05/10/2022 | Press release | Distributed by Public on 05/10/2022 15:11
Condensed Interim Consolidated Balance Sheets
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|||||
Unaudited (in thousands of U.S. dollars) | |||||
Notes | March 31, 2022 | December 31, 2021 | |||
Assets | |||||
Non-current assets | |||||
Rental properties | 4 | $ | 8,967,351 | $ | 7,978,396 |
Equity-accounted investments in multi-family rental properties | 5 | 215,482 | 199,285 | ||
Equity-accounted investments in Canadian residential developments | 6 | 102,277 | 98,675 | ||
Canadian development properties | 7 | 139,765 | 133,250 | ||
Investments in U.S. residential developments | 8 | 138,084 | 143,153 | ||
Restricted cash | 137,566 | 123,329 | |||
Goodwill | 11 | 29,726 | 29,726 | ||
Deferred income tax assets | 12 | 106,291 | 96,945 | ||
Intangible assets | 21 | 8,736 | 9,324 | ||
Other assets | 22 | 89,692 | 84,749 | ||
Derivative financial instruments | 18 | 2,393 | 363 | ||
Total non-current assets | 9,937,363 | 8,897,195 | |||
Current assets | |||||
Cash | 143,196 | 176,894 | |||
Amounts receivable | 15 | 42,693 | 41,582 | ||
Prepaid expenses and deposits | 43,835 | 32,946 | |||
Total current assets | 229,724 | 251,422 | |||
Total assets | $ | 10,167,087 | $ | 9,148,617 | |
Liabilities | |||||
Non-current liabilities | |||||
Long-term debt | 16 | $ | 4,138,944 | $ | 3,662,628 |
Due to Affiliate | 17 | 252,930 | 256,362 | ||
Derivative financial instruments | 18 | 258,358 | 230,305 | ||
Deferred income tax liabilities | 12 | 519,163 | 461,689 | ||
Limited partners' interests in single-family rental business | 23 | 1,221,378 | 947,452 | ||
Long-term incentive plan | 28 | 24,947 | 21,431 | ||
Performance fees liability | 29 | 61,991 | 48,358 | ||
Other liabilities | 24 | 29,762 | 28,958 | ||
Total non-current liabilities | 6,507,473 | 5,657,183 | |||
Current liabilities | |||||
Amounts payable and accrued liabilities | 10 | 107,313 | 102,954 | ||
Resident security deposits | 61,317 | 56,785 | |||
Dividends payable | 25 | 15,868 | 15,821 | ||
Current portion of long-term debt | 16 | 254,915 | 254,805 | ||
Total current liabilities | 439,413 | 430,365 | |||
Total liabilities | 6,946,886 | 6,087,548 | |||
Equity | |||||
Share capital | 26 | 2,124,889 | 2,114,783 | ||
Contributed surplus | 22,836 | 22,790 | |||
Cumulative translation adjustment | 26,428 | 22,842 | |||
Retained earnings | 1,039,858 | 893,379 | |||
Total shareholders' equity | 3,214,011 | 3,053,794 | |||
Non-controlling interest | 6,190 | 7,275 | |||
Total equity | 3,220,201 | 3,061,069 | |||
Total liabilities and equity | $ | 10,167,087 | $ | 9,148,617 |
Page 2 of 45
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Condensed Interim Consolidated Statements of Comprehensive Income
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Unaudited (in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated) | |||||
For the three months ended | Notes | March 31, 2022 |
March 31, 2021(1)
|
||
Revenue from single-family rental properties | 13 | $ | 138,788 | $ | 99,391 |
Direct operating expenses | 20 | (45,515) | (33,219) | ||
Net operating income from single-family rental properties | 93,273 | 66,172 | |||
Revenue from private funds and advisory services | 14 | $ | 12,411 | $ | 8,930 |
Income (loss) from equity-accounted investments in multi-family rental properties | 5 | 17,037 | (457) | ||
Loss from equity-accounted investments in Canadian residential developments | 6 | (15) | (3) | ||
Other income | 3,049 | 205 | |||
Income from investments in U.S. residential developments | 8 | 4,305 | 6,659 | ||
Compensation expense | 28 | (28,252) | (17,020) | ||
Performance fees expense | 29 | (12,564) | (730) | ||
General and administration expense | (12,875) | (8,403) | |||
Transaction costs | (2,219) | (1,229) | |||
Interest expense | 19 | (36,854) | (36,075) | ||
Fair value gain on rental properties | 4 | 299,572 | 112,302 | ||
Fair value loss on derivative financial instruments and other liabilities | 18 | (29,362) | (37,172) | ||
Amortization and depreciation expense |
21, 22
|
(3,407) | (2,650) | ||
Realized and unrealized foreign exchange (loss) gain | (61) | 170 | |||
Net change in fair value of limited partners' interests in single-family rental business | 23 | (92,232) | (26,141) | ||
106,122 | (10,544) | ||||
Income before income taxes from continuing operations | $ | 211,806 | $ | 64,558 | |
Income tax (expense) recovery - current | 12 | (462) | 44,473 | ||
Income tax expense - deferred | 12 | (47,887) | (67,127) | ||
Net income from continuing operations | $ | 163,457 | $ | 41,904 | |
Loss before income taxes from discontinued operations | 3 | - | (77,224) | ||
Income tax expense - current | 3 | - | (46,502) | ||
Income tax recovery - deferred | 3 | - | 56,164 | ||
Net loss from discontinued operations | - | (67,562) | |||
Net income (loss) | $ | 163,457 | $ | (25,658) | |
Attributable to: | |||||
Shareholders of Tricon | 162,347 | (26,229) | |||
Non-controlling interest | 1,110 | 571 | |||
Net income (loss) | $ | 163,457 | $ | (25,658) | |
Other comprehensive income | |||||
Items that will be reclassified subsequently to net income | |||||
Cumulative translation reserve | 3,586 | 1,995 | |||
Comprehensive income (loss) for the period | $ | 167,043 | $ | (23,663) | |
Attributable to: | |||||
Shareholders of Tricon | 165,933 | (24,234) | |||
Non-controlling interest | 1,110 | 571 | |||
Comprehensive income (loss) for the period | $ | 167,043 | $ | (23,663) | |
Basic earnings (loss) per share attributable to shareholders of Tricon | |||||
Continuing operations | 27 | $ | 0.59 | 0.21 | |
Discontinued operations | 27 | - | (0.34) | ||
Basic earnings (loss) per share attributable to shareholders of Tricon | $ | 0.59 | $ | (0.13) | |
Diluted earnings (loss) per share attributable to shareholders of Tricon | |||||
Continuing operations | 27 | $ | 0.59 | 0.21 | |
Discontinued operations | 27 | - | (0.35) | ||
Diluted earnings (loss) per share attributable to shareholders of Tricon | $ | 0.59 | $ | (0.14) | |
Page 3 of 45
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Weighted average shares outstanding - basic | 27 | 274,064,375 | 194,898,627 |
Weighted average shares outstanding - diluted | 27 | 276,763,567 | 196,327,468 |
Page 4 of 45
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Condensed Interim Consolidated Statements of Changes in Equity
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Unaudited (in thousands of U.S. dollars) | ||||||||||||||
Notes | Share capital | Contributed surplus | Cumulative translation adjustment | Retained earnings | Total shareholders' equity | Non - controlling interest | Total | |||||||
