SKYLINE’S 2024 ANNUAL GENERAL MEETINGS

This past January, Skyline turned 25 years old. It was a great time to reflect on the past and remind ourselves of the trials and tribulations we experienced over the years. We shared this moment with our Skyliners, from those who have been there with us from the beginning to our most recent hire. We looked back at and shared with them the phases we went through while evolving this company—from a mere idea, through the student rental years, shifting into apartments, the development of our Funds, building the businesses to service them, and all the memories and learning experiences we had along the way, big and small.

As we reminisced about those years, it brought us to the present day. The momentous occasion of our 25^th anniversary not only compelled us to share with all those who helped us get here, but more importantly, it also spurred us to paint a very clear picture as to what the next 25 years will look like. I have learned over the years to stop predicting precisely what we will or will not do.  However, in this case, I can say with great certainty that my fellow owners and I will be a major part of Skyline’s next 25 years and continue to have a guiding hand in what it will look like as we move forward from here.

These businesses that we operate to service the Funds we all invest in are integral to the successful relationship we have with you, our Unitholders. Time and time again, when we tried, tested, and brought to market a new Fund requiring investment capital, you always stepped up to answer the call so that we could all grow and benefit from these ideas together. We spent a lot of time and hard work developing processes and procedures to make these investments something that would outperform and make us all proud to be a part of—just as you worked hard to earn the capital that is the life blood to secure the assets that make up these investments.

It is obvious—sometimes painfully so— that we take our time to perfect our trade. But because of this, we have become very confident that the “sweat” component we bring to this business relationship with you is first class. We have endured many unexpected and sometimes random economic circumstances, and we learned from them, made adjustments, and came out stronger and better poised for growth every time.

So, what now? With the comfort of not always having to check the rear-view mirror thanks to excellent operations, we are able to focus on looking out the front window as we drive the bus. As for what the road ahead looks like: we aim to set our focus on you, our investors. Sometimes I felt like our work, which continues to perform well by way of returns, was enough. But we can do more for you. We will do more for you. We are more than an asset manager: we are your wealth manager. Starting this year, you will hear more often from us and be in contact more often with us, and we will be inviting you to help us understand what more we can do for you. By us asking, and you sharing that information with us, we will improve your experience and interaction with Skyline.

We have set up this company to hold assets that are multi-generational; that is the way we think and invest ourselves as owners. We also know that just as we want and need a holistic understanding of our own personal investment situation, so too must our investors. In a world where economic information is available at our fingertips, I won’t be able to tell you anything macro-economic-related that you don’t already know or can’t easily find in the many media available to us all. But one thing we can do, that is unique to us, is have stronger personal relationships with each of you—and that is the foundation on which all parts of Skyline have been built.

I look forward to the next 25 years – albeit with the hope that they do not fly by as fast as the last 25—because I want Skyline to be an even more important part of your multi-generational investment plan that we can all share and benefit from together.