January 11, 2016

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On January 11, 2016, Tricon Lifestyle Communities ("TLC") purchased a portfolio of five age-restricted manufactured housing communities located in the MSA of Phoenix, Arizona for a total purchase price of $34.3 million and a blended cap rate of 6.7%. The portfolio is comprised of 1,355 residential pads located in established residential submarkets. As part of the transaction, TLC assumed existing non-recourse mortgage debt of 64% LTV with a nine year remaining term and a 4.56% blended interest rate. This transaction increases TLC's portfolio size to 2,474 residential pads with approximately $85 million of assets under management. Tricon Lifestyle Communities is a partnership between Cobblestone Real Estate LLC and Tricon Capital Group, Inc. The communities are managed by Cobblestone Property Management LLC.