Monday, August 13, 2012

TCN - <span class="din">Tricon Announces Record Quarter - Key Earnings Metrics Increase More Than 100% Year Over Year</span> (CAD 0.06)

Company: Tricon Capital Group Inc
Stock Name: TCN
Amount: CAD 0.06
Announcement Date: 13/08/2012
Record Date: 27/09/2012

Dividend Detail:




/Not for distribution to U.S. Newswire services or for distribution in
the United States./



TORONTO, Aug. 13, 2012 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company") today announced its results for the three
and six months ended June 30, 2012. Financial Statements and
Management's Discussion and Analysis are available on the Tricon
website at www.triconcapital.com and have been filed on SEDAR. Results are prepared in accordance with
International Financial Reporting Standards ("IFRS"), except as
disclosed in Note 2 below, and are presented in Canadian dollars
rounded to the nearest thousand.



Highlights:







  • Net and Comprehensive Income for the quarter ending June 30, 2012 ("Q2
    2012") was $2,159,000, approximately $2,668,000 higher than the loss of
    $509,000 incurred the quarter ending June 30, 2011 ("Q2 2011).
    Similarly basic and diluted Earnings per Share for Q2 2012 increased to
    $0.08 per share compared to a loss of $0.03 per share for the
    corresponding period in 2011.







  • Adjusted Base Revenues for Q2 2012 increased by $2,109,000 or 74% to
    $4,951,000 when compared to Q2 2011 primarily as a result of
    Contractual Management Fees and Interest Earned from the co-investment
    in and the management of the Cross Creek Ranch separate investment
    account as well as a General Partner Distribution "catch-up" from
    Tricon XII LP on an additional commitment of $10 million.







  • Similarly, Adjusted Base EBITDA for Q2 2012 increased by $1,624,000 or
    126% to $2,912,000; Adjusted EBITDA for Q2 2012 increased by $1,602,000
    or 119% year over year to $2,949,000; and Adjusted Net Income for Q2
    2012 increased by $1,313,000 or 193% to $1,994,000 when compared to the
    corresponding period in 2011.







  • Assets Under Management ("AUM") have continued to grow throughout the
    course of 2012 and were approximately $1.2 billion at June 30, 2012 -
    an increase of over $200 million from the previous quarter.







  • Tricon XII, our largest Canadian focused fund to date, was reopened in
    May 2012 to admit a new limited partner, thereby increasing fund
    commitments to $195,750,000, $10,000,000 higher than the quarter ended
    March 31, 2012. An initial close for U.S. distressed fund Tricon XI
    with a large institutional investor is anticipated for Q3 2012,
    slightly behind schedule.







  • Tricon continues to successfully deploy capital into its new U.S
    distressed single-family for rent platform; however, no meaningful
    income is expected until Q4 2012 as it generally takes 60 to 90 days to
    renovate, lease and stabilize recently acquired rental properties and
    to renovate and harvest the flip properties
    . At August 10, 2012 over 420 homes were owned across four partnerships
    including Tricon's most recent partnership in Southeast Florida which
    was finalized subsequent to quarter end.







  • A quarterly dividend of 6 cents per share was declared on August 9, 2012
    to shareholders of record on September 30, 2012 and will be payable on
    October 15, 2012.






"We are very pleased to announce record quarterly earnings which have
been driven by underlying strength in our base asset management
business in general and the formation of our first separate account to
acquire a trophy land asset in Houston, in particular" said David
Berman
, Chairman and Chief Executive Officer. "Also, although legal
documentation has taken longer than expected, we are on the verge of a
first close for Tricon XI with subsequent closings expected over the
next 12 months.�� This should generate significant AUM growth, which in
turn will drive increased management fees, EBITDA and net income.��
Finally, although our U.S. distressed single-family rental strategy is
not expected to make a meaningful contribution to our earnings until
Q4, our business plans are progressing on schedule and we have been
actively building a national platform which we expect to rank amongst
the leaders in this burgeoning industry."


























































































































































































Selected Financial Summary

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At June 30 2012

At Dec. 31 2011

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Assets Under Management

��

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$1,193,152,000

$964,108,000

��

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Three Months Ended June 30

��

Six Months Ended June 30

��

2012

2011

��

2012

2011

��

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Adjusted Base Revenue

$4,951,000

$2,842,000

��

$8,250,000

$5,413,000

��

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Net Income (Loss) (1)

$2,159,000

($509,000)

��

$2,402,000

($704,000)

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Adjusted Base EBITDA (2)

$2,912,000

$1,288,000

��

$4,621,000

$2,387,000

Adjusted EBITDA (2)

$2,949,000

$1,347,000

��

$4,658,000

$2,540,000

Adjusted Net Income (2)

$1,994,000

$681,000

��

$3,103,000

$1,339,000

Adjusted Funds From Operations (2)

$2,159,000

$710,000

��

$3,418,000

$1,519,000

��

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Net Income (Loss) - Per Share

$0.08

($0.03)

��

$0.11

($0.04)

Adjusted Net Income - Per Share (2)

$0.07

$0.04

��

$0.14

$0.07

Shares Outstanding

31,167,971

18,240,871

��

31,167,971

18,240,871

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Notes:

(1)

Net Income includes several Non-Recurring and Non-Cash items, including
a significant LTIP

accrual as mandated by IFRS.����Please see MD&A for additional detail.



��

(2)

Tricon measures the success of its business by employing several key
performance indicators

which are not recognized under IFRS, including AUM, Adjusted Base
EBITDA, Adjusted EBITDA,

Adjusted Net Income and Funds From Operations. These indicators should
not be considered

an alternative to IFRS financial measures such as Net Income. Non-IFRS
financial measures do

not have standardized definitions prescribed by IFRS and are therefore
unlikely to be

comparable with other issuers or companies. Refer to our Management &
Discussion Analysis

for a reconciliation of the Non-IFRS measures to the closest comparable
IFRS measures.





Conference Call and Webcast



Management will host a conference call at 10 a.m. ET on August 13, 2012,
to discuss the results. Please call 416-800-1066 or 1-866-212-4491. The
conference call will also be accessible via webcast at www.triconcapital.com (go to Investor Information - Events). A replay of the conference call
will be available until midnight August 20, 2012.�� To access the
replay, call 1-866-583-1035, followed by passcode 2846784#.



Forward-Looking Statements



This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions.�� If unknown
risks arise, or if any of the assumptions underlying the
forward-looking statements prove incorrect, actual results may differ
materially from management expectations as projected in such
forward-looking statements. Examples of such risks include, but are not
limited to, the risks disclosed in the Company's final long form
prospectus dated May 14, 2010, the risks disclosed in the Company's
final short form prospectus dated April 24, 2012, the risks disclosed
in the Company's final short form prospectus dated July 23, 2012 and
the risks described in the Company's continuous disclosure materials
from time-to-time, as available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.



About Tricon Capital Group Inc.



Founded in 1988, Tricon is one of North America's leading residential
real estate investment companies with approximately $1.2 billion of
assets under management and a growing portfolio of U.S. single-family
rental homes.�� Tricon provides financing to local operators or
developers in select markets in the United States and Canada, with a
primary focus on for-sale housing in growing markets.�� Since inception,
Tricon has invested in approximately 150 transactions for development
projects valued at more than $10 billion.�� More information about
Tricon is available at www.triconcapital.com.



SOURCE: Tricon Capital Group Inc.







For further information:

June Alikhan

Chief Financial Officer

Tel: 416-928-4116

Email:��jalikhan@triconcapital.com

Gary Berman

President

Tel: 416-928-4122

Email:��gberman@triconcapital.com











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