Balance at January 1, 2022 | $ | 2,114,783 | $ | 22,790 | $ | 22,842 | $ | 893,379 | $ | 3,053,794 | $ | 7,275 | $ | 3,061,069 |
Net income | - | - | - | 162,347 | 162,347 | 1,110 | 163,457 | |||||||
Cumulative translation reserve | - | - | 3,586 | - | 3,586 | - | 3,586 | |||||||
Distributions to non-controlling interest |
- | - | - | - | - | (2,195) | (2,195) | |||||||
Dividends/Dividend reinvestment plan |
25 | 1,572 | - | - | (15,868) | (14,296) | - | (14,296) | ||||||
Stock-based compensation | 28 | 552 | 590 | - | - | 1,142 | - | 1,142 | ||||||
Preferred units exchanged |
17, 26
|
8,015 | - | - | - | 8,015 | - | 8,015 | ||||||
Shares reserved for restricted share awards |
28 | (33) | - | - | - | (33) | - | (33) | ||||||
Other | 12 | - | (544) | - | - | (544) | - | (544) | ||||||
Balance at March 31, 2022 | $ | 2,124,889 | $ | 22,836 | $ | 26,428 | $ | 1,039,858 | $ | 3,214,011 | $ | 6,190 | $ | 3,220,201 |
Balance at January 1, 2021 | $ | 1,192,963 | $ | 19,738 | $ | 23,395 | $ | 499,000 | $ | 1,735,096 | $ | 8,142 | $ | 1,743,238 |
Net loss | - | - | - | (26,229) | (26,229) | 571 | (25,658) | |||||||
Cumulative translation reserve | - | - | 1,995 | - | 1,995 | - | 1,995 | |||||||
Distributions to non-controlling interest |
- | - | - | - | - | (2,146) | (2,146) | |||||||
Dividends/Dividend reinvestment plan |
25 | 1,407 | - | - | (10,792) | (9,385) | - | (9,385) | ||||||
Stock-based compensation | 28 | 694 | (119) | - | - | 575 | - | 575 | ||||||
Shares reserved for restricted share awards |
28 | (20) | 89 | - | - | 69 | - | 69 | ||||||
Balance at March 31, 2021 | $ | 1,195,044 | $ | 19,708 | $ | 25,390 | $ | 461,979 | $ | 1,702,121 | $ | 6,567 | $ | 1,708,688 |
Page 5 of 45
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Condensed Interim Consolidated Statements of Cash Flows
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Unaudited (in thousands of U.S. dollars) | ||||
For the three months ended | Notes | March 31, 2022 | March 31, 2021 | |
CASH PROVIDED BY (USED IN) | ||||
Operating activities | ||||
Net income (loss) | $ | 163,457 | $ | (25,658) |
Net loss from discontinued operations | 3 | - | 67,562 | |
Adjustments for non-cash items | 34 | (118,816) | 26,653 | |
Cash paid for AIP, LTIP and performance fees, net of equity contribution |
28, 29
|
(9,043) | (5,939) | |
Distributions to non-controlling interests | (2,195) | (2,146) | ||
Advances made to investments |
5, 6, 8
|
(3,950) | (3,226) | |
Distributions received from investments |
5, 6, 8
|
12,320 | 12,700 | |
Changes in non-cash working capital items | 34 | (3,109) | (55,140) | |
Net cash provided by operating activities from continuing operations | 38,664 | 14,806 | ||
Net cash used in operating activities from discontinued operations | 3 | - | (2,593) | |
Net cash provided by operating activities | $ | 38,664 | $ | 12,213 |
Investing activities | ||||
Acquisition of rental properties | 4 | (619,896) | (163,922) | |
Capital additions to rental properties | 4 | (79,268) | (32,259) | |
Disposition of rental properties | 4 | 9,781 | 3,177 | |
Additions to fixed assets and other non-current assets |
7, 22
|
(8,761) | (4,285) | |
Net cash used in investing activities from continuing operations | (698,144) | (197,289) | ||
Net cash provided by investing activities from discontinued operations | 3 | - | 407,311 | |
Net cash (used in) provided by investing activities | $ | (698,144) | $ | 210,022 |
Financing activities | ||||
Lease payments |
24, 35
|
(693) | (623) | |
Proceeds from corporate borrowing | 35 | 99,000 | 60,000 | |
Repayments of corporate borrowing | 35 | (18,776) | (67,066) | |
Proceeds from rental and development properties borrowing | 35 | 395,497 | 154,107 | |
Repayments of rental and development properties borrowing | 35 | (2,518) | (48,452) | |
Dividends paid | 25 | (14,249) | (9,234) | |
Change in restricted cash | (14,237) | 735 | ||
Contributions from limited partners | 23 | 193,788 | 32,649 | |
Distributions to limited partners | 23 | (12,094) | (1,990) | |
Net cash provided by financing activities from continuing operations | 625,718 | 120,126 | ||
Net cash used in financing activities from discontinued operations | 3 | - | (102,849) | |
Net cash provided by financing activities | $ | 625,718 | $ | 17,277 |
Effect of foreign exchange rate difference on cash | 64 | 23 | ||
Change in cash during the period | (33,698) | 239,535 | ||
Cash - beginning of period | 176,894 | 55,158 | ||
Cash - end of period | $ | 143,196 | $ | 294,693 |
Supplementary information | ||||
Cash paid on | ||||
Income taxes | $ | 47 | $ | - |
Interest | $ | 32,281 | $ | 45,330 |
Page 6 of 45
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Page 7 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
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 (Component of liabilities) |
||
SFR JV-HD | Controlled subsidiary | Consolidation | |||
SFR JV-2 | Controlled subsidiary | Consolidation | |||
Multi-Family Rental | |||||
U.S. multi-family(1)
|
Controlled subsidiary for the period between January 1, 2021 and March 30, 2021, and joint venture from March 31, 2021 | Consolidation between January 1, 2021 and March 30, 2021, and equity method from March 31, 2021 | Equity-accounted investments in multi-family rental properties |
Net loss from discontinued operations between January 1, 2021 and March 30, 2021 Income from equity-accounted investments in multi-family rental properties from March 31, 2021 |
N/A |
Canadian multi-family: 592 Sherbourne (The Selby) |
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 Summerhill |
Controlled subsidiary | Consolidation |
Canadian development properties |
Other income | N/A |
The James (Scrivener Square) | N/A | ||||
57 Spadina (The Taylor) |
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 | ||
7 Labatt(2)
|
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 | |||||
Build-to-rent | Investments in associates | Equity method | Investments in U.S. residential developments | Income from investments in U.S. residential developments | 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 |
Page 8 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | As previously reported |
Reclassify performance fees expense(1)
|
Reclassify resident recoveries (2)
|
As adjusted | |||
For the three months ended March 31, 2021 | |||||||
Revenue from single-family rental properties | $ | 98,474 | $ | - | $ | 917 | 99,391 |
Direct operating expenses | (32,302) | - | (917) | (33,219) | |||
Compensation expense | (17,750) | 730 | - | (17,020) | |||
Performance fees expense | - | (730) | - | (730) | |||
Page 9 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2021 | |
Total consideration | $ | 431,583 |
Net asset value on disposition | (431,583) | |
