Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F/A |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
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 Common Stock, Shares Outstanding (in shares) | 273,464,780 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Amendment Description | This Amendment No. 1 (this “Amendment”) amends the Annual Report on Form 40-F of Tricon Residential Inc., which was filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 1, 2023 (the “Original Annual Report”). This Amendment is being filed solely in order to file (i) an amended Exhibit 99.2, Management’s Discussion and Analysis for the year ended December 31, 2022, and (ii) an amended Exhibit 99.3, Consolidated Financial Statements for the years ended December 31, 2022 and 2021. In addition, pursuant to the rules of the Commission, this Amendment also contains (i) new certifications required by required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (ii) new certifications required by 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and (iii) a new consent from the Company’s auditor, PricewaterhouseCoopers LLP.Other than as expressly set forth herein, this Amendment does not, and does not purport to, amend, update, or restate the information in any item of the Original Annual Report or reflect any events occurring after the filing of the Original Annual Report. Accordingly, this Amendment should be read in conjunction with the Original Annual Report. |
Entity Central Index Key | 0001584425 |
Amendment Flag | true |
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, 2022 | |
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, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Restricted cash | $ 117,300 | $ 123,329 |
Goodwill | 29,726 | 29,726 |
Deferred income tax assets | 75,062 | 96,945 |
Intangible assets | 7,093 | 9,324 |
Other assets | 96,852 | 84,749 |
Derivative financial instruments | 10,358 | 363 |
Total non-current assets | 12,184,139 | 8,897,195 |
Current assets | ||
Cash | 204,303 | 176,894 |
Amounts receivable | 24,984 | 41,582 |
Prepaid expenses and deposits | 37,520 | 32,946 |
Total current assets | 266,807 | 251,422 |
Total assets | 12,450,946 | 9,148,617 |
Non-current liabilities | ||
Long-term debt | 4,971,049 | 3,662,628 |
Due to Affiliate | 256,824 | 256,362 |
Derivative financial instruments | 51,158 | 230,305 |
Deferred income tax liabilities | 591,713 | 461,689 |
Limited partners' interests in single-family rental business | 1,696,872 | 947,452 |
Long-term incentive plan | 25,244 | 21,431 |
Performance fees liability | 39,893 | 48,358 |
Other liabilities | 30,035 | 28,958 |
Total non-current liabilities | 7,662,788 | 5,657,183 |
Current liabilities | ||
Amounts payable and accrued liabilities | 138,273 | 102,954 |
Resident security deposits | 79,864 | 56,785 |
Dividends payable | 15,861 | 15,821 |
Current portion of long-term debt | 757,135 | 254,805 |
Total current liabilities | 991,133 | 430,365 |
Total liabilities | 8,653,921 | 6,087,548 |
Equity | ||
Share capital | 2,124,618 | 2,114,783 |
Contributed surplus | 21,354 | 22,790 |
Cumulative translation adjustment | 6,209 | 22,842 |
Retained earnings | 1,638,068 | 893,379 |
Total shareholders' equity | 3,790,249 | 3,053,794 |
Non-controlling interest | 6,776 | 7,275 |
Total equity | 3,797,025 | 3,061,069 |
Total liabilities and equity | 12,450,946 | 9,148,617 |
Rental properties | ||
Non-current assets | ||
Investment property | 11,445,659 | 7,978,396 |
Equity-accounted investments in multi-family rental properties | ||
Non-current assets | ||
Equity-accounted investments | 20,769 | 199,285 |
Equity-accounted investments in Canadian residential developments | ||
Non-current assets | ||
Equity-accounted investments | 106,538 | 98,675 |
Canadian development properties | ||
Non-current assets | ||
Investment property | 136,413 | 133,250 |
Investments in U.S. residential developments | ||
Non-current assets | ||
Equity-accounted investments | $ 138,369 | $ 143,153 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Profit or loss [abstract] | |||
Revenue from single-family rental properties | $ 645,585 | $ 445,915 | |
Direct operating expenses | (209,089) | (149,940) | |
Net operating income from single-family rental properties | 436,496 | 295,975 | |
Revenue from private funds and advisory services | 160,088 | 50,693 | |
Income from equity-accounted investments in multi-family rental properties | 1,550 | 2,255 | |
Income from equity-accounted investments in Canadian residential developments | 11,198 | 8,200 | |
Other income | 10,886 | 4,786 | |
Income from investments in U.S. residential developments | 16,897 | 31,726 | |
Compensation expense | (99,256) | (89,951) | |
Performance fees expense | (35,854) | (42,272) | |
General and administration expense | (58,991) | (41,420) | |
Loss on debt modification and extinguishment | (6,816) | (3,497) | |
Transaction costs | (18,537) | (13,260) | |
Interest expense | (213,932) | (147,680) | |
Fair value gain on rental properties | 858,987 | 990,575 | |
Fair value (loss) gain on Canadian development properties | (440) | 10,098 | |
Fair value gain (loss) on derivative financial instruments and other liabilities | 184,809 | (220,177) | |
Amortization and depreciation expense | (15,608) | (12,129) | |
Realized and unrealized foreign exchange gain (loss) | 498 | (2,934) | |
Net change in fair value of limited partners’ interests in single-family rental business | (297,381) | (185,921) | |
Total income (expense) | 338,010 | 288,399 | |
Income before income taxes from continuing operations | 934,594 | 635,067 | |
Income tax recovery - current | 33,959 | 43,427 | |
Income tax expense - deferred | (189,179) | (219,137) | |
Net income from continuing operations | 779,374 | 459,357 | |
Income (loss) before income taxes from discontinued operations | 37,738 | (4,146) | |
Income tax expense - current | (43,114) | (46,502) | |
Income tax recovery - deferred | 40,482 | 40,818 | |
Net income (loss) from discontinued operations | 35,106 | (9,830) | |
Net income | 814,480 | 449,527 | |
Attributable to: | |||
Shareholders of Tricon | 808,941 | 445,255 | |
Non-controlling interest | 5,539 | 4,272 | |
Net income | 814,480 | 449,527 | |
Items that will be reclassified subsequently to net income | |||
Cumulative translation reserve | (16,633) | (553) | |
Comprehensive income for the year | 797,847 | 448,974 | |
Attributable to: | |||
Shareholders of Tricon | 792,308 | 444,702 | |
Non-controlling interest | 5,539 | 4,272 | |
Comprehensive income for the year | $ 797,847 | $ 448,974 | |
Basic earnings per share attributable to shareholders of Tricon | |||
Continuing operations (in dollars per share) | $ 2.82 | $ 2.07 | |
Discontinued operations (in dollars per share) | 0.13 | (0.04) | |
Basic (loss) earnings per share (in dollars per share) | 2.95 | 2.03 | |
Diluted earnings per share attributable to shareholders of Tricon | |||
Continuing operations (in dollars per share) | 1.98 | 2.05 | |
Discontinued operations (in dollars per share) | 0.11 | (0.05) | |
Diluted (loss) earnings per share (in dollars per share) | $ 2.09 | $ 2 | |
Weighted average shares outstanding - basic (in shares) | 274,483,264 | 219,834,130 | |
Weighted average shares outstanding - diluted (in shares) | 311,100,493 | 222,118,737 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
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, 2020 | $ 1,743,238 | $ 1,735,096 | $ 1,192,963 | $ 19,738 | $ 23,395 | $ 499,000 | $ 8,142 | |
Net income | 449,527 | [1] | 445,255 | 445,255 | 4,272 | |||
Bought deal offering | 161,842 | 161,842 | 161,842 | |||||
Cumulative translation reserve | (553) | [1] | (553) | (553) | ||||
U.S initial public offering and private placement | 547,605 | 547,605 | 547,605 | |||||
Distributions to non-controlling interest | (5,139) | (5,139) | ||||||
Dividends/Dividend reinvestment plan | (45,202) | (45,202) | 5,674 | (50,876) | ||||
Debentures conversion | 206,798 | 206,798 | 206,798 | |||||
Stock-based compensation | 6,009 | 6,009 | 2,957 | 3,052 | ||||
Preferred units exchanged | 0 | |||||||
Shares reserved for restricted share awards | (3,056) | (3,056) | (3,056) | |||||
Equity at end 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 | ||||
Bought deal offering | 0 | |||||||
Cumulative translation reserve | (16,633) | (16,633) | (16,633) | |||||
U.S initial public offering and private placement | 0 | |||||||
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) | ||||
Debentures conversion | 0 | |||||||
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 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating activities | |||
Net income | $ 814,480 | $ 449,527 | [1] |
Net (income) loss from discontinued operations | (35,106) | 9,830 | [1] |
Adjustments for non-cash items | (473,961) | (301,679) | |
Cash paid for AIP, LTIP and performance fees, net of equity contribution | (78,828) | (24,996) | |
Advances made to investments | (26,255) | (36,795) | |
Distributions received from investments | 47,873 | 71,916 | |
Changes in non-cash working capital items | 18,567 | (48,874) | |
Net cash provided by operating activities from continuing operations | 266,770 | 118,929 | |
Net cash provided by operating activities from discontinued operations | 3,499 | (12) | |
Net cash provided by operating activities | 270,269 | 118,917 | |
Investing activities | |||
Acquisition of rental properties | (2,362,185) | (1,835,235) | |
Capital additions to rental properties | (326,460) | (196,572) | |
Disposition of rental properties | 80,369 | 34,528 | |
Disposition of Bryson MPC Holdings LLC | 11,041 | 0 | |
Additions to fixed assets and other non-current assets | (35,983) | (32,875) | |
Net cash used in investing activities from continuing operations | (2,633,218) | (2,030,154) | |
Net cash provided by investing activities from discontinued operations | 212,637 | 421,774 | |
Net cash used in investing activities | (2,420,581) | (1,608,380) | |
Financing activities | |||
Lease payments | (3,070) | (2,466) | |
(Repurchase) issuance of common shares | (5,353) | 700,274 | |
Proceeds from corporate borrowing | 300,000 | 239,212 | |
Repayments of corporate borrowing | (301,453) | (262,335) | |
Proceeds from rental and development properties borrowing | 3,967,704 | 2,228,218 | |
Repayments of rental and development properties borrowing | (2,172,410) | (1,523,625) | |
Dividends paid | (59,444) | (40,022) | |
Change in restricted cash | 6,029 | (25,295) | |
Contributions from limited partners | 489,387 | 479,142 | |
Distributions to limited partners | (37,348) | (73,916) | |
Distributions to non-controlling interests | (6,038) | (5,139) | |
Net cash provided by financing activities from continuing operations | 2,178,004 | 1,714,048 | |
Net cash used in financing activities from discontinued operations | 0 | (102,849) | |
Net cash provided by financing activities | 2,178,004 | 1,611,199 | |
Effect of foreign exchange rate difference on cash | (283) | 6 | |
Change in cash during the year | 27,409 | 121,742 | |
Cash - beginning of year | 176,894 | 55,152 | |
Cash - end of year | 204,303 | 176,894 | |
Supplementary information - Cash paid on | |||
Income taxes | 872 | 736 | |
Interest | $ 184,862 | $ 146,102 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
NATUE OF BUSINESS
NATUE OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
General Information about Financial Statements [Abstract] | |
NATUE OF BUSINESS | NATURE OF BUSINESS Tricon Residential Inc. (“Tricon” or the “Company”) is an owner and operator of a growing portfolio of approximately 36,000 single-family rental homes located primarily in the U.S. Sun Belt. The Company also invests in adjacent residential businesses which include multi-family rental properties in Canada and 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 third-party 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 and the Toronto Stock Exchange. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information and Statement of IFRS Compliance [Abstract] | |
BASIS OF PRESENTATION | 2. 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: (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. On October 18, 2022, the Company sold its remaining 20% equity interest in Tricon US Multi-Family REIT LLC. Accordingly, the Company reclassified the current- and prior-year results and cash flows of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations ("IFRS 5") (see Note 5). 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 residential developments The Shops of Controlled subsidiary Consolidation Canadian development properties Other income N/A The James (Scrivener Square) N/A 57 Spadina Investments in associate Equity method Equity-accounted investments in Canadian residential developments Income from equity-accounted investments in Canadian residential developments N/A WDL - Block 8 (Canary Landing) Joint venture Equity method N/A WDL - Block 20 (Canary Landing) Joint venture Equity method N/A WDL - Blocks 3/4/7 (Canary Landing) Joint venture Equity method N/A WDL - Block 10 (Canary Landing) Joint venture Equity method N/A 6~8 Gloucester (The Ivy) Joint venture Equity method N/A Queen & Ontario Joint venture Equity method N/A Symington 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 Private Funds and Advisory Private funds GP entities Controlled subsidiary Consolidation Consolidated Revenue from private funds and advisory 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). Changes to comparative figures Certain comparative figures have been adjusted to conform with the current period presentation, as shown in the table below. There was no impact on the net income and comprehensive income of the Company as a result of this change in presentation. (in thousands of U.S. dollars) As previously reported Reclassify resident recoveries (1) Reclassify income from discontinued operations (2) Reclassify tax expense - deferred to continuing operations (3) As adjusted For the year ended December 31, 2021 Revenue from single-family rental properties $ 441,743 $ 4,172 $ — — $ 445,915 Direct operating expenses (145,768) (4,172) — — (149,940) Income from equity-accounted investments in multi-family rental properties 75,333 — (73,078) — 2,255 Income (loss) before taxes from discontinued operations (77,224) — 73,078 — (4,146) Income tax expense - deferred (234,483) — — 15,346 (219,137) Income tax recovery - deferred 56,164 — — (15,346) 40,818 (1) Resident recoveries previously recorded as a reduction in direct operating expenses have been reclassified to revenue from single-family rental properties (Note 15). (2) In accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations , the Company reclassified the prior-period income from equity-accounted investments in U.S. multi-family rental properties as discontinued operations, separate from the Company's continuing operations (Note 5). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies, Changes In Accounting Policies And Errors [Abstract] | |
SUMMARY OF SIGNIFICANT 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 (5) Limited Partnership USA USA 10 % 50 % N/A N/A Arantine Hills Equity LP (5) Limited Partnership USA USA 7 % 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 subsequent to year-end. (5) Conroe CS Texas Equity LP and Arantine Hills Equity LP were recapitalized during the year and have no fixed dissolution date under their revised constating documents. 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. Business combination 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"). A business combination is defined as an acquisition of assets and liabilities that constitute a business that is an integrated set of activities consisting of inputs (such as assets), and processes that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders. The Company applies the acquisition method to account for business combinations in accordance with IFRS 3. The consideration transferred for the acquisition of the business is the fair value of the assets transferred net of the liabilities assumed, any non-controlling interest in the acquiree, as well as any goodwill or bargain purchase gain recognized and measured by the Company. These identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. All acquisition costs associated with a transaction identified as a business combination are expensed as incurred. Goodwill Goodwill arises on the acquisition (or deemed acquisition) of subsidiaries and represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of any non-controlling interest in the acquiree. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The Company identifies a cash- generating unit (“CGU”) as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. For example, a CGU can be an individual property or a group of properties. Goodwill acquired in business combinations is allocated to the CGUs that are expected to benefit from the synergies of that business combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The Company's goodwill impairment test is performed at the CGU level as it is the lowest level within the Company at which goodwill is monitored for internal management purposes. Any goodwill impairment is recognized immediately as an expense in the consolidated statements of comprehensive income in the period in which it arises and is not subsequently reversed. Rental properties The Company's rental properties consist of single-family rental homes held to earn rental income. At the time of the acquisition of a property, the Company applies judgment when determining if the acquisition is an asset acquisition or a business combination. The Company classifies its acquisitions as asset acquisitions when it acquires a single asset (or a group of similar assets) and it has not assumed any employees or acquired an operating platform. Where the Company has concluded that it has acquired an asset, the Company uses the asset purchase model whereby the initial cost of a rental 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. 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 and office equipment 2-7 years Property-related systems software 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 CGU level. 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. Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported on the consolidated balance sheets when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. As of December 31, 2022, the Company does not have any assets or liabilities that are subject to an offsetting agreement. 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 private funds and advisory 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 1-2% 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 recogn" id="sjs-B4">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant 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. All 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 Limited Partnership Canada Canada 33 % 33 % WDL 8 LP Limited Partnership Canada Canada 33 % 33 % WDL 20 LP Limited Partnership Canada Canada 33 % 33 % DKT B10 LP Limited Partnership Canada Canada 33 % 33 % 6-8 Gloucester LP (The Ivy) Limited Partnership Canada Canada 47 % 50 % Queen Ontario LP Limited Partnership Canada Canada 10 % 50 % Symington LP Limited Partnership Canada Canada 10 % 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 (5) Limited Partnership USA USA 10 % 50 % N/A N/A Arantine Hills Equity LP (5) Limited Partnership USA USA 7 % 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 subsequent to year-end. (5) Conroe CS Texas Equity LP and Arantine Hills Equity LP were recapitalized during the year and have no fixed dissolution date under their revised constating documents. 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. Business combination 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"). A business combination is defined as an acquisition of assets and liabilities that constitute a business that is an integrated set of activities consisting of inputs (such as assets), and processes that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders. The Company applies the acquisition method to account for business combinations in accordance with IFRS 3. The consideration transferred for the acquisition of the business is the fair value of the assets transferred net of the liabilities assumed, any non-controlling interest in the acquiree, as well as any goodwill or bargain purchase gain recognized and measured by the Company. These identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. All acquisition costs associated with a transaction identified as a business combination are expensed as incurred. Goodwill Goodwill arises on the acquisition (or deemed acquisition) of subsidiaries and represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of any non-controlling interest in the acquiree. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The Company identifies a cash- generating unit (“CGU”) as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. For example, a CGU can be an individual property or a group of properties. Goodwill acquired in business combinations is allocated to the CGUs that are expected to benefit from the synergies of that business combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The Company's goodwill impairment test is performed at the CGU level as it is the lowest level within the Company at which goodwill is monitored for internal management purposes. Any goodwill impairment is recognized immediately as an expense in the consolidated statements of comprehensive income in the period in which it arises and is not subsequently reversed. Rental properties The Company's rental properties consist of single-family rental homes held to earn rental income. At the time of the acquisition of a property, the Company applies judgment when determining if the acquisition is an asset acquisition or a business combination. The Company classifies its acquisitions as asset acquisitions when it acquires a single asset (or a group of similar assets) and it has not assumed any employees or acquired an operating platform. Where the Company has concluded that it has acquired an asset, the Company uses the asset purchase model whereby the initial cost of a rental 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. 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 and office equipment 2-7 years Property-related systems software 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 CGU level. 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. Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported on the consolidated balance sheets when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. As of December 31, 2022, the Company does not have any assets or liabilities that are subject to an offsetting agreement. 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 private funds and advisory 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 1-2% 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 recogn |
CRITITAL ACCOUNTING ESTIMATES A
CRITITAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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 Note 5 describes the sale of the Company's 20% equity interest in Tricon US Multi-Family REIT LLC and the classification of its operating results as a discontinued operation in accordance with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations ("IFRS 5"). With the sale of the Company's remaining equity interest in Tricon U.S. Multi-Family REIT LLC, the Company recognized performance fee income of $99,865. Whether this performance fee income should also be classified as income from discontinued operations is a significant judgment. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
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 thro ugh 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 accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations , the Company reclassified the current- and prior-period results and cash flows of Tricon US Multi-Family REIT LLC as discontinued operations separate from the Company's continuing operations. (in thousands of U.S. dollars) December 31, 2022 Total consideration $ 219,354 Net asset value on disposition (213,493) Transaction costs (6,717) Loss on sale $ (856) The Company reclassified the current- and 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) 2022 2021 Revenue $ 105,641 $ 119,391 Expenses (68,680) (93,036) Fair value gain on U.S. multi-family rental properties 156,009 339,029 Net and other comprehensive income 192,970 365,384 Tricon's share of net income at 20% 38,594 73,078 Loss on sale (856) — Loss before income taxes from discontinued operations previously recorded (1) — (77,224) Income tax expense - current (43,114) (46,502) Income tax recovery - deferred 40,482 40,818 Net (loss) income from discontinued operations $ 35,106 $ (9,830) (1) The loss before income taxes from discontinued operations is attributable to the initial syndication of 80% of Tricon US Multi-Family REIT LLC on March 31, 2021. The table below provides a summary of the Company's cash flows attributed to the discontinued operations. (in thousands of U.S. dollars) For the year ended December 31, 2022 December 31, 2021 Net cash provided by operating activities from discontinued operations $ 3,499 $ (12) Net cash provided by investing activities from discontinued operations 212,637 421,774 Net cash used in financing activities from discontinued operations (1) — (102,849) Change in cash during the year from discontinued operations $ 216,136 $ 318,913 |
RENTAL PROPERTIES
RENTAL PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 7,978,396 $ 6,321,918 Acquisitions (1) 2,362,185 1,835,235 Capital expenditures 326,460 198,602 Fair value adjustments (2) 858,987 990,575 Dispositions (3) (80,369) (1,367,934) Balance, end of year $ 11,445,659 $ 7,978,396 (1) The total purchase price includes $3,021 (2021 - $2,720) of capitalized transaction costs in relation to the acquisitions. (2) Fair value adjustments include realized fair value gains of $12,997 for the year ended December 31, 2022 (2021- $409) on the single-family rental properties. (3) Dispositions for the year ended December 31, 2021 reflect the deconsolidation of the $1,333,406 U.S. multi-family rental portfolio on March 31, 2021. 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 properties 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 growth during the quarter was 0.7%, net of capital expenditures (2021 - 5.2%). There were no homes valued using the BPO method during the quarter (2021 - 3,395 homes). This resulted in a fair value gain of $56,414 for the quarter ended December 31, 2022 (2021 - $261,676). HPI growth during the year was 17.4% (2021 - 21.4%). Adjusted HPI growth during the year was 12.3%, net of capital expenditures, compared to 19.8% in the prior year. There were 4,166 homes valued using the BPO method during the year (2021 - 3,674 homes), and the combined methodologies of adjusted HPI and BPO resulted in a fair value gain of $858,987 for the year ended December 31, 2022 (2021 - $990,575). Sensitivity The adjusted HPI change during the year was 12.3% (2021 - 19.8%). If the change in the adjusted HPI increased or decreased by 2.0%, the impact on the single-family rental property balance at December 31, 2022 would be $155,924 and ($155,924), respectively (2021 - $99,015 and ($99,015)). |
EQUITY-ACCOUNTED INVESTMENTS IN
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES | EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES As at December 31, 2021, the Company’s equity-accounted investments in multi-family rental properties included a joint venture arrangement that operated a portfolio of 23 multi-family rental properties in the U.S. Sun Belt markets. Following the Company's divestiture of its interest in the U.S. multi-family rental portfolio that occurred in October 2022, the Company's equity-accounted investments in multi-family rental properties as at December 31, 2022 consisted of an investment in associate ("592 Sherbourne LP", operating as "The Selby"), a 500-suite class A multi-family rental property in Toronto, 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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 199,285 $ 19,913 Initial recognition of equity-accounted investment in U.S. multi-family rental properties — 107,895 Advances — 453 Distributions (3,824) (4,428) Income from equity-accounted investments in multi-family rental properties (1) 40,144 75,333 Disposition of equity-accounted investment in U.S. multi-family rental properties (Note 5) (213,493) — Translation adjustment (1,343) 119 Balance, end of year $ 20,769 $ 199,285 (1) Of the $40,144 (2021 - $75,333) income from equity-accounted investments earned during the year, $38,594 (2021 - $73,078) was attributable to U.S. multi-family rental properties and reclassified to income from discontinued operations (Note 5). 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, 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 of 592 Sherbourne LP on January 1, 2020 and foreign exchange translation adjustments. December 31, 2021 (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 venture Tricon US Multi-Family REIT LLC U.S. Sun Belt 20 % 12,086 1,705,408 29,617 795,886 891,991 178,398 Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 3,042 $ 267,635 $ 2,411 $ 124,916 $ 143,350 $ 20,887 Total $ 15,128 $ 1,973,043 $ 32,028 $ 920,802 $ 1,035,341 $ 199,285 (1) Tricon's share of net assets of $199,285 is comprised of $199,909 as per the investees' financial statements less $624 of fair value differences arising from the initial recognition of 592 Sherbourne LP on January 1, 2020 and foreign exchange translation adjustments. 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 For the year ended December 31, 2021 (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 Joint venture Tricon US Multi-Family REIT LLC U.S. Sun Belt 20 % 91,201 (66,868) 341,059 365,392 73,078 Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 9,585 $ (8,442) $ 13,884 $ 15,027 $ 2,255 Total $ 100,786 $ (75,310) $ 354,943 $ 380,419 $ 75,333 |
EQUITY-ACCOUNTING INVESTMENTS I
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 98,675 $ 74,955 Advances 13,360 30,089 Distributions (10,212) (14,772) Income from equity-accounted investments in Canadian residential developments 11,198 8,200 Translation adjustment (1) (6,483) 203 Balance, end of year $ 106,538 $ 98,675 (1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a 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, 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 Toronto, ON 33 % $ 2,993 $ 141,357 $ 7,721 $ 84,646 $ 51,983 $ 17,335 WDL 8 LP Toronto, ON 33 % 7,318 241,907 21,105 188,473 39,647 13,222 WDL 20 LP Toronto, ON 33 % 722 43,082 186 34,295 9,323 3,114 DKT B10 LP (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 (4) Toronto, ON 10 % 5,167 121,336 806 — 125,697 12,912 Symington LP (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 December 31, 2021 (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 Toronto, ON 33 % $ 4,011 $ 117,115 $ 2,466 $ 63,372 $ 55,288 $ 18,437 WDL 8 LP Toronto, ON 33 % 7,150 176,171 13,732 141,191 28,398 9,473 WDL 20 LP Toronto, ON 33 % 760 47,401 853 40,660 6,648 2,223 DKT B10 LP (2) Toronto, ON 33 % 2,359 31,398 3,228 8,786 21,743 8,825 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 913 72,332 1,737 32,469 39,039 18,477 Labatt Village Holding LP (3) Toronto, ON 38 % 47 — 35 — 12 5 Queen Ontario LP (4) Toronto, ON 30 % 2,271 113,238 908 63,104 51,497 15,775 17,511 557,655 22,959 349,582 202,625 73,215 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % 907 154,984 6,014 65,787 84,090 25,460 907 154,984 6,014 65,787 84,090 25,460 Total $ 18,418 $ 712,639 $ 28,973 $ 415,369 $ 286,715 $ 98,675 (1) Tricon's share of net assets of $106,538 (December 31, 2021 - $98,675) is comprised of $104,364 (December 31, 2021 - $96,393) as per the investees' financial statements plus $2,174 (December 31, 2021 - $2,282) 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 November 12, 2021, Labatt Village Holding LP sold its 80% interest in the Labatt Village LP project partnership to the remaining joint venture partner. (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, 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 Toronto, ON 33 % $ — $ — $ 234 $ 234 $ 78 WDL 8 LP Toronto, ON 33 % 1 (161) 13,176 13,016 4,337 WDL 20 LP Toronto, ON 33 % — — — — — DKT B10 LP 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 Toronto, ON 10 % 114 (242) 1,676 1,548 155 Symington LP 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 For the year ended December 31, 2021 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains (losses) Net and other comprehensive income (loss) Tricon's share of net income Joint ventures WDL 3/4/7 LP Toronto, ON 33 % $ 5 $ (12) $ 3,129 $ 3,122 $ 1,040 WDL 8 LP Toronto, ON 33 % — (10) 3,112 3,102 1,034 WDL 20 LP Toronto, ON 33 % — — — — — DKT B10 LP Toronto, ON 33 % — — 6,389 6,389 2,130 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % — — 4,231 4,231 1,989 Labatt Village Holding LP Toronto, ON 38 % — (77) (5,245) (5,322) (1,997) Queen Ontario LP Toronto, ON 30 % 363 (163) — 200 60 368 (262) 11,616 11,722 4,256 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % — (28) 13,171 13,143 3,944 — (28) 13,171 13,143 3,944 Total $ 368 $ (290) $ 24,787 $ 24,865 $ 8,200 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, 2022. |
CANADIAN DEVELOPMENT PROPERTIES
CANADIAN DEVELOPMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 133,250 $ 110,018 Development expenditures 12,686 12,748 Fair value adjustments (440) 10,098 Translation adjustment (1) (9,083) 386 Balance, end of year $ 136,413 $ 133,250 (1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a foreign currency translation adjustment of $9,083. 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, 2022. 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, 2022. Key valuation assumptions for the Canadian development properties are set out below. December 31, 2022 December 31, 2021 Property under development Land value per square foot (1) $ 258 $ 260 Commercial income-producing property Discount rate 4.75 % 4.75 % Capitalization rate 4.50 % 4.25 % (1) Equivalent to C$350 per square foot (2021- C$330) 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 $4,851 or ($4,851), respectively (2021 - $4,654 and ($4,654), respectively). |
INVESTMENT IN U.S. RESIDENTIAL
INVESTMENT IN U.S. RESIDENTIAL DEVELOPMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 143,153 $ 164,842 Advances (1) 15,655 6,706 Distributions (37,336) (55,744) Derecognition of investment in U.S. residential developments — (4,377) Income from investments in U.S. residential developments (2) 16,897 31,726 Balance, end of year $ 138,369 $ 143,153 Internal debt instruments $ — $ 8,629 Equity 138,369 134,524 Total investments in U.S. residential developments $ 138,369 $ 143,153 (1) Advances to U.S. residential developments for the year ended December 31, 2022 includes $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 (2021 - nil). (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, 2022 (2021 - 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, 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)(3) 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 December 31, 2021 (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 % $ 702 $ 41,428 $ 151 $ — $ 41,979 $ 23,943 Tricon Housing Partners US II LP USA 8 % 9,951 45,806 7,525 — 48,232 13,301 Viridian Equity LP USA 18 % 4 117,622 4 — 117,622 21,108 McKinney Project Equity LLC USA 44 % — 109,987 — — 109,987 48,187 THPAS Holdings JV-1 LLC USA 11 % 13,871 109,432 834 — 122,469 13,617 Remaining investments (2) USA and Canada 7% - 20% 2,864 170,938 14,549 — 159,253 22,997 Total $ 27,392 $ 595,213 $ 23,063 $ — $ 599,542 $ 143,153 (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, including THPAS Development JV-2 LLC which was newly formed during the year. See Note 3 for a list of all U.S. residential development investments. (3) Tricon's investment in Tricon Housing Partners US II LP is individually immaterial as of December 31, 2022 and has been included in Remaining investments. 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)(3) 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 For the year ended December 31, 2021 (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 % $ 13,240 $ (243) $ (7,725) $ 5,272 $ 3,604 Tricon Housing Partners US II LP USA 8 % 1,968 (1,979) 12,161 12,150 740 Viridian Equity LP USA 18 % — — 40,722 40,722 7,455 McKinney Project Equity LLC USA 44 % — — 1,220 1,220 11,700 THPAS Holdings JV-1 LLC USA 11 % 844 (2,200) 686 (670) 652 Remaining investments (2) USA and Canada 7% - 20% 2,483 (2,326) 64,268 64,425 7,575 Total $ 18,535 $ (6,748) $ 111,332 $ 123,119 $ 31,726 (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. (3) Tricon's investment in Tricon Housing Partners US II LP is individually immaterial as of December 31, 2022 and has been included in Remaining 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, 2022. 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, 2022 December 31, 2021 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% 17.7% 8.0 - 20.0% 16.6% 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. 1 - 10 years 7.2 years 1 - 9 years 6.1 years ( 1) Generally, an increase in future cash flow will result in an increase in the fair value of debt instruments and fund equity investments. An increase in the discount rate will result in a decrease in the fair value of debt instruments and 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 $9,445 and a decrease of 2.5% in the discount rate results in an increase in fair value of $10,629 (December 31, 2021 - ($10,647) and $11,935, respectively). |
