Skyline Apartment REIT Acquires Kingston, ON Portfolio

Kingston, ON, November 9th, 2009 – Skyline Apartment REIT of Guelph, Ontario announced today, the new acquisition of a $26.9 million multi-residential portfolio in Kingston, Ontario. This will compliment Skyline’s existing multi-residential and commercial real estate portfolio that is now made up of 89 properties in 33 communities, spread out across four Canadian provinces. This acquisition brings the market value of Skyline Apartment REIT’s current portfolio to over $500 million.

The Kingston acquisition is the second in the city for Skyline and is comprised of 367 residential suites and one commercial building, which significantly enhances its existing three-building portfolio that was acquired in Kingston in 2007.

This most recent addition to the portfolio consists of three separate properties, and is made up of seven unique buildings. The new Skyline properties are located at 810 & 820 Castell Road; 7 & 25 Briceland Street; and 722, 730 & 766 John Counter Boulevard. The acquisition expands Skyline Apartment REIT’s Eastern Ontario portfolio, is accretive for investors, and will provide management with additional opportunities to leverage upon existing economies of scale and current community partnerships in the city. This portfolio also accounts for the 61st, 62nd and 63rd properties purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.

Jason Castellan, Chief Executive Officer and Co-Founder of Skyline commented that, “We are happy and proud to add these new assets to the stable portfolio of properties that currently make up our REIT. Kingston has a long history of strong employment and economic stability, so by acquiring these accretive buildings, we will significantly increase unitholder value.”