Transaction costs | (3,285) | |
Derecognition of goodwill and other assets | (81,142) | |
Loss on sale | $ | (84,427) |
(in thousands of U.S. dollars) | March 31, 2021 | |
Net assets | ||
Rental properties | $ | 1,333,406 |
Goodwill | 79,112 | |
Cash and restricted cash | 18,553 | |
Net working capital and other | (10,001) | |
Long-term debt | (800,450) | |
Net assets of U.S. multi-family rental | 620,620 | |
Derecognition of goodwill | (79,112) | |
Rental properties marked to market on disposition | (2,030) | |
Net assets value available for sale | 539,478 | |
Net assets retained by the Company at 20%
|
(107,895) | |
Net assets value for disposition | $ | 431,583 |
(in thousands of U.S. dollars) | ||||
For the three months ended | March 31, 2022 | March 31, 2021 | ||
Net operating income from multi-family rental properties | $ | - | $ | 16,224 |
Interest expense | - | (7,845) | ||
Other expenses | - | (1,176) | ||
Loss on sale | - | (84,427) | ||
Loss before income taxes from discontinued operations | $ | - | $ | (77,224) |
Income tax expense - current | - | (46,502) | ||
Income tax recovery - deferred | - | 56,164 | ||
Net loss from discontinued operations | $ | - | $ | (67,562) |
Page 10 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended | March 31, 2022 | March 31, 2021 | ||
Net cash used in operating activities from discontinued operations
|
$ | - | $ | (2,593) |
Net cash provided by investing activities from discontinued operations
|
- | 407,311 | ||
Net cash used in financing activities from discontinued operations(1)
|
- | (102,849) | ||
Change in cash during the year from discontinued operations | $ | - | $ | 301,869 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Opening balance
|
$ | 7,978,396 | $ | 6,321,918 |
Acquisitions(1)
|
619,896 | 1,835,235 | ||
Capital expenditures
|
79,268 | 198,602 | ||
Fair value adjustments(2)
|
299,572 | 990,575 | ||
Dispositions(3)
|
(9,781) | (1,367,934) | ||
Balance, end of period | $ | 8,967,351 | $ | 7,978,396 |
Page 11 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Opening balance | $ | 199,285 | $ | 19,913 |
Initial recognition of equity-accounted investment in U.S. multi-family rental properties
(Note 3)
|
- | 107,895 | ||
Advances | - | 453 | ||
Distributions | (1,146) | (4,428) | ||
Income from equity-accounted investments in multi-family rental properties | 17,037 | 75,333 | ||
Translation adjustment | 306 | 119 | ||
Balance, end of period | $ | 215,482 | $ | 199,285 |
Page 12 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Opening balance | $ | 98,675 | $ | 74,955 |
Advances(1)
|
2,150 | 30,089 | ||
Distributions | - | (14,772) | ||
(Loss) income from equity-accounted investments in Canadian residential developments | (15) | 8,200 | ||
Translation adjustment | 1,467 | 203 | ||
Balance, end of period | $ | 102,277 | $ | 98,675 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Opening balance | $ | 133,250 | $ | 110,018 |
Development expenditures | 4,507 | 12,748 | ||
Fair value adjustments | - | 10,098 | ||
Translation adjustment | 2,008 | 386 | ||
Balance, end of period | $ | 139,765 | $ | 133,250 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Opening balance | $ | 143,153 | $ | 164,842 |
Advances | 1,800 | 6,706 | ||
Distributions | (11,174) | (55,744) | ||
Derecognition of investment in U.S. residential developments(1)
|
- | (4,377) | ||
Income from investments in U.S. residential developments(2)
|
4,305 | 31,726 | ||
Balance, end of period | $ | 138,084 | $ | 143,153 |
Internal debt instruments | $ | 1,499 | $ | 8,629 |
Equity | 136,585 | 134,524 | ||
Total investments in U.S. residential developments | $ | 138,084 | $ | 143,153 |
Page 13 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
March 31, 2022 | December 31, 2021 | |||||
Valuation technique(s) | Significant unobservable input |
Range of inputs |
Weighted average of inputs |
Range of inputs |
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%
|
15.6% |
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
|
5.8 years |
1 - 9 years
|
6.1 years |
Page 14 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
March 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 4)
|
$ | - | $ | - | $ | 8,967,351 | $ | - | $ | - | $ | 7,978,396 |
Canadian development properties (Note 7)
|
- | - | 139,765 | - | - | 133,250 | ||||||
Investments in U.S. residential developments (Note 8)
|
- | - | 138,084 | - | - | 143,153 | ||||||
Derivative financial instruments (Note 18)
|
- | 2,393 | - | - | 363 | - | ||||||
$ | - | $ | 2,393 | $ | 9,245,200 | $ | - | $ | 363 | $ | 8,254,799 | |
Liabilities | ||||||||||||
Derivative financial instruments (Note 18)
|
$ | - | $ | 258,358 | $ | - | $ | - | $ | 230,305 | $ | - |
Limited partners' interests in single-family rental business (Note 23)
|
- | - | 1,221,378 | - | - | 947,452 | ||||||
$ | - | $ | 258,358 | $ | 1,221,378 | $ | - | $ | 230,305 | $ | 947,452 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Trade payables and accrued liabilities | $ | 46,910 | $ | 43,488 |
Accrued property taxes | 29,294 | 30,524 | ||
AIP liability (Note 28)
|
11,036 | 12,137 | ||
Income taxes payable | 2,353 | 1,982 | ||
Interest payable | 14,090 | 12,944 | ||
Deferred income | 44 | 45 | ||
Current portion of lease obligations (Note 24)
|
3,586 | 1,834 | ||
Total amounts payable and accrued liabilities | $ | 107,313 | $ | 102,954 |
Page 15 of 45
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Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Income tax (expense) recovery - current | $ | (462) | $ | 44,473 |
Income tax expense - deferred | (47,887) | (67,127) | ||
Income tax expense from continuing operations | $ | (48,349) | $ | (22,654) |
Income tax expense from discontinued operations - current | $ | - | $ | (46,502) |
Income tax recovery from discontinued operations - deferred | - | 56,164 | ||
Income tax recovery from discontinued operations | $ | - | $ | 9,662 |
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Income before income taxes from continuing operations | $ | 211,806 | $ | 64,558 |
Combined statutory federal and provincial income tax rate | 26.50 | % | 26.50 | % |
Expected income tax expense | 56,129 | 17,108 | ||
Non-taxable gains on investments | (34) | (28) | ||
Non-taxable losses on derivative financial instruments | 7,267 | 8,641 | ||
Foreign tax rate differential(1)
|
(12,801) | (4,699) | ||
Other, including permanent differences(2)
|
(2,212) | 1,632 | ||
Income tax expense from continuing operations | $ | 48,349 | $ | 22,654 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Deferred income tax assets | ||||
Deferred income tax assets to be recovered after more than 12 months | $ | 106,291 | $ | 96,945 |