FAIR VALUE ESTIMATION
FAIR VALUE ESTIMATION | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 (in thousands of U.S. dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Rental properties (Note 6) $ — $ — $ 11,445,659 $ — $ — $ 7,978,396 Canadian development properties (Note 9) — — 136,413 — — 133,250 Investments in U.S. residential developments (Note 10) (1) — — 130,270 — — 143,153 Derivative financial instruments (Note 21) — 10,358 — — 363 — $ — $ 10,358 $ 11,712,342 $ — $ 363 $ 8,254,799 Liabilities Derivative financial instruments (Note 21) $ — $ 51,158 $ — $ — $ 230,305 $ — Limited partners' interests in single-family rental business — — 1,696,872 — — 947,452 $ — $ 51,158 $ 1,696,872 $ — $ 230,305 $ 947,452 (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, 2022. 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. |
ACCOUNTS PAYABLE AND ACCURED LI
ACCOUNTS PAYABLE AND ACCURED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND ACCURED LIABILITIES | AMOUNTS PAYABLE AND ACCRUED LIABILITIES Amounts payable and accrued liabilities consist of the following: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Trade payables and accrued liabilities $ 34,219 $ 43,488 Accrued property taxes 52,936 30,524 AIP liability (Note 31) 10,327 12,137 Income taxes payable 11,650 1,982 Interest payable 24,731 12,944 Deferred income 801 45 Current portion of lease obligations (Note 27) 3,609 1,834 Total amounts payable and accrued liabilities $ 138,273 $ 102,954 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 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, 2022 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 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES (in thousands of U.S. dollars) For the years ended December 31 2022 2021 (1) Income tax recovery - current $ 33,959 $ 43,427 Income tax expense - deferred (189,179) (219,137) Income tax expense from continuing operations $ (155,220) $ (175,710) Income tax expense from discontinued operations - current $ (43,114) $ (46,502) Income tax recovery from discontinued operations - deferred 40,482 40,818 Income tax expense from discontinued operations $ (2,632) $ (5,684) (1) Certain comparative figures have been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year period results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5. 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 2022 2021 (1) Income before income taxes from continuing operations $ 934,594 $ 635,067 Combined statutory federal and provincial income tax rate 26.50 % 26.50 % Expected income tax expense 247,667 168,293 Non-taxable gains on investments (1,739) (2,606) Non-taxable (gains) losses on derivative financial instruments (38,058) 51,590 Foreign tax rate differential (2) (52,151) (40,431) Other, including permanent differences (3) (499) (1,136) Income tax expense from continuing operations $ 155,220 $ 175,710 (1) Certain comparative figures have been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year period results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5. (2) 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%. (3) Other permanent differences are comprised of 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, 2022 December 31, 2021 Deferred income tax assets Deferred income tax assets to be recovered after more than 12 months $ 75,062 $ 96,945 Deferred income tax assets to be recovered within 12 months — — Total deferred income tax assets $ 75,062 $ 96,945 Deferred income tax liabilities Deferred income tax liabilities reversing after more than 12 months $ 591,713 $ 461,689 Deferred income tax liabilities reversing within 12 months — — Total deferred income tax liabilities $ 591,713 $ 461,689 Net deferred income tax liabilities $ 516,651 $ 364,744 The movement of the deferred income tax accounts was as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Change in net deferred income tax liabilities Net deferred income tax liabilities, beginning of year $ 364,744 $ 195,627 Charge to the statement of comprehensive income 148,697 178,319 Charge (credit) to equity 1,945 (9,173) Other 1,265 (29) Net deferred income tax liabilities, end of year $ 516,651 $ 364,744 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, 2021 $ 10,731 $ 8,658 $ 10,681 $ 12,912 $ 46,997 $ 6,966 $ 96,945 Reversal (10,731) (649) (1,590) (4,189) (3,071) (1,653) (21,883) At December 31, 2022 $ — $ 8,009 $ 9,091 $ 8,723 $ 43,926 $ 5,313 $ 75,062 (in thousands of U.S. dollars) Investments Rental properties Deferred placement fees Other Total Deferred income tax liabilities At December 31, 2021 $ — $ 461,062 $ — $ 627 $ 461,689 Addition / (Reversal) 1,505 128,658 488 (627) 130,024 At December 31, 2022 $ 1,505 $ 589,720 $ 488 $ — $ 591,713 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, 2022 | |
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 2022 2021 Base rent $ 520,196 $ 363,510 Other revenue (1)(2) 39,840 24,371 Non-lease component 85,549 58,034 Total revenue from single-family rental properties (2) $ 645,585 $ 445,915 (1) Other revenue includes revenue earned on ancillary services and amenities as well as lease administrative fees. (2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172, which were previously recorded as a reduction in direct operating expenses, have been reclassified to other revenue from single-family rental properties. |
REVENUE FROM PRIVATE FUNDS AND
REVENUE FROM PRIVATE FUNDS AND ADVISORTY SERVICES | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contracts with Customers [Abstract] | |
REVENUE FROM PRIVATE FUNDS AND ADVISORTY SERVICES | REVENUE FROM PRIVATE FUNDS AND ADVISORY SERVICESThe components of the Company’s 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 2022 2021 Asset management fees $ 12,431 $ 12,719 Performance fees (1) 110,330 8,909 Development fees 26,826 24,418 Property management fees 10,501 4,647 Total revenue from private funds and advisory services $ 160,088 $ 50,693 (1) The Company recognized performance fee income of $99,865 from the sale of Tricon's remaining equity interests in its U.S. multi-family rental portfolio (Note 5). |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Gain on sale - Bryson MPC Holdings LLC (1) $ 5,060 $ — The Shops of Summerhill commercial rental 2,212 1,327 Income from Bryson - pre-sale 2,753 3,459 Insurance recoveries 861 — Total other income $ 10,886 $ 4,786 (1) Following the Company's designation of Bryson MPC Holdings LLC ("Bryson") as assets held for sale as at June 30, 2022, the Company completed the sale of its 100% interest in Bryson to THPAS Development JV-2 LLC ("THPAS JV-2") on September 1, 2022. The Company recorded a gain of $5,060 from the sale, as described below, and no transaction costs were incurred by the Company as part of the sale. (in thousands of U.S. dollars) Bryson MPC Holdings LLC sale Assets held for sale $ 21,591 Liabilities held for sale (12,850) Net assets held for sale 8,741 Proceeds from sale (i) 13,801 Gain on sale $ 5,060 |
AMOUNTS RECEIVABLE
AMOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Rent receivables $ 3,581 $ 4,510 Trade receivables 2,975 4,818 Income tax recoverable 4,138 2,771 Other receivables (1) 14,290 29,483 Total amounts receivable $ 24,984 $ 41,582 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
DEBT | DEBT The following table presents a summary of the Company's outstanding debt as at December 31, 2022: December 31, 2022 (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) October 2023 SOFR+2.30% 0.50% SOFR 5.50% SOFR 4.21 % One year $ 220,499 $ 220,499 Securitization debt 2017-2 (3) January 2024 3.68% N/A N/A 3.68 % N/A 345,620 345,620 Warehouse credit facility 2022 (5) January 2024 SOFR+1.85% 0.15% SOFR 3.25% SOFR 3.72 % One year 50,000 — Securitization debt 2018-1 (3) May 2025 3.96% N/A N/A 3.96 % N/A 302,699 302,699 Securitization debt 2020-2 (3) 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 (3) March 2026 3.12% N/A N/A 3.12 % N/A 332,263 332,263 SFR JV-1 securitization debt 2020-1 (3) July 2026 2.43% N/A N/A 2.43 % N/A 552,882 552,882 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 1,568,101 1,568,101 SFR JV-2 subscription facility (6) July 2023 SOFR+2.00% 0.15% SOFR N/A 3.88 % One year 410,000 409,000 SFR JV-2 warehouse credit facility (7) July 2024 SOFR+1.99% 0.10% SOFR 3.25% SOFR 3.87 % One year 700,000 392,551 SFR JV-2 term loan (3),(8) 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 (3),(9) April 2027 4.32% N/A N/A 4.32 % N/A 530,387 530,387 SFR JV-2 securitization debt 2022-2 (3),(10) July 2028 5.47% N/A N/A 5.47 % N/A 347,772 347,772 SFR JV-2 delayed draw term loan (3),(11) 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 (12) May 2023 SOFR+2.00% 0.15% SOFR N/A 3.88 % One year 130,000 127,000 SFR JV-HD warehouse credit facility (13) 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 (14) October 2025 5.58% N/A N/A 5.58 % N/A 16,063 16,063 Construction facility (15) 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 (16),(17) 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 (2) $ 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 (1) The effective interest rate is determined using the ending consolidated debt balances as at December 31, 2022 and the average of the applicable reference rates for the year ended December 31, 2022. The effective interest rate using the average debt balances and the average of the applicable reference rates for the year ended December 31, 2022 is 3.49%. (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 27,100 single-family rental homes. (4) On August 24, 2022, the Company amended the terms of its existing term loan facility. The maturity date of the term loan was extended from October 24, 2022 to October 24, 2023, with the option to extend for another year, subject to lender approval. The reference rate was transitioned from London Inter-Bank Offered Rate (“LIBOR”) to SOFR and the interest rate cap increased from 2.50% LIBOR to 5.50% SOFR. The amendment resulted in a loss on debt modification of $6,816 recognized in the consolidated statements of comprehensive income. (5) On January 26, 2022, the Company entered into a new warehouse credit facility agreement with a commitment value of $50,000 and a one-year extension option. The Company has not drawn on this facility as at December 31, 2022. (6) On March 9, 2022, SFR JV-2 amended the subscription facility agreement to increase the commitment value to $500,000 and transition to SOFR as the reference rate. The maturity date and extension option of the facility remained unchanged. On December 20, 2022, the commitment value of this facility was amended to $410,000. (7) On March 8, 2022, SFR JV-2 amended the warehouse facility agreement to increase the commitment value to $700,000, transition to SOFR as the reference rate and lower the interest rate floor to 0.10% of SOFR. The maturity date and extension option of the facility remained unchanged. (8) On October 7, 2022, SFR JV-2 entered into a new term loan facility with a total commitment of $500,000, a term to maturity of three years and two one-year extension options, subject to lender approval. The loan carries a floating interest rate of one-month SOFR plus 2.10% (subject to a SOFR cap of 4.55%) and is secured initially by a pool of 1,962 single-family rental properties. The initial loan proceeds were primarily used to pay down existing short-term SFR JV-2 debt and to fund the acquisition of rental homes. (9) On April 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of six classes of fixed-rate pass-through certificates with a face amount of $530,387, a weighted average coupon of 4.32% (including servicing fees) and a term to maturity of five years, secured indirectly by a pool of 2,484 single-family rental homes. The transaction proceeds were used to refinance existing short-term SFR JV-2 debt and net proceeds of $29,900 were returned to SFR JV-2 to fund future acquisitions of rental properties. (10) On July 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of five classes of fixed-rate pass-through certificates with a face amount of $348,044, a weighted average fixed-rate coupon of 5.47% (including servicing fees) and a term to maturity of six years, secured indirectly by a pool of 1,684 single-family rental homes. The transaction proceeds were primarily used to pay down existing short-term SFR JV-2 debt. (11) On September 1, 2022, SFR JV-2 entered into a new delayed draw term loan facility with a total commitment value of $200,000, a term to maturity of five years and a fixed rate of 5.39%. The initial loan proceeds were used to refinance existing short-term SFR JV-2 debt and to fund acquisitions of rental properties. (12) On March 23, 2022, SFR JV-HD amended the subscription facility agreement to increase the commitment value to $150,000 and transition to Term Secured Overnight Financing Rate ("SOFR") as the reference rate. The maturity date and extension option of the facility remained unchanged. On December 20, 2022, the commitment value of this facility was amended to $130,000. (13) On October 3, 2022, SFR JV-HD amended its warehouse facility agreement to increase the maximum loan commitment to $490,000 and transition to SOFR as the reference rate. The maturity date and extension option of the facility remained unchanged. (14) On October 27, 2022, the Company refinanced The Shops of Summerhill mortgage by entering into a new facility with a total commitment of $16,000 (C$21,800) and a term to maturity of three years. The loan carries a fixed interest rate of 5.58% and is secured by The Shops of Summerhill. The Company used the loan proceeds to pay off the existing facility and repatriated $5,100 (C$6,800) of excess proceeds. (15) The construction facility is secured by the land under development at The James (Scrivener Square). During the year ended December 31, 2022, the Company made the first draw on the facility and amended the maturity date to June 30, 2026. The extension option of the facility remained unchanged. (16) 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. On August 22, 2022, the Company amended the corporate credit facility agreement to extend the maturity date to June 30, 2025 and transition to SOFR as the reference rate. 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, 2022, the letters of credit outstanding totaled $4,932 (C$6,680). (17) On December 9, 2022 , the Company amended the corporate credit facility agreement to incorporate ESG targets and convert it to a Sustainability-linked Loan. The applicable margin on the facility is subject to a sustainability pricing adjustment, which can increase or decrease by up to 5 bps per annum, depending on the Company's performance on the sustainability performance benchmarks. December 31, 2021 (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 2022 LIBOR+2.00% 0.50% LIBOR 2.50% LIBOR 2.50 % N/A $ 220,197 $ 220,197 Securitization debt 2017-2 January 2024 3.67% N/A N/A 3.67 % N/A 358,602 358,602 Securitization debt 2018-1 May 2025 3.96% N/A N/A 3.96 % N/A 311,479 311,479 Securitization debt 2020-2 November 2027 1.94% N/A N/A 1.94 % N/A 438,251 438,251 Single-family rental wholly-owned properties borrowings 1,328,529 1,328,529 SFR JV-1 securitization debt 2019-1 March 2026 3.12% N/A N/A 3.12 % N/A 332,764 332,764 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 683,567 683,567 Single-family rental JV-1 properties borrowings 1,569,213 1,569,213 SFR JV-2 subscription facility July 2023 LIBOR+1.90% 0.15% LIBOR N/A 2.05 % one year 400,000 350,000 SFR JV-2 warehouse credit facility July 2024 LIBOR+1.90% 0.15% LIBOR 3.25% LIBOR 2.05 % one year 600,000 492,103 Single-family rental JV-2 properties borrowings 1,000,000 842,103 SFR JV-HD subscription facility May 2023 LIBOR+1.90% 0.15% LIBOR N/A 2.05 % one year 100,000 100,000 SFR JV-HD warehouse credit facility May 2024 LIBOR+1.90% 0.15% LIBOR 2.60% LIBOR 2.05 % one year 375,000 66,637 Single-family rental JV-HD properties borrowings 475,000 166,637 Single-family rental properties borrowings 2.60 % 4,372,742 3,906,482 Land loan July 2022 Prime+1.25% 3.70% N/A 3.82 % N/A 22,086 22,086 The Shops of Summerhill mortgage September 2022 3.67% N/A N/A 3.67 % N/A 12,121 12,121 Construction facility TBD Prime+1.25% N/A N/A TBD one year 181,424 — Canadian development properties borrowings 3.77 % 215,631 34,207 Corporate credit facility June 2024 LIBOR+2.75% N/A N/A 3.34 % N/A 500,000 — Corporate office mortgages November 2024 4.25% N/A N/A 4.30 % N/A 13,962 13,962 Corporate borrowings 4.30 % 513,962 13,962 $ 3,954,651 Transaction costs (net of amortization) (36,123) Debt discount (net of amortization) (1,095) Total debt 2.62 % $ 5,102,335 $ 3,917,433 Current portion of long-term debt $ 254,805 Long-term debt $ 3,662,628 Fixed-rate debt - principal value 2.83 % $ 2,703,628 Floating-rate debt - principal value 2.16 % $ 1,251,023 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 2023 $ 756,499 $ 221 $ 415 $ 757,135 2024 345,620 228 12,302 358,150 2025 1,575,641 15,614 — 1,591,255 2026 1,568,101 5,032 — 1,573,133 2027 956,107 — — 956,107 2028 and thereafter 542,457 — — 542,457 5,744,425 21,095 12,717 5,778,237 Transaction costs (net of amortization) (49,404) Debt discount (net of amortization) (649) Total debt $ 5,728,184 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, 2022. December 31, 2022 (in thousands of U.S. dollars) Fair value Carrying value Securitization debt 2017-2 $ 339,599 $ 345,311 Securitization debt 2018-1 292,342 302,359 Securitization debt 2020-2 363,805 420,274 SFR JV-1 securitization debt 2019-1 309,765 328,196 SFR JV-1 securitization debt 2020-1 501,454 546,713 SFR JV-1 securitization debt 2021-1 599,326 674,919 SFR JV-2 securitization debt 2022-1 491,334 522,934 SFR JV-2 securitization debt 2022-2 338,427 342,069 SFR JV-2 delayed draw term loan 185,965 193,126 The Shops of Summerhill mortgage 15,944 15,973 Corporate office mortgages 12,240 12,717 Total $ 3,450,201 $ 3,704,591 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, 2022 | |
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 “Transaction”). The 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 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 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, 2022, 4,675 preferred units were exchanged for 554,832 common shares of the Company at $8.50 per share. The exchange reduced the Affiliate's preferred unit liability and the Company's associated promissory note owed to the Affiliate by $4,675. As at December 31, 2022, the Affiliate has a preferred unit liability of $295,325 (2021 - $300,000) and a promissory note receivable from Tricon of $295,325 (2021 - $300,000). Promissory note – between Tricon entities In connection with the Transaction, the Company borrowed the subscription proceeds of $300,000 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, 2022, the Company recorded interest expense of $22,159 (2021 - $21,965), including accretion expense of $5,137 (2021 - $4,715) with respect to the amortization of transaction costs and the discount. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Principal amount outstanding $ 295,325 $ 300,000 Less: Discount and transaction costs (net of amortization) (38,501) (43,638) Due to Affiliate $ 256,824 $ 256,362 The fair value of the Promissory Note was $225,314 as of December 31, 2022 (2021 - $283,150). 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, 2022, the LLC has a preferred unit liability of $295,325 (2021 - $300,000) and a Promissory Note receivable of $295,325 (2021 - $300,000). During the year ended December 31, 2022, the Affiliate earned interest income of $17,022 (2021 - $17,250) from the Company and recognized dividends declared of $17,022 (2021 - $17,250). 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, 2022 (2021 - 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. In connection with the Investment Vehicles, the Company has unfunded capital commitments of $470,145 as at December 31, 2022. 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 2022 2021 Revenue from private funds and advisory services $ 160,088 $ 50,693 Income from equity-accounted investments in multi-family rental properties 1,550 2,255 Income from equity-accounted investments in Canadian residential developments 11,198 8,200 Income from investments in U.S. residential developments 16,897 31,726 Performance fees expense (35,854) (42,272) Gain on sale of Bryson MPC Holdings LLC 5,060 — Net income recognized from related parties $ 158,939 $ 50,602 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, 2022 December 31, 2021 Receivables from related parties included in amounts receivable Contractual fees and other receivables from investments managed $ 14,976 $ 11,906 Employee relocation housing loan (1) 1,477 1,578 Loan receivables from portfolio investments — 8,629 Annual incentive plan (2) 26,111 25,469 Long-term incentive plan (2) 30,929 29,345 Performance fees liability 39,893 48,358 Dividends payable 497 472 Other payables to related parties included in amounts payable and accrued liabilities 166 200 (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 deemed to be key management personnel of the Company. The receivables are unsecured and non-interest bearing. There are no provisions recorded against receivables from related parties at December 31, 2022 (December 31, 2021 - 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 2022 2021 Total salaries and benefits $ 2,499 $ 2,558 Total AIP 12,996 13,945 Total LTIP 8,399 3,882 Total performance fees expense 24,374 26,487 Total key management compensation $ 48,268 $ 46,872 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The Promissory Note contains the Mandatory Prepayment that is intermingled with other options pursuant to the Transaction, as exercising the Mandatory Prepayment effectively terminates the other options. Although the Exchange Right and Redemption Right 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, 2022 December 31, 2021 Risk-free rate (1) 4.46 % 1.25 % Implied volatility (2) 36.53 % 25.32 % Dividend yield (3) 3.01 % 1.52 % (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 and the volatility of USD/CAD exchange rates. (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: Conversion/redemption options (1) Exchange/prepayment options Interest rate caps Total (in thousands of U.S. dollars) 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 (2) $ — $ (51,158) $ 10,358 $ (40,800) For the year ended December 31, 2021 Derivative financial assets (liabilities), beginning of year $ 841 $ (45,494) $ — $ (44,653) Derivative financial instruments converted into common shares of the Company 34,398 — — 34,398 Addition of interest rate caps — — 490 490 Fair value loss (35,239) (184,811) (127) (220,177) Derivative financial instruments - end of year $ — $ (230,305) $ 363 $ (229,942) (1) The conversion/redemption options represented features of the Company's convertible debentures which were redeemed in full on September 9, 2021. (2) As at December 31, 2022, the interest rate caps are presented as an asset of $10,358 and the exchange and prepayment features related to Due to Affiliate are presented as a liability of $51,158. For the year ended December 31, 2022, there was a fair value gain on the Due to Affiliate of $175,848 (2021 - fair value loss of $184,811). The fair value gain on the derivatives was primarily driven by a decrease in Tricon's share price, on a USD-converted basis, which served to decrease 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, 2022 | |
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 2022 2021 Term loan (1) $ 6,729 $ 7,638 Securitization debt 2017-2 13,080 13,338 Warehouse credit facility 2022 226 — Securitization debt 2018-1 12,252 12,428 Securitization debt 2020-2 8,478 8,589 Securitization debt 2017-1 (2) — 13,807 Warehouse credit facility (2) — 525 Term loan 2 (2) — 1,191 SFR JV-1 securitization debt 2019-1 10,439 10,377 SFR JV-1 securitization debt 2020-1 13,540 13,465 SFR JV-1 securitization debt 2021-1 17,659 2,548 SFR JV-1 subscription facility (2) — 1,112 SFR JV-1 warehouse credit facility (2) — 10,553 SFR JV-2 subscription facility 15,517 2,569 SFR JV-2 warehouse credit facility 20,221 2,179 SFR JV-2 term loan 4,929 — SFR JV-2 securitization debt 2022-1 16,868 — SFR JV-2 securitization debt 2022-2 9,284 — SFR JV-2 delayed draw term loan 3,431 — SFR JV-HD subscription facility 4,498 884 SFR JV-HD warehouse credit facility 13,165 1,009 Single-family rental interest expense 170,316 102,212 The Shops of Summerhill mortgage 531 457 Canadian development properties interest expense (3) 531 457 Corporate office mortgages 460 468 Corporate credit facility 6,319 3,990 Corporate interest expense 6,779 4,458 Amortization of financing costs 13,367 9,283 Amortization of debt discounts 4,749 6,320 Debentures interest (4) — 6,732 Interest on Due to Affiliate 17,022 17,250 Interest on lease obligation 1,168 968 Total interest expense $ 213,932 $ 147,680 (1) For the year ended December 31, 2022, interest expense on the term loan includes $1,711 of non-cash impact related to the modification described in Note 19. (2) These facilities were fully repaid in 2021. (3) Canadian development properties capitalized $445 of interest for the year ended December 31, 2022 (2021 - $1,567). (4) The outstanding balance of the convertible debentures was redeemed in full on September 9, 2021 and $3,497 was recognized as a loss on debt extinguishment for the year ended December 31, 2021. |
DIRECT OPERATING EXPENSES
DIRECT OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Property taxes $ 100,122 $ 66,493 Repairs and maintenance 29,006 22,252 Turnover (1) 7,829 9,926 Property management expenses 41,404 29,247 Property insurance 7,544 6,081 Marketing and leasing 2,554 1,747 Homeowners' association (HOA) costs 9,933 6,169 Other direct expense (2) 10,697 8,025 Direct operating expenses (1) $ 209,089 $ 149,940 (1) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172 previously recorded as a reduction in turnover expenses have been reclassified to revenue from single-family rental properties. This presentation alignment did not result in any changes to the net operating income. (2) Other direct expense includes property utilities and other property operating costs. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The intangible assets are as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Placement fees $ 2,189 $ 2,814 Customer relationship intangible 2,187 2,701 Contractual development fees 2,717 3,809 Intangible assets $ 7,093 $ 9,324 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 2 to 13 years. Amortization expense for the year ended December 31, 2022 was $2,231 (2021 - $3,039). (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 (in thousands of U.S. dollars) For the year ended December 31, 2021 Opening Additions Amortization expense Translation adjustment Ending Placement fees $ 3,764 $ — $ (950) $ — $ 2,814 Customer relationship intangible 3,215 — (514) — 2,701 Contractual development fees 5,384 — (1,575) — 3,809 Intangible assets $ 12,363 $ — $ (3,039) $ — $ 9,324 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
OTHER ASSETS | OTHER ASSETS The other assets are as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Building $ 32,912 $ 31,710 Furniture, computer and office equipment 20,527 14,646 Right-of-use assets 28,750 28,269 Leasehold improvements 10,156 8,249 Property-related systems software 1,101 1,230 Vehicles and other 3,406 645 Other assets $ 96,852 $ 84,749 (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 14,646 13,215 (6,779) (555) 20,527 Right-of-use assets (2)(3) 28,269 4,944 (4,463) — 28,750 Leasehold improvements 8,249 3,090 (1,183) — 10,156 Property-related systems software 1,230 — (129) — 1,101 Vehicles and other 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) On December 20, 2022, the Company enter ed into an amendment to lease an additional 16,636 square feet of office space at the existing office location in Tustin, California. The commencement date is the later of July 1, 2023, or 240 days after the landlord's completion of base building work to the expansion premises. The Company will recognize the right-of-use asset and the corresponding lease obligation on commencement of the lease term. (in thousands of U.S. dollars) For the year ended December 31, 2021 Opening Additions Depreciation expense Translation adjustment Ending Building $ 30,602 $ 1,527 $ (541) $ 122 $ 31,710 Furniture, computer and office equipment 8,015 10,579 (3,933) (15) 14,646 Right-of-use assets (1) 6,018 25,836 (3,585) — 28,269 Leasehold improvements (2) 1,251 7,821 (823) — 8,249 Property-related systems software 1,478 (119) (129) — 1,230 Vehicles 626 104 (85) — 645 Other assets $ 47,990 $ 45,748 $ (9,096) $ 107 $ 84,749 (1) Right-of-use assets include leased space in office buildings with a carrying value of $23,643 and maintenance vehicles with a carrying value of $4,488. The remaining balance of right-of use assets relates to office equipment. (2) On May 1, 2021, the Company entered into an agreement to lease office space in Tustin, California for its own use as its property management headquarters. The lease agreement covers the entire office portion of the property (approximately 78,000 square feet) and has an initial term of 11.5 years with two five-year renewal options. The right-of-use asset and the corresponding lease obligation were initially recognized at $21,638 on May 1, 2021 (Note 27). The right-of-use asset and leasehold improvements are amortized over the life of the lease agreement of 11.5 years. |
LIMITED PARTNERS' INTEREST IN S
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
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 67% 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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Balance, beginning of year $ 947,452 $ 356,305 Contributions 489,387 479,142 Distributions (37,348) (73,916) Net change in fair value of limited partners’ interests in single-family rental business 297,381 185,921 Balance, end of year $ 1,696,872 $ 947,452 The net change in fair value of limited partners' interests in single-family rental business of $297,381 for the year ended December 31, 2022 (2021 - $185,921) 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, 2022 would be $92,956 and ($92,956), respectively (December 31, 2021 - $51,475 and ($51,475)). |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES The Company has multiple office leases, maintenance vehicle leases and office equipment leases. Tricon has 16 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, 2022 December 31, 2021 Balance, beginning of year $ 30,792 $ 6,403 Addition of lease obligation (1) 4,619 25,887 Interest expense 1,303 968 Cash payments (3,070) (2,466) Balance, end of year $ 33,644 $ 30,792 Current portion of lease obligations (Note 12) $ 3,609 $ 1,834 Non-current portion of lease obligations $ 30,035 $ 28,958 (1) The additions included $2,681 from new office leases, which commenced during the year ended December 31, 2022 (2021 - $21,638). As at December 31, 2022, the carrying value of the Company's lease obligations was $33,644 (December 31, 2021 - $30,792) and the carrying value of the right-of-use assets was $28,750 (December 31, 2021 - $28,269). During the year ended December 31, 2022, the Company incurred depreciation expense of $4,463 (2021 - $3,585) 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) 2023 5,267 2024 5,363 2025 5,037 2026 4,707 2027 3,939 2028 and thereafter 15,534 Minimum lease payments obligation 39,847 Imputed interest included in minimum lease payments (6,203) Lease obligations $ 33,644 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, 2022 | |
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 per share (1) Total dividend amount (1) Dividend reinvestment plan ("DRIP") (2) 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 March 2, 2021 March 31, 2021 April 15, 2021 193,856,464 $ 0.056 $ 10,792 $ 1,483 May 11, 2021 June 30, 2021 July 15, 2021 209,618,719 0.056 11,839 1,623 August 10, 2021 September 30, 2021 October 15, 2021 226,122,875 0.055 12,424 1,161 November 8, 2021 December 31, 2021 January 17, 2022 272,773,225 0.058 15,821 1,572 $ 50,876 $ 5,839 (1) Dividends are issued and paid in U.S. dollars. Prior to November 8, 2021, dividends noted above were declared and paid in Canadian dollars in the amount of C$0.07; for reporting purposes, amounts recorded in equity were translated to U.S. dollars using the daily exchange rate on the applicable dividend record date. (2) Prior to November 8, 2021, dividends reinvested were translated to U.S. dollars using the daily exchange rate on the date common shares were issued. 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, 2022, 323,048 common shares were issued under the DRIP (2021 - 531,667) for a total amount of $3,995 (2021 - $5,674). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, there were 273,464,780 common shares issued by the Company (December 31, 2021 - 272,773,225), of which 272,840,692 were outstanding (December 31, 2021 - 272,176,046) and 624,088 were reserved to settle restricted share awards in accordance with the Company's Restricted Share Plan (December 31, 2021 - 597,179) (Note 31). December 31, 2022 December 31, 2021 (in thousands of U.S. dollars) Number of shares issued (repurchased) Share capital Number of shares issued (repurchased) Share capital Beginning balance 272,176,046 $ 2,114,783 193,175,802 $ 1,192,963 Bought deal offering (1) — — 15,480,725 161,842 Debentures conversion (2) — — 16,449,980 206,798 U.S. initial public offering and private placement (3) — — 46,248,746 547,605 Normal course issuer bid (NCIB) (4) (677,666) (4,580) — — Shares issued under DRIP (5) 323,048 3,995 531,667 5,674 Stock-based compensation exercised (6) 491,341 2,655 517,192 2,957 Preferred units exchanged (Note 20) 554,832 8,015 — — Shares repurchased and reserved for restricted share awards (7) (26,909) (250) (228,066) (3,056) Ending balance 272,840,692 $ 2,124,618 272,176,046 $ 2,114,783 (1) On June 8, 2021, the Company completed the offering, on a bought deal basis, of 15,480,725 common shares at a price of $10.77 (C$13.00) per common share of the Company for gross proceeds of $166,694. Net proceeds from the offering were $161,842, which reflects $6,573 of equity issuance costs incurred partially offset by $1,721 of deferred tax recoveries. (2) On July 30, 2021, the Company announced its intention to redeem its outstanding 2022 convertible debentures on September 9, 2021. For the year ended December 31, 2021, the Company issued 16,449,980 common shares in connection with the conversion or redemption of a corresponding $172,400 principal amount of the 2022 convertible debentures. In total, the common shares were valued at $206,798 or an average price of $12.57 per share. Accordingly, the difference of $34,398 was deducted from the fair value of the embedded derivative. (3) On October 12, 2021, the Company closed its previously-announced initial public offering of common shares in the United States and concurrent public offering in Canada (the “Offering”). Concurrent with the Offering, the Company issued common shares on a private placement basis pursuant to the exercise of pre-existing investor participation rights (the “Private Placement”). A total of 46,248,746 common shares were issued, including 41,400,000 pursuant to the Offering (including a full exercise of the underwriters’ over-allotment option) at a price of $12.40 per share (the “Offering Price”) and 4,848,746 common shares pursuant to the Private Placement at a price of approximately $11.75 per share (the Offering Price net of underwriting discounts), for aggregate gross proceeds to the Company of $570,328. Net proceeds from the offering were $547,605, which reflects $29,518 of underwriters' fees and $657 of other equity issuance costs incurred partially offset by $7,452 of deferred tax recoveries. In addition, the Company expensed $1,085 of transaction costs incurred in connection with the Offering (4) 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. As at December 31, 2022, the Company had repurchased 338,100 of its common shares on the TSX and 339,566 shares on the NYSE under the NCIB for $5,353, which reduced share capital and retained earnings by $4,580 and $773, respectively. Common shares that were purchased under the NCIB were cancelled by the Company. Subsequent to the year-end, the Company repurchased an additional 436,367 common shares on the TSX and 435,013 common shares on the NYSE under the NCIB program for $7,322. (5) In 2022, 323,048 common shares were issued under the DRIP at an average price of $12.37 per share. (6) In 2022, 491,341 common shares were issued upon the exercise of 669,059 vested deferred share units ("DSUs") and 8,334 vested stock options. (7) In 2022, 26,909 common shares were reserved at $9.29 per share in order to settle restricted share awards granted to employees in 2022 and DRIP with respect to restricted share awards granted in prior years. The restricted shares granted in 2022 will vest in eight years from the grant date. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Net income from continuing operations $ 779,374 $ 459,357 Non-controlling interest 5,539 4,272 Net income attributable to shareholders of Tricon from continuing operations 773,835 455,085 Net income (loss) attributable to shareholders of Tricon from discontinued operations 35,106 (9,830) Net income attributable to shareholders of Tricon $ 808,941 $ 445,255 Weighted average number of common shares outstanding 272,972,697 218,087,838 Adjustments for vested units 1,510,567 1,746,292 Weighted average number of common shares outstanding for basic earnings per share 274,483,264 219,834,130 Basic earnings per share Continuing operations $ 2.82 $ 2.07 Discontinued operations 0.13 (0.04) Basic earnings per share $ 2.95 $ 2.03 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 year ended December 31, 2021, the Company also had convertible debentures outstanding which were potentially dilutive. 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 convertible debentures and exchangeable preferred units, the number of dilutive shares is based on the number of common shares into which the elected amount would then be convertible or 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, the conversion of debentures and the exchange of preferred units. (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) For the years ended December 31 2022 2021 Net income attributable to shareholders of Tricon from continuing operations $ 773,835 $ 455,085 Adjustment for preferred units interest expense - net of tax 18,410 — Fair value gain on derivative financial instruments and other liabilities (175,848) — Adjusted net income attributable to shareholders of Tricon from continuing operations 616,397 455,085 Net income (loss) attributable to shareholders of Tricon from discontinued operations 35,106 (9,830) Adjusted net income attributable to shareholders of Tricon $ 651,503 $ 445,255 Weighted average number of common shares outstanding 274,483,264 219,834,130 Adjustments for stock compensation 1,790,235 2,284,607 Adjustments for preferred units 34,826,994 — Weighted average number of common shares outstanding for diluted earnings per share 311,100,493 222,118,737 Diluted earnings per share Continuing operations $ 1.98 $ 2.05 Discontinued operations 0.11 (0.05) Diluted earnings per share $ 2.09 $ 2.00 |
