Skyline Apartment REIT Announces Increases to Unit Price and Distribution Rate

Skyline Apartment REIT (“the REIT”), a Canadian private Real Estate Investment Trust, has announced an increase to its Unit Price.

• The REIT’s Class A and Class F Units have increased 4.7% in value from $26.50 to $27.75, effective March 7, 2023.

The REIT has also announced that its Distribution Rate will be increasing for its Class A and Class F Units.

• The annual Distribution Rate for the REIT’s Class A Units has increased 1.8% from $1.09/year to $1.11/year, effective March 15, 2023.
• The annual Distribution Rate for the REIT’s Class F Units has increased 1.2% from $1.1165/year to $1.13/year, effective March 15, 2023.

Launched in 2006, the REIT now provides homes to more than 36,000 tenants across Canada. The REIT’s holdings comprise 22,259 apartment suites across 242 multi-residential properties. The properties span 60 secondary and tertiary communities across seven provinces.¹

“In 2022, Skyline Apartment REIT continued to exercise its twofold strategy of investing in new multi-residential builds while also strategically purchasing established value-add stock, adding a total of $422.8 million in assets to its portfolio over the past year,” said Matthew Organ, President, Skyline Apartment REIT.

“The REIT showed strong performance in 2022 and aims to continue executing on its strategy that has delivered investors historically stable returns since inception. With the announced Unit Value and Distribution Rate increase, we estimate that Class A investors will see a 1-year return of 10.83% as at March 31, 2023.”²

Skyline Apartment REIT reports Annualized Returns³ quarterly. As at December 31, 2022, the returns are as follows:

• 1-year: 8.20%
• 3-year: 20.39%
• 5-year: 18.26%
• 10-year: 14.28%
• Since Inception (2006): 14.32%

Skyline Apartment REIT’s Class A Units are available through Skyline Wealth, a Canadian investment firm and the preferred Exempt Market Dealer for the REIT.

Class F Units for the REIT are available for purchase through Fundserv (code: RBS2400).

¹ As of December 31, 2022.
² The estimate is based on the compounded annual growth rate, assuming an investor held units from April 1, 2022, to March 31, 2022, and was enrolled in the Distribution Re-Investment Program (DRIP).
³ The annualized return is based on a single unit initial investment in the Skyline Apartment REIT inclusive of unit price changes and reinvested distributions.

Certain statements contained within could be considered forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Skyline Apartment REIT’s control, which could cause actual results to differ materially from those disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions, the financial condition of tenants, our ability to refinance maturing debt, rental risks, including those associated with the ability to rent vacant suites, our ability to source and complete accretive acquisitions, and interest rates. The information in this commentary is based on information available to Management as of March 15, 2023. Skyline Apartment REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. In some instances, forward-looking information can be identified by the use of terms such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions concerning matters that are not historical facts. Forward-looking statements in this commentary include, but are not limited to, statements related to acquisitions or dispositions, development activities, future maintenance expenditures, financing and the availability of financing, tenant incentives, and occupancy levels.