Deferred income tax assets to be recovered within 12 months | - | - | ||
Total deferred income tax assets | $ | 106,291 | $ | 96,945 |
Deferred income tax liabilities | ||||
Deferred income tax liabilities reversing after more than 12 months | $ | 519,163 | $ | 461,689 |
Deferred income tax liabilities reversing within 12 months | - | - | ||
Total deferred income tax liabilities | $ | 519,163 | $ | 461,689 |
Net deferred income tax liabilities | $ | 412,872 | $ | 364,744 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Change in net deferred income tax liabilities | ||||
Net deferred income tax liabilities, beginning of period | $ | 364,744 | $ | 195,627 |
Charge to the statement of comprehensive income | 47,887 | 178,319 | ||
Change (credit) to equity | 544 | (9,173) | ||
Other | (303) | (29) | ||
Net deferred income tax liabilities, end of period | $ | 412,872 | $ | 364,744 |
Page 16 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | Investments | Long-term incentive plan accrual | Performance fees liability |
Issuance costs |
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 |
Addition / (Reversal) | 447 | (778) | 1,149 | (847) | 9,947 | (572) | 9,346 | |||||||
At March 31, 2022 | $ | 11,178 | $ | 7,880 | $ | 11,830 | $ | 12,065 | $ | 56,944 | $ | 6,394 | $ | 106,291 |
(in thousands of U.S. dollars) |
Rental properties | Deferred placement fees | Other | Total | ||||||||||
Deferred income tax liabilities | ||||||||||||||
At December 31, 2021 | $ | 461,062 | $ | - | $ | 627 | $ | 461,689 | ||||||
Addition / (Reversal) | 57,508 | 593 | (627) | 57,474 | ||||||||||
At March 31, 2022 | $ | 518,570 | $ | 593 | $ | - | $ | 519,163 |
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Base rent | $ | 113,723 | $ | 82,873 |
Other revenue(1)(2)
|
8,853 | 4,570 | ||
Non-lease component | 16,212 | 11,948 | ||
Total revenue from single-family rental properties (2),(3)
|
$ | 138,788 | $ | 99,391 |
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Asset management fees
|
$ | 3,127 | $ | 2,598 |
Performance fees
|
743 | 692 | ||
Development fees
|
5,862 | 5,464 | ||
Property management fees
|
2,679 | 176 | ||
Total revenue from private funds and advisory services
|
$ | 12,411 | $ | 8,930 |
Page 17 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Rent receivables | $ | 5,486 | $ | 4,510 |
Trade receivables | 5,470 | 4,818 | ||
Income tax recoverable | 2,740 | 2,771 | ||
Other receivables(1)
|
28,997 | 29,483 | ||
Total amounts receivable | $ | 42,693 | $ | 41,582 |
Page 18 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
March 31, 2022 | ||||||||||||||
(in thousands of U.S. dollars) | Maturity dates | Coupon/stated interest rates | Interest rate floor | Interest rate cap |
Effective interest rates |
Extension options(1)
|
Total facility | Outstanding balance | ||||||
Term loan(2)
|
October 2022 | LIBOR+2.00 | % | 0.50 | % LIBOR | 2.50 | % LIBOR | 2.50 | % | N/A | $ | 219,908 | $ | 219,908 |
SFR JV-HD subscription facility(3)
|
May 2023 | SOFR+2.00 | % | 0.15 | % SOFR | N/A | 2.09 | % | one year | 150,000 | 100,000 | |||
SFR JV-2 subscription facility(4)
|
July 2023 | SOFR+2.00 | % | 0.15 | % SOFR | N/A | 2.11 | % | one year | 500,000 | 500,000 | |||
Securitization debt 2017-2(2)
|
January 2024 | 3.68 | % | N/A | N/A | 3.68 | % | N/A | 356,224 | 356,224 | ||||
SFR JV-HD warehouse credit facility
|
May 2024 | LIBOR+1.90 | % | 0.15 | % LIBOR | 2.60 | % LIBOR | 2.13 | % | one year | 375,000 | 152,716 | ||
SFR JV-2 warehouse credit facility(5)
|
July 2024 | SOFR+1.99 | % | 0.10 | % SOFR | 3.25 | % SOFR | 2.18 | % | one year | 700,000 | 651,521 | ||
Warehouse credit facility 2022(6)
|
January 2025 | SOFR+1.85 | % | 0.15 | % SOFR | 3.25 | % SOFR | 2.01 | % | one year | 50,000 | - | ||
Securitization debt 2018-1(2)
|
May 2025 | 3.96 | % | N/A | N/A | 3.96 | % | N/A | 309,853 | 309,853 | ||||
SFR JV-1 securitization debt 2019-1(2)
|
March 2026 | 3.12 | % | N/A | N/A | 3.12 | % | N/A | 332,764 | 332,764 | ||||
SFR JV-1 securitization debt 2020-1(2)
|
July 2026 | 2.43 | % | N/A | N/A | 2.43 | % | N/A | 552,882 | 552,882 | ||||
SFR JV-1 securitization debt 2021-1(2)
|
July 2026 | 2.57 | % | N/A | N/A | 2.57 | % | N/A | 683,567 | 683,567 | ||||
Securitization debt 2020-2(2)
|
November 2027 | 1.94 | % | N/A | N/A | 1.94 | % | N/A | 436,677 | 436,677 | ||||
Single-family rental properties borrowings
|
2.58 | % | 4,666,875 | 4,296,112 | ||||||||||
Land loan(7)
|
July 2022 | Prime+1.25 | % | 3.70 % | N/A | 3.78 | % | N/A | 22,408 | 22,408 | ||||
Mortgage(8)
|
September 2022 | 3.67 | % | N/A | N/A | 3.67 | % | N/A | 12,188 | 12,188 | ||||
Construction facility(7)
|
TBD | Prime+1.25 | % | N/A | N/A | TBD | one year | 184,069 | - | |||||
Canadian development properties borrowings
|
3.74 | % | 218,665 | 34,596 | ||||||||||
Corporate credit facility(9)
|
June 2024 | LIBOR+2.75 | % | N/A | N/A | 2.99 | % | N/A | 500,000 | 85,000 | ||||
Corporate office mortgages
|
November 2024 | 4.25 | % | N/A | N/A | 4.30 | % | N/A | 14,063 | 14,063 | ||||
Corporate borrowings
|
3.18 | % | 514,063 | 99,063 | ||||||||||
$ | 4,429,771 | |||||||||||||
Transaction costs (net of amortization)
|
(34,929) | |||||||||||||
Debt discount (net of amortization)
|
(983) | |||||||||||||
Total debt
|
2.60 | % | $ | 5,399,603 | $ | 4,393,859 | ||||||||
Current portion of long-term debt(1)
|
$ | 254,915 | ||||||||||||
Long-term debt
|
$ | 4,138,944 | ||||||||||||
Fixed-rate debt - principal value
|
2.83 | % | $ | 2,698,218 | ||||||||||
Floating-rate debt - principal value
|
2.25 | % | $ | 1,731,553 |
Page 19 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
December 31, 2021 | ||||||||||||||
(in thousands of U.S. dollars) | Maturity dates | Coupon/stated interest rates | Interest rate floor | Interest rate cap |
Effective interest rates |
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 |
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-2 subscription facility
|
July 2023 | LIBOR+1.90 | % | 0.15 | % LIBOR | N/A | 2.05 | % | one year | 400,000 | 350,000 | |||
Securitization debt 2017-2
|
January 2024 | 3.67 | % | N/A | N/A | 3.67 | % | N/A | 358,602 | 358,602 | ||||
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 | ||
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 | ||
Securitization debt 2018-1
|
May 2025 | 3.96 | % | N/A | N/A | 3.96 | % | N/A | 311,479 | 311,479 | ||||
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 | ||||
Securitization debt 2020-2
|
November 2027 | 1.94 | % | N/A | N/A | 1.94 | % | N/A | 438,251 | 438,251 | ||||
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 | ||||
Mortgage
|
September 2022 | 3.67 | % | N/A | N/A | 3.67 | % | N/A | 12,121 | 12,121 | ||||
Construction facility
|
TBD | 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 |