COMPENSATION EXPENSE
COMPENSATION EXPENSE | 12 Months Ended |
Dec. 31, 2022 | |
Share-based and Other Payment Arrangements [Abstract] | |
COMPENSATION EXPENSE | COMPENSATION EXPENSE The following table presents the inputs used to value the stock options granted in 2022: For the years ended December 31 2022 2021 TSX NYSE TSX NYSE Risk-free interest rate (%) 2.86 3.58 1.26 1.26 Expected option life (years) 5.16 5.15 5.03 5.03 Expected volatility (%) 27.70 27.70 25.74 25.74 The following table summarizes the stock options outstanding as at December 31, 2022: December 31, 2022 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 550,000 550,000 $ 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 199,380 132,919 11.50 — December 15, 2021 December 15, 2028 25,890 8,630 18.85 — December 15, 2021 December 15, 2028 31,764 10,588 — 14.67 December 15, 2022 December 15, 2029 1,466,541 — 10.81 — December 15, 2022 December 15, 2029 364,189 — — 8.00 Total 3,839,723 1,904,096 $ 10.61 $ 8.54 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, 2022 December 31, 2021 Amounts payable and accrued liabilities (1) $ 10,327 $ 12,137 Equity - contributed surplus 15,784 13,332 Total AIP $ 26,111 $ 25,469 (1) This balance includes outstanding PSU liability of $6,630 (2021 - $12,064) and cash-based AIP liability of $3,697 (2021 - $73). LTIP liability and equity components are presented on the balance sheet as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 LTIP - liability $ 25,244 $ 21,431 Equity - contributed surplus 5,685 7,914 Total LTIP $ 30,929 $ 29,345 |
PERFORMANCE FEES LIABILITY
PERFORMANCE FEES LIABILITY | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
PERFORMANCE FEES LIABILITY | PERFORMANCE FEES LIABILITYThe 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, 2022 and December 31, 2021: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Balance, beginning of year $ 48,358 $ 6,242 Contributions from equity holders 971 — Performance fees expense 35,854 42,272 Payments (44,867) (196) Translation adjustment (423) 40 Balance, end of year $ 39,893 $ 48,358 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
SEGMENT 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). • Private Funds and Advisory business 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, 2022, the adjustment to external revenues when determining segmented revenues consists of property management revenues earned from consolidated entities totaling $114,490 (2021 - $72,077), development revenues earned from consolidated entities totaling $1,500 (2021 - $1,557) and asset management revenues earned from consolidated entities totaling $10,035 (2021 - $4,941), 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, 2022 Single-Family Rental (1) Adjacent Businesses (1) Private Funds and Advisory (1) 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 private funds and advisory 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) Fair value 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. For the year ended December 31, 2021 Single-Family Rental (1) Adjacent Businesses (1) Private Funds and Advisory (1) Corporate (1) Consolidated results Revenue from single-family rental properties (2) $ 445,915 $ — $ — $ — $ 445,915 Direct operating expenses (2) (149,940) — — — (149,940) Net operating income from single-family rental properties 295,975 — — — 295,975 Revenue from private funds and advisory services — — 50,693 — 50,693 Income from equity-accounted investments in multi-family rental properties (2) — 2,255 — — 2,255 Income from equity-accounted investments in Canadian residential developments — 8,200 — — 8,200 Other income — 1,327 — 3,459 4,786 Income from investments in U.S. residential developments — 31,726 — — 31,726 Compensation expense — — — (89,951) (89,951) Performance fees expense — — — (42,272) (42,272) General and administration expense — — — (41,420) (41,420) Loss on debt extinguishment — — — (3,497) (3,497) Transaction costs — — — (13,260) (13,260) Interest expense — — — (147,680) (147,680) Fair value gain on rental properties — — — 990,575 990,575 Fair value gain on Canadian development properties — — — 10,098 10,098 Fair value loss on derivative financial instruments and other liabilities — — — (220,177) (220,177) Amortization and depreciation expense — — — (12,129) (12,129) Realized and unrealized foreign exchange loss — — — (2,934) (2,934) Net change in fair value of limited partners’ interests in single-family rental business — — — (185,921) (185,921) Income tax expense (2) — — — (175,710) (175,710) Segment net income from continuing operations $ 295,975 $ 43,508 $ 50,693 $ 69,181 $ 459,357 Segment net income from discontinued operations (2) — (9,830) — — (9,830) Segment net income $ 295,975 $ 33,678 $ 50,693 $ 69,181 $ 449,527 (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, 2022 | |
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 “Transaction”). The 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 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 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, 2022, 4,675 preferred units were exchanged for 554,832 common shares of the Company at $8.50 per share. The exchange reduced the Affiliate's preferred unit liability and the Company's associated promissory note owed to the Affiliate by $4,675. As at December 31, 2022, the Affiliate has a preferred unit liability of $295,325 (2021 - $300,000) and a promissory note receivable from Tricon of $295,325 (2021 - $300,000). Promissory note – between Tricon entities In connection with the Transaction, the Company borrowed the subscription proceeds of $300,000 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, 2022, the Company recorded interest expense of $22,159 (2021 - $21,965), including accretion expense of $5,137 (2021 - $4,715) with respect to the amortization of transaction costs and the discount. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Principal amount outstanding $ 295,325 $ 300,000 Less: Discount and transaction costs (net of amortization) (38,501) (43,638) Due to Affiliate $ 256,824 $ 256,362 The fair value of the Promissory Note was $225,314 as of December 31, 2022 (2021 - $283,150). 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, 2022, the LLC has a preferred unit liability of $295,325 (2021 - $300,000) and a Promissory Note receivable of $295,325 (2021 - $300,000). During the year ended December 31, 2022, the Affiliate earned interest income of $17,022 (2021 - $17,250) from the Company and recognized dividends declared of $17,022 (2021 - $17,250). 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, 2022 (2021 - 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. In connection with the Investment Vehicles, the Company has unfunded capital commitments of $470,145 as at December 31, 2022. 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 2022 2021 Revenue from private funds and advisory services $ 160,088 $ 50,693 Income from equity-accounted investments in multi-family rental properties 1,550 2,255 Income from equity-accounted investments in Canadian residential developments 11,198 8,200 Income from investments in U.S. residential developments 16,897 31,726 Performance fees expense (35,854) (42,272) Gain on sale of Bryson MPC Holdings LLC 5,060 — Net income recognized from related parties $ 158,939 $ 50,602 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, 2022 December 31, 2021 Receivables from related parties included in amounts receivable Contractual fees and other receivables from investments managed $ 14,976 $ 11,906 Employee relocation housing loan (1) 1,477 1,578 Loan receivables from portfolio investments — 8,629 Annual incentive plan (2) 26,111 25,469 Long-term incentive plan (2) 30,929 29,345 Performance fees liability 39,893 48,358 Dividends payable 497 472 Other payables to related parties included in amounts payable and accrued liabilities 166 200 (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 deemed to be key management personnel of the Company. The receivables are unsecured and non-interest bearing. There are no provisions recorded against receivables from related parties at December 31, 2022 (December 31, 2021 - 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 2022 2021 Total salaries and benefits $ 2,499 $ 2,558 Total AIP 12,996 13,945 Total LTIP 8,399 3,882 Total performance fees expense 24,374 26,487 Total key management compensation $ 48,268 $ 46,872 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT The Company is experiencing the effect of rising interest rates and inflation, which touches 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. 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 $3,743,764 (65%) in fixed-rate debt and $2,034,473 (35%) in variable-rate debt as at December 31, 2022. 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 2022 2021 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Interest expense $ 14,736 $ (15,711) $ 7,815 $ (826) 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 result in the following impacts to assets and liabilities: For the years ended December 31 2022 2021 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Assets Equity-accounted investments in multi-family rental properties $ 208 $ (208) $ 209 $ (209) Equity-accounted investments in Canadian residential developments 1,068 (1,068) 988 (988) Canadian development properties 1,367 (1,367) 1,335 (1,335) Investments in U.S. residential developments 1 (1) 3 (3) $ 2,644 $ (2,644) $ 2,535 $ (2,535) Liabilities Debt 339 (339) 482 (482) $ 339 $ (339) $ 482 $ (482) 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, 2022, the Company had no exposure to credit risk arising from investment in debt instruments (December 31, 2021 – $8,629). 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, 2022, the Company had rent receivables of $3,581 (December 31, 2021 – $4,510), 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, 2022 and December 31, 2021, excluding remaining unamortized deferred financing fees and debt discount: (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. (in thousands of U.S. dollars) As at December 31, 2021 Due on demand and in 2022 From 2023 From 2025 2027 and thereafter Total Liabilities Debt (1) $ 254,805 $ 822,163 $ 2,439,432 $ 438,251 $ 3,954,651 Other liabilities — 8,538 7,863 18,347 34,748 Limited partners' interests in single-family rental business — — 600,572 346,880 947,452 Derivative financial instruments — — — 230,305 230,305 Due to Affiliate — — — 300,000 300,000 Amounts payable and accrued liabilities 102,954 — — — 102,954 Resident security deposits 56,785 — — — 56,785 Dividends payable 15,821 — — — 15,821 Total $ 430,365 $ 830,701 $ 3,047,867 $ 1,333,783 $ 5,642,716 (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, 2022 Due on demand and in 2023 From 2024 From 2026 2028 and thereafter Total Principal Debt (1),(2) $ 757,135 $ 1,949,405 $ 2,529,240 $ 542,457 $ 5,778,237 Due to Affiliate — — — 295,325 295,325 Interest Debt (1) 190,805 358,650 128,317 19,544 697,316 Due to Affiliate (3) 16,981 33,962 34,192 120,936 206,071 Total $ 964,921 $ 2,342,017 $ 2,691,749 $ 978,262 $ 6,976,949 (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 the extension options available on all loans. (3) 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, 2022 December 31, 2021 Cash $ 204,303 $ 176,894 Amounts receivable 24,984 41,582 Prepaid expenses and deposits 37,520 32,946 Current assets 266,807 251,422 Amounts payable and accrued liabilities 138,273 102,954 Resident security deposits 79,864 56,785 Dividends payable 15,861 15,821 Current portion of long-term debt 757,135 254,805 Current liabilities 991,133 430,365 Net current liabilities $ (724,326) $ (178,943) During the year ended December 31, 2022, the change in the Company’s liquidity resulted in a working capital deficit of $724,326 (2021 - deficit of $178,943). The working capital deficit is primarily due to debts coming due in 2023, for which the Company intends to exercise available options to extend the applicable maturity dates, subject to lender approval. The Company has determined that its current financial obligations and working capital deficit are adequately funded from the available borrowing capacity and from operating cash flows. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
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.As of December 31, 2022, the Company was in compliance with all financial covenants in its debt facilities (Note 19). |
SUPPLEMENTARY CASH FLOW DETAILS
SUPPLEMENTARY CASH FLOW DETAILS | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTARY CASH FLOW DETAILS | SUPPLEMENTARY CASH FLOW DETAILS The details of the adjustments for non-cash items from continuing operations presented in operating activities of the cash flow statement are shown below: (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Fair value gain on rental properties (Note 6) $ (858,987) $ (990,575) Fair value loss (gain) on Canadian development properties (Note 9) 440 (10,098) Fair value (gain) loss on derivative financial instruments and other liabilities (Note 21) (184,809) 220,177 Income from investments in U.S. residential developments (Note 10) (16,897) (31,726) Income from equity-accounted investments in multi-family rental properties (Note 7) (1,550) (2,255) Income from equity-accounted investments in Canadian residential developments (Note 8) (11,198) (8,200) Gain on Bryson MPC Holdings LLC disposition (Note 17) (5,060) — Loss on debt modification and extinguishment (Notes 19, 22) 6,816 3,497 Amortization and depreciation expense (Notes 24, 25) 15,608 12,129 Deferred income taxes (Note 14) 189,179 219,137 Net change in fair value of limited partners’ interests in single-family rental business (Note 26) 297,381 185,921 Amortization of debt discount and financing costs (Note 22) 18,116 15,603 Interest on lease obligation (Note 22) 1,168 968 Long-term incentive plan (Note 31) 17,015 14,093 Annual incentive plan (Note 31) 27,201 32,228 Performance fees expense (Note 32) 35,854 42,272 Unrealized foreign exchange gain (4,238) (4,850) Adjustments for non-cash items from continuing operations $ (473,961) $ (301,679) The following table presents the changes in non-cash working capital items from continuing operations for the periods ended December 31, 2022 and December 31, 2021. (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Amounts receivable (1) $ (4,993) $ (15,989) Prepaid expenses and deposits (4,574) (19,287) Resident security deposits 23,079 11,628 Amounts payable and accrued liabilities (1) 48,169 4,664 Deduct non-cash working capital items from discontinued operations (43,114) (29,890) Changes in non-cash working capital items from continuing operations $ 18,567 $ (48,874) (1) The movement in non-cash working capital for the year ended December 31, 2022 excludes $21,591 of assets and $12,850 of liabilities related to Bryson MPC Holdings LLC, which was sold on September 1, 2022 (Note 17). |
FINANCING ACTIVITIES
FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
FINANCING ACTIVITIES | FINANCING ACTIVITIES (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). (4) The interest rate cap component included in the derivative financial instruments was an asset of $10,358 as at December 31, 2022 and as a result is excluded from the above table and classified as an asset on the consolidated balance sheet. For the year ended December 31, 2022, non-cash change for derivative financial instruments represents $3,299 of fair value converted to common shares upon the conversion of 4,675 preferred units (Note 20). (in thousands of U.S. dollars) As at December 31, 2020 Cash flows Non-cash changes As at December 31, 2021 Foreign exchange movement Fair value changes Additions/(Dispositions) Other (1) Term loan $ 374,745 $ (154,548) $ — $ — $ — $ — $ 220,197 Securitization debt 2017-2 362,683 (4,994) — — — 302 357,991 Securitization debt 2018-1 311,913 (1,062) — — — 144 310,995 Securitization debt 2020-2 432,817 (2,254) — — — 1,121 431,684 Securitization debt 2017-1 459,530 (459,530) — — — — — Warehouse credit facility 10,110 (10,298) — — — 188 — Term loan 2 96,077 (96,077) — — — — — SFR JV-1 securitization debt 2019-1 326,767 (614) — — — 1,271 327,424 SFR JV-1 securitization debt 2020-1 543,803 (584) — — — 1,745 544,964 SFR JV-1 securitization debt 2021-1 — 673,324 — — — 329 673,653 SFR JV-1 subscription facility 115,664 (116,000) — — — 336 — SFR JV-1 warehouse credit facility 95,950 (97,249) — — — 1,299 — SFR JV-2 subscription facility — 348,229 — — — 300 348,529 SFR JV-2 warehouse credit facility — 489,001 — — — 320 489,321 SFR JV-HD subscription facility — 99,355 — — — 188 99,543 SFR JV-HD warehouse credit facility — 64,585 — — — 386 64,971 U.S. multi-family credit facility (2) 109,890 (109,890) — — — — — Mortgage tranche A (2) 160,090 — — — (160,090) — — Mortgage tranche B (2) 400,225 — — — (400,225) — — Mortgage tranche C (2) 240,135 — — — (240,135) — — Land loan 21,991 — 95 — — — 22,086 The Shops of Summerhill mortgage 12,463 (420) 58 — — 12 12,113 Vendor take-back (VTB) loan 2021 25,564 (26,271) 707 — — — — Corporate credit facility 26,000 (26,000) — — — — — Corporate office mortgages 11,089 2,877 (4) — — — 13,962 Convertible debentures 165,956 — — — — (165,956) — Due to Affiliate 251,647 — — — — 4,715 256,362 Derivative financial instruments 45,494 — — 220,050 — (35,239) 230,305 Limited partners' interests in single-family rental business 356,305 405,226 — 185,921 — — 947,452 Lease obligations 6,403 (2,466) — — 25,887 968 30,792 Total liabilities from financing activities $ 4,963,311 $ 974,340 $ 856 $ 405,971 $ (774,563) $ (187,571) $ 5,382,344 (1) Includes amortization of transaction costs and debt discount and interest on lease obligations. (2) On March 31, 2021, U.S. multi-family rental mortgages totaling $800,450 were deconsolidated from the Company’s balance sheet in connection with the sale of an 80% interest in the U.S. multi-family rental portfolio. The Company fully repaid the U.S. multi-family credit facility with the proceeds of the syndication. |
IDEMNIFICATION
IDEMNIFICATION | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
IDEMNIFICATION | AMOUNTS PAYABLE AND ACCRUED LIABILITIES Amounts payable and accrued liabilities consist of the following: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Trade payables and accrued liabilities $ 34,219 $ 43,488 Accrued property taxes 52,936 30,524 AIP liability (Note 31) 10,327 12,137 Income taxes payable 11,650 1,982 Interest payable 24,731 12,944 Deferred income 801 45 Current portion of lease obligations (Note 27) 3,609 1,834 Total amounts payable and accrued liabilities $ 138,273 $ 102,954 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Quarterly dividend On February 28, 2023, the Board of Directors of the Company declared a dividend of $0.058 per common share in U.S. dollars payable on or after April 15, 2023 to shareholders of record on March 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. All intra-group balances and transactions are eliminated upon consolidation. |
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. |
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. |
Business combination | Business combination 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"). A business combination is defined as an acquisition of assets and liabilities that constitute a business that is an integrated set of activities consisting of inputs (such as assets), and processes that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders. The Company applies the acquisition method to account for business combinations in accordance with IFRS 3. The consideration transferred for the acquisition of the business is the fair value of the assets transferred net of the liabilities assumed, any non-controlling interest in the acquiree, as well as any goodwill or bargain purchase gain recognized and measured by the Company. These identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. All acquisition costs associated with a transaction identified as a business combination are expensed as incurred. |
Goodwill | Goodwill Goodwill arises on the acquisition (or deemed acquisition) of subsidiaries and represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of any non-controlling interest in the acquiree. Upon initial recognition, goodwill is allocated to the cash-generating unit to which it relates. The Company identifies a cash- generating unit (“CGU”) as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. For example, a CGU can be an individual property or a group of properties. Goodwill acquired in business combinations is allocated to the CGUs that are expected to benefit from the synergies of that business combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The Company's goodwill impairment test is performed at the CGU level as it is the lowest level within the Company at which goodwill is monitored for internal management purposes. Any goodwill impairment is recognized immediately as an expense in the consolidated statements of comprehensive income in the period in which it arises and is not subsequently reversed. |
Rental properties | Rental properties The Company's rental properties consist of single-family rental homes held to earn rental income. At the time of the acquisition of a property, the Company applies judgment when determining if the acquisition is an asset acquisition or a business combination. The Company classifies its acquisitions as asset acquisitions when it acquires a single asset (or a group of similar assets) and it has not assumed any employees or acquired an operating platform. Where the Company has concluded that it has acquired an asset, the Company uses the asset purchase model whereby the initial cost of a rental 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. 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. |
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 |
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 CGU level. 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 |
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. |
Offsetting financial instruments | Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported on the consolidated balance sheets when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. |
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 private funds and advisory 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 1-2% 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. 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. 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 pursuant to amendments to the LTIP made in 2022. 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 liabilityCertain members of senior management participate in the potential performance fees payable in respect of certain of the Company’s managed Investment Vehicles, by having invested personal at-risk capital to subscribe for ownership interests in the entity directly or indirectly entitled to receive such performance fees. Any performance fees allocable to participating management members in respect of their equity interests in such entities is reflected as a performance fee liability or expense. |
Directors' fees | Directors’ fees One-half of each independent Director’s base annual retainer is paid in DSUs which vest immediately upon their grant. An independent Director may also elect each year to receive a portion of the balance of his or her fees (including his or her base annual retainer and any additional retainer) in DSUs, which also vest on the date of their grant. Any remaining balance of such fees not payable in DSUs is paid in cash. The DSUs granted to Directors are governed by the DSUP. |
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 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). |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 residential developments The Shops of Controlled subsidiary Consolidation Canadian development properties Other income N/A The James (Scrivener Square) N/A 57 Spadina Investments in associate Equity method Equity-accounted investments in Canadian residential developments Income from equity-accounted investments in Canadian residential developments N/A WDL - Block 8 (Canary Landing) Joint venture Equity method N/A WDL - Block 20 (Canary Landing) Joint venture Equity method N/A WDL - Blocks 3/4/7 (Canary Landing) Joint venture Equity method N/A WDL - Block 10 (Canary Landing) Joint venture Equity method N/A 6~8 Gloucester (The Ivy) Joint venture Equity method N/A Queen & Ontario Joint venture Equity method N/A Symington 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 Private Funds and Advisory Private funds GP entities Controlled subsidiary Consolidation Consolidated Revenue from private funds and advisory 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). |
Disclosure of Changes to Comparative Figures | Certain comparative figures have been adjusted to conform with the current period presentation, as shown in the table below. There was no impact on the net income and comprehensive income of the Company as a result of this change in presentation. (in thousands of U.S. dollars) As previously reported Reclassify resident recoveries (1) Reclassify income from discontinued operations (2) Reclassify tax expense - deferred to continuing operations (3) As adjusted For the year ended December 31, 2021 Revenue from single-family rental properties $ 441,743 $ 4,172 $ — — $ 445,915 Direct operating expenses (145,768) (4,172) — — (149,940) Income from equity-accounted investments in multi-family rental properties 75,333 — (73,078) — 2,255 Income (loss) before taxes from discontinued operations (77,224) — 73,078 — (4,146) Income tax expense - deferred (234,483) — — 15,346 (219,137) Income tax recovery - deferred 56,164 — — (15,346) 40,818 (1) Resident recoveries previously recorded as a reduction in direct operating expenses have been reclassified to revenue from single-family rental properties (Note 15). (2) In accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations , the Company reclassified the prior-period income from equity-accounted investments in U.S. multi-family rental properties as discontinued operations, separate from the Company's continuing operations (Note 5). |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies, Changes In Accounting Policies And Errors [Abstract] | |
Schedule 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 Limited Partnership Canada Canada 33 % 33 % WDL 8 LP Limited Partnership Canada Canada 33 % 33 % WDL 20 LP Limited Partnership Canada Canada 33 % 33 % DKT B10 LP Limited Partnership Canada Canada 33 % 33 % 6-8 Gloucester LP (The Ivy) Limited Partnership Canada Canada 47 % 50 % Queen Ontario LP Limited Partnership Canada Canada 10 % 50 % Symington LP Limited Partnership Canada Canada 10 % 50 % (1) In respect of major decisions only. 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 (5) Limited Partnership USA USA 10 % 50 % N/A N/A Arantine Hills Equity LP (5) Limited Partnership USA USA 7 % 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 subsequent to year-end. |
Schedule 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, 2022 | |
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 costs (6,717) Loss on sale $ (856) (in thousands of U.S. dollars) 2022 2021 Revenue $ 105,641 $ 119,391 Expenses (68,680) (93,036) Fair value gain on U.S. multi-family rental properties 156,009 339,029 Net and other comprehensive income 192,970 365,384 Tricon's share of net income at 20% 38,594 73,078 Loss on sale (856) — Loss before income taxes from discontinued operations previously recorded (1) — (77,224) Income tax expense - current (43,114) (46,502) Income tax recovery - deferred 40,482 40,818 Net (loss) income from discontinued operations $ 35,106 $ (9,830) (1) The loss before income taxes from discontinued operations is attributable to the initial syndication of 80% of Tricon US Multi-Family REIT LLC on March 31, 2021. The table below provides a summary of the Company's cash flows attributed to the discontinued operations. (in thousands of U.S. dollars) For the year ended December 31, 2022 December 31, 2021 Net cash provided by operating activities from discontinued operations $ 3,499 $ (12) Net cash provided by investing activities from discontinued operations 212,637 421,774 Net cash used in financing activities from discontinued operations (1) — (102,849) Change in cash during the year from discontinued operations $ 216,136 $ 318,913 |
RENTAL PROPERTIES (Tables)
RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 7,978,396 $ 6,321,918 Acquisitions (1) 2,362,185 1,835,235 Capital expenditures 326,460 198,602 Fair value adjustments (2) 858,987 990,575 Dispositions (3) (80,369) (1,367,934) Balance, end of year $ 11,445,659 $ 7,978,396 (1) The total purchase price includes $3,021 (2021 - $2,720) of capitalized transaction costs in relation to the acquisitions. (2) Fair value adjustments include realized fair value gains of $12,997 for the year ended December 31, 2022 (2021- $409) on the single-family rental properties. (3) Dispositions for the year ended December 31, 2021 reflect the deconsolidation of the $1,333,406 U.S. multi-family rental portfolio on March 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 133,250 $ 110,018 Development expenditures 12,686 12,748 Fair value adjustments (440) 10,098 Translation adjustment (1) (9,083) 386 Balance, end of year $ 136,413 $ 133,250 (1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a 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 2022 2021 Base rent $ 520,196 $ 363,510 Other revenue (1)(2) 39,840 24,371 Non-lease component 85,549 58,034 Total revenue from single-family rental properties (2) $ 645,585 $ 445,915 (1) Other revenue includes revenue earned on ancillary services and amenities as well as lease administrative fees. (2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172, which were previously recorded as a reduction in direct operating expenses, have been reclassified to other revenue from single-family rental properties. |
EQUITY-ACCOUNTED INVESTMENTS _2
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 199,285 $ 19,913 Initial recognition of equity-accounted investment in U.S. multi-family rental properties — 107,895 Advances — 453 Distributions (3,824) (4,428) Income from equity-accounted investments in multi-family rental properties (1) 40,144 75,333 Disposition of equity-accounted investment in U.S. multi-family rental properties (Note 5) (213,493) — Translation adjustment (1,343) 119 Balance, end of year $ 20,769 $ 199,285 (1) Of the $40,144 (2021 - $75,333) income from equity-accounted investments earned during the year, $38,594 (2021 - $73,078) was attributable to U.S. multi-family rental properties and reclassified to income from discontinued operations (Note 5). 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 of 592 Sherbourne LP on January 1, 2020 and foreign exchange translation adjustments. December 31, 2021 (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 venture Tricon US Multi-Family REIT LLC U.S. Sun Belt 20 % 12,086 1,705,408 29,617 795,886 891,991 178,398 Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 3,042 $ 267,635 $ 2,411 $ 124,916 $ 143,350 $ 20,887 Total $ 15,128 $ 1,973,043 $ 32,028 $ 920,802 $ 1,035,341 $ 199,285 (1) Tricon's share of net assets of $199,285 is comprised of $199,909 as per the investees' financial statements less $624 of fair value differences arising from the initial recognition of 592 Sherbourne LP on January 1, 2020 and foreign exchange translation adjustments. 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 For the year ended December 31, 2021 (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 Joint venture Tricon US Multi-Family REIT LLC U.S. Sun Belt 20 % 91,201 (66,868) 341,059 365,392 73,078 Associate 592 Sherbourne LP (The Selby) Toronto, ON 15 % $ 9,585 $ (8,442) $ 13,884 $ 15,027 $ 2,255 Total $ 100,786 $ (75,310) $ 354,943 $ 380,419 $ 75,333 |
EQUITY-ACCOUNTING INVESTMENTS_2
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 98,675 $ 74,955 Advances 13,360 30,089 Distributions (10,212) (14,772) Income from equity-accounted investments in Canadian residential developments 11,198 8,200 Translation adjustment (1) (6,483) 203 Balance, end of year $ 106,538 $ 98,675 (1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a 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, 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 Toronto, ON 33 % $ 2,993 $ 141,357 $ 7,721 $ 84,646 $ 51,983 $ 17,335 WDL 8 LP Toronto, ON 33 % 7,318 241,907 21,105 188,473 39,647 13,222 WDL 20 LP Toronto, ON 33 % 722 43,082 186 34,295 9,323 3,114 DKT B10 LP (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 (4) Toronto, ON 10 % 5,167 121,336 806 — 125,697 12,912 Symington LP (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 December 31, 2021 (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 Toronto, ON 33 % $ 4,011 $ 117,115 $ 2,466 $ 63,372 $ 55,288 $ 18,437 WDL 8 LP Toronto, ON 33 % 7,150 176,171 13,732 141,191 28,398 9,473 WDL 20 LP Toronto, ON 33 % 760 47,401 853 40,660 6,648 2,223 DKT B10 LP (2) Toronto, ON 33 % 2,359 31,398 3,228 8,786 21,743 8,825 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % 913 72,332 1,737 32,469 39,039 18,477 Labatt Village Holding LP (3) Toronto, ON 38 % 47 — 35 — 12 5 Queen Ontario LP (4) Toronto, ON 30 % 2,271 113,238 908 63,104 51,497 15,775 17,511 557,655 22,959 349,582 202,625 73,215 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % 907 154,984 6,014 65,787 84,090 25,460 907 154,984 6,014 65,787 84,090 25,460 Total $ 18,418 $ 712,639 $ 28,973 $ 415,369 $ 286,715 $ 98,675 (1) Tricon's share of net assets of $106,538 (December 31, 2021 - $98,675) is comprised of $104,364 (December 31, 2021 - $96,393) as per the investees' financial statements plus $2,174 (December 31, 2021 - $2,282) 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 November 12, 2021, Labatt Village Holding LP sold its 80% interest in the Labatt Village LP project partnership to the remaining joint venture partner. (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, 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 Toronto, ON 33 % $ — $ — $ 234 $ 234 $ 78 WDL 8 LP Toronto, ON 33 % 1 (161) 13,176 13,016 4,337 WDL 20 LP Toronto, ON 33 % — — — — — DKT B10 LP 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 Toronto, ON 10 % 114 (242) 1,676 1,548 155 Symington LP 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 For the year ended December 31, 2021 (in thousands of U.S. dollars) Location Tricon's ownership % Revenue Expenses Fair value gains (losses) Net and other comprehensive income (loss) Tricon's share of net income Joint ventures WDL 3/4/7 LP Toronto, ON 33 % $ 5 $ (12) $ 3,129 $ 3,122 $ 1,040 WDL 8 LP Toronto, ON 33 % — (10) 3,112 3,102 1,034 WDL 20 LP Toronto, ON 33 % — — — — — DKT B10 LP Toronto, ON 33 % — — 6,389 6,389 2,130 6-8 Gloucester LP (The Ivy) Toronto, ON 47 % — — 4,231 4,231 1,989 Labatt Village Holding LP Toronto, ON 38 % — (77) (5,245) (5,322) (1,997) Queen Ontario LP Toronto, ON 30 % 363 (163) — 200 60 368 (262) 11,616 11,722 4,256 Associates 57 Spadina LP (The Taylor) Toronto, ON 30 % — (28) 13,171 13,143 3,944 — (28) 13,171 13,143 3,944 Total $ 368 $ (290) $ 24,787 $ 24,865 $ 8,200 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, 2022. |
