | 1,489 | 1,303 | |
Ending balance | 41,169 | 33,644 | |
Term loan | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 219,737 | 220,197 | |
Cash flows | 81,521 | (5,565) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | (1,326) | 5,105 | |
Other | (3,934) | 0 | |
Ending balance | 295,998 | 219,737 | |
Term loan | Single-family rental wholly-owned properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Gain (loss) on debt modification and extinguishment | $ 1,326 | 1,326 | 6,816 |
Amortization | 1,711 | ||
Securitization debt 2017-2 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 345,311 | 357,991 | |
Cash flows | (345,626) | (12,983) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 315 | 303 | |
Ending balance | 0 | 345,311 | |
Warehouse credit facility 2022 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 0 | ||
Cash flows | 153,272 | ||
Foreign exchange movement | 0 | ||
Fair value changes | 0 | ||
Additions/(Dispositions) | 0 | ||
Other | 4 | ||
Ending balance | 153,276 | 0 | |
Securitization debt 2018-1 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 302,359 | 310,995 | |
Cash flows | (19,973) | (8,779) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 144 | 143 | |
Ending balance | 282,530 | 302,359 | |
Securitization debt 2020-2 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 420,274 | 431,684 | |
Cash flows | (19,356) | (12,531) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,121 | 1,121 | |
Ending balance | 402,039 | 420,274 | |
Securitization debt 2023-2 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 0 | ||
Cash flows | 333,199 | ||
Foreign exchange movement | 0 | ||
Fair value changes | 0 | ||
Additions/(Dispositions) | 0 | ||
Other | 111 | ||
Ending balance | 333,310 | 0 | |
SFR JV-1 securitization debt 2019-1 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 328,196 | 327,424 | |
Cash flows | (971) | (501) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,273 | 1,273 | |
Ending balance | 328,498 | 328,196 | |
SFR JV-1 securitization debt 2020-1 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 546,713 | 544,964 | |
Cash flows | (441) | 0 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,749 | 1,749 | |
Ending balance | 548,021 | 546,713 | |
SFR JV-1 securitization debt 2021-1 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 674,919 | 673,653 | |
Cash flows | (33) | (978) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 2,281 | 2,244 | |
Ending balance | 677,167 | 674,919 | |
SFR JV-2 subscription facility | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 408,299 | 348,529 | |
Cash flows | (408,299) | 58,614 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 0 | 1,156 | |
Ending balance | 0 | 408,299 | |
SFR JV-2 warehouse credit facility | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 389,716 | 489,321 | |
Cash flows | (374,188) | (101,054) | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,927 | 1,449 | |
Ending balance | 17,455 | 389,716 | |
SFR JV-2 term loan | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 386,701 | 0 | |
Cash flows | 105,994 | 386,442 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,041 | 259 | |
Ending balance | 493,736 | 386,701 | |
SFR JV-2 securitization debt 2022-1 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 522,934 | 0 | |
Cash flows | (216) | 521,675 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,742 | 1,259 | |
Ending balance | 524,460 | 522,934 | |
SFR JV-2 securitization debt 2022-2 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 342,069 | 0 | |
Cash flows | (314) | 341,584 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 1,033 | 485 | |
Ending balance | 342,788 | 342,069 | |
SFR JV-2 securitization debt 2023-1 | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 0 | ||
Cash flows | 396,441 | ||
Foreign exchange movement | 0 | ||
Fair value changes | 0 | ||
Additions/(Dispositions) | 0 | ||
Other | 1,837 | ||
Ending balance | 398,278 | 0 | |
SFR JV-2 delayed draw term loan | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 193,126 | 0 | |
Cash flows | (136) | 193,034 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 266 | 92 | |
Ending balance | 193,256 | 193,126 | |
SFR JV-HD subscription facility | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 126,814 | 99,543 | |
Cash flows | (126,814) | 26,845 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 0 | 426 | |
Ending balance | 0 | 126,814 | |
SFR JV-HD warehouse credit facility | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 488,205 | 64,971 | |
Cash flows | (226,934) | 422,385 | |
Foreign exchange movement | 0 | 0 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 993 | 849 | |
Ending balance | 262,264 | 488,205 | |
Land loan | Canadian development properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 0 | 22,086 | |
Cash flows | (21,935) | ||
Foreign exchange movement | (151) | ||
Fair value changes | 0 | ||
Additions/(Dispositions) | 0 | ||
Other | 0 | ||
Ending balance | 0 | ||
JV-HD term loan A | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 0 | ||
Cash flows | 148,753 | ||
Foreign exchange movement | 0 | ||
Fair value changes | 0 | ||
Additions/(Dispositions) | 0 | ||
Other | 201 | ||
Ending balance | 148,954 | 0 | |
JV-HD term loan B | Single-family rental properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 0 | ||
Cash flows | 148,752 | ||
Foreign exchange movement | 0 | ||
Fair value changes | 0 | ||
Additions/(Dispositions) | 0 | ||
Other | 202 | ||
Ending balance | 148,954 | 0 | |
The Shops of Summerhill mortgage | Canadian development properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 15,973 | 12,113 | |
Cash flows | (219) | 4,026 | |
Foreign exchange movement | 373 | (176) | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 35 | 10 | |
Ending balance | 16,162 | 15,973 | |
Construction facility | Canadian development properties borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 5,032 | 0 | |
Cash flows | 23,152 | 5,015 | |
Foreign exchange movement | 593 | 17 | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 0 | 0 | |
Ending balance | 28,777 | 5,032 | |
Corporate office mortgages | Corporate borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | 12,717 | 13,962 | |
Cash flows | (356) | (390) | |
Foreign exchange movement | 263 | (855) | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 0 | 0 | |
Ending balance | 12,624 | 12,717 | |
Corporate credit facility | Corporate borrowings | |||
Reconciliation Of Changes In Financial Liabilities [Abstract] | |||
Beginning balance | (911) | 0 | |
Cash flows | 170,000 | (1,063) | |
Fair value changes | 0 | 0 | |
Additions/(Dispositions) | 0 | 0 | |
Other | 364 | 152 | |
Ending balance | $ 169,453 | $ (911) |
INDEMNIFICATION (Details)
INDEMNIFICATION (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Indemnification Agreements | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Amounts payable | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 09, 2024 | Jan. 19, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of shares owned (in share) | 272,637,823 | 272,840,692 | 272,176,046 | ||
Major business combination | Top of range | Blackstone | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Termination fee | $ 122,750 | ||||
Major business combination | Bottom of range | Blackstone | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Termination fee | 61,250 | ||||
Major business combination | Blackstone | Tricon Residential, Inc. | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Termination fee | $ 526,000 | ||||
Major business combination | Blackstone | Tricon Residential, Inc. | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Transaction price per share (in dollars per share) | $ 11.25 | ||||
Percentage of outstanding shares | 11% | ||||
Major business combination | Blackstone | Tricon Residential, Inc. | Common shares | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of shares owned (in share) | 28,123,624 | 6,815,242 | |||
Shares exchangeable (in shares) | 21,308,382 | 28,235,294 | |||
Major business combination | Blackstone | Tricon Residential, Inc. | Preferred units | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of shares owned (in share) | 60,000 | 240,000 | |||
Shares exchangeable (in shares) | 180,000 |