Page 20 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | Single-family rental borrowings | Canadian development properties borrowings | Corporate borrowings | Total | ||||
2022 | $ | 219,908 | $ | 34,596 | $ | 305 | $ | 254,809 |
2023 | 600,000 | - | 423 | 600,423 | ||||
2024 | 356,224 | - | 98,335 | 454,559 | ||||
2025 | 1,114,090 | - | - | 1,114,090 | ||||
2026 | 1,569,213 | - | - | 1,569,213 | ||||
2027 and thereafter | 436,677 | - | - | 436,677 | ||||
4,296,112 | 34,596 | 99,063 | 4,429,771 | |||||
Transaction costs (net of amortization) | (34,929) | |||||||
Debt discount (net of amortization) | (983) | |||||||
Total debt | $ | 4,393,859 |
March 31, 2022 | ||||
(in thousands of U.S. dollars) | Fair value | Carrying value | ||
Securitization debt 2017-2 | $ | 356,645 | $ | 355,689 |
Securitization debt 2018-1 | 309,853 | 309,405 | ||
SFR JV-1 securitization debt 2019-1 | 332,764 | 327,742 | ||
SFR JV-1 securitization debt 2020-1 | 552,882 | 545,402 | ||
SFR JV-1 securitization debt 2021-1 | 683,567 | 674,166 | ||
Securitization debt 2020-2 | 437,523 | 430,391 | ||
Mortgage | 12,269 | 12,183 | ||
Corporate office mortgages | 14,081 | 14,063 | ||
Total | $ | 2,699,584 | $ | 2,669,041 |
Page 21 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Principal amount outstanding | $ | 295,325 | $ | 300,000 |
Less: Discount and transaction costs (net of amortization) | (42,395) | (43,638) | ||
Due to Affiliate | $ | 252,930 | $ | 256,362 |
Due to Affiliate | March 31, 2022 | December 31, 2021 | ||
Risk-free rate (1)
|
2.63 | % | 1.25 | % |
Implied volatility (2)
|
24.49 | % | 25.32 | % |
Dividend yield (3)
|
1.46 | % | 1.52 | % |
Page 22 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
Conversion/redemption options(1)
|
Exchange/prepayment options(2)
|
Interest rate caps(2)
|
Total | |||||
(in thousands of U.S. dollars) | ||||||||
For the three months ended March 31, 2022 | ||||||||
Derivative financial (liabilities) assets, beginning of period | $ | - | $ | (230,305) | $ | 363 | $ | (229,942) |
Derivative financial instruments exchanged into common shares of the Company | - | 3,299 | - | 3,299 | ||||
Addition of interest rate caps | - | - | 40 | 40 | ||||
Fair value (loss) gain | - | (31,352) | 1,990 | (29,362) | ||||
Derivative financial instruments - end of period | $ | - | $ | (258,358) | $ | 2,393 | $ | (255,965) |
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) |
Page 23 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Term loan
|
$ | 1,433 | $ | 2,418 |
SFR JV-HD subscription facility
|
526 | - | ||
SFR JV-2 subscription facility
|
2,184 | - | ||
Securitization debt 2017-2
|
3,306 | 3,348 | ||
SFR JV-HD warehouse credit facility
|
815 | - | ||
SFR JV-2 warehouse credit facility
|
3,293 | - | ||
Warehouse credit facility 2022
|
46 | - | ||
Securitization debt 2018-1
|
3,093 | 3,110 | ||
SFR JV-1 securitization debt 2019-1
|
2,611 | 2,596 | ||
SFR JV-1 securitization debt 2020-1
|
3,385 | 3,367 | ||
SFR JV-1 securitization debt 2021-1
|
4,418 | - | ||
Securitization debt 2020-2
|
2,142 | 2,152 | ||
Warehouse credit facility(1)
|
- | 152 | ||
Securitization debt 2017-1(1)
|
- | 4,147 | ||
SFR JV-1 subscription facility(1)
|
- | 641 | ||
SFR JV-1 warehouse credit facility(1)
|
- | 1,435 | ||
Term loan 2(1)
|
- | 618 | ||
Single-family rental interest expense
|
27,252 | 23,984 | ||
Mortgage
|
109 | 113 | ||
Canadian development properties interest expense(2)
|
109 | 113 | ||
Corporate credit facility
|
1,053 | 1,086 | ||
Corporate office mortgages
|
112 | 115 | ||
Corporate interest expense
|
1,165 | 1,201 | ||
Amortization of financing costs
|
2,610 | 2,048 | ||
Amortization of debt discounts
|
1,156 | 1,866 | ||
Debentures interest(3)
|
- | 2,451 | ||
Interest on Due to Affiliate
|
4,286 | 4,313 | ||
Interest on lease obligation
|
276 | 99 | ||
Total interest expense
|
$ | 36,854 | $ | 36,075 |
Page 24 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Property taxes
|
$ | 21,737 | $ | 15,243 |
Repairs and maintenance
|
6,734 | 4,596 | ||
Turnover(1)
|
1,695 | 2,260 | ||
Property management expenses
|
8,619 | 6,550 | ||
Property insurance
|
1,729 | 1,413 | ||
Marketing and leasing
|
586 | 356 | ||
Homeowners' association (HOA) costs
|
1,831 | 1,325 | ||
Other direct expense(2)
|
2,584 | 1,476 | ||
Direct operating expenses(1)
|
$ | 45,515 | $ | 33,219 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Placement fees | $ | 2,658 | $ | 2,814 |
Customer relationship intangible | 2,572 | 2,701 | ||
Contractual development fees | 3,506 | 3,809 | ||
Intangible assets | $ | 8,736 | $ | 9,324 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Building
|
$ | 32,375 | $ | 31,710 |
Furniture, computer and office equipment
|
17,395 | 14,646 | ||
Right-of-use assets
|
30,536 | 28,269 | ||
Leasehold improvements
|
7,878 | 8,249 | ||
Property-related systems software
|
1,198 | 1,230 | ||
Vehicles
|
310 | 645 | ||
Other assets | $ | 89,692 | $ | 84,749 |
Page 25 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Balance, beginning of period | $ | 947,452 | $ | 356,305 |
Contributions | 193,788 | 479,142 | ||
Distributions | (12,094) | (73,916) | ||
Net change in fair value of limited partners' interests in single-family rental business
|
92,232 | 185,921 | ||
Balance, end of period | $ | 1,221,378 | $ | 947,452 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Balance, beginning of period | $ | 30,792 | $ | 6,403 |
Addition of lease obligation(1)
|
2,929 | 25,887 | ||
Interest expense | 320 | 968 | ||
Cash payments | (693) | (2,466) | ||
Balance, end of period | $ | 33,348 | $ | 30,792 |
Current portion of lease obligations (Note 10)
|
$ | 3,586 | $ | 1,834 |
Non-current portion of lease obligations | $ | 29,762 | $ | 28,958 |
(in thousands of U.S. dollars) | ||
2022 | $ | 2,648 |
2023 | 4,583 | |
2024 | 4,907 | |
2025 | 4,607 | |
2026 | 4,296 | |
2027 and thereafter | 19,172 | |
Minimum lease payments obligation | 40,213 | |
Imputed interest included in minimum lease payments | (6,865) | |
Lease obligations | $ | 33,348 |
Page 26 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(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 |
$ | 15,868 | $ | 984 | ||||||
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 |
Page 27 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
March 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 | - | - | 15,480,725 | 161,842 | ||
Debentures conversion | - | - | 16,449,980 | 206,798 | ||
U.S. initial public offering and private placement | - | - | 46,248,746 | 547,605 | ||
Shares issued under DRIP (1)
|
104,282 | 1,572 | 531,667 | 5,674 | ||
Stock-based compensation exercised (2)
|
152,334 | 552 | 517,192 | 2,957 | ||