CANADIAN DEVELOPMENT PROPERTI_2
CANADIAN DEVELOPMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 7,978,396 $ 6,321,918 Acquisitions (1) 2,362,185 1,835,235 Capital expenditures 326,460 198,602 Fair value adjustments (2) 858,987 990,575 Dispositions (3) (80,369) (1,367,934) Balance, end of year $ 11,445,659 $ 7,978,396 (1) The total purchase price includes $3,021 (2021 - $2,720) of capitalized transaction costs in relation to the acquisitions. (2) Fair value adjustments include realized fair value gains of $12,997 for the year ended December 31, 2022 (2021- $409) on the single-family rental properties. (3) Dispositions for the year ended December 31, 2021 reflect the deconsolidation of the $1,333,406 U.S. multi-family rental portfolio on March 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 133,250 $ 110,018 Development expenditures 12,686 12,748 Fair value adjustments (440) 10,098 Translation adjustment (1) (9,083) 386 Balance, end of year $ 136,413 $ 133,250 (1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a 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 2022 2021 Base rent $ 520,196 $ 363,510 Other revenue (1)(2) 39,840 24,371 Non-lease component 85,549 58,034 Total revenue from single-family rental properties (2) $ 645,585 $ 445,915 (1) Other revenue includes revenue earned on ancillary services and amenities as well as lease administrative fees. (2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172, which were previously recorded as a reduction in direct operating expenses, have been reclassified to other revenue from single-family rental properties. |
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, 2022 December 31, 2021 Property under development Land value per square foot (1) $ 258 $ 260 Commercial income-producing property Discount rate 4.75 % 4.75 % Capitalization rate 4.50 % 4.25 % (1) Equivalent to C$350 per square foot (2021- C$330) translated to U.S dollars at the year-end exchange rate. December 31, 2022 December 31, 2021 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% 17.7% 8.0 - 20.0% 16.6% 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. 1 - 10 years 7.2 years 1 - 9 years 6.1 years ( 1) Generally, an increase in future cash flow will result in an increase in the fair value of debt instruments and fund equity investments. An increase in the discount rate will result in a decrease in the fair value of debt instruments and 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, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 143,153 $ 164,842 Advances (1) 15,655 6,706 Distributions (37,336) (55,744) Derecognition of investment in U.S. residential developments — (4,377) Income from investments in U.S. residential developments (2) 16,897 31,726 Balance, end of year $ 138,369 $ 143,153 Internal debt instruments $ — $ 8,629 Equity 138,369 134,524 Total investments in U.S. residential developments $ 138,369 $ 143,153 (1) Advances to U.S. residential developments for the year ended December 31, 2022 includes $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 (2021 - nil). (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, 2022 (2021 - nil). 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)(3) 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 December 31, 2021 (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 % $ 702 $ 41,428 $ 151 $ — $ 41,979 $ 23,943 Tricon Housing Partners US II LP USA 8 % 9,951 45,806 7,525 — 48,232 13,301 Viridian Equity LP USA 18 % 4 117,622 4 — 117,622 21,108 McKinney Project Equity LLC USA 44 % — 109,987 — — 109,987 48,187 THPAS Holdings JV-1 LLC USA 11 % 13,871 109,432 834 — 122,469 13,617 Remaining investments (2) USA and Canada 7% - 20% 2,864 170,938 14,549 — 159,253 22,997 Total $ 27,392 $ 595,213 $ 23,063 $ — $ 599,542 $ 143,153 (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, including THPAS Development JV-2 LLC which was newly formed during the year. See Note 3 for a list of all U.S. residential development investments. (3) Tricon's investment in Tricon Housing Partners US II LP is individually immaterial as of December 31, 2022 and has been included in Remaining investments. 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)(3) 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 For the year ended December 31, 2021 (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 % $ 13,240 $ (243) $ (7,725) $ 5,272 $ 3,604 Tricon Housing Partners US II LP USA 8 % 1,968 (1,979) 12,161 12,150 740 Viridian Equity LP USA 18 % — — 40,722 40,722 7,455 McKinney Project Equity LLC USA 44 % — — 1,220 1,220 11,700 THPAS Holdings JV-1 LLC USA 11 % 844 (2,200) 686 (670) 652 Remaining investments (2) USA and Canada 7% - 20% 2,483 (2,326) 64,268 64,425 7,575 Total $ 18,535 $ (6,748) $ 111,332 $ 123,119 $ 31,726 (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. (3) Tricon's investment in Tricon Housing Partners US II LP is individually immaterial as of December 31, 2022 and has been included in Remaining 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, 2022 December 31, 2021 Property under development Land value per square foot (1) $ 258 $ 260 Commercial income-producing property Discount rate 4.75 % 4.75 % Capitalization rate 4.50 % 4.25 % (1) Equivalent to C$350 per square foot (2021- C$330) translated to U.S dollars at the year-end exchange rate. December 31, 2022 December 31, 2021 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% 17.7% 8.0 - 20.0% 16.6% 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. 1 - 10 years 7.2 years 1 - 9 years 6.1 years ( 1) Generally, an increase in future cash flow will result in an increase in the fair value of debt instruments and fund equity investments. An increase in the discount rate will result in a decrease in the fair value of debt instruments and 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, 2022 | |
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, 2022 December 31, 2021 (in thousands of U.S. dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Rental properties (Note 6) $ — $ — $ 11,445,659 $ — $ — $ 7,978,396 Canadian development properties (Note 9) — — 136,413 — — 133,250 Investments in U.S. residential developments (Note 10) (1) — — 130,270 — — 143,153 Derivative financial instruments (Note 21) — 10,358 — — 363 — $ — $ 10,358 $ 11,712,342 $ — $ 363 $ 8,254,799 Liabilities Derivative financial instruments (Note 21) $ — $ 51,158 $ — $ — $ 230,305 $ — Limited partners' interests in single-family rental business — — 1,696,872 — — 947,452 $ — $ 51,158 $ 1,696,872 $ — $ 230,305 $ 947,452 (1) Excludes the Company's interest in THPAS Development JV-2 LLC, which is measured at cost under the equity method (Note 10). |
ACCOUNTS PAYABLE AND ACCURED _2
ACCOUNTS PAYABLE AND ACCURED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Trade payables and accrued liabilities $ 34,219 $ 43,488 Accrued property taxes 52,936 30,524 AIP liability (Note 31) 10,327 12,137 Income taxes payable 11,650 1,982 Interest payable 24,731 12,944 Deferred income 801 45 Current portion of lease obligations (Note 27) 3,609 1,834 Total amounts payable and accrued liabilities $ 138,273 $ 102,954 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 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, 2022 | |
Income Taxes [Abstract] | |
Disclosure of Major Components of Tax Expense (Income) | (in thousands of U.S. dollars) For the years ended December 31 2022 2021 (1) Income tax recovery - current $ 33,959 $ 43,427 Income tax expense - deferred (189,179) (219,137) Income tax expense from continuing operations $ (155,220) $ (175,710) Income tax expense from discontinued operations - current $ (43,114) $ (46,502) Income tax recovery from discontinued operations - deferred 40,482 40,818 Income tax expense from discontinued operations $ (2,632) $ (5,684) |
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 2022 2021 (1) Income before income taxes from continuing operations $ 934,594 $ 635,067 Combined statutory federal and provincial income tax rate 26.50 % 26.50 % Expected income tax expense 247,667 168,293 Non-taxable gains on investments (1,739) (2,606) Non-taxable (gains) losses on derivative financial instruments (38,058) 51,590 Foreign tax rate differential (2) (52,151) (40,431) Other, including permanent differences (3) (499) (1,136) Income tax expense from continuing operations $ 155,220 $ 175,710 (1) Certain comparative figures have been adjusted to conform with the current period presentation as a result of the reclassification of current- and prior-year period results of the U.S. multi-family rental investment as discontinued operations separate from the Company's continued operations in accordance with IFRS 5. (2) 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, 2022 December 31, 2021 Deferred income tax assets Deferred income tax assets to be recovered after more than 12 months $ 75,062 $ 96,945 Deferred income tax assets to be recovered within 12 months — — Total deferred income tax assets $ 75,062 $ 96,945 Deferred income tax liabilities Deferred income tax liabilities reversing after more than 12 months $ 591,713 $ 461,689 Deferred income tax liabilities reversing within 12 months — — Total deferred income tax liabilities $ 591,713 $ 461,689 Net deferred income tax liabilities $ 516,651 $ 364,744 The movement of the deferred income tax accounts was as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Change in net deferred income tax liabilities Net deferred income tax liabilities, beginning of year $ 364,744 $ 195,627 Charge to the statement of comprehensive income 148,697 178,319 Charge (credit) to equity 1,945 (9,173) Other 1,265 (29) Net deferred income tax liabilities, end of year $ 516,651 $ 364,744 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, 2021 $ 10,731 $ 8,658 $ 10,681 $ 12,912 $ 46,997 $ 6,966 $ 96,945 Reversal (10,731) (649) (1,590) (4,189) (3,071) (1,653) (21,883) At December 31, 2022 $ — $ 8,009 $ 9,091 $ 8,723 $ 43,926 $ 5,313 $ 75,062 (in thousands of U.S. dollars) Investments Rental properties Deferred placement fees Other Total Deferred income tax liabilities At December 31, 2021 $ — $ 461,062 $ — $ 627 $ 461,689 Addition / (Reversal) 1,505 128,658 488 (627) 130,024 At December 31, 2022 $ 1,505 $ 589,720 $ 488 $ — $ 591,713 |
REVENUE FROM SINGLE-FAMILY RE_2
REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 7,978,396 $ 6,321,918 Acquisitions (1) 2,362,185 1,835,235 Capital expenditures 326,460 198,602 Fair value adjustments (2) 858,987 990,575 Dispositions (3) (80,369) (1,367,934) Balance, end of year $ 11,445,659 $ 7,978,396 (1) The total purchase price includes $3,021 (2021 - $2,720) of capitalized transaction costs in relation to the acquisitions. (2) Fair value adjustments include realized fair value gains of $12,997 for the year ended December 31, 2022 (2021- $409) on the single-family rental properties. (3) Dispositions for the year ended December 31, 2021 reflect the deconsolidation of the $1,333,406 U.S. multi-family rental portfolio on March 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Opening balance $ 133,250 $ 110,018 Development expenditures 12,686 12,748 Fair value adjustments (440) 10,098 Translation adjustment (1) (9,083) 386 Balance, end of year $ 136,413 $ 133,250 (1) During the year, the USD/CAD exchange rate fluctuated from 1.2678 as at December 31, 2021 to 1.3544 as at December 31, 2022, resulting in a 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 2022 2021 Base rent $ 520,196 $ 363,510 Other revenue (1)(2) 39,840 24,371 Non-lease component 85,549 58,034 Total revenue from single-family rental properties (2) $ 645,585 $ 445,915 (1) Other revenue includes revenue earned on ancillary services and amenities as well as lease administrative fees. (2) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172, which were previously recorded as a reduction in direct operating expenses, have been reclassified to other revenue from single-family rental properties. |
REVENUE FROM PRIVATE FUNDS AN_2
REVENUE FROM PRIVATE FUNDS AND ADVISORTY SERVICES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contracts with Customers [Abstract] | |
Disclosure of Disaggregation of Revenue From Contracts With Customers | The components of the Company’s 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 2022 2021 Asset management fees $ 12,431 $ 12,719 Performance fees (1) 110,330 8,909 Development fees 26,826 24,418 Property management fees 10,501 4,647 Total revenue from private funds and advisory services $ 160,088 $ 50,693 (1) The Company recognized performance fee income of $99,865 from the sale of Tricon's remaining equity interests in its U.S. multi-family rental portfolio (Note 5). |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Other Income | Other income is comprised of the following: (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Gain on sale - Bryson MPC Holdings LLC (1) $ 5,060 $ — The Shops of Summerhill commercial rental 2,212 1,327 Income from Bryson - pre-sale 2,753 3,459 Insurance recoveries 861 — Total other income $ 10,886 $ 4,786 (1) Following the Company's designation of Bryson MPC Holdings LLC ("Bryson") as assets held for sale as at June 30, 2022, the Company completed the sale of its 100% interest in Bryson to THPAS Development JV-2 LLC ("THPAS JV-2") on September 1, 2022. The Company recorded a gain of $5,060 from the sale, as described below, and no transaction costs were incurred by the Company as part of the sale. (in thousands of U.S. dollars) Bryson MPC Holdings LLC sale Assets held for sale $ 21,591 Liabilities held for sale (12,850) Net assets held for sale 8,741 Proceeds from sale (i) 13,801 Gain on sale $ 5,060 |
AMOUNTS RECEIVABLE (Tables)
AMOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Rent receivables $ 3,581 $ 4,510 Trade receivables 2,975 4,818 Income tax recoverable 4,138 2,771 Other receivables (1) 14,290 29,483 Total amounts receivable $ 24,984 $ 41,582 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Disclosure of Detailed Information About Debt | The following table presents a summary of the Company's outstanding debt as at December 31, 2022: December 31, 2022 (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) October 2023 SOFR+2.30% 0.50% SOFR 5.50% SOFR 4.21 % One year $ 220,499 $ 220,499 Securitization debt 2017-2 (3) January 2024 3.68% N/A N/A 3.68 % N/A 345,620 345,620 Warehouse credit facility 2022 (5) January 2024 SOFR+1.85% 0.15% SOFR 3.25% SOFR 3.72 % One year 50,000 — Securitization debt 2018-1 (3) May 2025 3.96% N/A N/A 3.96 % N/A 302,699 302,699 Securitization debt 2020-2 (3) 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 (3) March 2026 3.12% N/A N/A 3.12 % N/A 332,263 332,263 SFR JV-1 securitization debt 2020-1 (3) July 2026 2.43% N/A N/A 2.43 % N/A 552,882 552,882 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 1,568,101 1,568,101 SFR JV-2 subscription facility (6) July 2023 SOFR+2.00% 0.15% SOFR N/A 3.88 % One year 410,000 409,000 SFR JV-2 warehouse credit facility (7) July 2024 SOFR+1.99% 0.10% SOFR 3.25% SOFR 3.87 % One year 700,000 392,551 SFR JV-2 term loan (3),(8) 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 (3),(9) April 2027 4.32% N/A N/A 4.32 % N/A 530,387 530,387 SFR JV-2 securitization debt 2022-2 (3),(10) July 2028 5.47% N/A N/A 5.47 % N/A 347,772 347,772 SFR JV-2 delayed draw term loan (3),(11) 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 (12) May 2023 SOFR+2.00% 0.15% SOFR N/A 3.88 % One year 130,000 127,000 SFR JV-HD warehouse credit facility (13) 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 (14) October 2025 5.58% N/A N/A 5.58 % N/A 16,063 16,063 Construction facility (15) 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 (16),(17) 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 (2) $ 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 (1) The effective interest rate is determined using the ending consolidated debt balances as at December 31, 2022 and the average of the applicable reference rates for the year ended December 31, 2022. The effective interest rate using the average debt balances and the average of the applicable reference rates for the year ended December 31, 2022 is 3.49%. (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 27,100 single-family rental homes. (4) On August 24, 2022, the Company amended the terms of its existing term loan facility. The maturity date of the term loan was extended from October 24, 2022 to October 24, 2023, with the option to extend for another year, subject to lender approval. The reference rate was transitioned from London Inter-Bank Offered Rate (“LIBOR”) to SOFR and the interest rate cap increased from 2.50% LIBOR to 5.50% SOFR. The amendment resulted in a loss on debt modification of $6,816 recognized in the consolidated statements of comprehensive income. (5) On January 26, 2022, the Company entered into a new warehouse credit facility agreement with a commitment value of $50,000 and a one-year extension option. The Company has not drawn on this facility as at December 31, 2022. (6) On March 9, 2022, SFR JV-2 amended the subscription facility agreement to increase the commitment value to $500,000 and transition to SOFR as the reference rate. The maturity date and extension option of the facility remained unchanged. On December 20, 2022, the commitment value of this facility was amended to $410,000. (7) On March 8, 2022, SFR JV-2 amended the warehouse facility agreement to increase the commitment value to $700,000, transition to SOFR as the reference rate and lower the interest rate floor to 0.10% of SOFR. The maturity date and extension option of the facility remained unchanged. (8) On October 7, 2022, SFR JV-2 entered into a new term loan facility with a total commitment of $500,000, a term to maturity of three years and two one-year extension options, subject to lender approval. The loan carries a floating interest rate of one-month SOFR plus 2.10% (subject to a SOFR cap of 4.55%) and is secured initially by a pool of 1,962 single-family rental properties. The initial loan proceeds were primarily used to pay down existing short-term SFR JV-2 debt and to fund the acquisition of rental homes. (9) On April 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of six classes of fixed-rate pass-through certificates with a face amount of $530,387, a weighted average coupon of 4.32% (including servicing fees) and a term to maturity of five years, secured indirectly by a pool of 2,484 single-family rental homes. The transaction proceeds were used to refinance existing short-term SFR JV-2 debt and net proceeds of $29,900 were returned to SFR JV-2 to fund future acquisitions of rental properties. (10) On July 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of five classes of fixed-rate pass-through certificates with a face amount of $348,044, a weighted average fixed-rate coupon of 5.47% (including servicing fees) and a term to maturity of six years, secured indirectly by a pool of 1,684 single-family rental homes. The transaction proceeds were primarily used to pay down existing short-term SFR JV-2 debt. (11) On September 1, 2022, SFR JV-2 entered into a new delayed draw term loan facility with a total commitment value of $200,000, a term to maturity of five years and a fixed rate of 5.39%. The initial loan proceeds were used to refinance existing short-term SFR JV-2 debt and to fund acquisitions of rental properties. (12) On March 23, 2022, SFR JV-HD amended the subscription facility agreement to increase the commitment value to $150,000 and transition to Term Secured Overnight Financing Rate ("SOFR") as the reference rate. The maturity date and extension option of the facility remained unchanged. On December 20, 2022, the commitment value of this facility was amended to $130,000. (13) On October 3, 2022, SFR JV-HD amended its warehouse facility agreement to increase the maximum loan commitment to $490,000 and transition to SOFR as the reference rate. The maturity date and extension option of the facility remained unchanged. (14) On October 27, 2022, the Company refinanced The Shops of Summerhill mortgage by entering into a new facility with a total commitment of $16,000 (C$21,800) and a term to maturity of three years. The loan carries a fixed interest rate of 5.58% and is secured by The Shops of Summerhill. The Company used the loan proceeds to pay off the existing facility and repatriated $5,100 (C$6,800) of excess proceeds. (15) The construction facility is secured by the land under development at The James (Scrivener Square). During the year ended December 31, 2022, the Company made the first draw on the facility and amended the maturity date to June 30, 2026. The extension option of the facility remained unchanged. (16) 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. On August 22, 2022, the Company amended the corporate credit facility agreement to extend the maturity date to June 30, 2025 and transition to SOFR as the reference rate. 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, 2022, the letters of credit outstanding totaled $4,932 (C$6,680). (17) On December 9, 2022 , the Company amended the corporate credit facility agreement to incorporate ESG targets and convert it to a Sustainability-linked Loan. The applicable margin on the facility is subject to a sustainability pricing adjustment, which can increase or decrease by up to 5 bps per annum, depending on the Company's performance on the sustainability performance benchmarks. December 31, 2021 (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 2022 LIBOR+2.00% 0.50% LIBOR 2.50% LIBOR 2.50 % N/A $ 220,197 $ 220,197 Securitization debt 2017-2 January 2024 3.67% N/A N/A 3.67 % N/A 358,602 358,602 Securitization debt 2018-1 May 2025 3.96% N/A N/A 3.96 % N/A 311,479 311,479 Securitization debt 2020-2 November 2027 1.94% N/A N/A 1.94 % N/A 438,251 438,251 Single-family rental wholly-owned properties borrowings 1,328,529 1,328,529 SFR JV-1 securitization debt 2019-1 March 2026 3.12% N/A N/A 3.12 % N/A 332,764 332,764 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 683,567 683,567 Single-family rental JV-1 properties borrowings 1,569,213 1,569,213 SFR JV-2 subscription facility July 2023 LIBOR+1.90% 0.15% LIBOR N/A 2.05 % one year 400,000 350,000 SFR JV-2 warehouse credit facility July 2024 LIBOR+1.90% 0.15% LIBOR 3.25% LIBOR 2.05 % one year 600,000 492,103 Single-family rental JV-2 properties borrowings 1,000,000 842,103 SFR JV-HD subscription facility May 2023 LIBOR+1.90% 0.15% LIBOR N/A 2.05 % one year 100,000 100,000 SFR JV-HD warehouse credit facility May 2024 LIBOR+1.90% 0.15% LIBOR 2.60% LIBOR 2.05 % one year 375,000 66,637 Single-family rental JV-HD properties borrowings 475,000 166,637 Single-family rental properties borrowings 2.60 % 4,372,742 3,906,482 Land loan July 2022 Prime+1.25% 3.70% N/A 3.82 % N/A 22,086 22,086 The Shops of Summerhill mortgage September 2022 3.67% N/A N/A 3.67 % N/A 12,121 12,121 Construction facility TBD Prime+1.25% N/A N/A TBD one year 181,424 — Canadian development properties borrowings 3.77 % 215,631 34,207 Corporate credit facility June 2024 LIBOR+2.75% N/A N/A 3.34 % N/A 500,000 — Corporate office mortgages November 2024 4.25% N/A N/A 4.30 % N/A 13,962 13,962 Corporate borrowings 4.30 % 513,962 13,962 $ 3,954,651 Transaction costs (net of amortization) (36,123) Debt discount (net of amortization) (1,095) Total debt 2.62 % $ 5,102,335 $ 3,917,433 Current portion of long-term debt $ 254,805 Long-term debt $ 3,662,628 Fixed-rate debt - principal value 2.83 % $ 2,703,628 Floating-rate debt - principal value 2.16 % $ 1,251,023 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, 2022. December 31, 2022 (in thousands of U.S. dollars) Fair value Carrying value Securitization debt 2017-2 $ 339,599 $ 345,311 Securitization debt 2018-1 292,342 302,359 Securitization debt 2020-2 363,805 420,274 SFR JV-1 securitization debt 2019-1 309,765 328,196 SFR JV-1 securitization debt 2020-1 501,454 546,713 SFR JV-1 securitization debt 2021-1 599,326 674,919 SFR JV-2 securitization debt 2022-1 491,334 522,934 SFR JV-2 securitization debt 2022-2 338,427 342,069 SFR JV-2 delayed draw term loan 185,965 193,126 The Shops of Summerhill mortgage 15,944 15,973 Corporate office mortgages 12,240 12,717 Total $ 3,450,201 $ 3,704,591 |
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 2023 $ 756,499 $ 221 $ 415 $ 757,135 2024 345,620 228 12,302 358,150 2025 1,575,641 15,614 — 1,591,255 2026 1,568,101 5,032 — 1,573,133 2027 956,107 — — 956,107 2028 and thereafter 542,457 — — 542,457 5,744,425 21,095 12,717 5,778,237 Transaction costs (net of amortization) (49,404) Debt discount (net of amortization) (649) Total debt $ 5,728,184 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, 2022 Due on demand and in 2023 From 2024 From 2026 2028 and thereafter Total Principal Debt (1),(2) $ 757,135 $ 1,949,405 $ 2,529,240 $ 542,457 $ 5,778,237 Due to Affiliate — — — 295,325 295,325 Interest Debt (1) 190,805 358,650 128,317 19,544 697,316 Due to Affiliate (3) 16,981 33,962 34,192 120,936 206,071 Total $ 964,921 $ 2,342,017 $ 2,691,749 $ 978,262 $ 6,976,949 (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 the extension options available on all loans. (3) Reflects the contractual maturity date of September 3, 2032. |
DUE TO AFFILIATE (Tables)
DUE TO AFFILIATE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Due to Affiliate | (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Principal amount outstanding $ 295,325 $ 300,000 Less: Discount and transaction costs (net of amortization) (38,501) (43,638) Due to Affiliate $ 256,824 $ 256,362 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Risk-free rate (1) 4.46 % 1.25 % Implied volatility (2) 36.53 % 25.32 % Dividend yield (3) 3.01 % 1.52 % (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 and the volatility of USD/CAD exchange rates. (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: Conversion/redemption options (1) Exchange/prepayment options Interest rate caps Total (in thousands of U.S. dollars) 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 (2) $ — $ (51,158) $ 10,358 $ (40,800) For the year ended December 31, 2021 Derivative financial assets (liabilities), beginning of year $ 841 $ (45,494) $ — $ (44,653) Derivative financial instruments converted into common shares of the Company 34,398 — — 34,398 Addition of interest rate caps — — 490 490 Fair value loss (35,239) (184,811) (127) (220,177) Derivative financial instruments - end of year $ — $ (230,305) $ 363 $ (229,942) (1) The conversion/redemption options represented features of the Company's convertible debentures which were redeemed in full on September 9, 2021. |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Term loan (1) $ 6,729 $ 7,638 Securitization debt 2017-2 13,080 13,338 Warehouse credit facility 2022 226 — Securitization debt 2018-1 12,252 12,428 Securitization debt 2020-2 8,478 8,589 Securitization debt 2017-1 (2) — 13,807 Warehouse credit facility (2) — 525 Term loan 2 (2) — 1,191 SFR JV-1 securitization debt 2019-1 10,439 10,377 SFR JV-1 securitization debt 2020-1 13,540 13,465 SFR JV-1 securitization debt 2021-1 17,659 2,548 SFR JV-1 subscription facility (2) — 1,112 SFR JV-1 warehouse credit facility (2) — 10,553 SFR JV-2 subscription facility 15,517 2,569 SFR JV-2 warehouse credit facility 20,221 2,179 SFR JV-2 term loan 4,929 — SFR JV-2 securitization debt 2022-1 16,868 — SFR JV-2 securitization debt 2022-2 9,284 — SFR JV-2 delayed draw term loan 3,431 — SFR JV-HD subscription facility 4,498 884 SFR JV-HD warehouse credit facility 13,165 1,009 Single-family rental interest expense 170,316 102,212 The Shops of Summerhill mortgage 531 457 Canadian development properties interest expense (3) 531 457 Corporate office mortgages 460 468 Corporate credit facility 6,319 3,990 Corporate interest expense 6,779 4,458 Amortization of financing costs 13,367 9,283 Amortization of debt discounts 4,749 6,320 Debentures interest (4) — 6,732 Interest on Due to Affiliate 17,022 17,250 Interest on lease obligation 1,168 968 Total interest expense $ 213,932 $ 147,680 (1) For the year ended December 31, 2022, interest expense on the term loan includes $1,711 of non-cash impact related to the modification described in Note 19. (2) These facilities were fully repaid in 2021. (3) Canadian development properties capitalized $445 of interest for the year ended December 31, 2022 (2021 - $1,567). (4) The outstanding balance of the convertible debentures was redeemed in full on September 9, 2021 and $3,497 was recognized as a loss on debt extinguishment for the year ended December 31, 2021. |
DIRECT OPERATING EXPENSES (Tabl
DIRECT OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Property taxes $ 100,122 $ 66,493 Repairs and maintenance 29,006 22,252 Turnover (1) 7,829 9,926 Property management expenses 41,404 29,247 Property insurance 7,544 6,081 Marketing and leasing 2,554 1,747 Homeowners' association (HOA) costs 9,933 6,169 Other direct expense (2) 10,697 8,025 Direct operating expenses (1) $ 209,089 $ 149,940 (1) The comparative period has been reclassified to conform with the current period presentation. Resident recoveries of $4,172 previously recorded as a reduction in turnover expenses have been reclassified to revenue from single-family rental properties. This presentation alignment did not result in any changes to the net operating income. (2) Other direct expense includes property utilities and other property operating costs. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Disclosure of Detailed Information About Intangible Assets | The intangible assets are as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Placement fees $ 2,189 $ 2,814 Customer relationship intangible 2,187 2,701 Contractual development fees 2,717 3,809 Intangible assets $ 7,093 $ 9,324 |
Disclosure of Reconciliation of Changes in Intangible Assets | (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 (in thousands of U.S. dollars) For the year ended December 31, 2021 Opening Additions Amortization expense Translation adjustment Ending Placement fees $ 3,764 $ — $ (950) $ — $ 2,814 Customer relationship intangible 3,215 — (514) — 2,701 Contractual development fees 5,384 — (1,575) — 3,809 Intangible assets $ 12,363 $ — $ (3,039) $ — $ 9,324 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Building $ 32,912 $ 31,710 Furniture, computer and office equipment 20,527 14,646 Right-of-use assets 28,750 28,269 Leasehold improvements 10,156 8,249 Property-related systems software 1,101 1,230 Vehicles and other 3,406 645 Other assets $ 96,852 $ 84,749 (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 14,646 13,215 (6,779) (555) 20,527 Right-of-use assets (2)(3) 28,269 4,944 (4,463) — 28,750 Leasehold improvements 8,249 3,090 (1,183) — 10,156 Property-related systems software 1,230 — (129) — 1,101 Vehicles and other 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) On December 20, 2022, the Company enter ed into an amendment to lease an additional 16,636 square feet of office space at the existing office location in Tustin, California. The commencement date is the later of July 1, 2023, or 240 days after the landlord's completion of base building work to the expansion premises. The Company will recognize the right-of-use asset and the corresponding lease obligation on commencement of the lease term. (in thousands of U.S. dollars) For the year ended December 31, 2021 Opening Additions Depreciation expense Translation adjustment Ending Building $ 30,602 $ 1,527 $ (541) $ 122 $ 31,710 Furniture, computer and office equipment 8,015 10,579 (3,933) (15) 14,646 Right-of-use assets (1) 6,018 25,836 (3,585) — 28,269 Leasehold improvements (2) 1,251 7,821 (823) — 8,249 Property-related systems software 1,478 (119) (129) — 1,230 Vehicles 626 104 (85) — 645 Other assets $ 47,990 $ 45,748 $ (9,096) $ 107 $ 84,749 (1) Right-of-use assets include leased space in office buildings with a carrying value of $23,643 and maintenance vehicles with a carrying value of $4,488. The remaining balance of right-of use assets relates to office equipment. (2) On May 1, 2021, the Company entered into an agreement to lease office space in Tustin, California for its own use as its property management headquarters. The lease agreement covers the entire office portion of the property (approximately 78,000 square feet) and has an initial term of 11.5 years with two five-year renewal options. The right-of-use asset and the corresponding lease obligation were initially recognized at $21,638 on May 1, 2021 (Note 27). The right-of-use asset and leasehold improvements are amortized over the life of the lease agreement of 11.5 years. |
LIMITED PARTNERS' INTEREST IN_2
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Limited Partners' Interest In Investments [Abstract] | |
Schedule 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, 2022 and December 31, 2021. (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Balance, beginning of year $ 947,452 $ 356,305 Contributions 489,387 479,142 Distributions (37,348) (73,916) Net change in fair value of limited partners’ interests in single-family rental business 297,381 185,921 Balance, end of year $ 1,696,872 $ 947,452 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [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, 2022 December 31, 2021 Balance, beginning of year $ 30,792 $ 6,403 Addition of lease obligation (1) 4,619 25,887 Interest expense 1,303 968 Cash payments (3,070) (2,466) Balance, end of year $ 33,644 $ 30,792 Current portion of lease obligations (Note 12) $ 3,609 $ 1,834 Non-current portion of lease obligations $ 30,035 $ 28,958 |
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) 2023 5,267 2024 5,363 2025 5,037 2026 4,707 2027 3,939 2028 and thereafter 15,534 Minimum lease payments obligation 39,847 Imputed interest included in minimum lease payments (6,203) Lease obligations $ 33,644 |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 per share (1) Total dividend amount (1) Dividend reinvestment plan ("DRIP") (2) 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 March 2, 2021 March 31, 2021 April 15, 2021 193,856,464 $ 0.056 $ 10,792 $ 1,483 May 11, 2021 June 30, 2021 July 15, 2021 209,618,719 0.056 11,839 1,623 August 10, 2021 September 30, 2021 October 15, 2021 226,122,875 0.055 12,424 1,161 November 8, 2021 December 31, 2021 January 17, 2022 272,773,225 0.058 15,821 1,572 $ 50,876 $ 5,839 (1) Dividends are issued and paid in U.S. dollars. Prior to November 8, 2021, dividends noted above were declared and paid in Canadian dollars in the amount of C$0.07; for reporting purposes, amounts recorded in equity were translated to U.S. dollars using the daily exchange rate on the applicable dividend record date. |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of Share Capital | December 31, 2022 December 31, 2021 (in thousands of U.S. dollars) Number of shares issued (repurchased) Share capital Number of shares issued (repurchased) Share capital Beginning balance 272,176,046 $ 2,114,783 193,175,802 $ 1,192,963 Bought deal offering (1) — — 15,480,725 161,842 Debentures conversion (2) — — 16,449,980 206,798 U.S. initial public offering and private placement (3) — — 46,248,746 547,605 Normal course issuer bid (NCIB) (4) (677,666) (4,580) — — Shares issued under DRIP (5) 323,048 3,995 531,667 5,674 Stock-based compensation exercised (6) 491,341 2,655 517,192 2,957 Preferred units exchanged (Note 20) 554,832 8,015 — — Shares repurchased and reserved for restricted share awards (7) (26,909) (250) (228,066) (3,056) Ending balance 272,840,692 $ 2,124,618 272,176,046 $ 2,114,783 (1) On June 8, 2021, the Company completed the offering, on a bought deal basis, of 15,480,725 common shares at a price of $10.77 (C$13.00) per common share of the Company for gross proceeds of $166,694. Net proceeds from the offering were $161,842, which reflects $6,573 of equity issuance costs incurred partially offset by $1,721 of deferred tax recoveries. (2) On July 30, 2021, the Company announced its intention to redeem its outstanding 2022 convertible debentures on September 9, 2021. For the year ended December 31, 2021, the Company issued 16,449,980 common shares in connection with the conversion or redemption of a corresponding $172,400 principal amount of the 2022 convertible debentures. In total, the common shares were valued at $206,798 or an average price of $12.57 per share. Accordingly, the difference of $34,398 was deducted from the fair value of the embedded derivative. (3) On October 12, 2021, the Company closed its previously-announced initial public offering of common shares in the United States and concurrent public offering in Canada (the “Offering”). Concurrent with the Offering, the Company issued common shares on a private placement basis pursuant to the exercise of pre-existing investor participation rights (the “Private Placement”). A total of 46,248,746 common shares were issued, including 41,400,000 pursuant to the Offering (including a full exercise of the underwriters’ over-allotment option) at a price of $12.40 per share (the “Offering Price”) and 4,848,746 common shares pursuant to the Private Placement at a price of approximately $11.75 per share (the Offering Price net of underwriting discounts), for aggregate gross proceeds to the Company of $570,328. Net proceeds from the offering were $547,605, which reflects $29,518 of underwriters' fees and $657 of other equity issuance costs incurred partially offset by $7,452 of deferred tax recoveries. In addition, the Company expensed $1,085 of transaction costs incurred in connection with the Offering (4) 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. As at December 31, 2022, the Company had repurchased 338,100 of its common shares on the TSX and 339,566 shares on the NYSE under the NCIB for $5,353, which reduced share capital and retained earnings by $4,580 and $773, respectively. Common shares that were purchased under the NCIB were cancelled by the Company. Subsequent to the year-end, the Company repurchased an additional 436,367 common shares on the TSX and 435,013 common shares on the NYSE under the NCIB program for $7,322. (5) In 2022, 323,048 common shares were issued under the DRIP at an average price of $12.37 per share. (6) In 2022, 491,341 common shares were issued upon the exercise of 669,059 vested deferred share units ("DSUs") and 8,334 vested stock options. (7) In 2022, 26,909 common shares were reserved at $9.29 per share in order to settle restricted share awards granted to employees in 2022 and DRIP with respect to restricted share awards granted in prior years. The restricted shares granted in 2022 will vest in eight years from the grant date. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
