President and CEO of Tricon Residential, Gary Berman, is joining Aaron and Adam in this episode. The third representative from Tricon to appear on the podcast, today we get to hear about how Tricon was grown from a small business to a multi-billion-dollar operation.
Gary discusses the large investment that has recently been made in his company, along with why Tricon’s stock has recovered so quickly amidst the COVID-19 pandemic. He also shares what Tricon is doing to nurture a more diverse workplace and real estate industry.
Topics covered include:
- Showing integrity to investors.
- How Gary ended up in real estate after working on Wall Street.
- Blackstone’s recent $395,000,000 investment in Tricon.
- An existential threat that Tricon overcame early in Gary’s time with the company.
- Why Tricon is well-positioned to ride out this pandemic.
- Differences between Tricon’s pitch at the beginning versus now.
- Opportunities that Tricon took advantage of during the 2008 recession.
- Proprietary underwriting software that Tricon uses and how they fine tune it over time.
- Self-showings and their rising popularity due to COVID-19.
- The stock recovery of Tricon since the March 2020 crash.
- Why diverse companies will be the most successful.
- What the next five years will look like for Tricon.
More about our guest….
Gary Berman is responsible for Tricon’s overall operations, including strategic planning, investment decisions, capital commitments, relationship management and private fundraising. Since joining Tricon in 2002, Mr. Berman has helped transform Tricon from a private provider of equity and mezzanine capital to the for-sale housing industry to a publicly-listed company focused on rental housing. Under his leadership, Tricon has established itself as a diversified residential company with a growing portfolio of single-family rental homes, multi-family properties, development projects, and build-to-rent communities. Mr. Berman is a member of the Company’s Board of Directors as well as its Investment Committee and Executive Committee.
Mr. Berman is a Trustee of the Urban Land Institute, a member of the University of Toronto Real Estate Advisory Committee, and a Governor of the Corporation of Massey Hall and Roy Thomson Hall, where he also serves on the Massey Hall Revitalization Committee. He is the co-founder of the Pug Awards, an online awards and education-based charity that, for a decade, helped to increase architectural awareness and elevate planning and design standards in Toronto.
Mr. Berman holds a Master of Business Administration degree from Harvard Business School, where he was designated a Baker Scholar, and a Bachelor of Commerce degree from McGill University, where he graduated first overall in the Faculty of Management.
Check out the episode with John English of Tricon here.
Check out the episode with Andrew Joyner of Tricon here.
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