Preferred units exchanged (Note 17)
|
554,832 | 8,015 | - | - | ||
Shares repurchased and reserved for restricted share awards (3)
|
(2,298) | (33) | (228,066) | (3,056) | ||
Ending balance | 272,985,196 | $ | 2,124,889 | 272,176,046 | $ | 2,114,783 |
(in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Net income from continuing operations | $ | 163,457 | $ | 41,904 |
Non-controlling interest | 1,110 | 571 | ||
Net income attributable to shareholders of Tricon from continuing operations | 162,347 | 41,333 | ||
Net loss attributable to shareholders of Tricon from discontinued operations | - | (67,562) | ||
Net income (loss) attributable to shareholders of Tricon | $ | 162,347 | $ | (26,229) |
Weighted average number of common shares outstanding | 272,528,753 | 193,360,300 | ||
Adjustments for vested units | 1,535,622 | 1,538,327 | ||
Weighted average number of common shares outstanding for basic earnings per share | 274,064,375 | 194,898,627 | ||
Basic earnings (loss) per share | ||||
Continuing operations | $ | 0.59 | $ | 0.21 |
Discontinued operations | - | (0.34) | ||
Basic earnings (loss) per share | $ | 0.59 | $ | (0.13) |
Page 28 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars, except per share amounts which are in U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Net income attributable to shareholders of Tricon from continuing operations | $ | 162,347 | $ | 41,333 |
Net loss attributable to shareholders of Tricon from discontinued operations | - | (67,562) | ||
Adjusted net income (loss) attributable to shareholders of Tricon | $ | 162,347 | $ | (26,229) |
Weighted average number of common shares outstanding | 274,064,375 | 194,898,627 | ||
Adjustments for stock compensation | 2,699,192 | 1,428,841 | ||
Weighted average number of common shares outstanding for diluted earnings per share | 276,763,567 | 196,327,468 | ||
Diluted earnings (loss) per share | ||||
Continuing operations | $ | 0.59 | $ | 0.21 |
Discontinued operations(1)
|
- | (0.35) | ||
Diluted earnings (loss) per share(2)
|
$ | 0.59 | $ | (0.14) |
Page 29 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Salaries and benefits | $ | 14,024 | $ | 9,817 |
Annual incentive plan ("AIP") | 10,131 | 6,596 | ||
Long-term incentive plan ("LTIP")(1)
|
4,097 | 607 | ||
Total compensation expense(1)
|
$ | 28,252 | $ | 17,020 |
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Cash-based | $ | 6,934 | $ | 3,456 |
Equity-based | 3,197 | 3,140 | ||
Total AIP expense | $ | 10,131 | $ | 6,596 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Balance, beginning of period | $ | 73 | $ | 631 |
AIP expense | 6,934 | 15,922 | ||
Payments | (2,421) | (16,270) | ||
Translation adjustment | (178) | (210) | ||
Balance, end of period | $ | 4,408 | $ | 73 |
Page 30 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Balance, beginning of period | $ | 12,064 | $ | 6,489 |
PSU expense | 1,452 | 10,321 | ||
Payments | (7,061) | (4,755) | ||
Translation adjustment | 173 | 9 | ||
Balance, end of period | $ | 6,628 | $ | 12,064 |
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Cash-based | $ | 3,833 | $ | 570 |
Equity-based | 264 | 37 | ||
Total LTIP expense | $ | 4,097 | $ | 607 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Balance, beginning of period | $ | 21,431 | $ | 11,688 |
LTIP expense | 3,833 | 13,532 | ||
Payments | (532) | (3,775) | ||
Translation adjustment | 215 | (14) | ||
Balance, end of period | $ | 24,947 | $ | 21,431 |
Page 31 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
TSX | NYSE | |||||
For the three months ended March 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 | - | - | - | - | ||
Exercised | (8,334) | 9.81 | - | - | ||
Ending balance - outstanding | 1,977,229 | $ | 10.45 | 31,764 | $ | 14.67 |
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 |
March 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 | 66,459 | 11.50 | - | |
December 15, 2021 | December 15, 2028 | 25,890 | - | 18.85 | - | |
December 15, 2021 | December 15, 2028 | 31,764 | - | - | 14.67 | |
Total | 2,008,993 | 1,818,418 | $ | 10.45 | $ | 14.67 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Amounts payable and accrued liabilities (Note 10)(1)
|
$ | 11,036 | $ | 12,137 |
Equity - contributed surplus | 14,741 | 13,332 | ||
Total AIP | $ | 25,777 | $ | 25,469 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
LTIP - liability | $ | 24,947 | $ | 21,431 |
Equity - contributed surplus | 7,028 | 7,914 | ||
Total LTIP | $ | 31,975 | $ | 29,345 |
Page 32 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Balance, beginning of period | $ | 48,358 | $ | 6,242 |
Contributions from equity holders | 971 | - | ||
Performance fees expense
|
12,564 | 42,272 | ||
Payments | - | (196) | ||
Translation adjustment | 98 | 40 | ||
Balance, end of period | $ | 61,991 | $ | 48,358 |
Page 33 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
Page 34 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||||||||||
For the three months ended March 31, 2022
|
Single-Family Rental(1)
|
Multi-Family Rental(1)
|
Residential Development (1)
|
Private Funds and Advisory(1)
|
Corporate(1)
|
Consolidated results | ||||||
Revenue from single-family rental properties | $ | 138,788 | $ | - | $ | - | $ | - | $ | - | $ | 138,788 |
Direct operating expenses | (45,515) | - | - | - | - | (45,515) | ||||||
Net operating income from single-family rental properties | 93,273 | - | - | - | - | 93,273 | ||||||
Revenue from private funds and advisory services | - | - | - | 12,411 | - | 12,411 | ||||||
Income from equity-accounted investments in multi-family rental properties | - | 17,037 | - | - | - | 17,037 | ||||||
Loss from equity-accounted investments in Canadian residential developments | - | - | (15) | - | - | (15) | ||||||
Other income | - | - | 296 | - | 2,753 | 3,049 | ||||||
Income from investments in U.S. residential developments | - | - | 4,305 | - | - | 4,305 | ||||||
Compensation expense | - | - | - | - | (28,252) | (28,252) | ||||||
Performance fees expense | - | - | - | - | (12,564) | (12,564) | ||||||
General and administration expense | - | - | - | - | (12,875) | (12,875) | ||||||
Transaction costs | - | - | - | - | (2,219) | (2,219) | ||||||
Interest expense | - | - | - | - | (36,854) | (36,854) | ||||||
Fair value gain on rental properties | - | - | - | - | 299,572 | 299,572 | ||||||
Fair value loss on derivative financial instruments and other liabilities | - | - | - | - | (29,362) | (29,362) | ||||||
Amortization and depreciation expense | - | - | - | - | (3,407) | (3,407) | ||||||
Realized and unrealized foreign exchange loss | - | - | - | - | (61) | (61) | ||||||
Net change in fair value of limited partners' interests in single-family rental business | - | - | - | - | (92,232) | (92,232) | ||||||