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 2022 2021 Net income from continuing operations $ 779,374 $ 459,357 Non-controlling interest 5,539 4,272 Net income attributable to shareholders of Tricon from continuing operations 773,835 455,085 Net income (loss) attributable to shareholders of Tricon from discontinued operations 35,106 (9,830) Net income attributable to shareholders of Tricon $ 808,941 $ 445,255 Weighted average number of common shares outstanding 272,972,697 218,087,838 Adjustments for vested units 1,510,567 1,746,292 Weighted average number of common shares outstanding for basic earnings per share 274,483,264 219,834,130 Basic earnings per share Continuing operations $ 2.82 $ 2.07 Discontinued operations 0.13 (0.04) Basic earnings per share $ 2.95 $ 2.03 (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) For the years ended December 31 2022 2021 Net income attributable to shareholders of Tricon from continuing operations $ 773,835 $ 455,085 Adjustment for preferred units interest expense - net of tax 18,410 — Fair value gain on derivative financial instruments and other liabilities (175,848) — Adjusted net income attributable to shareholders of Tricon from continuing operations 616,397 455,085 Net income (loss) attributable to shareholders of Tricon from discontinued operations 35,106 (9,830) Adjusted net income attributable to shareholders of Tricon $ 651,503 $ 445,255 Weighted average number of common shares outstanding 274,483,264 219,834,130 Adjustments for stock compensation 1,790,235 2,284,607 Adjustments for preferred units 34,826,994 — Weighted average number of common shares outstanding for diluted earnings per share 311,100,493 222,118,737 Diluted earnings per share Continuing operations $ 1.98 $ 2.05 Discontinued operations 0.11 (0.05) Diluted earnings per share $ 2.09 $ 2.00 |
COMPENSATION EXPENSE (Tables)
COMPENSATION EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based and Other Payment Arrangements [Abstract] | |
Explanation 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 2022 2021 Salaries and benefits $ 55,040 $ 43,630 Annual incentive plan ("AIP") 27,201 32,228 Long-term incentive plan ("LTIP") 17,015 14,093 Total compensation expense $ 99,256 $ 89,951 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 2022 2021 Cash-based $ 20,307 $ 15,922 Equity-based 6,894 16,306 Total AIP expense $ 27,201 $ 32,228 Long-term incentive plan (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Cash-based $ 16,635 $ 13,532 Equity-based 380 561 Total LTIP expense $ 17,015 $ 14,093 |
Explanation 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, 2022 December 31, 2021 Balance, beginning of year $ 73 $ 631 AIP expense 20,307 15,922 Payments (16,186) (16,270) Translation adjustment (497) (210) Balance, end of year $ 3,697 $ 73 The following table summarizes the movement in the PSU liability: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Balance, beginning of year $ 12,064 $ 6,489 PSU expense 1,889 10,321 Payments (7,061) (4,755) Translation adjustment (262) 9 Balance, end of year $ 6,630 $ 12,064 The following table summarizes the movement in the LTIP liability: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Balance, beginning of year $ 21,431 $ 11,688 LTIP expense 16,635 13,532 Payments (11,685) (3,775) Translation adjustment (1,137) (14) Balance, end of year $ 25,244 $ 21,431 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, 2022 December 31, 2021 Amounts payable and accrued liabilities (1) $ 10,327 $ 12,137 Equity - contributed surplus 15,784 13,332 Total AIP $ 26,111 $ 25,469 (1) This balance includes outstanding PSU liability of $6,630 (2021 - $12,064) and cash-based AIP liability of $3,697 (2021 - $73). LTIP liability and equity components are presented on the balance sheet as follows: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 LTIP - liability $ 25,244 $ 21,431 Equity - contributed surplus 5,685 7,914 Total LTIP $ 30,929 $ 29,345 |
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, 2022 and December 31, 2021. 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 TSX NYSE For the year ended December 31, 2021 Number of options Weighted average exercise price (CAD) Number of options Weighted average exercise price (USD) Opening balance - outstanding 2,241,339 $ 10.34 — $ — Granted 25,890 18.85 31,764 14.67 Exercised (281,666) 10.37 — — Ending balance - outstanding 1,985,563 $ 10.45 31,764 $ 14.67 |
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 2022: For the years ended December 31 2022 2021 TSX NYSE TSX NYSE Risk-free interest rate (%) 2.86 3.58 1.26 1.26 Expected option life (years) 5.16 5.15 5.03 5.03 Expected volatility (%) 27.70 27.70 25.74 25.74 |
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, 2022: December 31, 2022 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 550,000 550,000 $ 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 199,380 132,919 11.50 — December 15, 2021 December 15, 2028 25,890 8,630 18.85 — December 15, 2021 December 15, 2028 31,764 10,588 — 14.67 December 15, 2022 December 15, 2029 1,466,541 — 10.81 — December 15, 2022 December 15, 2029 364,189 — — 8.00 Total 3,839,723 1,904,096 $ 10.61 $ 8.54 |
PERFORMANCE FEES LIABILITY (Tab
PERFORMANCE FEES LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Balance, beginning of year $ 48,358 $ 6,242 Contributions from equity holders 971 — Performance fees expense 35,854 42,272 Payments (44,867) (196) Translation adjustment (423) 40 Balance, end of year $ 39,893 $ 48,358 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
Disclosure of Operating Segments | (in thousands of U.S. dollars) For the year ended December 31, 2022 Single-Family Rental (1) Adjacent Businesses (1) Private Funds and Advisory (1) 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 private funds and advisory 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) Fair value 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. For the year ended December 31, 2021 Single-Family Rental (1) Adjacent Businesses (1) Private Funds and Advisory (1) Corporate (1) Consolidated results Revenue from single-family rental properties (2) $ 445,915 $ — $ — $ — $ 445,915 Direct operating expenses (2) (149,940) — — — (149,940) Net operating income from single-family rental properties 295,975 — — — 295,975 Revenue from private funds and advisory services — — 50,693 — 50,693 Income from equity-accounted investments in multi-family rental properties (2) — 2,255 — — 2,255 Income from equity-accounted investments in Canadian residential developments — 8,200 — — 8,200 Other income — 1,327 — 3,459 4,786 Income from investments in U.S. residential developments — 31,726 — — 31,726 Compensation expense — — — (89,951) (89,951) Performance fees expense — — — (42,272) (42,272) General and administration expense — — — (41,420) (41,420) Loss on debt extinguishment — — — (3,497) (3,497) Transaction costs — — — (13,260) (13,260) Interest expense — — — (147,680) (147,680) Fair value gain on rental properties — — — 990,575 990,575 Fair value gain on Canadian development properties — — — 10,098 10,098 Fair value loss on derivative financial instruments and other liabilities — — — (220,177) (220,177) Amortization and depreciation expense — — — (12,129) (12,129) Realized and unrealized foreign exchange loss — — — (2,934) (2,934) Net change in fair value of limited partners’ interests in single-family rental business — — — (185,921) (185,921) Income tax expense (2) — — — (175,710) (175,710) Segment net income from continuing operations $ 295,975 $ 43,508 $ 50,693 $ 69,181 $ 459,357 Segment net income from discontinued operations (2) — (9,830) — — (9,830) Segment net income $ 295,975 $ 33,678 $ 50,693 $ 69,181 $ 449,527 (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, 2022 | |
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 2022 2021 Revenue from private funds and advisory services $ 160,088 $ 50,693 Income from equity-accounted investments in multi-family rental properties 1,550 2,255 Income from equity-accounted investments in Canadian residential developments 11,198 8,200 Income from investments in U.S. residential developments 16,897 31,726 Performance fees expense (35,854) (42,272) Gain on sale of Bryson MPC Holdings LLC 5,060 — Net income recognized from related parties $ 158,939 $ 50,602 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, 2022 December 31, 2021 Receivables from related parties included in amounts receivable Contractual fees and other receivables from investments managed $ 14,976 $ 11,906 Employee relocation housing loan (1) 1,477 1,578 Loan receivables from portfolio investments — 8,629 Annual incentive plan (2) 26,111 25,469 Long-term incentive plan (2) 30,929 29,345 Performance fees liability 39,893 48,358 Dividends payable 497 472 Other payables to related parties included in amounts payable and accrued liabilities 166 200 (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 deemed to be key management personnel of the Company. (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Total salaries and benefits $ 2,499 $ 2,558 Total AIP 12,996 13,945 Total LTIP 8,399 3,882 Total performance fees expense 24,374 26,487 Total key management compensation $ 48,268 $ 46,872 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
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 2022 2021 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Interest expense $ 14,736 $ (15,711) $ 7,815 $ (826) The impact of a 1% increase or decrease in the Canadian dollar exchange rate would result in the following impacts to assets and liabilities: For the years ended December 31 2022 2021 (in thousands of U.S. dollars) 1% increase 1% decrease 1% increase 1% decrease Assets Equity-accounted investments in multi-family rental properties $ 208 $ (208) $ 209 $ (209) Equity-accounted investments in Canadian residential developments 1,068 (1,068) 988 (988) Canadian development properties 1,367 (1,367) 1,335 (1,335) Investments in U.S. residential developments 1 (1) 3 (3) $ 2,644 $ (2,644) $ 2,535 $ (2,535) Liabilities Debt 339 (339) 482 (482) $ 339 $ (339) $ 482 $ (482) |
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 2023 $ 756,499 $ 221 $ 415 $ 757,135 2024 345,620 228 12,302 358,150 2025 1,575,641 15,614 — 1,591,255 2026 1,568,101 5,032 — 1,573,133 2027 956,107 — — 956,107 2028 and thereafter 542,457 — — 542,457 5,744,425 21,095 12,717 5,778,237 Transaction costs (net of amortization) (49,404) Debt discount (net of amortization) (649) Total debt $ 5,728,184 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, 2022 Due on demand and in 2023 From 2024 From 2026 2028 and thereafter Total Principal Debt (1),(2) $ 757,135 $ 1,949,405 $ 2,529,240 $ 542,457 $ 5,778,237 Due to Affiliate — — — 295,325 295,325 Interest Debt (1) 190,805 358,650 128,317 19,544 697,316 Due to Affiliate (3) 16,981 33,962 34,192 120,936 206,071 Total $ 964,921 $ 2,342,017 $ 2,691,749 $ 978,262 $ 6,976,949 (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 the extension options available on all loans. (3) Reflects the contractual maturity date of September 3, 2032. |
Disclosure of Maturity Analysis for Derivative Financial Liabilities | The following tables present the contractual maturities of the Company’s financial liabilities at December 31, 2022 and December 31, 2021, excluding remaining unamortized deferred financing fees and debt discount: (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. (in thousands of U.S. dollars) As at December 31, 2021 Due on demand and in 2022 From 2023 From 2025 2027 and thereafter Total Liabilities Debt (1) $ 254,805 $ 822,163 $ 2,439,432 $ 438,251 $ 3,954,651 Other liabilities — 8,538 7,863 18,347 34,748 Limited partners' interests in single-family rental business — — 600,572 346,880 947,452 Derivative financial instruments — — — 230,305 230,305 Due to Affiliate — — — 300,000 300,000 Amounts payable and accrued liabilities 102,954 — — — 102,954 Resident security deposits 56,785 — — — 56,785 Dividends payable 15,821 — — — 15,821 Total $ 430,365 $ 830,701 $ 3,047,867 $ 1,333,783 $ 5,642,716 |
Disclosure of Net Liabilities | The details of the net liabilities are shown below: (in thousands of U.S. dollars) December 31, 2022 December 31, 2021 Cash $ 204,303 $ 176,894 Amounts receivable 24,984 41,582 Prepaid expenses and deposits 37,520 32,946 Current assets 266,807 251,422 Amounts payable and accrued liabilities 138,273 102,954 Resident security deposits 79,864 56,785 Dividends payable 15,861 15,821 Current portion of long-term debt 757,135 254,805 Current liabilities 991,133 430,365 Net current liabilities $ (724,326) $ (178,943) |
SUPPLEMENTARY CASH FLOW DETAI_2
SUPPLEMENTARY CASH FLOW DETAILS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Disclosure of Adjustments For and Changes In Non-Cash Working Capital | The details of the adjustments for non-cash items from continuing operations presented in operating activities of the cash flow statement are shown below: (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Fair value gain on rental properties (Note 6) $ (858,987) $ (990,575) Fair value loss (gain) on Canadian development properties (Note 9) 440 (10,098) Fair value (gain) loss on derivative financial instruments and other liabilities (Note 21) (184,809) 220,177 Income from investments in U.S. residential developments (Note 10) (16,897) (31,726) Income from equity-accounted investments in multi-family rental properties (Note 7) (1,550) (2,255) Income from equity-accounted investments in Canadian residential developments (Note 8) (11,198) (8,200) Gain on Bryson MPC Holdings LLC disposition (Note 17) (5,060) — Loss on debt modification and extinguishment (Notes 19, 22) 6,816 3,497 Amortization and depreciation expense (Notes 24, 25) 15,608 12,129 Deferred income taxes (Note 14) 189,179 219,137 Net change in fair value of limited partners’ interests in single-family rental business (Note 26) 297,381 185,921 Amortization of debt discount and financing costs (Note 22) 18,116 15,603 Interest on lease obligation (Note 22) 1,168 968 Long-term incentive plan (Note 31) 17,015 14,093 Annual incentive plan (Note 31) 27,201 32,228 Performance fees expense (Note 32) 35,854 42,272 Unrealized foreign exchange gain (4,238) (4,850) Adjustments for non-cash items from continuing operations $ (473,961) $ (301,679) The following table presents the changes in non-cash working capital items from continuing operations for the periods ended December 31, 2022 and December 31, 2021. (in thousands of U.S. dollars) For the years ended December 31 2022 2021 Amounts receivable (1) $ (4,993) $ (15,989) Prepaid expenses and deposits (4,574) (19,287) Resident security deposits 23,079 11,628 Amounts payable and accrued liabilities (1) 48,169 4,664 Deduct non-cash working capital items from discontinued operations (43,114) (29,890) Changes in non-cash working capital items from continuing operations $ 18,567 $ (48,874) (1) The movement in non-cash working capital for the year ended December 31, 2022 excludes $21,591 of assets and $12,850 of liabilities related to Bryson MPC Holdings LLC, which was sold on September 1, 2022 (Note 17). |
FINANCING ACTIVITIES (Tables)
FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Reconciliation of Financing Activities | (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). (4) The interest rate cap component included in the derivative financial instruments was an asset of $10,358 as at December 31, 2022 and as a result is excluded from the above table and classified as an asset on the consolidated balance sheet. For the year ended December 31, 2022, non-cash change for derivative financial instruments represents $3,299 of fair value converted to common shares upon the conversion of 4,675 preferred units (Note 20). (in thousands of U.S. dollars) As at December 31, 2020 Cash flows Non-cash changes As at December 31, 2021 Foreign exchange movement Fair value changes Additions/(Dispositions) Other (1) Term loan $ 374,745 $ (154,548) $ — $ — $ — $ — $ 220,197 Securitization debt 2017-2 362,683 (4,994) — — — 302 357,991 Securitization debt 2018-1 311,913 (1,062) — — — 144 310,995 Securitization debt 2020-2 432,817 (2,254) — — — 1,121 431,684 Securitization debt 2017-1 459,530 (459,530) — — — — — Warehouse credit facility 10,110 (10,298) — — — 188 — Term loan 2 96,077 (96,077) — — — — — SFR JV-1 securitization debt 2019-1 326,767 (614) — — — 1,271 327,424 SFR JV-1 securitization debt 2020-1 543,803 (584) — — — 1,745 544,964 SFR JV-1 securitization debt 2021-1 — 673,324 — — — 329 673,653 SFR JV-1 subscription facility 115,664 (116,000) — — — 336 — SFR JV-1 warehouse credit facility 95,950 (97,249) — — — 1,299 — SFR JV-2 subscription facility — 348,229 — — — 300 348,529 SFR JV-2 warehouse credit facility — 489,001 — — — 320 489,321 SFR JV-HD subscription facility — 99,355 — — — 188 99,543 SFR JV-HD warehouse credit facility — 64,585 — — — 386 64,971 U.S. multi-family credit facility (2) 109,890 (109,890) — — — — — Mortgage tranche A (2) 160,090 — — — (160,090) — — Mortgage tranche B (2) 400,225 — — — (400,225) — — Mortgage tranche C (2) 240,135 — — — (240,135) — — Land loan 21,991 — 95 — — — 22,086 The Shops of Summerhill mortgage 12,463 (420) 58 — — 12 12,113 Vendor take-back (VTB) loan 2021 25,564 (26,271) 707 — — — — Corporate credit facility 26,000 (26,000) — — — — — Corporate office mortgages 11,089 2,877 (4) — — — 13,962 Convertible debentures 165,956 — — — — (165,956) — Due to Affiliate 251,647 — — — — 4,715 256,362 Derivative financial instruments 45,494 — — 220,050 — (35,239) 230,305 Limited partners' interests in single-family rental business 356,305 405,226 — 185,921 — — 947,452 Lease obligations 6,403 (2,466) — — 25,887 968 30,792 Total liabilities from financing activities $ 4,963,311 $ 974,340 $ 856 $ 405,971 $ (774,563) $ (187,571) $ 5,382,344 (1) Includes amortization of transaction costs and debt discount and interest on lease obligations. (2) On March 31, 2021, U.S. multi-family rental mortgages totaling $800,450 were deconsolidated from the Company’s balance sheet in connection with the sale of an 80% interest in the U.S. multi-family rental portfolio. The Company fully repaid the U.S. multi-family credit facility with the proceeds of the syndication. |
NATUE OF BUSINESS (Details)
NATUE OF BUSINESS (Details) home in Thousands | Dec. 31, 2022 home |
General Information about Financial Statements [Abstract] | |
Number of single-family rental homes | 36 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) - Discontinued operations | Oct. 18, 2022 | Mar. 31, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Proportion of ownership interest sold | 80% | |
Tricon US Multi-Family REIT LLC | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Proportion of ownership interest sold | 20% | 80% |
Proportion of remaining ownership interest sold | 20% |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of reclassifications or changes in presentation [line items] | |||
Revenue from single-family rental properties | $ 645,585 | $ 445,915 | [1] |
Direct operating expenses | (209,089) | (149,940) | [1] |
Income from equity-accounted investments in multi-family rental properties | 1,550 | 2,255 | [1] |
Income (loss) before income taxes from discontinued operations | 37,738 | (4,146) | [1] |
Income tax expense - deferred | 189,179 | 219,137 | [1] |
Income tax recovery - deferred | $ (40,482) | (40,818) | [1] |
Reclassify resident recoveries | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Revenue from single-family rental properties | 4,172 | ||
Direct operating expenses | (4,172) | ||
Reclassify income from discontinued operations | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Income from equity-accounted investments in multi-family rental properties | (73,078) | ||
Income (loss) before income taxes from discontinued operations | 73,078 | ||
Reclassify tax expense - deferred to continuing operations | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Income tax expense - deferred | 15,346 | ||
Income tax recovery - deferred | (15,346) | ||
As previously reported | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Revenue from single-family rental properties | 441,743 | ||
Direct operating expenses | (145,768) | ||
Income from equity-accounted investments in multi-family rental properties | 75,333 | ||
Income (loss) before income taxes from discontinued operations | (77,224) | ||
Income tax expense - deferred | 234,483 | ||
Income tax recovery - deferred | $ (56,164) | ||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Joint Arrangements and Interest in Associates (Details) | 2 Months Ended | 12 Months Ended | ||
Apr. 12, 2022 | Mar. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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% | ||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||
Proportion of ownership interest in joint venture | 30% | 10% | 30% | |
Proportion of voting rights held in joint venture | 50% | |||
Symington LP | ||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||
Proportion of ownership interest in joint venture | 10% | |||
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(5) | ||||
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(5) | ||||
Disclosure of detailed information about interests in associates and joint arrangements [line items] | ||||
Ownership interest % | 7% | |||
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 SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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 and 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 | 2 years |
Furniture, computer and 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 |
Property-related systems software | |
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 SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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 SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interests of the Limited Partners in Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2022 | |
SFR JV-1 | SFR JV-1 Equity LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-1 | SFR JV-1 LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-1 | SFR JV-1 REIT 1 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-1 | SFR JV-1 REIT 2 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-1 | SFR JV-1 Holding LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-2 | SFR JV-2 Equity LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 70.70% |
SFR JV-2 | SFR JV-2 LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 70.70% |
SFR JV-2 | SFR JV-2 REIT 1 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-2 | SFR JV-2 REIT 2 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-2 | SFR JV-2 Holdings LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-HD | SFR JV-HD Equity LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-HD | SFR JV-HD LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 66.30% |
SFR JV-HD | SFR JV-HD REIT 1 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-HD | SFR JV-HD REIT 2 LLC | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SFR JV-HD | SFR JV-HD Holdings LP | |
Disclosure of subsidiaries [line items] | |
Limited partners' ownership interest % | 49.50% |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Contract fees, based on invested capital | 1% |
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 SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Compensation Arrangements (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |
Award vesting period | 8 years |
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 |
Bottom of range | LTIP | Deferred Share Units (DSUs) | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |
Award vesting period | 3 years |
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 |
Top of range | LTIP | Deferred Share Units (DSUs) | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |
Award vesting period | 5 years |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2022 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 |
CRITITAL ACCOUNTING ESTIMATES_2
CRITITAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of changes in accounting estimates [line items] | |||
Performance fee income recognized | $ 160,088 | $ 50,693 | [1] |
Performance fees | |||
Disclosure of changes in accounting estimates [line items] | |||
Performance fee income recognized | $ 110,330 | $ 8,909 | |
Tricon US Multi-Family REIT LLC | Discontinued operations | |||
Disclosure of changes in accounting estimates [line items] | |||
Proportion of ownership interest in equity-accounted investment classified as held for sale and a discontinued operation | 20% | ||
Tricon US Multi-Family REIT LLC | Discontinued operations | Performance fees | |||
Disclosure of changes in accounting estimates [line items] | |||
Performance fee income recognized | $ 99,865 | ||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 18, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Proceeds from sale | $ 219,354 | ||
Loss on sale | (856) | $ 0 | |
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) |
DISCONTINUED OPERATIONS - Loss
DISCONTINUED OPERATIONS - Loss on Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-current Asset Held for Sale and Discontinued Operations [Abstract] | ||
Total consideration | $ 219,354 | |
Net asset value on disposition | (213,493) | |
Transaction costs | (6,717) | |
Loss on sale | $ (856) | $ 0 |
DISCONTINUED OPERATIONS - Profi
DISCONTINUED OPERATIONS - Profit or Loss of the Discontinued Operations (Details) $ in Thousands | 12 Months Ended | ||||
Oct. 18, 2022 | Mar. 31, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Net income | $ 814,480 | $ 449,527 | [1] | ||
Loss on sale | (856) | 0 | |||
Income (loss) before income taxes from discontinued operations | 0 | (77,224) | |||
Income tax expense - current | (43,114) | (46,502) | [1] | ||
Income tax recovery - deferred | 40,482 | 40,818 | [1] | ||
Net income (loss) from discontinued operations | $ 35,106 | (9,830) | [1] | ||
Discontinued operations | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Syndication of ownership interest | 80% | ||||
Tricon US Multi-Family REIT LLC | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Revenue | 91,201 | ||||
Expenses | (66,868) | ||||
Fair value gain on U.S. multi-family rental properties | 341,059 | ||||
Net income | 365,392 | ||||
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 | 119,391 | |||
Expenses | (68,680) | (93,036) | |||
Fair value gain on U.S. multi-family rental properties | 156,009 | 339,029 | |||
Net income | 192,970 | 365,384 | |||
Tricon's share of net income at 20% | 38,594 | $ 73,078 | |||
Loss on sale | $ (856) | ||||
Syndication of ownership interest | 20% | 80% | |||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
DISCONTINUED OPERATIONS - Cash
DISCONTINUED OPERATIONS - Cash Flows Attributed to the Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Net cash provided by operating activities from discontinued operations | $ 3,499 | $ (12) |
Net cash provided by investing activities from discontinued operations | 212,637 | 421,774 |
Net cash used in financing activities from discontinued operations | 0 | (102,849) |
Change in cash during the year from discontinued operations | 216,136 | 318,913 |
Repayments of the U.S. multi-family credit facility | $ 301,453 | 262,335 |
Discontinued operations | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Repayments of the U.S. multi-family credit facility | $ 109,890 |
RENTAL PROPERTIES - Changes in
RENTAL PROPERTIES - Changes in Rental Property Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Changes in investment property [abstract] | ||||||
Fair value adjustments | $ 56,414 | $ 261,676 | $ 858,987 | $ 990,575 | [1] | |
Rental properties | ||||||
Changes in investment property [abstract] | ||||||
Beginning balance | 7,978,396 | 6,321,918 | ||||
Acquisitions | 2,362,185 | 1,835,235 | ||||
Capital expenditures | 326,460 | 198,602 | ||||
Fair value adjustments | 858,987 | 990,575 | ||||
Dispositions | (80,369) | (1,367,934) | ||||
Ending balance | $ 11,445,659 | $ 7,978,396 | 11,445,659 | 7,978,396 | ||
Transaction costs capitalized | 3,021 | 2,720 | ||||
Gains realized on fair value adjustment | $ 12,997 | $ 409 | ||||
Tricon US Multi-Family REIT LLC | Discontinued operations | ||||||
Changes in investment property [abstract] | ||||||
Dispositions | $ (1,333,406) | |||||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
RENTAL PROPERTIES - Narrative (
RENTAL PROPERTIES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares home | Dec. 31, 2021 USD ($) shares home | Dec. 31, 2022 USD ($) shares home | Dec. 31, 2021 USD ($) shares home | ||
Disclosure of detailed information about investments [line items] | |||||
Number of homes valued using Broker Price Opinion | home | 0 | 3,395 | 4,166 | 3,674 | |
Fair value adjustments | $ | $ 56,414 | $ 261,676 | $ 858,987 | $ 990,575 | [1] |
Home Price Index Risk | |||||
Disclosure of detailed information about investments [line items] | |||||
Reasonably possible 2.0% increase in risk variable, impact on investment property | $ | 155,924 | 99,015 | |||
Reasonably possible 2.0% decrease in risk variable, impact on investment property | $ | $ 155,924 | $ 99,015 | |||
Adjusted Home Price Index, Measurement Input | |||||
Disclosure of detailed information about investments [line items] | |||||
Significant unobservable input, assets | shares | 0.123 | 198 | 0.123 | 198 | |
Quarterly Adjusted Home Price Index, Measurement Input | |||||
Disclosure of detailed information about investments [line items] | |||||
Significant unobservable input, assets | shares | 0.007 | 0.052 | 0.007 | 0.052 | |
Home Price Index, Measurement Input | |||||
Disclosure of detailed information about investments [line items] | |||||
Significant unobservable input, assets | shares | 0.174 | 214 | 0.174 | 214 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
EQUITY-ACCOUNTED INVESTMENTS _3
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES - Narrative (Details) | Dec. 31, 2021 property |
Tricon US Multi-Family REIT LLC | |
Disclosure of joint ventures [line items] | |
Number of multi-family rental properties | 23 |
EQUITY-ACCOUNTED INVESTMENTS _4
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES - Change in the Balances Equity-accounted Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity-accounted investments in multi-family rental properties | ||
Equity Accounted Investments [Roll Forward] | ||
Opening balance | $ 199,285 | $ 19,913 |
Initial recognition of equity-accounted investment in U.S. multi-family rental properties | 0 | 107,895 |
Advances | 0 | 453 |
Distributions | (3,824) | (4,428) |
Income from equity-accounted investments in multi-family rental properties | 40,144 | 75,333 |
Disposition of equity-accounted investment in U.S. multi-family rental properties | (213,493) | 0 |
Translation adjustment | (1,343) | 119 |
Balance, end of year | 20,769 | 199,285 |
Tricon US Multi-Family REIT LLC | ||
Equity Accounted Investments [Roll Forward] | ||
Opening balance | 178,398 | |
Balance, end of year | 178,398 | |
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 | $ 73,078 |
EQUITY-ACCOUNTED INVESTMENTS _5
EQUITY-ACCOUNTED INVESTMENTS IN MULTI-FAMILY RENTAL PROPERTIES - Ownership Interests and Carrying Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Equity Accounting Investments [Line Items] | |||
Current assets | $ 266,807 | $ 251,422 | |
Non-current assets | 12,184,139 | 8,897,195 | |
Current liabilities | 991,133 | 430,365 | |
Non-current liabilities | 7,662,788 | 5,657,183 | |
Net and other comprehensive income | $ 814,480 | $ 449,527 | [1] |
592 Sherbourne LP (The Selby) | |||
Disclosure of Equity Accounting Investments [Line Items] | |||
Ownership interest % | 15% | 15% | |
Current assets | $ 2,834 | $ 3,042 | |
Non-current assets | 256,854 | 267,635 | |
Current liabilities | 2,080 | 2,411 | |
Non-current liabilities | 115,311 | 124,916 | |
Net assets (liabilities) | 142,297 | 143,350 | |
Tricon's share of net assets | 20,887 | ||
Revenue | 12,441 | 9,585 | |
Expenses | (8,023) | (8,442) | |
Fair value gains (losses) | 5,916 | 13,884 | |
Net and other comprehensive income | 10,334 | 15,027 | |
Tricon's share of net income | 1,550 | $ 2,255 | |
Tricon US Multi-Family REIT LLC | |||
Disclosure of Equity Accounting Investments [Line Items] | |||
Proportion of ownership interest in joint venture | 20% | ||
Current assets | $ 12,086 | ||
Non-current assets | 1,705,408 | ||
Current liabilities | 29,617 | ||
Non-current liabilities | 795,886 | ||
Net assets (liabilities) | 891,991 | ||
Tricon's share of net assets | 178,398 | ||
Revenue | 91,201 | ||
Expenses | (66,868) | ||
Fair value gains (losses) | 341,059 | ||
Net and other comprehensive income | 365,392 | ||
Tricon's share of net income | 73,078 | ||
Multi-Family Rental Properties Under Equity Accounting | |||
Disclosure of Equity Accounting Investments [Line Items] | |||
Current assets | 2,834 | 15,128 | |
Non-current assets | 256,854 | 1,973,043 | |
Current liabilities | 2,080 | 32,028 | |
Non-current liabilities | 115,311 | 920,802 | |
Net assets (liabilities) | 142,297 | 1,035,341 | |
Tricon's share of net assets | 20,769 | 199,285 | |
Total investment of affiliates | 21,345 | 199,909 | |
Cumulative fair value adjustments | (576) | (624) | |
Revenue | 12,441 | 100,786 | |
Expenses | (8,023) | (75,310) | |
Fair value gains (losses) | 5,916 | 354,943 | |
Net and other comprehensive income | 10,334 | 380,419 | |
Tricon's share of net income | $ 1,550 | $ 75,333 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
EQUITY-ACCOUNTING INVESTMENTS_3
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS - Change in the Balances Equity-accounted Investments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2021 USD ($) $ / $ | |
Equity Accounted Investments [Roll Forward] | ||
Closing foreign exchange rate (USD/CAD) | $ / $ | 1.3544 | 1.2678 |
Equity-accounted investments in Canadian residential developments | ||
Equity Accounted Investments [Roll Forward] | ||
Opening balance | $ 98,675 | $ 74,955 |
Advances | 13,360 | 30,089 |
Distributions | (10,212) | (14,772) |
Income from equity-accounted investments in Canadian residential developments | 11,198 | 8,200 |
Translation adjustment | (6,483) | 203 |
Balance, end of year | $ 106,538 | $ 98,675 |
EQUITY-ACCOUNTING INVESTMENTS_4
EQUITY-ACCOUNTING INVESTMENTS IN CANADIAN RESIDENTIAL DEVELOPMENTS - Ownership Interests and Carrying Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 12, 2022 | Nov. 12, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | $ 266,807 | $ 251,422 | |||
Non-current assets | 12,184,139 | 8,897,195 | |||
Current liabilities | 991,133 | 430,365 | |||
Non-current liabilities | 7,662,788 | 5,657,183 | |||
Net income | 814,480 | 449,527 | [1] | ||
Equity-accounted investments in Canadian residential developments | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | 20,559 | 18,418 | |||
Non-current assets | 915,084 | 712,639 | |||
Current liabilities | 46,908 | 28,973 | |||
Non-current liabilities | 486,999 | 415,369 | |||
Net assets (liabilities) | 401,736 | 286,715 | |||
