Guelph, Ontario, Canada, March 21, 2023 (GLOBE NEWSWIRE) — 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.”(3)
Skyline Apartment REIT reports Annualized Returns (2) 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.