Income tax expense | - | - | - | - | (48,349) | (48,349) | ||||||
Segment net income from continuing operations | $ | 93,273 | $ | 17,037 | $ | 4,586 | $ | 12,411 | $ | 36,150 | $ | 163,457 |
Segment net income from discontinued operations | - | - | - | - | - | - | ||||||
Segment net income | $ | 93,273 | $ | 17,037 | $ | 4,586 | $ | 12,411 | $ | 36,150 | $ | 163,457 |
Page 35 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||||||||||
For the three months ended March 31, 2021
|
Single-Family Rental(1)
|
Multi-Family Rental(1)
|
Residential Development (1)
|
Private Funds and Advisory(1)
|
Corporate(1)
|
Consolidated results | ||||||
Revenue from single-family rental properties(2)
|
$ | 99,391 | $ | - | $ | - | $ | - | $ | - | $ | 99,391 |
Direct operating expenses(2)
|
(33,219) | - | - | - | - | (33,219) | ||||||
Net operating income from single-family rental properties | 66,172 | - | - | - | - | 66,172 | ||||||
Revenue from private funds and advisory services | - | - | - | 8,930 | - | 8,930 | ||||||
Loss from equity-accounted investments in multi-family rental properties | - | (457) | - | - | - | (457) | ||||||
Loss from equity-accounted investments in Canadian residential developments | - | - | (3) | - | - | (3) | ||||||
Other income | - | - | 205 | - | - | 205 | ||||||
Income from investments in U.S. residential developments | - | - | 6,659 | - | - | 6,659 | ||||||
Compensation expense | - | - | - | - | (17,020) | (17,020) | ||||||
Performance fees expense | - | - | - | - | (730) | (730) | ||||||
General and administration expense | - | - | - | - | (8,403) | (8,403) | ||||||
Transaction costs | - | - | - | - | (1,229) | (1,229) | ||||||
Interest expense | - | - | - | - | (36,075) | (36,075) | ||||||
Fair value gain on rental properties | - | - | - | - | 112,302 | 112,302 | ||||||
Fair value loss on derivative financial instruments and other liabilities | - | - | - | - | (37,172) | (37,172) | ||||||
Amortization and depreciation expense | - | - | - | - | (2,650) | (2,650) | ||||||
Realized and unrealized foreign exchange gain | - | - | - | - | 170 | 170 | ||||||
Net change in fair value of limited partners' interests in single-family rental business | - | - | - | - | (26,141) | (26,141) | ||||||
Income tax expense | - | - | - | - | (22,654) | (22,654) | ||||||
Segment net income (loss) from continuing operations | $ | 66,172 | $ | (457) | $ | 6,861 | $ | 8,930 | $ | (39,602) | $ | 41,904 |
Segment net loss from discontinued operations | - | (67,562) | - | - | - | (67,562) | ||||||
Segment net income (loss) | $ | 66,172 | $ | (68,019) | $ | 6,861 | $ | 8,930 | $ | (39,602) | $ | (25,658) |
Page 36 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Revenue from private funds and advisory services | $ | 12,411 | $ | 8,930 |
Income (loss) from equity-accounted investments in multi-family rental properties | 17,037 | (457) | ||
Loss from equity-accounted investments in Canadian residential developments | (15) | (3) | ||
Income from investments in U.S. residential developments | 4,305 | 6,659 | ||
Performance fees expense | (12,564) | (730) | ||
Net income recognized from related parties | $ | 21,174 | $ | 14,399 |
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Receivables from related parties included in amounts receivable | ||||
Contractual fees and other receivables from investments managed | $ | 7,479 | $ | 11,906 |
Employee relocation housing loans(1)
|
1,601 | 1,578 | ||
Loan receivables from portfolio investments | 1,499 | 8,629 | ||
Annual incentive plan(2)
|
25,777 | 25,469 | ||
Long-term incentive plan(2)
|
31,975 | 29,345 | ||
Performance fees liability | 61,991 | 48,358 | ||
Dividends payable | 472 | 472 | ||
Other payables to related parties included in amounts payable and accrued liabilities | 178 | 200 |
Page 37 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
For the three months ended March 31 | 2022 | 2021 | ||||||
(in thousands of U.S. dollars) |
50 bps increase
|
50 bps decrease
|
50 bps increase
|
50 bps decrease
|
||||
Interest expense | $ | 1,611 | $ | (75) | $ | 431 | $ | (73) |
For the three months ended March 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 | $ | 213 | $ | (213) | $ | 199 | $ | (199) |
Equity-accounted investments in Canadian residential developments | 1,022 | (1,022) | 776 | (776) | ||||
Canadian development properties | 1,397 | (1,397) | 1,134 | (1,134) | ||||
Investments in U.S. residential developments | 3 | (3) | 6 | (6) | ||||
$ | 2,635 | $ | (2,635) | $ | 2,115 | $ | (2,115) | |
Liabilities | ||||||||
Debt | 486 | (486) | 646 | (646) | ||||
$ | 486 | $ | (486) | $ | 646 | $ | (646) |
Page 38 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
Page 39 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||||||||
As at March 31, 2022 |
Due on demand and within the year |
From 1 to 2 years |
From 3 to 4 years |
From 5 years and later |
Total | |||||
Liabilities
|
||||||||||
Debt(1)
|
$ | 254,809 | $ | 1,054,982 | $ | 2,683,303 | $ | 436,677 | $ | 4,429,771 |
Other liabilities
|
- | 9,490 | 8,903 | 19,172 | 37,565 | |||||
Limited partners' interests in single-family rental business
|
- | - | 680,916 | 540,462 | 1,221,378 | |||||
Derivative financial instruments
|
- | - | - | 258,358 | 258,358 | |||||
Due to Affiliate
|
- | - | - | 295,325 | 295,325 | |||||
Amounts payable and accrued liabilities
|
107,313 | - | - | - | 107,313 | |||||
Resident security deposits
|
61,317 | - | - | - | 61,317 | |||||
Dividends payable
|
15,868 | - | - | - | 15,868 | |||||
Total
|
$ | 439,307 | $ | 1,064,472 | $ | 3,373,122 | $ | 1,549,994 | $ | 6,426,895 |
(in thousands of U.S. dollars) | ||||||||||
As at December 31, 2021 |
Due on demand and within the year |
From 1 to 2 years |
From 3 to 4 years |
From 5 years and later |
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 |
(in thousands of U.S. dollars) | ||||||||||
As at March 31, 2022 | Within the year | From 1 to 2 years | From 3 to 4 years | From 5 years and later | Total | |||||
Principal | ||||||||||
Debt(1),(2)
|
$ | 254,809 | $ | 1,054,982 | $ | 2,683,303 | $ | 436,677 | $ | 4,429,771 |
Due to Affiliate
|
- | - | - | 295,325 | 295,325 | |||||
Interest | ||||||||||
Debt(1)
|
79,704 | 223,225 | 108,109 | 7,952 | 418,990 | |||||
Due to Affiliate(3)
|
12,736 | 33,962 | 33,962 | 138,146 | 218,806 | |||||
Total | $ | 347,249 | $ | 1,312,169 | $ | 2,825,374 | $ | 878,100 | $ | 5,362,892 |
Page 40 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | March 31, 2022 | December 31, 2021 | ||
Cash | $ | 143,196 | $ | 176,894 |
Amounts receivable | 42,693 | 41,582 | ||
Prepaid expenses and deposits | 43,835 | 32,946 | ||
Current assets | 229,724 | 251,422 | ||