Tricon's share of net assets | 106,538 | 98,675 | |||
Total investment of affiliates | 104,364 | 96,393 | |||
Cumulative fair value adjustments | 2,174 | 2,282 | |||
Revenue | 248 | 368 | |||
Expenses | (2,563) | (290) | |||
Fair value gains (losses) | 33,977 | 24,787 | |||
Net income | 31,662 | 24,865 | |||
Tricon's share of net income | 11,198 | 8,200 | |||
Joint ventures | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | 19,279 | 17,511 | |||
Non-current assets | 725,978 | 557,655 | |||
Current liabilities | 40,908 | 22,959 | |||
Non-current liabilities | 390,655 | 349,582 | |||
Net assets (liabilities) | 313,694 | 202,625 | |||
Tricon's share of net assets | 79,906 | 73,215 | |||
Revenue | 115 | 368 | |||
Expenses | (441) | (262) | |||
Fair value gains (losses) | 23,343 | 11,616 | |||
Net income | 23,017 | 11,722 | |||
Tricon's share of net income | $ 8,415 | $ 4,256 | |||
WDL 3/4/7 LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | $ 2,993 | $ 4,011 | |||
Non-current assets | 141,357 | 117,115 | |||
Current liabilities | 7,721 | 2,466 | |||
Non-current liabilities | 84,646 | 63,372 | |||
Net assets (liabilities) | 51,983 | 55,288 | |||
Tricon's share of net assets | 17,335 | 18,437 | |||
Revenue | 0 | 5 | |||
Expenses | 0 | (12) | |||
Fair value gains (losses) | 234 | 3,129 | |||
Net income | 234 | 3,122 | |||
Tricon's share of net income | $ 78 | $ 1,040 | |||
WDL 8 LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | $ 7,318 | $ 7,150 | |||
Non-current assets | 241,907 | 176,171 | |||
Current liabilities | 21,105 | 13,732 | |||
Non-current liabilities | 188,473 | 141,191 | |||
Net assets (liabilities) | 39,647 | 28,398 | |||
Tricon's share of net assets | 13,222 | 9,473 | |||
Revenue | 1 | 0 | |||
Expenses | (161) | (10) | |||
Fair value gains (losses) | 13,176 | 3,112 | |||
Net income | 13,016 | 3,102 | |||
Tricon's share of net income | $ 4,337 | $ 1,034 | |||
WDL 20 LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | $ 722 | $ 760 | |||
Non-current assets | 43,082 | 47,401 | |||
Current liabilities | 186 | 853 | |||
Non-current liabilities | 34,295 | 40,660 | |||
Net assets (liabilities) | 9,323 | 6,648 | |||
Tricon's share of net assets | 3,114 | 2,223 | |||
Revenue | 0 | 0 | |||
Expenses | 0 | 0 | |||
Fair value gains (losses) | 0 | 0 | |||
Net income | 0 | 0 | |||
Tricon's share of net income | $ 0 | $ 0 | |||
DKT B10 LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 33% | 33% | |||
Current assets | $ 1,290 | $ 2,359 | |||
Non-current assets | 42,111 | 31,398 | |||
Current liabilities | 6,669 | 3,228 | |||
Non-current liabilities | 8,507 | 8,786 | |||
Net assets (liabilities) | 28,225 | 21,743 | |||
Tricon's share of net assets | 10,885 | 8,825 | |||
Revenue | 0 | 0 | |||
Expenses | (2) | 0 | |||
Fair value gains (losses) | 238 | 6,389 | |||
Net income | 236 | 6,389 | |||
Tricon's share of net income | $ 79 | $ 2,130 | |||
6-8 Gloucester LP (The Ivy) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 47% | 47% | |||
Current assets | $ 1,101 | $ 913 | |||
Non-current assets | 100,147 | 72,332 | |||
Current liabilities | 4,263 | 1,737 | |||
Non-current liabilities | 52,585 | 32,469 | |||
Net assets (liabilities) | 44,400 | 39,039 | |||
Tricon's share of net assets | 20,988 | 18,477 | |||
Revenue | 0 | 0 | |||
Expenses | (24) | 0 | |||
Fair value gains (losses) | 8,019 | 4,231 | |||
Net income | 7,995 | 4,231 | |||
Tricon's share of net income | $ 3,759 | $ 1,989 | |||
Labatt Village Holding LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 38% | 38% | |||
Current assets | $ 47 | ||||
Non-current assets | 0 | ||||
Current liabilities | 35 | ||||
Non-current liabilities | 0 | ||||
Net assets (liabilities) | 12 | ||||
Tricon's share of net assets | 5 | ||||
Revenue | $ 0 | 0 | |||
Expenses | 0 | (77) | |||
Fair value gains (losses) | 0 | (5,245) | |||
Net income | 0 | (5,322) | |||
Tricon's share of net income | $ 8 | $ (1,997) | |||
Labatt Village Holding LP | Labatt Village Holding LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 80% | ||||
Queen Ontario LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 30% | 10% | 30% | ||
Current assets | $ 5,167 | $ 2,271 | |||
Non-current assets | 121,336 | 113,238 | |||
Current liabilities | 806 | 908 | |||
Non-current liabilities | 0 | 63,104 | |||
Net assets (liabilities) | 125,697 | 51,497 | |||
Tricon's share of net assets | 12,912 | 15,775 | |||
Revenue | 114 | 363 | |||
Expenses | (242) | (163) | |||
Fair value gains (losses) | 1,676 | 0 | |||
Net income | 1,548 | 200 | |||
Tricon's share of net income | $ 155 | 60 | |||
Symington LP | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Proportion of ownership interest in joint venture | 10% | ||||
Current assets | $ 688 | ||||
Non-current assets | 36,038 | ||||
Current liabilities | 158 | ||||
Non-current liabilities | 22,149 | ||||
Net assets (liabilities) | 14,419 | ||||
Tricon's share of net assets | 1,450 | ||||
Revenue | 0 | ||||
Expenses | (12) | ||||
Fair value gains (losses) | 0 | ||||
Net income | (12) | ||||
Tricon's share of net income | (1) | ||||
Associates | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Current assets | 1,280 | 907 | |||
Non-current assets | 189,106 | 154,984 | |||
Current liabilities | 6,000 | 6,014 | |||
Non-current liabilities | 96,344 | 65,787 | |||
Net assets (liabilities) | 88,042 | 84,090 | |||
Tricon's share of net assets | $ 26,632 | 25,460 | |||
Revenue | 0 | ||||
Expenses | (28) | ||||
Fair value gains (losses) | 13,171 | ||||
Net income | 13,143 | ||||
Tricon's share of net income | $ 3,944 | ||||
57 Spadina LP (The Taylor) | |||||
Disclosure of Equity Accounting Investments [Line Items] | |||||
Ownership interest % | 30% | 30% | |||
Current assets | $ 1,280 | $ 907 | |||
Non-current assets | 189,106 | 154,984 | |||
Current liabilities | 6,000 | 6,014 | |||
Non-current liabilities | 96,344 | 65,787 | |||
Net assets (liabilities) | 88,042 | 84,090 | |||
Tricon's share of net assets | 26,632 | 25,460 | |||
Revenue | 133 | 0 | |||
Expenses | (2,122) | (28) | |||
Fair value gains (losses) | 10,634 | 13,171 | |||
Net income | 8,645 | 13,143 | |||
Tricon's share of net income | $ 2,783 | $ 3,944 | |||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
CANADIAN DEVELOPMENT PROPERTI_3
CANADIAN DEVELOPMENT PROPERTIES - Changes in the Canadian Development Properties Balance (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2021 USD ($) $ / $ | ||
Changes in investment property [abstract] | |||
Fair value adjustments | $ (440) | $ 10,098 | [1] |
Closing foreign exchange rate (USD/CAD) | $ / $ | 1.3544 | 1.2678 | |
Canadian development properties | |||
Changes in investment property [abstract] | |||
Beginning balance | $ 133,250 | $ 110,018 | |
Development expenditures | 12,686 | 12,748 | |
Fair value adjustments | (440) | 10,098 | |
Translation adjustment | (9,083) | 386 | |
Ending balance | $ 136,413 | $ 133,250 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
CANADIAN DEVELOPMENT PROPERTI_4
CANADIAN DEVELOPMENT PROPERTIES - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) project | Dec. 31, 2021 USD ($) | |
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 | $ 1,668 | $ 1,327 |
Canadian development properties | Appraised Land Value Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 5% increase in risk variable, impact on investment property | 4,851 | 4,654 |
Reasonably possible 5% decrease in risk variable, impact on investment property | (4,851) | (4,654) |
Canadian development properties | Discount Rate Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 1% increase in risk variable, impact on investment property | (2,724) | (3,038) |
Reasonably possible 1% decrease in risk variable, impact on investment property | 3,015 | 3,354 |
Canadian development properties | Capitalisation Rate Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible .25% increase in risk variable, impact on investment property | (1,246) | (1,489) |
Reasonably possible .25% decrease in risk variable, impact on investment property | $ 1,401 | $ 1,675 |
CANADIAN DEVELOPMENT PROPERTI_5
CANADIAN DEVELOPMENT PROPERTIES - Key Valuation Assumptions (Details) - Canadian development properties | Dec. 31, 2022 shares | Dec. 31, 2022 $ / ft² | Dec. 31, 2022 $ / ft² | Dec. 31, 2021 shares | Dec. 31, 2021 $ / ft² | Dec. 31, 2021 $ / ft² |
Land value per square foot | ||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||||
Significant unobservable input, assets | 258 | 350 | 260 | 330 | ||
Discount rate | ||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||||
Significant unobservable input, assets | 0.0475 | 0.0475 | ||||
Capitalization rate | ||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||||
Significant unobservable input, assets | 0.0450 | 0.0425 |
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, 2022 | Dec. 31, 2021 | |
Investments in U.S. residential developments | ||
Disclosure of detailed information about investments [line items] | ||
Opening balance | $ 143,153,000 | $ 164,842,000 |
Advances | 15,655,000 | 6,706,000 |
Distributions | (37,336,000) | (55,744,000) |
Derecognition of investment in U.S. residential developments | 0 | (4,377,000) |
Income from investments in U.S. residential developments | 16,897,000 | 31,726,000 |
Internal debt instruments | 0 | 8,629,000 |
Equity | 138,369,000 | 134,524,000 |
Balance, end of year | 138,369,000 | 143,153,000 |
Gains (losses) on disposals of investments | 0 | 0 |
Bryson MPC Holdings LLC | THPAS Development JV-2 LLC | ||
Disclosure of detailed information about investments [line items] | ||
Advances | $ 2,760,000 | $ 0 |
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, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about investments [line items] | |||
Current assets | $ 266,807 | $ 251,422 | |
Non-current assets | 12,184,139 | 8,897,195 | |
Current liabilities | 991,133 | 430,365 | |
Non-current liabilities | 7,662,788 | 5,657,183 | |
Net income | 814,480 | 449,527 | [1] |
Investments in U.S. residential developments | |||
Disclosure of detailed information about investments [line items] | |||
Current assets | 25,480 | 27,392 | |
Non-current assets | 661,671 | 595,213 | |
Current liabilities | 6,315 | 23,063 | |
Non-current liabilities | 0 | 0 | |
Net assets (liabilities) | 680,836 | 599,542 | |
Tricon's share of net assets | 138,369 | 143,153 | |
Revenue | 11,067 | 18,535 | |
Expenses | (6,451) | (6,748) | |
Fair value gains (losses) | 77,264 | 111,332 | |
Net income | 81,880 | 123,119 | |
Tricon's share of net income | $ 16,897 | $ 31,726 | |
Tricon Housing Partners US LP | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 68% | 68% | |
Current assets | $ 1,236 | $ 702 | |
Non-current assets | 44,363 | 41,428 | |
Current liabilities | 118 | 151 | |
Non-current liabilities | 0 | 0 | |
Net assets (liabilities) | 45,481 | 41,979 | |
Tricon's share of net assets | 27,837 | 23,943 | |
Revenue | 6,253 | 13,240 | |
Expenses | (75) | (243) | |
Fair value gains (losses) | (1,676) | (7,725) | |
Net income | 4,502 | 5,272 | |
Tricon's share of net income | $ 4,577 | $ 3,604 | |
Tricon Housing Partners US II LP | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 8% | ||
Current assets | $ 9,951 | ||
Non-current assets | 45,806 | ||
Current liabilities | 7,525 | ||
Non-current liabilities | 0 | ||
Net assets (liabilities) | 48,232 | ||
Tricon's share of net assets | 13,301 | ||
Revenue | 1,968 | ||
Expenses | (1,979) | ||
Fair value gains (losses) | 12,161 | ||
Net income | 12,150 | ||
Tricon's share of net income | $ 740 | ||
Viridian Equity LP | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 18% | 18% | |
Current assets | $ 4 | $ 4 | |
Non-current assets | 67,659 | 117,622 | |
Current liabilities | 4 | 4 | |
Non-current liabilities | 0 | 0 | |
Net assets (liabilities) | 67,659 | 117,622 | |
Tricon's share of net assets | 12,140 | 21,108 | |
Revenue | 0 | 0 | |
Expenses | 0 | 0 | |
Fair value gains (losses) | 13,538 | 40,722 | |
Net income | 13,538 | 40,722 | |
Tricon's share of net income | $ 2,430 | $ 7,455 | |
McKinney Project Equity LLC | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 44% | 44% | |
Current assets | $ 0 | $ 0 | |
Non-current assets | 119,575 | 109,987 | |
Current liabilities | 0 | 0 | |
Non-current liabilities | 0 | 0 | |
Net assets (liabilities) | 119,575 | 109,987 | |
Tricon's share of net assets | 52,314 | 48,187 | |
Revenue | 0 | 0 | |
Expenses | 0 | 0 | |
Fair value gains (losses) | 9,588 | 1,220 | |
Net income | 9,588 | 1,220 | |
Tricon's share of net income | $ 4,128 | $ 11,700 | |
THPAS Holdings JV-1 LLC | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 11% | 11% | |
Current assets | $ 5,545 | $ 13,871 | |
Non-current assets | 182,490 | 109,432 | |
Current liabilities | 593 | 834 | |
Non-current liabilities | 0 | 0 | |
Net assets (liabilities) | 187,442 | 122,469 | |
Tricon's share of net assets | 20,829 | 13,617 | |
Revenue | 490 | 844 | |
Expenses | (2,852) | (2,200) | |
Fair value gains (losses) | 6,524 | 686 | |
Net income | 4,162 | (670) | |
Tricon's share of net income | 455 | 652 | |
Remaining investments | |||
Disclosure of detailed information about investments [line items] | |||
Current assets | 18,695 | 2,864 | |
Non-current assets | 247,584 | 170,938 | |
Current liabilities | 5,600 | 14,549 | |
Non-current liabilities | 0 | 0 | |
Net assets (liabilities) | 260,679 | 159,253 | |
Tricon's share of net assets | 25,249 | 22,997 | |
Revenue | 4,324 | 2,483 | |
Expenses | (3,524) | (2,326) | |
Fair value gains (losses) | 49,290 | 64,268 | |
Net income | 50,090 | 64,425 | |
Tricon's share of net income | $ 5,307 | $ 7,575 | |
Remaining investments | Minimum | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 7% | 7% | |
Remaining investments | Maximum | |||
Disclosure of detailed information about investments [line items] | |||
Tricon's ownership % | 22% | 20% | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
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, 2022 USD ($) yr | Dec. 31, 2021 USD ($) yr | |
Discount Rate Risk | ||
Disclosure of detailed information about investments [line items] | ||
Reasonably possible 2.5% increase in risk variable, impact on investment | $ | $ 9,445 | $ 10,647 |
Reasonably possible 2.5% decrease in risk variable, impact on investment | $ | $ 10,629 | $ 11,935 |
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 | 0.177 | 0.166 |
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 | 10 | 9 |
Future cash flow | Weighted average of inputs | ||
Disclosure of detailed information about investments [line items] | ||
Significant unobservable input, assets | 7.2 | 6.1 |
FAIR VALUE ESTIMATION (Details)
FAIR VALUE ESTIMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 12,450,946 | $ 9,148,617 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 8,653,921 | 6,087,548 |
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 | 10,358 | 363 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 51,158 | 230,305 |
Level 2 | Derivative financial instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 51,158 | 230,305 |
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 | 10,358 | 363 |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 11,712,342 | 8,254,799 |
Disclosure of fair value measurement of liabilities [line items] | ||
Liabilities | 1,696,872 | 947,452 |
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 | 1,696,872 | 947,452 |
Level 3 | Rental properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 11,445,659 | 7,978,396 |
Level 3 | Canadian development properties | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 136,413 | 133,250 |
Level 3 | Investments in U.S. residential developments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 130,270 | 143,153 |
Level 3 | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 0 | $ 0 |
ACCOUNTS PAYABLE AND ACCURED _3
ACCOUNTS PAYABLE AND ACCURED LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables and accrued liabilities | $ 34,219 | $ 43,488 |
Accrued property taxes | 52,936 | 30,524 |
AIP liability (Note 31) | 10,327 | 12,137 |
Income taxes payable | 11,650 | 1,982 |
Interest payable | 24,731 | 12,944 |
Deferred income | 801 | 45 |
Current portion of lease obligations | 3,609 | 1,834 |
Total amounts payable and accrued liabilities | $ 138,273 | $ 102,954 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 |
Imapirment of goodwill | $ 0 |
INCOME TAXES - Components of Ta
INCOME TAXES - Components of Tax Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Taxes [Abstract] | |||
Income tax recovery - current | $ 33,959 | $ 43,427 | [1] |
Income tax expense - deferred | (189,179) | (219,137) | [1] |
Income tax expense from continuing operations | (155,220) | (175,710) | |
Income tax expense from discontinued operations - current | (43,114) | (46,502) | [1] |
Income tax recovery from discontinued operations - deferred | 40,482 | 40,818 | [1] |
Income tax expense from discontinued operations | $ (2,632) | $ (5,684) | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Income before income taxes from continuing operations | $ 934,594 | $ 635,067 |
Combined statutory federal and provincial income tax rate | 26.50% | 26.50% |
Expected income tax expense | $ 247,667 | $ 168,293 |
Non-taxable gains on investments | (1,739) | (2,606) |
Non-taxable (gains) losses on derivative financial instruments | (38,058) | 51,590 |
Foreign tax rate differential | (52,151) | (40,431) |
Other, including permanent differences | (499) | (1,136) |
Income tax expense from continuing operations | $ 155,220 | $ 175,710 |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | $ 75,062 | $ 96,945 |
Deferred income tax liabilities | 591,713 | 461,689 |
Net deferred income tax liabilities | 516,651 | 364,744 |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred income tax liabilities, beginning of year | 364,744 | 195,627 |
Charge to the statement of comprehensive income | 148,697 | 178,319 |
Charge (credit) to equity | 1,945 | (9,173) |
Other | 1,265 | (29) |
Net deferred income tax liabilities, end of year | 516,651 | 364,744 |
Later than one year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 75,062 | 96,945 |
Deferred income tax liabilities | 591,713 | 461,689 |
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, 2022 USD ($) | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | $ 96,945 |
Reversal | (21,883) |
Ending balance | 75,062 |
Investments | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 10,731 |
Reversal | (10,731) |
Ending balance | 0 |
Long-term incentive plan accrual | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 8,658 |
Reversal | (649) |
Ending balance | 8,009 |
Performance fees liability | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 10,681 |
Reversal | (1,590) |
Ending balance | 9,091 |
Issuance costs | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 12,912 |
Reversal | (4,189) |
Ending balance | 8,723 |
Net operating losses | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 46,997 |
Reversal | (3,071) |
Ending balance | 43,926 |
Other | |
Reconciliation of changes in deferred tax asset | |
Beginning balance | 6,966 |
Reversal | (1,653) |
Ending balance | $ 5,313 |
INCOME TAXES - Reconciliation_3
INCOME TAXES - Reconciliation of Temporary Differences in Deferred Tax Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | $ 461,689 |
Addition / (Reversal) | 130,024 |
Ending balance | 591,713 |
Investments | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 0 |
Addition / (Reversal) | 1,505 |
Ending balance | 1,505 |
Rental properties | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 461,062 |
Addition / (Reversal) | 128,658 |
Ending balance | 589,720 |
Deferred placement fees | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 0 |
Addition / (Reversal) | 488 |
Ending balance | 488 |
Other | |
Reconciliation of changes in deferred tax liability | |
Beginning balance | 627 |
Addition / (Reversal) | (627) |
Ending balance | $ 0 |
REVENUE FROM SINGLE-FAMILY RE_3
REVENUE FROM SINGLE-FAMILY RENTAL PROPERTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about investments [line items] | |||
Base rent | $ 520,196 | $ 363,510 | |
Other revenue | 39,840 | 24,371 | |
Non-lease component | 85,549 | 58,034 | |
Total revenue from single-family rental properties | 645,585 | $ 445,915 | [1] |
Reclassified From Direct Operating Expense To Other Revenue | |||
Disclosure of detailed information about investments [line items] | |||
Amount of reclassifications | $ 4,172 | ||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
REVENUE FROM PRIVATE FUNDS AN_3
REVENUE FROM PRIVATE FUNDS AND ADVISORTY SERVICES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from private funds and advisory services | $ 160,088 | $ 50,693 | [1] |
Asset management fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from private funds and advisory services | 12,431 | 12,719 | |
Performance fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from private funds and advisory services | 110,330 | 8,909 | |
Performance fees | Tricon US Multi-Family REIT LLC | Discontinued operations | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from private funds and advisory services | 99,865 | ||
Development fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from private funds and advisory services | 26,826 | 24,418 | |
Property management fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from private funds and advisory services | $ 10,501 | $ 4,647 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
OTHER INCOME (Details)
OTHER INCOME (Details) | 12 Months Ended | |||
Sep. 01, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
The Shops of Summerhill commercial rental | $ 2,212,000 | $ 1,327,000 | ||
Income from Bryson - pre-sale | 2,753,000 | 3,459,000 | ||
Insurance recoveries | 861,000 | 0 | ||
Total other income | 10,886,000 | 4,786,000 | [1] | |
Proceeds from sale | 11,041,000 | 0 | ||
Bryson MPC Holdings LLC | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Gain on sale - Bryson MPC Holdings LLC | $ 5,060,000 | $ 5,060,000 | $ 0 | |
Ownership interest sold | 1 | |||
Transaction costs | $ 0 | |||
Proceeds from sale | 13,801,000 | |||
Cash consideration received | 11,041,000 | |||
Non-cash consideration retained | 2,760,000 | |||
Bryson MPC Holdings LLC | Net assets held for sale | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Total other income | 8,741,000 | |||
Bryson MPC Holdings LLC | Assets held for sale | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Total other income | 21,591,000 | |||
Bryson MPC Holdings LLC | Liabilities held for sale | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Total other income | $ (12,850,000) | |||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
AMOUNTS RECEIVABLE (Details)
AMOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Rent receivables | $ 3,581 | $ 4,510 |
Trade receivables | 2,975 | 4,818 |
Income tax recoverable | 4,138 | 2,771 |
Other receivables | 14,290 | 29,483 |
Total amounts receivable | $ 24,984 | $ 41,582 |
DEBT - Summary of Outstanding D
DEBT - Summary of Outstanding Debt (Details) $ in Thousands | 12 Months Ended | |||||||||||||||||||
Oct. 27, 2022 USD ($) | Oct. 27, 2022 CAD ($) | Oct. 07, 2022 USD ($) home | Sep. 01, 2022 USD ($) | Jul. 07, 2022 USD ($) home | Apr. 07, 2022 USD ($) home | Jan. 26, 2022 USD ($) | Dec. 31, 2022 USD ($) home | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) home | Dec. 20, 2022 USD ($) | Oct. 27, 2022 CAD ($) | Oct. 03, 2022 USD ($) | Aug. 24, 2022 | Aug. 23, 2022 | Aug. 22, 2022 USD ($) | Mar. 23, 2022 USD ($) | Mar. 09, 2022 USD ($) | Mar. 08, 2022 USD ($) | ||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 6,919,387,000 | $ 5,102,335,000 | ||||||||||||||||||
Borrowings | 5,728,184,000 | 3,917,433,000 | ||||||||||||||||||
Current portion of long-term debt | 757,135,000 | 254,805,000 | ||||||||||||||||||
Long-term debt | $ 4,971,049,000 | 3,662,628,000 | ||||||||||||||||||
Number of single-family rental homes | home | 36,000 | 36,000 | ||||||||||||||||||
Loss on debt modification and extinguishment | $ 6,816,000 | 3,497,000 | [1] | |||||||||||||||||
Fixed interest rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 3,743,764,000 | 2,703,628,000 | ||||||||||||||||||
Floating interest rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 2,034,473,000 | $ 1,251,023,000 | ||||||||||||||||||
Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 3.73% | 2.62% | 3.73% | |||||||||||||||||
Effective interest rate | 3.49% | 3.49% | ||||||||||||||||||
Weighted average of inputs | Fixed interest rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 3.43% | 2.83% | 3.43% | |||||||||||||||||
Weighted average of inputs | Floating interest rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 4.30% | 2.16% | 4.30% | |||||||||||||||||
Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 1,344,538,000 | $ 1,328,529,000 | ||||||||||||||||||
Number of single-family rental homes | home | 27,100 | 27,100 | ||||||||||||||||||
Single-family rental JV-1 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 1,568,101,000 | 1,569,213,000 | ||||||||||||||||||
Single-family rental JV-2 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | 2,688,159,000 | 1,000,000,000 | ||||||||||||||||||
Single-family rental JV-HD properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | 620,000,000 | 475,000,000 | ||||||||||||||||||
Single-family rental properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 6,220,798,000 | $ 4,372,742,000 | ||||||||||||||||||
Single-family rental properties borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 3.73% | 2.60% | 3.73% | |||||||||||||||||
Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 185,872,000 | $ 215,631,000 | ||||||||||||||||||
Canadian development properties borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 5.23% | 3.77% | 5.23% | |||||||||||||||||
Corporate borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 512,717,000 | $ 513,962,000 | ||||||||||||||||||
Corporate borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 4.30% | 4.30% | 4.30% | |||||||||||||||||
Outstanding Balance | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 5,778,237,000 | $ 3,954,651,000 | ||||||||||||||||||
Outstanding Balance | Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 1,294,538,000 | 1,328,529,000 | ||||||||||||||||||
Outstanding Balance | Single-family rental JV-1 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 1,568,101,000 | 1,569,213,000 | ||||||||||||||||||
Outstanding Balance | Single-family rental JV-2 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 2,265,066,000 | 842,103,000 | ||||||||||||||||||
Outstanding Balance | Single-family rental JV-HD properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 616,720,000 | 166,637,000 | ||||||||||||||||||
Outstanding Balance | Single-family rental properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 5,744,425,000 | 3,906,482,000 | ||||||||||||||||||
Outstanding Balance | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 21,095,000 | 34,207,000 | ||||||||||||||||||
Outstanding Balance | Corporate borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 12,717,000 | 13,962,000 | ||||||||||||||||||
Transaction costs (net of amortization) | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | (49,404,000) | (36,123,000) | ||||||||||||||||||
Debt discount (net of amortization) | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ (649,000) | (1,095,000) | ||||||||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Extension options | 1 year | |||||||||||||||||||
Notional amount | $ 220,499,000 | $ 220,197,000 | ||||||||||||||||||
Loss on debt modification and extinguishment | $ 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 | 2.30% | 2.30% | ||||||||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2% | |||||||||||||||||||
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% | ||||||||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | Minimum | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.50% | |||||||||||||||||||
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 | 5.50% | 5.50% | 5.50% | |||||||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | Maximum | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | ||||||||||||||||||
Term loan | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 4.21% | 2.50% | 4.21% | |||||||||||||||||
Term loan | Outstanding Balance | Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 220,499,000 | $ 220,197,000 | ||||||||||||||||||
Securitization debt 2017-2 | Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 3.68% | 3.67% | 3.68% | |||||||||||||||||
Notional amount | $ 345,620,000 | $ 358,602,000 | ||||||||||||||||||
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% | 3.67% | 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 | $ 358,602,000 | ||||||||||||||||||
Warehouse credit facility 2022 | Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Extension options | 1 year | 1 year | ||||||||||||||||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Warehouse credit facility 2022 | Single-family rental wholly-owned properties borrowings | SOFR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.85% | 1.85% | ||||||||||||||||||
Warehouse credit facility 2022 | 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% | ||||||||||||||||||
Warehouse credit facility 2022 | 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% | ||||||||||||||||||
Warehouse credit facility 2022 | Single-family rental wholly-owned properties borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 3.72% | 3.72% | ||||||||||||||||||
Warehouse credit facility 2022 | Outstanding Balance | Single-family rental wholly-owned properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 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 | $ 302,699,000 | $ 311,479,000 | ||||||||||||||||||
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 | $ 302,699,000 | $ 311,479,000 | ||||||||||||||||||
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 | $ 425,720,000 | $ 438,251,000 | ||||||||||||||||||
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 | $ 425,720,000 | $ 438,251,000 | ||||||||||||||||||
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 | $ 332,263,000 | $ 332,764,000 | ||||||||||||||||||
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 | $ 332,263,000 | $ 332,764,000 | ||||||||||||||||||
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 | $ 552,882,000 | $ 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 | $ 552,882,000 | $ 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 | $ 683,567,000 | ||||||||||||||||||
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 | $ 683,567,000 | ||||||||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Extension options | 1 year | 1 year | ||||||||||||||||||
Notional amount | $ 410,000,000 | $ 400,000,000 | $ 410,000 | $ 500,000,000 | ||||||||||||||||
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% | 2% | ||||||||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.90% | |||||||||||||||||||
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% | 0.15% | ||||||||||||||||||
SFR JV-2 subscription facility | Single-family rental JV-2 properties borrowings | Minimum | LIBOR | ||||||||||||||||||||
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% | 2.05% | 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 | $ 350,000,000 | ||||||||||||||||||
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 | $ 700,000,000 | $ 600,000,000 | $ 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% | ||||||||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.90% | |||||||||||||||||||
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 | Minimum | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.15% | |||||||||||||||||||
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% | ||||||||||||||||||
SFR JV-2 warehouse credit facility | Single-family rental JV-2 properties borrowings | Maximum | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 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 | 3.87% | 2.05% | 3.87% | |||||||||||||||||
SFR JV-2 warehouse credit facility | Outstanding Balance | Single-family rental JV-2 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 392,551,000 | $ 492,103,000 | ||||||||||||||||||
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 | home | 2 | 2 | ||||||||||||||||||
Notional amount | $ 500,000 | $ 500,000,000 | ||||||||||||||||||
Number of single-family rental homes | home | 1,962 | |||||||||||||||||||
Borrowings maturity, term | 3 years | |||||||||||||||||||
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% | ||||||||||||||||||
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 | 5.98% | 5.98% | ||||||||||||||||||
SFR JV-2 term loan | Outstanding Balance | Single-family rental JV-2 properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 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% | ||||||||||||||||||
Notional amount | $ 530,387,000 | $ 530,387,000 | ||||||||||||||||||
Number of single-family rental homes | home | 2,484 | |||||||||||||||||||
Borrowings maturity, term | 5 years | |||||||||||||||||||
Net proceeds | $ 29,900,000 | |||||||||||||||||||
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 | $ 530,387,000 | |||||||||||||||||||
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% | ||||||||||||||||||
Notional amount | $ 348,044,000 | $ 347,772,000 | ||||||||||||||||||
Number of single-family rental homes | home | 1,684 | |||||||||||||||||||
Borrowings maturity, term | 6 years | |||||||||||||||||||
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 | $ 347,772,000 | |||||||||||||||||||
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 | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||
Borrowings maturity, term | 5 years | |||||||||||||||||||
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% | ||||||||||||||||||
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 | $ 194,685,000 | |||||||||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Extension options | 1 year | 1 year | ||||||||||||||||||
Notional amount | $ 130,000,000 | $ 100,000,000 | $ 130,000 | $ 150,000,000 | ||||||||||||||||
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% | 2% | ||||||||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.90% | |||||||||||||||||||
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% | 0.15% | ||||||||||||||||||
SFR JV-HD subscription facility | Single-family rental JV-HD properties borrowings | Minimum | LIBOR | ||||||||||||||||||||
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% | 2.05% | 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 | $ 100,000,000 | ||||||||||||||||||
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 | $ 490,000,000 | $ 375,000,000 | $ 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% | ||||||||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.90% | |||||||||||||||||||
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% | ||||||||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Minimum | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.15% | |||||||||||||||||||
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 | 2.60% | 2.60% | ||||||||||||||||||
SFR JV-HD warehouse credit facility | Single-family rental JV-HD properties borrowings | Maximum | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.60% | |||||||||||||||||||
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 | 3.81% | 2.05% | 3.81% | |||||||||||||||||
SFR JV-HD warehouse credit facility | Outstanding Balance | Single-family rental JV-HD properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 489,720,000 | $ 66,637,000 | ||||||||||||||||||
Land loan | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | $ 22,086,000 | |||||||||||||||||||
Land loan | Canadian development properties borrowings | Prime | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.25% | |||||||||||||||||||
Land loan | Canadian development properties borrowings | Minimum | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate floor | 3.70% | |||||||||||||||||||
Land loan | Canadian development properties borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 3.82% | |||||||||||||||||||
Land loan | Outstanding Balance | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 22,086,000 | |||||||||||||||||||
The Shops of Summerhill mortgage | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 5.58% | 5.58% | 3.67% | 5.58% | 5.58% | |||||||||||||||
Notional amount | $ 16,000 | $ 16,063,000 | $ 12,121,000 | $ 21,800 | ||||||||||||||||
Borrowings maturity, term | 3 years | 3 years | ||||||||||||||||||
Net proceeds | $ 5,100,000 | $ 6,800 | ||||||||||||||||||
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% | 3.67% | 5.58% | |||||||||||||||||
The Shops of Summerhill mortgage | Outstanding Balance | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 16,063,000 | $ 12,121,000 | ||||||||||||||||||
Construction facility | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Extension options | 1 year | 1 year | ||||||||||||||||||
Notional amount | $ 169,809,000 | $ 181,424,000 | ||||||||||||||||||
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 | 4.12% | 4.12% | ||||||||||||||||||
