Annual General Meeting

Watch the 2025 AGM - Skyline Industrial REIT video

Jason Castellan:

Good morning, and welcome to the Annual General Meeting of Unitholders of Skyline Industrial Real Estate Investment Trust, hereinafter referred to as “the REIT”. I’m Jason Castellan, Co-Founder and Chief Executive Officer of both Skyline and the REIT.

It’s a pleasure to have you here with us today for our yearly gathering of vested unitholders.

I’m pleased to begin the meeting by introducing Mr. Jonathan Halpern, Chairman of the Board of Trustees.

Jonathan Halpern:

Thank you, Jason, and everyone in attendance. We’re pleased to host this virtual meeting to ensure transparency and engage you in key agenda items that unitholders will soon vote on.

In keeping with the digital approach to this year’s meeting, it is now 9:30 a.m. Eastern Time on June 10, 2025, and this meeting is officially called to order.

And now, I would like to introduce the other members of the Board.

We begin with Jason Castellan, the Co-Founder and Chief Executive Officer of Skyline, who has served as one of our Trustees since the REIT’s inception in 2012;

Ron Martin, who has served as one of our Trustees also since the REIT’s inception in 2012;

Frank Valeriote, who has served as one of our Trustees since 2014;

and Michael Mackenzie, who has served as one of our Trustees since 2022.

We are also joined here today by our independent auditors, RLB LLP.

Finally, the REIT has appointed Broadridge Financial Services Inc. as scrutineer to oversee and manage the electronic voting process.

The Board of Trustees set April 30, 2025, as the record date to determine which unitholders are eligible to vote at today’s meeting. An affidavit has been submitted confirming that as of on or about May 16, 2025, all unitholders as of the record date were either emailed or mailed 1) a notice of internet availability for the meeting materials, including the proxy statement and 2024 Annual Report, or 2) the full documents themselves. This affidavit will be included in the official meeting minutes.

The unitholder list shows that as of the record date, there were 37,597,500 units outstanding and entitled to vote this meeting. We’ve received the Preliminary Scrutineer’s Report, which confirms that over 10% of voting units are represented in person or by proxy. As such, a quorum is present, and we may proceed with the business of the meeting.

Now, I will present the matters to be voted upon.

Proposal One is the election of Independent Trustees to serve until the 2026 Annual Meeting of Unitholders, or until their successors are duly elected and qualified. May I have a motion to approve the proposed slate of Independent Trustees?

Jason Castellan:

I, Jason Castellan, as a fellow unitholder, move to elect Jonathan Halpern, Ron Martin, and Frank Valeriote as Trustees of Skyline Industrial REIT until the 2026 Annual Meeting of Unitholders.

Jonathan Halpern:

May I have a seconder for the motion?

Wayne Byrd:

I, Wayne Byrd, as a fellow unitholder, second the motion.

Jonathan Halpern:

Thank you. Proposal Two is the appointment of RLB LLP as auditors of the REIT. Can I have a motion to reappoint RLB LLP as independent auditors of the REIT?

Jason Castellan:

I, Jason Castellan, move to reappoint RLB LLP as independent auditors of Skyline Industrial REIT.

Jonathan Halpern:

May I have a seconder for the motion?

Wayne Byrd:

I, Wayne Byrd, second the motion.

Jonathan Halpern:

Thank you, everyone. It is now 9:34 a.m. Eastern Time on June 10, 2025, and the polls are now open for voting on the previously motioned proposals.

Any unitholder who hasn’t yet voted or wishes to change their vote may do so by clicking on the “Vote Here” button on the web portal and following the instructions there.You must click “Submit” for your vote to be counted.

Unitholders who have sent in proxies or voted via telephone or internet and do not wish to change their vote do not need to take any further action. We’ll provide the following two minutes to allow voting to take place.

Now that unitholders have had the opportunity to vote, the polls for the 2025 Annual Meeting are now closed. With a significant number of votes now tabulated, we have been informed by the Inspector of Election that the preliminary vote report results show all Board nominees have been duly elected, and RLB LLP has been reappointed as the REIT’s auditor.

There being no further business to come before the meeting, the Annual Meeting of Unitholders of Skyline Industrial REIT is now adjourned.

Jason Castellan:

Thanks, Jonathan. That concludes our meeting for Skyline Industrial REIT. Thank you all for your attendance today and for your ongoing support.

I’d like to invite viewers to visit SkylineAGM.ca at 11:00 a.m. today for the President’s discussion and further insight into the REIT’s performance in 2024. Wayne Byrd will be joining with Mike Bonneveld to discuss the operational highlights and strategic outlook.

Thank you again for attending and have a wonderful day.

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