Amounts payable and accrued liabilities | 107,313 | 102,954 | ||
Resident security deposits | 61,317 | 56,785 | ||
Dividends payable | 15,868 | 15,821 | ||
Current portion of long-term debt | 254,915 | 254,805 | ||
Current liabilities | 439,413 | 430,365 | ||
Net current liabilities | $ | (209,689) | $ | (178,943) |
Page 41 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Fair value gain on rental properties (Note 4)
|
$ | (299,572) | $ | (112,302) |
Fair value loss on derivative financial instruments and other liabilities (Note 18)
|
29,362 | 37,172 | ||
Income from investments in U.S. residential developments (Note 8)
|
(4,305) | (6,659) | ||
(Income) loss from equity-accounted investments in multi-family rental properties (Note 5)
|
(17,037) | 457 | ||
Loss from equity-accounted investments in Canadian residential developments (Note 6)
|
15 | 3 | ||
Amortization and depreciation expense (Notes 21, 22)
|
3,407 | 2,650 | ||
Deferred income taxes (Note 12)
|
47,887 | 67,127 | ||
Net change in fair value of limited partners' interests in single-family rental business (Note 23)
|
92,232 | 26,141 | ||
Amortization of debt discount and financing costs (Note 19)
|
3,766 | 3,914 | ||
Interest on lease obligation (Note 19)
|
276 | 99 | ||
Long-term incentive plan (Note 28)
|
4,097 | 607 | ||
Annual incentive plan (Note 28)
|
10,131 | 6,596 | ||
Performance fees expense (Note 29)
|
12,564 | 730 | ||
Unrealized foreign exchange (gain) loss
|
(1,639) | 118 | ||
Adjustments for non-cash items from continuing operations | $ | (118,816) | $ | 26,653 |
(in thousands of U.S. dollars) | ||||
For the three months ended March 31 | 2022 | 2021 | ||
Amounts receivable | $ | (1,111) | $ | (15,210) |
Prepaid expenses and deposits | (10,889) | (4,082) | ||
Resident security deposits | 4,532 | 1,777 | ||
Amounts payable and accrued liabilities | 4,359 | (22,198) | ||
Deduct non-cash working capital items from discontinued operations | - | (15,427) | ||
Changes in non-cash working capital items from continuing operations | $ | (3,109) | $ | (55,140) |
Page 42 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) |
As at December 31, 2021
|
Cash flows
|
Non-cash changes | As at March 31, 2022 | ||||||||||
Foreign exchange movement
|
Fair value changes
|
Additions/ (Dispositions)
|
Other(1)
|
|||||||||||
Term loan
|
$ | 220,197 | $ | (289) | $ | - | $ | - | $ | - | $ | - | $ | 219,908 |
SFR JV-HD subscription facility
|
99,543 | (154) | - | - | - | 91 | 99,480 | |||||||
SFR JV-2 subscription facility
|
348,529 | 149,614 | - | - | - | 255 | 498,398 | |||||||
Securitization debt 2017-2
|
357,991 | (2,378) | - | - | - | 76 | 355,689 | |||||||
SFR JV-HD warehouse credit facility
|
64,971 | 85,909 | - | - | - | 187 | 151,067 | |||||||
SFR JV-2 warehouse credit facility
|
489,321 | 158,945 | - | - | - | 291 | 648,557 | |||||||
Warehouse credit facility 2022
|
- | - | - | - | - | - | - | |||||||
Securitization debt 2018-1
|
310,995 | (1,626) | - | - | - | 36 | 309,405 | |||||||
SFR JV-1 securitization debt 2019-1
|
327,424 | - | - | - | - | 318 | 327,742 | |||||||
SFR JV-1 securitization debt 2020-1
|
544,964 | - | - | - | - | 438 | 545,402 | |||||||
SFR JV-1 securitization debt 2021-1
|
673,653 | (36) | - | - | - | 549 | 674,166 | |||||||
Securitization debt 2020-2
|
431,684 | (1,573) | - | - | - | 280 | 430,391 | |||||||
Land loan
|
22,086 | - | 322 | - | 22,408 | |||||||||
Mortgage
|
12,113 | (108) | 176 | 2 | 12,183 | |||||||||
Corporate credit facility
|
- | 85,000 | - | 85,000 | ||||||||||
Corporate office mortgages
|
13,962 | (101) | 202 | - | 14,063 | |||||||||
Due to Affiliate(2)
|
256,362 | - | - | - | (4,675) | 1,243 | 252,930 | |||||||
Derivative financial instruments(3)
|
230,305 | - | - | 31,352 | - | (3,299) | 258,358 | |||||||
Limited partners' interests in single-family rental business
|
947,452 | 181,694 | - | 92,232 | - | - | 1,221,378 | |||||||
Lease obligations
|
30,792 | (693) | - | - | 2,929 | 320 | 33,348 | |||||||
Total liabilities from financing activities | $ | 5,382,344 | $ | 654,204 | $ | 700 | $ | 123,584 | $ | (1,746) | $ | 787 | $ | 6,159,873 |
Page 43 of 45
|
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2022
(in thousands of U.S. dollars, except per share amounts and percentage amounts)
|
(in thousands of U.S. dollars) |
As at December 31, 2020
|
Cash flows
|
Non-cash changes |
As at
March 31, 2021
|
||||||||||
Foreign exchange movement
|
Fair value changes
|
Additions/ (Dispositions)
|
Other(1)
|
|||||||||||
SFR JV-1 subscription facility
|
$ | 115,664 | $ | (14,000) | $ | - | $ | - | $ | - | $ | 126 | $ | 101,790 |
SFR JV-1 warehouse credit facility
|
95,950 | 129,168 | - | - | - | 228 | 225,346 | |||||||
Term loan 2
|
96,077 | - | - | - | - | - | 96,077 | |||||||
Warehouse credit facility
|
10,110 | (62) | - | - | - | 34 | 10,082 | |||||||
Securitization debt 2017-1
|
459,530 | (341) | - | - | - | - | 459,189 | |||||||
Term loan
|
374,745 | (151) | - | - | - | - | 374,594 | |||||||
Securitization debt 2017-2
|
362,683 | (785) | - | - | - | 77 | 361,975 | |||||||
Securitization debt 2018-1
|
311,913 | - | - | - | - | 36 | 311,949 | |||||||
SFR JV-1 securitization debt 2019-1
|
326,767 | (113) | - | - | - | 317 | 326,971 | |||||||
SFR JV-1 securitization debt 2020-1
|
543,803 | (243) | - | - | - | 435 | 543,995 | |||||||
Securitization debt 2020-2
|
432,817 | (99) | - | - | - | 280 | 432,998 | |||||||
U.S. multi-family credit facility(3)
|
109,890 | (109,890) | - | - | - | - | - | |||||||
Mortgage tranche A(3)
|
160,090 | - | - | - | (160,090) | - | - | |||||||
Mortgage tranche B(3)
|
400,225 | - | - | - | (400,225) | - | - | |||||||
Mortgage tranche C(3)
|
240,135 | - | - | - | (240,135) | - | - | |||||||
Land loan
|
21,991 | - | 275 | - | - | - | 22,266 | |||||||
Vendor take-back (VTB) loan 2021
|
25,564 | (7,615) | 267 | - | - | - | 18,216 | |||||||
Mortgage
|
12,463 | (104) | 154 | - | - | 3 | 12,516 | |||||||
Corporate credit facility
|
26,000 | (7,000) | - | - | - | - | 19,000 | |||||||
Corporate office mortgages
|
11,089 | (66) | 128 | - | - | - | 11,151 | |||||||
2022 convertible debentures
|
165,956 | - | - | - | - | 1,237 | 167,193 | |||||||
Due to Affiliate
|
251,647 | - | - | - | - | 1,141 | 252,788 | |||||||
Derivative financial instruments(2)
|
45,494 | - | - | 37,172 | - | (841) | 81,825 | |||||||
Limited partners' interests in single-family rental business
|
356,305 | 30,659 | - | 26,141 | - | - | 413,105 | |||||||
Lease obligations
|
6,403 | (623) | - | - | 1,559 | 99 | 7,438 | |||||||
Total liabilities from financing activities | $ | 4,963,311 | $ | 18,735 | $ | 824 | $ | 63,313 | $ | (798,891) | $ | 3,172 | $ | 4,250,464 |
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