Construction facility | Outstanding Balance | Canadian development properties borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 5,032,000 | $ 0 | ||||||||||||||||||
Corporate office mortgages | Corporate borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | |||||||||||||||||
Notional amount | $ 12,717,000 | $ 13,962,000 | ||||||||||||||||||
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 | $ 12,717,000 | $ 13,962,000 | ||||||||||||||||||
Corporate credit facility | Corporate borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Notional amount | 500,000,000 | 500,000,000 | $ 35,000 | |||||||||||||||||
Borrowings | 0 | $ 0 | ||||||||||||||||||
Letters of credit | $ 4,932,000 | $ 6,680 | ||||||||||||||||||
Corporate credit facility | Corporate borrowings | SOFR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.10% | 3.10% | ||||||||||||||||||
Corporate credit facility | Corporate borrowings | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.75% | |||||||||||||||||||
Corporate credit facility | Corporate borrowings | Weighted average of inputs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate | 4.60% | 3.34% | 4.60% | |||||||||||||||||
Corporate credit facility | Outstanding Balance | Corporate borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 0 | $ 0 | ||||||||||||||||||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
DEBT - Scheduled Principal Repa
DEBT - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 5,728,184 | $ 3,917,433 |
Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,778,237 | |
Gross carrying amount | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,744,425 | |
Gross carrying amount | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 21,095 | |
Gross carrying amount | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,717 | |
Gross carrying amount | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 757,135 | |
Gross carrying amount | 2023 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 756,499 | |
Gross carrying amount | 2023 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 221 | |
Gross carrying amount | 2023 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 415 | |
Gross carrying amount | 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 358,150 | |
Gross carrying amount | 2024 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 345,620 | |
Gross carrying amount | 2024 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 228 | |
Gross carrying amount | 2024 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,302 | |
Gross carrying amount | 2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,591,255 | |
Gross carrying amount | 2025 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,575,641 | |
Gross carrying amount | 2025 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 15,614 | |
Gross carrying amount | 2025 | Corporate borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Gross carrying amount | 2026 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,573,133 | |
Gross carrying amount | 2026 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,568,101 | |
Gross carrying amount | 2026 | Canadian development properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,032 | |
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 | 956,107 | |
Gross carrying amount | 2027 | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 956,107 | |
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 | 542,457 | |
Gross carrying amount | 2028 and thereafter | Single-family rental properties borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 542,457 | |
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 | (49,404) | (36,123) |
Debt discount (net of amortization) | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ (649) | $ (1,095) |
DEBT - Fair Value of Debt (Deta
DEBT - Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 5,728,184 | $ 3,917,433 |
Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,450,201 | |
Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,704,591 | |
Securitization debt 2017-2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 339,599 | |
Securitization debt 2017-2 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 345,311 | |
Securitization debt 2018-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 292,342 | |
Securitization debt 2018-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 302,359 | |
Securitization debt 2020-2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 363,805 | |
Securitization debt 2020-2 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 420,274 | |
SFR JV-1 securitization debt 2019-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 309,765 | |
SFR JV-1 securitization debt 2019-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 328,196 | |
SFR JV-1 securitization debt 2020-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 501,454 | |
SFR JV-1 securitization debt 2020-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 546,713 | |
SFR JV-1 securitization debt 2021-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 599,326 | |
SFR JV-1 securitization debt 2021-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 674,919 | |
SFR JV-2 securitization debt 2022-1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 491,334 | |
SFR JV-2 securitization debt 2022-1 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 522,934 | |
SFR JV-2 securitization debt 2022-2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 338,427 | |
SFR JV-2 securitization debt 2022-2 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 342,069 | |
SFR JV-2 delayed draw term loan | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 185,965 | |
SFR JV-2 delayed draw term loan | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 193,126 | |
The Shops of Summerhill mortgage | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 15,944 | |
The Shops of Summerhill mortgage | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 15,973 | |
Corporate office mortgages | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,240 | |
Corporate office mortgages | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 12,717 |
DUE TO AFFILIATE - Narrative (D
DUE TO AFFILIATE - Narrative (Details) | 12 Months Ended | ||||
Aug. 26, 2020 USD ($) $ / shares | Aug. 07, 2020 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Aug. 26, 2020 $ / shares | |
Disclosure of transactions between related parties [line items] | |||||
Notional amount | $ 6,919,387,000 | $ 5,102,335,000 | |||
Capital exchanged (in shares) | shares | 554,832 | 0 | |||
Price per capital exchanged (in dollars per share) | $ / shares | $ 8.50 | ||||
Reduction in preferred unit liability | $ 4,675,000 | ||||
Reduction in promissory note receivable | 4,675,000 | ||||
Preferred unit liability | 295,325,000 | $ 300,000,000 | |||
Promissory note receivable | 295,325,000 | 300,000,000 | |||
Share capital | 2,124,618,000 | 2,114,783,000 | |||
Tricon PIPE LLC | |||||
Disclosure of transactions between related parties [line items] | |||||
Preferred unit liability | 295,325,000 | 300,000,000 | |||
Promissory note receivable | 295,325,000 | 300,000,000 | |||
Share capital | $ 300,000,000 | ||||
Percentage of voting interest in structured entity | 100% | ||||
Interest income | 17,022,000 | 17,250,000 | |||
Dividend income | $ 17,022,000 | 17,250,000 | |||
Preferred units | |||||
Disclosure of transactions between related parties [line items] | |||||
Capital exchanged (in shares) | shares | 4,675 | ||||
Common shares | |||||
Disclosure of transactions between related parties [line items] | |||||
Capital exchanged (in shares) | shares | 554,832,000 | ||||
Due to Affiliate | Fair value | |||||
Disclosure of transactions between related parties [line items] | |||||
Liability component at fair value | $ 225,314,000 | 283,150,000 | |||
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 | 300,000,000 | ||
Cash advances and loans from related parties | $ 300,000,000 | ||||
Borrowings, interest rate, applicable term | 7 years | ||||
Interest expense on debt instruments issued | 22,159,000 | 21,965,000 | |||
Accretion expense | $ 5,137,000 | $ 4,715,000 | |||
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, 2022 | Dec. 31, 2021 | Aug. 26, 2020 |
Disclosure of transactions between related parties [line items] | |||
Principal amount outstanding | $ 6,919,387 | $ 5,102,335 | |
Due to Affiliate | 5,728,184 | 3,917,433 | |
Due to Affiliate | Tricon PIPE LLC | |||
Disclosure of transactions between related parties [line items] | |||
Principal amount outstanding | 295,325 | 300,000 | $ 300,000 |
Less: Discount and transaction costs (net of amortization) | (38,501) | (43,638) | |
Due to Affiliate | $ 256,824 | $ 256,362 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gain (loss) | $ 184,809 | $ (220,177) |
Exchange/prepayment options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gain (loss) | $ 175,848 | $ (184,811) |
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, 2022 | Dec. 31, 2021 |
Risk-free rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Significant observable input | 0.0446 | 0.0125 |
Implied volatility | ||
Disclosure of detailed information about financial instruments [line items] | ||
Significant observable input | 0.3653 | 0.2532 |
Dividend yield | ||
Disclosure of detailed information about financial instruments [line items] | ||
Significant observable input | 0.0301 | 0.0152 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Values Attributed to Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning balance | $ (229,942) | $ (44,653) |
Derivative financial instruments exchanged into common shares of the Company | 3,299 | 34,398 |
Addition of interest rate caps | 1,034 | 490 |
Fair value gain (loss) | 184,809 | (220,177) |
Derivative assets (liabilities), ending balance | (40,800) | (229,942) |
Derivative financial assets | 10,358 | 363 |
Derivative financial liabilities | (51,158) | (230,305) |
Exchange/prepayment options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning balance | (230,305) | (45,494) |
Derivative financial instruments exchanged into common shares of the Company | 3,299 | 0 |
Addition of interest rate caps | 0 | 0 |
Fair value gain (loss) | 175,848 | (184,811) |
Derivative assets (liabilities), ending balance | (51,158) | (230,305) |
Derivative financial liabilities | 51,158 | |
Conversion/redemption options | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning balance | 0 | 841 |
Derivative financial instruments exchanged into common shares of the Company | 0 | 34,398 |
Addition of interest rate caps | 0 | 0 |
Fair value gain (loss) | 0 | (35,239) |
Derivative assets (liabilities), ending balance | 0 | 0 |
Interest rate caps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning balance | 363 | 0 |
Derivative financial instruments exchanged into common shares of the Company | 0 | 0 |
Addition of interest rate caps | 1,034 | 490 |
Fair value gain (loss) | 8,961 | (127) |
Derivative assets (liabilities), ending balance | 10,358 | 363 |
Derivative financial assets | $ 10,358 | $ 10,358 |
INTEREST EXPENSE (Details)
INTEREST EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | $ 213,932 | $ 147,680 | [1] |
Loss on debt modification and extinguishment | (6,816) | (3,497) | [1] |
Amortization of financing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 13,367 | 9,283 | |
Amortization of debt discounts | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 4,749 | 6,320 | |
Debentures interest | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0 | 6,732 | |
Loss on debt modification and extinguishment | (3,497) | ||
Interest on Due to Affiliate | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 17,022 | 17,250 | |
Interest on lease obligation | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 1,168 | 968 | |
Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 170,316 | 102,212 | |
Canadian development properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 531 | 457 | |
Interest costs capitalised | 445 | 1,567 | |
Corporate borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 6,779 | 4,458 | |
Term loan | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 6,729 | 7,638 | |
Interest costs capitalised | 1,711 | ||
Securitization debt 2017-2 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 13,080 | 13,338 | |
Warehouse credit facility 2022 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 226 | 0 | |
Securitization debt 2018-1 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 12,252 | 12,428 | |
Securitization debt 2020-2 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 8,478 | 8,589 | |
Securitization debt 2017-1 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0 | 13,807 | |
Warehouse credit facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0 | 525 | |
Term loan 2 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0 | 1,191 | |
SFR JV-1 securitization debt 2019-1 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 10,439 | 10,377 | |
SFR JV-1 securitization debt 2020-1 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 13,540 | 13,465 | |
SFR JV-1 securitization debt 2021-1 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 17,659 | 2,548 | |
SFR JV-1 subscription facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0 | 1,112 | |
SFR JV-1 warehouse credit facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0 | 10,553 | |
SFR JV-2 subscription facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 15,517 | 2,569 | |
SFR JV-2 warehouse credit facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 20,221 | 2,179 | |
SFR JV-2 term loan | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 4,929 | 0 | |
SFR JV-2 securitization debt 2022-1 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 16,868 | 0 | |
SFR JV-2 securitization debt 2022-2 | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 9,284 | 0 | |
SFR JV-2 delayed draw term loan | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 3,431 | 0 | |
SFR JV-HD subscription facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 4,498 | 884 | |
SFR JV-HD warehouse credit facility | Single-family rental properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 13,165 | 1,009 | |
The Shops of Summerhill mortgage | Canadian development properties borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 531 | 457 | |
Corporate office mortgages | Corporate borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 460 | 468 | |
Corporate credit facility | Corporate borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | $ 6,319 | $ 3,990 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
DIRECT OPERATING EXPENSES (Deta
DIRECT OPERATING EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of reclassifications or changes in presentation [line items] | |||
Property taxes | $ 100,122 | $ 66,493 | |
Repairs and maintenance | 29,006 | 22,252 | |
Turnover | 7,829 | 9,926 | |
Property management expenses | 41,404 | 29,247 | |
Property insurance | 7,544 | 6,081 | |
Marketing and leasing | 2,554 | 1,747 | |
Homeowners' association (HOA) costs | 9,933 | 6,169 | |
Other direct expenses | 10,697 | 8,025 | |
Direct operating expenses | $ 209,089 | 149,940 | [1] |
Reclassify resident recoveries | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Direct operating expenses | $ 4,172 | ||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 7,093 | $ 9,324 | $ 12,363 |
Placement fees | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,189 | 2,814 | 3,764 |
Customer relationship intangible | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,187 | 2,701 | 3,215 |
Contractual development fees | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 2,717 | $ 3,809 | $ 5,384 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation, intangible assets other than goodwill | $ 2,231 | $ 3,039 |
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, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | $ 9,324 | $ 12,363 |
Additions | 0 | 0 |
Amortization expense | (2,231) | (3,039) |
Translation adjustment | 0 | 0 |
Ending balance | 7,093 | 9,324 |
Placement fees | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 2,814 | 3,764 |
Additions | 0 | 0 |
Amortization expense | (625) | (950) |
Translation adjustment | 0 | 0 |
Ending balance | 2,189 | 2,814 |
Customer relationship intangible | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 2,701 | 3,215 |
Additions | 0 | 0 |
Amortization expense | (514) | (514) |
Translation adjustment | 0 | 0 |
Ending balance | 2,187 | 2,701 |
Contractual development fees | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 3,809 | 5,384 |
Additions | 0 | 0 |
Amortization expense | (1,092) | (1,575) |
Translation adjustment | 0 | 0 |
Ending balance | $ 2,717 | $ 3,809 |
OTHER ASSETS - Summary of Other
OTHER ASSETS - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | $ 96,852 | $ 84,749 | $ 47,990 |
Building | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 32,912 | 31,710 | 30,602 |
Furniture, computer and office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 20,527 | 14,646 | 8,015 |
Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 28,750 | 28,269 | 6,018 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 10,156 | 8,249 | 1,251 |
Property-related systems software | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | 1,101 | 1,230 | 1,478 |
Vehicles and other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Other assets | $ 3,406 | $ 645 | $ 626 |
OTHER ASSETS - Summary of Activ
OTHER ASSETS - Summary of Activity (Details) $ in Thousands | 12 Months Ended | ||||
May 01, 2021 USD ($) ft² option | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 20, 2022 ft² | Dec. 31, 2020 USD ($) | |
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | $ 84,749 | $ 47,990 | |||
Additions (dispositions) | 28,241 | 45,748 | |||
Depreciation expense | (13,377) | (9,096) | |||
Translation adjustment | (2,761) | 107 | |||
Ending balance | 96,852 | 84,749 | |||
Disposals, property, plant and equipment | 315 | ||||
Lease liabilities | 33,644 | 30,792 | $ 6,403 | ||
Right-of-use assets | 28,750 | 28,269 | |||
Building | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 31,710 | 30,602 | |||
Additions (dispositions) | 4,126 | 1,527 | |||
Depreciation expense | (718) | (541) | |||
Translation adjustment | (2,206) | 122 | |||
Ending balance | 32,912 | 31,710 | |||
Furniture, computer and office equipment | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 14,646 | 8,015 | |||
Additions (dispositions) | 13,215 | 10,579 | |||
Depreciation expense | (6,779) | (3,933) | |||
Translation adjustment | (555) | (15) | |||
Ending balance | 20,527 | 14,646 | |||
Right-of-use assets | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 28,269 | 6,018 | |||
Additions (dispositions) | 4,944 | 25,836 | |||
Depreciation expense | (4,463) | (3,585) | |||
Translation adjustment | 0 | 0 | |||
Ending balance | 28,750 | 28,269 | |||
Area of leased property (in sqft) | ft² | 78,000 | 16,636 | |||
Lessee, lease, term of contract | 11 years 6 months | ||||
Number of renewal options | option | 2 | ||||
Finance lease, renewal term | 5 years | ||||
Lease liabilities | $ 21,638 | ||||
Right-of-use assets | $ 21,638 | ||||
Leasehold improvements | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 8,249 | 1,251 | |||
Additions (dispositions) | (3,090) | 7,821 | |||
Depreciation expense | (1,183) | (823) | |||
Translation adjustment | 0 | 0 | |||
Ending balance | 10,156 | 8,249 | |||
Property-related systems software | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 1,230 | 1,478 | |||
Additions (dispositions) | 0 | (119) | |||
Depreciation expense | (129) | (129) | |||
Translation adjustment | 0 | 0 | |||
Ending balance | 1,101 | 1,230 | |||
Vehicles and other | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 645 | 626 | |||
Additions (dispositions) | 2,866 | 104 | |||
Depreciation expense | (105) | (85) | |||
Translation adjustment | 0 | 0 | |||
Ending balance | 3,406 | 645 | |||
Right-of-use Assets - Office Building | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 23,643 | ||||
Ending balance | 23,200 | 23,643 | |||
Right-of-use Assets - Maintenance Vehicles | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 4,488 | ||||
Ending balance | $ 5,368 | $ 4,488 |
OTHER ASSETS - Narrative (Detai
OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment [abstract] | ||
Depreciation expense | $ 13,377 | $ 9,096 |
LIMITED PARTNERS' INTEREST IN_3
LIMITED PARTNERS' INTEREST IN SINGLE-FAMILY RENTAL BUSINESS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about investments [line items] | |||
Balance, beginning of year | $ 947,452 | $ 356,305 | |
Contributions | 489,387 | 479,142 | |
Distributions | (37,348) | (73,916) | |
Net change in fair value of limited partners’ interests in single-family rental business | 297,381 | 185,921 | [1] |
Balance, end of year | 1,696,872 | 947,452 | |
Effect of 2% increase in fair value of rental properties | 92,956 | 51,475 | |
Effect of 2% decrease in fair value of rental properties | $ (92,956) | $ (51,475) | |
Limited partners' interests in single-family rental business | Third-party | |||
Disclosure of detailed information about investments [line items] | |||
Limited partners' ownership interest | 67% | ||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
OTHER LIABILITIES - Narrative (
OTHER LIABILITIES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) vehicle lease | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease liabilities | $ 33,644 | $ 30,792 | $ 6,403 |
Right-of-use assets | 28,750 | 28,269 | |
Depreciation, right-of-use assets | $ 4,463 | $ 3,585 | |
Office space | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Number of finance leases | lease | 16 | ||
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 | 10 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 | 262 |
OTHER LIABILITIES - Carrying Va
OTHER LIABILITIES - Carrying Value of Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Liability [Roll Forward] | ||
Balance, beginning of year | $ 30,792 | $ 6,403 |
Addition of lease obligation | 4,619 | 25,887 |
Interest expense | 1,303 | 968 |
Cash payments | (3,070) | (2,466) |
Balance, end of year | 33,644 | 30,792 |
Current portion of lease obligations | 3,609 | 1,834 |
Non-current portion of lease obligations | 30,035 | 28,958 |
Office space | ||
Lease Liability [Roll Forward] | ||
Addition of lease obligation | $ 2,681 | $ 21,638 |
OTHER LIABILITIES - Minimum Lea
OTHER LIABILITIES - Minimum Lease Payments Required (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | $ 39,847 | ||
Imputed interest included in minimum lease payments | (6,203) | ||
Lease obligations | 33,644 | $ 30,792 | $ 6,403 |
2023 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 5,267 | ||
2024 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 5,363 | ||
2025 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 5,037 | ||
2026 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 4,707 | ||
2027 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | 3,939 | ||
2028 and thereafter | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum lease payments obligation | $ 15,534 |
DIVIDENDS (Details)
DIVIDENDS (Details) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 15, 2023 USD ($) $ / shares | Oct. 17, 2022 USD ($) $ / shares | Jul. 15, 2022 USD ($) $ / shares | Apr. 18, 2022 USD ($) $ / shares | Jan. 17, 2022 USD ($) $ / shares | Oct. 15, 2021 USD ($) $ / shares | Jul. 15, 2021 USD ($) $ / shares | Apr. 15, 2021 USD ($) $ / shares | Nov. 07, 2021 $ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Sep. 30, 2022 shares | Jun. 30, 2022 shares | Mar. 31, 2022 shares | Sep. 30, 2021 shares | Jun. 30, 2021 shares | Mar. 31, 2021 shares | |
Dividends [Line Items] | |||||||||||||||||
Common shares issued (in shares) | shares | 273,464,780 | 272,773,225 | 273,760,820 | 273,653,385 | 273,584,673 | 226,122,875 | 209,618,719 | 193,856,464 | |||||||||
Dividend amount per share (in dollars per share) | (per share) | $ 0.058 | $ 0.058 | $ 0.058 | $ 0.058 | $ 0.055 | $ 0.056 | $ 0.056 | $ 0.07 | |||||||||
Total dividend amount | $ 15,878 | $ 15,872 | $ 15,868 | $ 15,821 | $ 12,424 | $ 11,839 | $ 10,792 | $ 63,479 | $ 50,876 | ||||||||
Dividend reinvestment plan ("DRIP") | $ 472 | $ 967 | $ 984 | $ 1,572 | $ 1,161 | $ 1,623 | $ 1,483 | $ 3,465 | $ 5,839 | ||||||||
Dividend reinvestment plan, percentage issuance discount (up to) | 5% | ||||||||||||||||
Shares issued under DRIP (in shares) | shares | 323,048 | 531,667 | |||||||||||||||
Shares issued under DRIP, equity impact | $ 3,995 | $ 5,674 | |||||||||||||||
Payment of Dividend | |||||||||||||||||
Dividends [Line Items] | |||||||||||||||||
Dividend amount per share (in dollars per share) | $ / shares | $ 0.058 | ||||||||||||||||
Total dividend amount | $ 15,861 | ||||||||||||||||
Dividend reinvestment plan ("DRIP") | $ 1,042 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) - shares | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Share Capital, Reserves and Other Equity Interest [Abstract] | |||||||||
Number of shares issued (in shares) | 273,464,780 | 273,760,820 | 273,653,385 | 273,584,673 | 272,773,225 | 226,122,875 | 209,618,719 | 193,856,464 | |
Common shares outstanding (in shares) | 272,840,692 | 272,176,046 | 193,175,802 | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 624,088 | 597,179 |
SHARE CAPITAL - Share Capital A
SHARE CAPITAL - Share Capital Activity (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||||
Oct. 12, 2021 USD ($) $ / shares shares | Jun. 08, 2021 USD ($) $ / shares shares | Jun. 08, 2021 $ / shares | Mar. 02, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares | |
Number of shares issued (repurchased) | ||||||
Beginning balance (in shares) | shares | 272,840,692 | 272,176,046 | 193,175,802 | |||
Bought deal offering (in shares) | shares | 0 | 15,480,725 | ||||
Debentures conversion (in shares) | shares | 0 | 16,449,980 | ||||
U.S. initial public offering and private placement (in shares) | shares | 0 | 46,248,746 | ||||
Normal Course Issuer Bid (NCIB) (in shares) | shares | 677,666 | 0 | ||||
Shares issued under DRIP (in shares) | shares | 323,048 | 531,667 | ||||
Stock-based compensation exercised (in shares) | shares | 491,341 | 517,192 | ||||
Preferred units exchanged (in shares) | shares | 554,832 | 0 | ||||
Shares repurchased and reserved for restricted share awards (in shares) | shares | (26,909) | (228,066) | ||||
Ending balance (in shares) | shares | 272,840,692 | 272,176,046 | ||||
Share capital | ||||||
Equity at beginning of period | $ 2,124,618 | $ 2,114,783 | ||||
Bought deal offering | $ 161,842 | |||||
Debentures conversion | 206,798 | |||||
U.S initial public offering and private placement | 547,605 | |||||
Normal course issuer bid (NCIB) | 5,353 | |||||
Shares issued under DRIP | 3,995 | 5,674 | ||||
Stock-based compensation | 3,164 | 6,009 | ||||
Preferred units exchanged | 8,015 | |||||
Shares repurchased and reserved for restricted share awards | (250) | (3,056) | ||||
Equity at end of period | 2,124,618 | 2,114,783 | ||||
Fair value reduction of embedded derivative upon conversion or redemption | $ (3,299) | (34,398) | ||||
Maximum shares available to be repurchased in NCIB (in shares) | shares | 2,500,000 | |||||
Weighted average share price of shares issued through DRIP (in dollars per share) | $ / shares | $ 12.37 | |||||
Number of DSUs exercised (in shares) | shares | 669,059 | |||||
Number of share options exercised in share-based payment arrangement (in shares) | shares | 8,334 | |||||
Share price of shares repurchased and reserved for restricted shares (in dollars per share) | $ / shares | $ 9.29 | |||||
Award vesting period | 8 years | |||||
Share Repurchase | ||||||
Share capital | ||||||
Normal course issuer bid (NCIB) | $ 7,322 | |||||
TSX | ||||||
Number of shares issued (repurchased) | ||||||
Normal Course Issuer Bid (NCIB) (in shares) | shares | 338,100 | |||||
TSX | Share Repurchase | ||||||
Number of shares issued (repurchased) | ||||||
Normal Course Issuer Bid (NCIB) (in shares) | shares | 436,367 | |||||
NYSE | ||||||
Number of shares issued (repurchased) | ||||||
Normal Course Issuer Bid (NCIB) (in shares) | shares | 339,566,000 | |||||
NYSE | Share Repurchase | ||||||
Number of shares issued (repurchased) | ||||||
Normal Course Issuer Bid (NCIB) (in shares) | shares | 435,013 | |||||
Conversion/redemption options | ||||||
Share capital | ||||||
Fair value reduction of embedded derivative upon conversion or redemption | $ 0 | (34,398) | ||||
Bought Deal Offering | ||||||
Number of shares issued (repurchased) | ||||||
Bought deal offering (in shares) | shares | 15,480,725 | |||||
Share capital | ||||||
Weighted average share price (in dollars per share) | (per share) | $ 10.77 | $ 13 | ||||
Gross proceeds from issuing shares | $ 166,694 | |||||
Net proceeds from issuing shares | 161,842 | |||||
Share issue related cost | 6,573 | |||||
Deferred tax recoveries | $ 1,721 | |||||
Debentures Conversion | ||||||
Number of shares issued (repurchased) | ||||||
Debentures conversion (in shares) | shares | 16,449,980 | |||||
Share capital | ||||||
Debentures conversion | $ 206,798 | |||||
Weighted average share price (in dollars per share) | $ / shares | $ 12.57 | |||||
Debentures Conversion | Financial assets at fair value through profit or loss | ||||||
Share capital | ||||||
Aggregate principal amount of conversion or redemption | $ 172,400 | |||||
Debentures Conversion | Financial assets at fair value through profit or loss | Conversion/redemption options | ||||||
Share capital | ||||||
Fair value reduction of embedded derivative upon conversion or redemption | 34,398 | |||||
Private Placement and Public Offering | ||||||
Number of shares issued (repurchased) | ||||||
U.S. initial public offering and private placement (in shares) | shares | 46,248,746 | |||||
Share capital | ||||||
Gross proceeds from issuing shares | $ 570,328 | |||||
Net proceeds from issuing shares | 547,605 | |||||
Deferred tax recoveries | 7,452 | |||||
Underwriters' fees | 29,518 | |||||
Other equity issuance costs | 657 | |||||
Transaction costs incurred | $ 1,085 | |||||
Public Offering | ||||||
Number of shares issued (repurchased) | ||||||
U.S. initial public offering and private placement (in shares) | shares | 41,400,000 | |||||
Share capital | ||||||
Weighted average share price (in dollars per share) | $ / shares | $ 12.40 | |||||
Private Placement | ||||||
Number of shares issued (repurchased) | ||||||
U.S. initial public offering and private placement (in shares) | shares | 4,848,746 | |||||
Share capital | ||||||
Weighted average share price (in dollars per share) | $ / shares | $ 11.75 | |||||
Share capital | ||||||
Share capital | ||||||
Equity at beginning of period | $ 2,124,618 | 2,114,783 | 1,192,963 | |||
Bought deal offering | 0 | 161,842 | ||||
Debentures conversion | 0 | 206,798 | ||||
U.S initial public offering and private placement | 0 | 547,605 | ||||
Normal course issuer bid (NCIB) | (4,580) | 0 | ||||
Shares issued under DRIP | 3,995 | 5,674 | ||||
Stock-based compensation | 2,655 | 2,957 | ||||
Preferred units exchanged | 8,015 | 0 | ||||
Shares repurchased and reserved for restricted share awards | (250) | (3,056) | ||||
Equity at end of period | 2,124,618 | $ 2,114,783 | ||||
Share capital | TSX | ||||||
Share capital | ||||||
Normal course issuer bid (NCIB) | 4,580 | |||||
Share capital | NYSE | ||||||
Share capital | ||||||
Normal course issuer bid (NCIB) | $ 773 |
EARNINGS PER SHARE - Basic (Det
EARNINGS PER SHARE - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings per share [abstract] | |||
Net income from continuing operations | $ 779,374 | $ 459,357 | [1] |
Non-controlling interest | 5,539 | 4,272 | [1] |
Net income attributable to shareholders of Tricon from continuing operations | 773,835 | 455,085 | |
Net income (loss) attributable to shareholders of Tricon from discontinued operations | 35,106 | (9,830) | |
Net income attributable to shareholders of Tricon | $ 808,941 | $ 445,255 | |
Weighted average number of common shares outstanding (in shares) | 272,972,697 | 218,087,838 | |
Adjustments for vested units (in shares) | 1,510,567 | 1,746,292 | |
Weighted average number of common shares outstanding for basic earnings per shares (in shares) | 274,483,264 | 219,834,130 | [1] |
Basic earnings per share | |||
Continuing operations (in dollars per share) | $ 2.82 | $ 2.07 | [1] |
Discontinued operations (in dollars per share) | 0.13 | (0.04) | [1] |
Basic earnings per share (in dollars per share) | $ 2.95 | $ 2.03 | [1] |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Dilutive effect of share units on number of ordinary shares (in shares) | 1,790,235 | 2,284,607 |
EARNINGS PER SHARE - Diluted (D
EARNINGS PER SHARE - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings per share [abstract] | |||
Net income attributable to shareholders of Tricon from continuing operations | $ 773,835 | $ 455,085 | |
Adjustment for preferred units interest expense - net of tax | 18,410 | 0 | |
Fair value gain on derivative financial instruments and other liabilities | (175,848) | 0 | |
Adjusted net income attributable to shareholders of Tricon from continuing operations | 616,397 | 455,085 | |
Net income (loss) attributable to shareholders of Tricon from discontinued operations | 35,106 | (9,830) | |
Adjusted net income attributable to shareholders of Tricon | $ 651,503 | $ 445,255 | |
Weighted average number of common shares outstanding (in shares) | 274,483,264 | 219,834,130 | [1] |
Adjustments for stock compensation (in shares) | 1,790,235 | 2,284,607 | |
Adjustments for preferred units (in shares) | 34,826,994 | 0 | |
Weighted average number of common shares outstanding for diluted earnings per shares (in shares) | 311,100,493 | 222,118,737 | [1] |
Diluted earnings per share | |||
Continuing operations (in dollars per share) | $ 1.98 | $ 2.05 | [1] |
Discontinued operations (in dollars per share) | 0.11 | (0.05) | [1] |
Diluted earnings per share (in dollars per share) | $ 2.09 | $ 2 | [1] |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
COMPENSATION EXPENSE - Narrativ
COMPENSATION EXPENSE - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Award vesting period | 8 years | |
Cash-based | $ 2,332,000 | $ (443,000) |
Equity-based | 902,000 | 4,103,000 |
AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Cash-based compensation expense | 20,307,000 | 15,922,000 |
Expense from cash-settled share-based payment transactions, current year entitlements | 19,739,000 | |
Equity-based | 6,894,000 | 16,306,000 |
LTIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Cash-based compensation expense | 16,635,000 | 13,532,000 |
Equity-based | $ 380,000 | 561,000 |
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 | |
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 | $ 3,234,000 | 7,308,000 |
Expense from equity-settled share-based payment transactions, amortization of awards granted in prior years | 3,660,000 | 8,998,000 |
Performance Share Units (PSUs) | AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Cash-based | $ 1,889,000 | 10,321,000 |
Deferred Share Units (DSUs) | Bottom of range | LTIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Award vesting period | 3 years | |
Deferred Share Units (DSUs) | Top of range | LTIP | ||
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 | $ 275,000 | 249,000 |
Employee Stock Option | AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Equity-based | 275,000 | 230,000 |
Employee Stock Option | LTIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Equity-based | $ 0 | $ 19,000 |
COMPENSATION EXPENSE - Compensa
COMPENSATION EXPENSE - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Salaries and benefits | $ 55,040 | $ 43,630 | |
Total compensation expense | 99,256 | 89,951 | [1] |
AIP | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Expense from share-based payment transactions with employees | 27,201 | 32,228 | |
Cash-based | 20,307 | 15,922 | |
Equity-based | 6,894 | 16,306 | |
Total AIP expense | 27,201 | 32,228 | |
LTIP | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Expense from share-based payment transactions with employees | 17,015 | 14,093 | |
Cash-based | 16,635 | 13,532 | |
Equity-based | 380 | 561 | |
Total AIP expense | $ 17,015 | $ 14,093 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
COMPENSATION EXPENSE - Compen_2
COMPENSATION EXPENSE - Compensation Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Beginning balance | $ 21,431 | |
PSU expense | 2,332 | $ (443) |
Ending balance | 25,244 | 21,431 |
AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Beginning balance | 73 | 631 |
Cash-based | 20,307 | 15,922 |
Payments | (16,186) | (16,270) |
Translation adjustment | (497) | (210) |
Ending balance | 3,697 | 73 |
LTIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Beginning balance | 21,431 | 11,688 |
Cash-based | 16,635 | 13,532 |
Payments | (11,685) | (3,775) |
Translation adjustment | (1,137) | (14) |
Ending balance | 25,244 | 21,431 |
Performance Share Units (PSUs) | AIP | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Beginning balance | 12,064 | 6,489 |
PSU expense | 1,889 | 10,321 |
Payments | (7,061) | (4,755) |
Translation adjustment | (262) | 9 |
Ending balance | $ 6,630 | $ 12,064 |
COMPENSATION EXPENSE - Option A
