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BRIEF-Tricon Provides Covid-19 Related Business Update

Published 2020-04-16, 06:09 p/m

April 16 (Reuters) - Tricon Capital Group Inc TCN.TO :

* TRICON PROVIDES COVID-19 RELATED BUSINESS UPDATE

* TRICON CAPITAL GROUP INC - AS OF APRIL 15, TRICON HAS COLLECTED 92% OF APRIL RENTS

* TRICON CAPITAL GROUP INC - IN U.S. MULTI-FAMILY BUSINESS, OCCUPANCY REMAINED STABLE AT 94% THROUGHOUT Q1

* TRICON CAPITAL GROUP INC - AS OF APRIL 15, EXPERIENCED A TEMPORARY PAUSE IN ACQUISITIONS OF SINGLE-FAMILY RENTAL HOMES

* TRICON CAPITAL GROUP INC - PROJECTED TO CLOSE ON 60-70 HOMES IN Q2 THAT WERE ALREADY UNDER BINDING CONTRACTS PRIOR TO PANDEMIC

* TRICON CAPITAL GROUP INC - LIQUIDITY CONSISTS OF A $500 MILLION CORPORATE CREDIT FACILITY WITH APPROXIMATELY $175 MILLION OF UNDRAWN CAPACITY AS AT MARCH 31

* TRICON CAPITAL GROUP INC - COMPANY ALSO HAD APPROXIMATELY $53 MILLION OF CASH ON HAND AS OF MARCH 31, 2020

* TRICON CAPITAL GROUP INC - TRICON'S U.S. MULTI-FAMILY BUSINESS HAS A $116 MILLION CREDIT FACILITY WITH A CANADIAN BANK WHICH MATURES IN DECEMBER 2020

* TRICON CAPITAL GROUP INC - COMPANY IS IN ACTIVE DISCUSSIONS WITH LENDER TO EXTEND $116 MILLION CREDIT FACILITY MATURITY TO END OF 2020

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