$4.3+ billion Skyline Apartment REIT announces distribution

Guelph, Ontario, Canada, Sept. 28, 2022 (GLOBE NEWSWIRE) — A $4.3+ billion(1) apartment Real Estate Investment Trust (REIT) based in Guelph, Ontario is enjoying the payoff of a strategic acquisitions and investment strategy that has demonstrated success amid the current high interest rate environment. 

Effective August 17, 2022, the managing board of Skyline Apartment REIT approved an increase in distribution rate from $1.05 to $1.09 per Unit per annum. 

The REIT maintains a Unit price of $26.25. 

“We’ve not only seen rising interest rates, but also limited supply levels and increased cost of home ownership throughout 2022 so far,” said Matthew Organ, President, Skyline Apartment REIT. 

“These factors have led to continued demand for high-quality apartment rental accommodations in Canada, and I expect these trends to continue as we move through 2022 and into 2023.”  

Organ noted that Skyline Apartment REIT’s acquisitions and investment strategy keeps it well-positioned in the marketplace, providing quality living spaces at affordable rent prices, which allows the REIT to optimize value for its Unitholders.  

The REIT has shown historically steady growth and performance since its inception in 2006, with 194 months of consecutive positive returns. In fact, the REIT’s total Assets Under Management (AUM) has grown by 32.19% from 2020-2022. 

Its portfolio currently comprises more than 21,000 apartment suites, which are spread across 247 properties in 61 secondary and tertiary markets (such as Nanaimo, British Columbia; Sarnia, Ontario; and Dartmouth, Nova Scotia) in seven Canadian provinces.(2) 

Over the past few years, the REIT has increased its investment in the development of new multi-residential builds, although it also continues its strategic purchase of “value-add” stock – both activities mainly in secondary and tertiary communities. 

“There’s a current demand for institutional-quality buildings in the…