COMPENSATION EXPENSE - Option Activity (Details) | 12 Months Ended | |||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||||
Exercised (in shares) | (8,334) | (8,334) | ||
Ending balance (in shares) | 3,839,723 | 3,839,723 | ||
Ending balance (in dollars per share) | (per share) | $ 10.61 | $ 8.54 | ||
TSX | ||||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||||
Beginning balance (in shares) | 1,985,563 | 1,985,563 | 2,241,339 | 2,241,339 |
Granted (in shares) | 1,466,541 | 1,466,541 | 25,890 | 25,890 |
Exercised (in shares) | (8,334) | (8,334) | (281,666) | (281,666) |
Ending balance (in shares) | 3,443,770 | 3,443,770 | 1,985,563 | 1,985,563 |
Beginning balance (in dollars per share) | $ / shares | $ 10.45 | $ 10.34 | ||
Granted (in dollars per share) | $ / shares | 10.81 | 18.85 | ||
Exercised (in dollars per share) | $ / shares | 9.81 | 10.37 | ||
Ending balance (in dollars per share) | $ / shares | $ 10.61 | $ 10.45 | ||
NYSE | ||||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||||
Beginning balance (in shares) | 31,764 | 31,764 | 0 | 0 |
Granted (in shares) | 364,189 | 364,189 | 31,764 | 31,764 |
Exercised (in shares) | 0 | 0 | 0 | 0 |
Ending balance (in shares) | 395,953 | 395,953 | 31,764 | 31,764 |
Beginning balance (in dollars per share) | $ / shares | $ 14.67 | $ 0 | ||
Granted (in dollars per share) | $ / shares | 8 | 14.67 | ||
Exercised (in dollars per share) | $ / shares | 0 | 0 | ||
Ending balance (in dollars per share) | $ / shares | $ 8.54 | $ 14.67 |
COMPENSATION EXPENSE - Valuatio
COMPENSATION EXPENSE - Valuation Assumptions (Details) - yr | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
TSX | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Risk-free interest rate (%) | 2.86% | 1.26% |
Expected option life (years) | 5.16 | 5.03 |
Expected volatility (%) | 27.70% | 25.74% |
NYSE | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Risk-free interest rate (%) | 3.58% | 1.26% |
Expected option life (years) | 5.15 | 5.03 |
Expected volatility (%) | 27.70% | 25.74% |
COMPENSATION EXPENSE - Options
COMPENSATION EXPENSE - Options Outstanding (Details) | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 3,839,723 | 3,839,723 |
Options exercisable (in shares) | 1,904,096 | 1,904,096 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 10.61 | $ 8.54 |
November 14, 2016 | ||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | ||
Options outstanding (in shares) | 550,000 | 550,000 |
Options exercisable (in shares) | 550,000 | 550,000 |
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) | 132,919 | 132,919 |
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) | 8,630 | 8,630 |
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) | 10,588 | 10,588 |
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) | 1,466,541 | 1,466,541 |
Options exercisable (in shares) | 0 | 0 |
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) | 0 | 0 |
Exercise price of outstanding options (in dollars per share) | (per share) | $ 0 | $ 8 |
COMPENSATION EXPENSE - Liabilit
COMPENSATION EXPENSE - Liability and Equity Components (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Amounts payable and accrued liabilities | $ 10,327 | $ 12,137 | |
Incentive plan liability | 25,244 | 21,431 | |
AIP | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Amounts payable and accrued liabilities | 10,327 | 12,137 | |
Equity - contributed surplus | 15,784 | 13,332 | |
Total liability | 26,111 | 25,469 | |
Incentive plan liability | 3,697 | 73 | $ 631 |
AIP | Performance Share Units (PSUs) | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Incentive plan liability | 6,630 | 12,064 | 6,489 |
LTIP | |||
Disclosure of terms and conditions of share-based and other payment arrangement [line items] | |||
Amounts payable and accrued liabilities | 25,244 | 21,431 | |
Equity - contributed surplus | 5,685 | 7,914 | |
Total liability | 30,929 | 29,345 | |
Incentive plan liability | $ 25,244 | $ 21,431 | $ 11,688 |
PERFORMANCE FEES LIABILITY (Det
PERFORMANCE FEES LIABILITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Subclassifications of assets, liabilities and equities [abstract] | |||
Performance fees liability, beginning balance | $ 48,358 | $ 6,242 | |
Contributions from equity holders | 971 | 0 | |
Performance fees expense | 35,854 | 42,272 | [1] |
Payments | (44,867) | (196) | |
Translation adjustment | (423) | 40 | |
Performance fees liability, ending balance | 39,893 | 48,358 | |
Employment related costs | $ 135,110 | $ 132,223 | |
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Oct. 18, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | ||
Disclosure of operating segments [line items] | ||||||
Number of operating segments | segment | 3 | |||||
Number of reportable segments | segment | 4 | |||||
Revenue from private funds and advisory services | $ 160,088 | $ 50,693 | [1] | |||
Revenue from single-family rental properties | 645,585 | 445,915 | [1] | |||
Direct operating expenses | (209,089) | (149,940) | [1] | |||
Net operating income from single-family rental properties | 436,496 | 295,975 | [1] | |||
Income from equity-accounted investments in multi-family rental properties | 1,550 | 2,255 | [1] | |||
Income from equity-accounted investments in Canadian residential developments | 11,198 | 8,200 | [1] | |||
Other income | 10,886 | 4,786 | [1] | |||
Income from investments in U.S. residential developments | 16,897 | 31,726 | [1] | |||
Compensation expense | (99,256) | (89,951) | [1] | |||
Performance fees expense | (35,854) | (42,272) | [1] | |||
General and administration expense | (58,991) | (41,420) | [1] | |||
Loss on debt modification and extinguishment | (6,816) | (3,497) | [1] | |||
Transaction costs | (18,537) | (13,260) | [1] | |||
Interest expense | (213,932) | (147,680) | [1] | |||
Fair value gain on rental properties | $ 56,414 | $ 261,676 | 858,987 | 990,575 | [1] | |
Fair value (loss) gain on Canadian development properties | (440) | 10,098 | [1] | |||
Fair value gain on derivative financial instruments and other liabilities | 184,809 | (220,177) | [1] | |||
Amortization and depreciation expense | (15,608) | (12,129) | [1] | |||
Realized and unrealized foreign exchange gain | 498 | (2,934) | [1] | |||
Net change in fair value of limited partners’ interests in single-family rental business | (297,381) | (185,921) | [1] | |||
Income tax expense | (155,220) | (175,710) | ||||
Net income from continuing operations | 779,374 | 459,357 | [1] | |||
Segment net income from discontinued operations | 35,106 | (9,830) | [1] | |||
Net income | 814,480 | 449,527 | [1] | |||
Reclassify resident recoveries | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from single-family rental properties | 4,172 | |||||
Direct operating expenses | (4,172) | |||||
Property management fees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | 10,501 | 4,647 | ||||
Development fees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | 26,826 | 24,418 | ||||
Asset management fees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | 12,431 | 12,719 | ||||
Adjustments to External Revenues | Property management fees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | (114,490) | (72,077) | ||||
Adjustments to External Revenues | Development fees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | (1,500) | (1,557) | ||||
Adjustments to External Revenues | Asset management fees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | (10,035) | (4,941) | ||||
Operating segments | Single-Family Rental | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | 0 | 0 | ||||
Revenue from single-family rental properties | 645,585 | 445,915 | ||||
Direct operating expenses | (209,089) | (149,940) | ||||
Net operating income from single-family rental properties | 436,496 | 295,975 | ||||
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 | 1,405 | 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 | ||||
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) gain on Canadian development properties | 0 | 0 | ||||
Fair value gain on derivative financial instruments and other liabilities | 0 | 0 | ||||
Amortization and depreciation expense | 0 | 0 | ||||
Realized and unrealized foreign exchange gain | 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 | 295,975 | ||||
Segment net income from discontinued operations | 0 | 0 | ||||
Net income | 437,901 | 295,975 | ||||
Operating segments | Adjacent Businesses | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory 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 | 1,550 | 2,255 | ||||
Income from equity-accounted investments in Canadian residential developments | 11,198 | 8,200 | ||||
Other income | 1,668 | 1,327 | ||||
Income from investments in U.S. residential developments | 16,897 | 31,726 | ||||
Compensation expense | 0 | 0 | ||||
Performance fees expense | 0 | 0 | ||||
General and administration expense | 0 | 0 | ||||
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) gain on Canadian development properties | 0 | 0 | ||||
Fair value gain on derivative financial instruments and other liabilities | 0 | 0 | ||||
Amortization and depreciation expense | 0 | 0 | ||||
Realized and unrealized foreign exchange gain | 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 | 43,508 | ||||
Segment net income from discontinued operations | 35,106 | (9,830) | ||||
Net income | 66,419 | 33,678 | ||||
Operating segments | Private Funds and Advisory | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory services | 160,088 | 50,693 | ||||
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 | 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 | ||||
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) gain on Canadian development properties | 0 | 0 | ||||
Fair value gain on derivative financial instruments and other liabilities | 0 | 0 | ||||
Amortization and depreciation expense | 0 | 0 | ||||
Realized and unrealized foreign exchange gain | 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 | 50,693 | ||||
Segment net income from discontinued operations | 0 | 0 | ||||
Net income | 160,088 | 50,693 | ||||
Corporate | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue from private funds and advisory 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 | 7,813 | 3,459 | ||||
Income from investments in U.S. residential developments | 0 | 0 | ||||
Compensation expense | (99,256) | (89,951) | ||||
Performance fees expense | (35,854) | (42,272) | ||||
General and administration expense | (58,991) | (41,420) | ||||
Loss on debt modification and extinguishment | (6,816) | (3,497) | ||||
Transaction costs | (18,537) | (13,260) | ||||
Interest expense | (213,932) | (147,680) | ||||
Fair value gain on rental properties | 858,987 | 990,575 | ||||
Fair value (loss) gain on Canadian development properties | (440) | 10,098 | ||||
Fair value gain on derivative financial instruments and other liabilities | 184,809 | (220,177) | ||||
Amortization and depreciation expense | (15,608) | (12,129) | ||||
Realized and unrealized foreign exchange gain | 498 | (2,934) | ||||
Net change in fair value of limited partners’ interests in single-family rental business | (297,381) | (185,921) | ||||
Income tax expense | (155,220) | (175,710) | ||||
Net income from continuing operations | 150,072 | 69,181 | ||||
Segment net income from discontinued operations | 0 | 0 | ||||
Net income | 150,072 | 69,181 | ||||
Tricon US Multi-Family REIT LLC | ||||||
Disclosure of operating segments [line items] | ||||||
Net income | 365,392 | |||||
Tricon US Multi-Family REIT LLC | Discontinued operations | ||||||
Disclosure of operating segments [line items] | ||||||
Proportion of remaining ownership interest sold | 20% | |||||
Net income | $ 192,970 | $ 365,384 | ||||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Narrative (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party [Abstract] | ||
Unfunded capital commitments | $ 470,145,000 | |
Provisions for doubtful debts related to receivables of related party transaction | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party [Abstract] | ||
Revenue from private funds and advisory services | $ 160,088 | $ 50,693 |
Income from equity-accounted investments in multi-family rental properties | 1,550 | 2,255 |
Income from equity-accounted investments in Canadian residential developments | 11,198 | 8,200 |
Income from investments in U.S. residential developments | 16,897 | 31,726 |
Performance fees expense | (35,854) | (42,272) |
Gain on sale of Bryson MPC Holdings LLC | 5,060 | 0 |
Net income recognized from related parties | $ 158,939 | $ 50,602 |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND BALANCES - Related Party Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables from related parties included in amounts receivable | ||
Contractual fees and other receivables from investments managed | $ 14,976 | $ 11,906 |
Employee relocation housing loan | 1,477 | 1,578 |
Loan receivables from portfolio investments | 0 | 8,629 |
Annual incentive plan | 26,111 | 25,469 |
Long-term incentive plan | 30,929 | 29,345 |
Performance fees liability | 39,893 | 48,358 |
Dividends payable | 497 | 472 |
Other payables to related parties included in amounts payable and accrued liabilities | $ 166 | $ 200 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Total salaries and benefits | $ 2,499 | $ 2,558 |
Total performance fee expense | 24,374 | 26,487 |
Total key management compensation | 48,268 | 46,872 |
AIP | ||
Disclosure of transactions between related parties [line items] | ||
Total share-based payment | 12,996 | 13,945 |
LTIP | ||
Disclosure of transactions between related parties [line items] | ||
Total share-based payment | $ 8,399 | $ 3,882 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on interest expense | $ 14,736 | $ 7,815 |
Reasonably possible decrease in risk variable, impact on interest expense | (15,711) | $ (826) |
Fixed interest rate | Debt | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 3,743,764 | |
Floating interest rate | Debt | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 2,034,473 |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, assets | $ 2,644 | $ 2,535 |
1% decrease, assets | (2,644) | (2,535) |
1% increase, liabilities | 339 | 482 |
1% decrease, liabilities | (339) | (482) |
Debt | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, liabilities | 339 | 482 |
1% decrease, liabilities | (339) | (482) |
Equity-accounted investments in multi-family rental properties | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, assets | 208 | 209 |
1% decrease, assets | (208) | (209) |
Equity-accounted investments in Canadian residential developments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, assets | 1,068 | 988 |
1% decrease, assets | (1,068) | (988) |
Canadian development properties | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, assets | 1,367 | 1,335 |
1% decrease, assets | (1,367) | (1,335) |
Investments in U.S. residential developments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
1% increase, assets | 1 | 3 |
1% decrease, assets | $ (1) | $ (3) |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Rent receivables | $ 3,581 | $ 4,510 |
Credit risk | ||
Disclosure of credit risk exposure [line items] | ||
Rent receivables | 3,581 | 4,510 |
Credit risk | Investment in debt instruments | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 0 | $ 8,629 |
FINANCIAL RISK MANAGEMENT - Con
FINANCIAL RISK MANAGEMENT - Contractual Maturities of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | $ 5,728,184 | $ 3,917,433 | |
Limited partners' interests in single-family rental business | 1,696,872 | 947,452 | $ 356,305 |
Derivative financial instruments | 51,158 | 230,305 | |
Due to Affiliate | 256,824 | 256,362 | |
Amounts payable and accrued liabilities | 138,273 | 102,954 | |
Resident security deposits | 79,864 | 56,785 | |
Dividends payable | 15,861 | 15,821 | |
Financial liabilities | 7,766,682 | 5,382,344 | $ 4,963,311 |
Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 5,778,237 | ||
Due on demand and in 2023 | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 757,135 | ||
2028 and thereafter | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 542,457 | ||
Liquidity risk | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 5,778,237 | 3,954,651 | |
Other liabilities | 34,524 | 34,748 | |
Limited partners' interests in single-family rental business | 1,696,872 | 947,452 | |
Derivative financial instruments | 51,158 | 230,305 | |
Due to Affiliate | 295,325 | 300,000 | |
Amounts payable and accrued liabilities | 138,273 | 102,954 | |
Resident security deposits | 79,864 | 56,785 | |
Dividends payable | 15,861 | 15,821 | |
Financial liabilities | 8,090,114 | 5,642,716 | |
Liquidity risk | Due on demand and in 2023 | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 757,135 | 254,805 | |
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 | 138,273 | 102,954 | |
Resident security deposits | 79,864 | 56,785 | |
Dividends payable | 15,861 | 15,821 | |
Financial liabilities | 991,133 | 430,365 | |
Liquidity risk | From 2024 to 2025 | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 1,949,405 | 822,163 | |
Other liabilities | 10,370 | 8,538 | |
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 | 0 | 0 | |
Resident security deposits | 0 | 0 | |
Dividends payable | 0 | 0 | |
Financial liabilities | 1,959,775 | 830,701 | |
Liquidity risk | From 2026 to 2027 | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 2,529,240 | 2,439,432 | |
Other liabilities | 8,620 | 7,863 | |
Limited partners' interests in single-family rental business | 851,416 | 600,572 | |
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 | 3,389,276 | 3,047,867 | |
Liquidity risk | 2028 and thereafter | Gross carrying amount | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Debt | 542,457 | 438,251 | |
Other liabilities | 15,534 | 18,347 | |
Limited partners' interests in single-family rental business | 845,456 | 346,880 | |
Derivative financial instruments | 51,158 | 230,305 | |
Due to Affiliate | 295,325 | 300,000 | |
Amounts payable and accrued liabilities | 0 | 0 | |
Resident security deposits | 0 | 0 | |
Dividends payable | 0 | 0 | |
Financial liabilities | $ 1,749,930 | $ 1,333,783 |
FINANCIAL RISK MANAGEMENT - Fut
FINANCIAL RISK MANAGEMENT - Future Repayments of Principal and Interest (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | $ 5,728,184 | $ 3,917,433 |
Due to Affiliate | 256,824 | 256,362 |
Principal | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 5,778,237 | |
Principal | Due on demand and in 2023 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 757,135 | |
Principal | 2028 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 542,457 | |
Liquidity risk | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 6,976,949 | |
Liquidity risk | Due on demand and in 2023 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 964,921 | |
Liquidity risk | From 2024 to 2025 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 2,342,017 | |
Liquidity risk | From 2026 to 2027 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 2,691,749 | |
Liquidity risk | 2028 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Total | 978,262 | |
Liquidity risk | Principal | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 5,778,237 | 3,954,651 |
Due to Affiliate | 295,325 | 300,000 |
Liquidity risk | Principal | Due on demand and in 2023 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 757,135 | 254,805 |
Due to Affiliate | 0 | 0 |
Liquidity risk | Principal | From 2024 to 2025 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 1,949,405 | 822,163 |
Due to Affiliate | 0 | 0 |
Liquidity risk | Principal | From 2026 to 2027 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 2,529,240 | 2,439,432 |
Due to Affiliate | 0 | 0 |
Liquidity risk | Principal | 2028 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 542,457 | 438,251 |
Due to Affiliate | 295,325 | $ 300,000 |
Liquidity risk | Interest | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 697,316 | |
Due to Affiliate | 206,071 | |
Liquidity risk | Interest | Due on demand and in 2023 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 190,805 | |
Due to Affiliate | 16,981 | |
Liquidity risk | Interest | From 2024 to 2025 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 358,650 | |
Due to Affiliate | 33,962 | |
Liquidity risk | Interest | From 2026 to 2027 | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 128,317 | |
Due to Affiliate | 34,192 | |
Liquidity risk | Interest | 2028 and thereafter | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Debt | 19,544 | |
Due to Affiliate | $ 120,936 |
FINANCIAL RISK MANAGEMENT - Net
FINANCIAL RISK MANAGEMENT - Net Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Instruments [Abstract] | ||
Cash | $ 204,303 | $ 176,894 |
Amounts receivable | 24,984 | 41,582 |
Prepaid expenses and deposits | 37,520 | 32,946 |
Total current assets | 266,807 | 251,422 |
Amounts payable and accrued liabilities | 138,273 | 102,954 |
Resident security deposits | 79,864 | 56,785 |
Dividends payable | 15,861 | 15,821 |
Current portion of long-term debt | 757,135 | 254,805 |
Current liabilities | 991,133 | 430,365 |
Net current liabilities | $ (724,326) | $ (178,943) |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Working capital deficit | $ (724,326,000) | $ (178,943,000) |
Borrowings | 5,728,184,000 | 3,917,433,000 |
Distributions from investments | 51,372,000 | 71,916,000 |
Corporate credit facility | Corporate borrowings | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings | 0 | 0 |
Undrawn borrowing facilities | $ 500,000,000 | $ 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 | ||||
Sep. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Fair value gain on rental properties | $ 56,414 | $ 261,676 | $ 858,987 | $ 990,575 | [1] | |
Fair value gain (loss) | (184,809) | 220,177 | [1] | |||
Loss on debt modification and extinguishment | 6,816 | 3,497 | [1] | |||
Amortization and depreciation expense | 15,608 | 12,129 | [1] | |||
Deferred income taxes | 189,179 | 219,137 | [1] | |||
Net change in fair value of limited partners’ interests in single-family rental business | 297,381 | 185,921 | [1] | |||
Amortization of debt discount and financing costs | 18,116 | 15,603 | ||||
Interest on lease obligation | 213,932 | 147,680 | [1] | |||
Performance fees expense | 35,854 | 42,272 | [1] | |||
Unrealized foreign exchange gain | (4,238) | (4,850) | ||||
Adjustments for non-cash items from continuing operations | (473,961) | (301,679) | ||||
LTIP | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Expenses from incentive plans | 17,015 | 14,093 | ||||
AIP | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Expenses from incentive plans | 27,201 | 32,228 | ||||
Interest on lease obligation | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Interest on lease obligation | 1,168 | 968 | ||||
Bryson MPC Holdings LLC | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Disposition of Bryson MPC Holdings LLC | $ (5,060) | (5,060) | 0 | |||
Single-Family Rental Investment Properties | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Fair value gain on rental properties | (858,987) | (990,575) | ||||
Canadian development properties | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Fair value gain on rental properties | 440 | (10,098) | ||||
Investments in U.S. residential developments | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Income from equity-accounted investments in multi-family rental properties | (16,897) | (31,726) | ||||
Equity-accounted investments in multi-family rental properties | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Income from equity-accounted investments in multi-family rental properties | (1,550) | (2,255) | ||||
Equity-accounted investments in Canadian residential developments | ||||||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||||||
Income from equity-accounted investments in multi-family rental properties | $ (11,198) | $ (8,200) | ||||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
SUPPLEMENTARY CASH FLOW DETAI_4
SUPPLEMENTARY CASH FLOW DETAILS - Non-Cash Working Capital Items (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||
Amounts receivable | $ (4,993) | $ (15,989) |
Prepaid expenses and deposits | (4,574) | (19,287) |
Resident security deposits | 23,079 | 11,628 |
Amounts payable and accrued liabilities | 48,169 | 4,664 |
Deduct non-cash working capital items from discontinued operations | (43,114) | (29,890) |
Changes in non-cash working capital items from continuing operations | 18,567 | $ (48,874) |
Bryson MPC Holdings LLC | ||
Disclosure of reconciliation of non-cash items arising from operating activities [line items] | ||
Amounts receivable | (21,591) | |
Amounts payable and accrued liabilities | $ (12,850) |
FINANCING ACTIVITIES (Details)
FINANCING ACTIVITIES (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | $ 5,382,344,000 | $ 4,963,311,000 | ||
Cash flows | 2,242,810,000 | 974,340,000 | ||
Foreign exchange movement | (1,165,000) | 856,000 | ||
Fair value changes | 121,533,000 | 405,971,000 | ||
Additions/(Dispositions) | 5,049,000 | (774,563,000) | ||
Other | 16,111,000 | (187,571,000) | ||
Ending balance | 7,766,682,000 | 5,382,344,000 | ||
Loss on debt modification and extinguishment | (6,816,000) | $ (3,497,000) | [1] | |
Reduction in promissory note receivable | $ 4,675,000 | |||
Capital exchanged (in shares) | 554,832 | 0 | ||
Derivative financial instruments | $ 10,358,000 | $ 363,000 | ||
Derivative financial instruments exchanged into common shares of the Company | 3,299,000 | 34,398,000 | ||
Borrowings | $ 5,728,184,000 | 3,917,433,000 | ||
Common shares | ||||
Disclosure of financial liabilities [line items] | ||||
Capital exchanged (in shares) | 554,832,000 | |||
Preferred units | ||||
Disclosure of financial liabilities [line items] | ||||
Capital exchanged (in shares) | 4,675 | |||
Discontinued operations | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | $ 800,450,000 | |||
Proportion of ownership interest sold | 80% | |||
Interest rate caps | ||||
Disclosure of financial liabilities [line items] | ||||
Derivative financial instruments | $ 10,358,000 | 10,358,000 | ||
Derivative financial instruments exchanged into common shares of the Company | 0 | 0 | ||
Convertible debentures | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 165,956,000 | ||
Cash flows | 0 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | (165,956,000) | |||
Ending balance | 0 | |||
Due to Affiliate | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 256,362,000 | 251,647,000 | ||
Cash flows | 0 | 0 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | (4,675,000) | 0 | ||
Other | 5,137,000 | 4,715,000 | ||
Ending balance | 256,824,000 | 256,362,000 | ||
Reduction in promissory note receivable | $ 4,675,000 | |||
Due to Affiliate | Common shares | ||||
Disclosure of financial liabilities [line items] | ||||
Capital exchanged (in shares) | 554,832 | |||
Derivative financial instruments | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | $ 230,305,000 | 45,494,000 | ||
Cash flows | 0 | 0 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | (175,848,000) | 220,050,000 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | (3,299,000) | (35,239,000) | ||
Ending balance | 51,158,000 | 230,305,000 | ||
Derivative financial instruments exchanged into common shares of the Company | $ 3,299,000 | |||
Derivative financial instruments | Preferred units | ||||
Disclosure of financial liabilities [line items] | ||||
Capital exchanged (in shares) | 4,675 | |||
Limited partners' interests in single-family rental business | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | $ 947,452,000 | 356,305,000 | ||
Cash flows | 452,039,000 | 405,226,000 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 297,381,000 | 185,921,000 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 0 | 0 | ||
Ending balance | 1,696,872,000 | 947,452,000 | ||
Lease obligations | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 30,792,000 | 6,403,000 | ||
Cash flows | (3,070,000) | (2,466,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 4,619,000 | 25,887,000 | ||
Other | 1,303,000 | 968,000 | ||
Ending balance | 33,644,000 | 30,792,000 | ||
Term loan | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 220,197,000 | 374,745,000 | ||
Cash flows | (5,565,000) | (154,548,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 5,105,000 | 0 | ||
Other | 0 | 0 | ||
Ending balance | 219,737,000 | 220,197,000 | ||
Term loan | Single-family rental wholly-owned properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Loss on debt modification and extinguishment | (6,816,000) | |||
Amortization | 1,711,000 | |||
Securitization debt 2017-2 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 357,991,000 | 362,683,000 | ||
Cash flows | (12,983,000) | (4,994,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 303,000 | 302,000 | ||
Ending balance | 345,311,000 | 357,991,000 | ||
Securitization debt 2018-1 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 310,995,000 | 311,913,000 | ||
Cash flows | (8,779,000) | (1,062,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 143,000 | 144,000 | ||
Ending balance | 302,359,000 | 310,995,000 | ||
Securitization debt 2020-2 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 431,684,000 | 432,817,000 | ||
Cash flows | (12,531,000) | (2,254,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 1,121,000 | 1,121,000 | ||
Ending balance | 420,274,000 | 431,684,000 | ||
Securitization debt 2017-1 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 459,530,000 | ||
Cash flows | (459,530,000) | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 0 | |||
Ending balance | 0 | |||
Warehouse credit facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 10,110,000 | ||
Cash flows | (10,298,000) | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 188,000 | |||
Ending balance | 0 | |||
Term loan 2 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 96,077,000 | ||
Cash flows | (96,077,000) | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 0 | |||
Ending balance | 0 | |||
SFR JV-1 securitization debt 2019-1 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 327,424,000 | 326,767,000 | ||
Cash flows | (501,000) | (614,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 1,273,000 | 1,271,000 | ||
Ending balance | 328,196,000 | 327,424,000 | ||
SFR JV-1 securitization debt 2020-1 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 544,964,000 | 543,803,000 | ||
Cash flows | 0 | (584,000) | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 1,749,000 | 1,745,000 | ||
Ending balance | 546,713,000 | 544,964,000 | ||
SFR JV-1 securitization debt 2021-1 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 673,653,000 | 0 | ||
Cash flows | (978,000) | 673,324,000 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 2,244,000 | 329,000 | ||
Ending balance | 674,919,000 | 673,653,000 | ||
SFR JV-1 subscription facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 115,664,000 | ||
Cash flows | (116,000,000) | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 336,000 | |||
Ending balance | 0 | |||
SFR JV-1 warehouse credit facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 95,950,000 | ||
Cash flows | (97,249,000) | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 1,299,000 | |||
Ending balance | 0 | |||
SFR JV-2 subscription facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 348,529,000 | 0 | ||
Cash flows | 58,614,000 | 348,229,000 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 1,156,000 | 300,000 | ||
Ending balance | 408,299,000 | 348,529,000 | ||
SFR JV-2 warehouse credit facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 489,321,000 | 0 | ||
Cash flows | (101,054,000) | 489,001,000 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 1,449,000 | 320,000 | ||
Ending balance | 389,716,000 | 489,321,000 | ||
SFR JV-2 term loan | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | |||
Cash flows | 386,442,000 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 259,000 | |||
Ending balance | 386,701,000 | 0 | ||
SFR JV-2 securitization debt 2022-1 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | |||
Cash flows | 521,675,000 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 1,259,000 | |||
Ending balance | 522,934,000 | 0 | ||
SFR JV-2 securitization debt 2022-2 | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | |||
Cash flows | 341,584,000 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 485,000 | |||
Ending balance | 342,069,000 | 0 | ||
SFR JV-2 delayed draw term loan | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | |||
Cash flows | 193,034,000 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 92,000 | |||
Ending balance | 193,126,000 | 0 | ||
SFR JV-HD subscription facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 99,543,000 | 0 | ||
Cash flows | 26,845,000 | 99,355,000 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 426,000 | 188,000 | ||
Ending balance | 126,814,000 | 99,543,000 | ||
SFR JV-HD warehouse credit facility | Single-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 64,971,000 | 0 | ||
Cash flows | 422,385,000 | 64,585,000 | ||
Foreign exchange movement | 0 | 0 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 849,000 | 386,000 | ||
Ending balance | 488,205,000 | 64,971,000 | ||
U.S. multi-family credit facility | Multi-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 109,890,000 | ||
Cash flows | (109,890,000) | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 0 | |||
Ending balance | 0 | |||
Mortgage tranche A | Multi-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 160,090,000 | ||
Cash flows | 0 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | (160,090,000) | |||
Other | 0 | |||
Ending balance | 0 | |||
Mortgage tranche B | Multi-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 400,225,000 | ||
Cash flows | 0 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | (400,225,000) | |||
Other | 0 | |||
Ending balance | 0 | |||
Mortgage tranche C | Multi-family rental properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 240,135,000 | ||
Cash flows | 0 | |||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | (240,135,000) | |||
Other | 0 | |||
Ending balance | 0 | |||
Land loan | Canadian development properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 22,086,000 | 21,991,000 | ||
Cash flows | (21,935,000) | 0 | ||
Foreign exchange movement | (151,000) | 95,000 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 0 | 0 | ||
Ending balance | 0 | 22,086,000 | ||
The Shops of Summerhill mortgage | Canadian development properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 12,113,000 | 12,463,000 | ||
Cash flows | 4,026,000 | (420,000) | ||
Foreign exchange movement | (176,000) | 58,000 | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 10,000 | 12,000 | ||
Ending balance | 15,973,000 | 12,113,000 | ||
Vendor take-back (VTB) loan 2021 | Canadian development properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 25,564,000 | ||
Cash flows | (26,271,000) | |||
Foreign exchange movement | 707,000 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 0 | |||
Ending balance | 0 | |||
Construction facility | Canadian development properties borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | |||
Cash flows | 5,015,000 | |||
Foreign exchange movement | 17,000 | |||
Fair value changes | 0 | |||
Additions/(Dispositions) | 0 | |||
Other | 0 | |||
Ending balance | 5,032,000 | 0 | ||
Corporate office mortgages | Corporate borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 13,962,000 | 11,089,000 | ||
Cash flows | (390,000) | 2,877,000 | ||
Foreign exchange movement | (855,000) | (4,000) | ||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 0 | 0 | ||
Ending balance | 12,717,000 | 13,962,000 | ||
Corporate credit facility | Corporate borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Beginning balance | 0 | 26,000,000 | ||
Cash flows | (1,063,000) | (26,000,000) | ||
Foreign exchange movement | 0 | |||
Fair value changes | 0 | 0 | ||
Additions/(Dispositions) | 0 | 0 | ||
Other | 152,000 | 0 | ||
Ending balance | (911,000) | 0 | ||
Borrowings | $ 0 | $ 0 | ||
[1]Certain comparative figures have been adjusted to conform with the current period presentation. Refer to Note 2 for further details. |
IDEMNIFICATION (Details)
IDEMNIFICATION (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Indemnification Agreements | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Amounts payable | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Feb. 28, 2023 $ / shares |
Announcement of Dividend | |
Disclosure of non-adjusting events after reporting period [line items] | |
Dividends declared (in USD per share) | $ 0.058 |
Uncategorized Items - _IXDS
Label | Element | Value |
Furniture, Computer And Office Equipment [Member] | Minimum [Member] | ||
Description of accounting policy for property, plant and equipment [text block] | ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory | 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 and office equipment 2-7 years Property-related systems software 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. |