Tricon Residential Releases its First Annual ESG Report

Tricon Residential (TCN) announced today it had released its 2020 Environmental, Social, and Governance (ESG) report. Tricon is a rental housing company that operates both multi-family rental apartments and single-family rental homes in Canada and the United States.

The company’s inaugural ESG report shows how Tricon reinforces its commitment to sustainable rental housing and positively impacts employees, residents, and innovation.

Tricon Residential’s President and CEO Gary Berman said, “I am delighted to release our first annual ESG report, which highlights many of the sustainability initiatives our team has been working on for the past year and is a major step towards formalizing our ESG disclosure. ESG is ingrained in how we operate our business and is closely linked to our purpose statement – Imagine a world where housing unlocks life’s potential. By focusing on our employees, residents and innovation, we have been able to make a positive impact during a year filled with hardship and uncertainty amid the COVID-19 pandemic. I want to thank our team for their contribution to our 2020 accomplishments, and I look forward to delivering on a promise of continuous improvement in our sustainability efforts.”

The ESG 2020 report highlights Tricon’s achievements throughout the year in five key priority areas presented in its ESG 2020 roadmap: Our People, Our Residents, Our Innovation, Our Impact, and Our Governance. (See Tricon Residential stock analysis on TipRanks)

Today, Scotiabank analyst Mario Saric maintained a Buy rating on TCN but raised its price target to C$15.25 (from C$15.00), for 14% upside potential.

Consensus on the Street is that TCN is a Strong Buy based on 8 Buys. The average analyst price target of C$15.13 implies 13% upside potential from current levels. Shares have soared more than 75% over the past year.

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