Watch the 2025 AGM - Skyline Retail REIT video
Jason Castellan:
Good morning, and welcome to the Annual General Meeting of Unitholders of Skyline Retail 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 with us today for our yearly gathering of vested unitholders.
I’m pleased to begin the meeting by introducing Mr. George Schott, Chairman of the Board of Trustees.
George Schott:
Thank you, Jason, and everyone in attendance. We’re pleased to host the virtual meeting to ensure transparency and engage you in key agenda items that unitholders will vote on.
In keeping with the digital approach to this year’s meeting, it is now 10:00 a.m. Eastern Daylight 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 2013;
Wayne Byrd, Chief Financial Officer of Skyline, who has served as one of our Trustees since 2014;
Gary Finkelstein, who has served as one of our Trustees since 2019;
Jonathan Halpern, who has served as one of our Trustees since 2019;
and finally, Gord Driedger, former President of Skyline [Retail] REIT from 2016 to 2024, who has served as one of our Trustees since 2024.
The Board of Trustees set April 30, 2025, as the date of record 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 date of record, there were 47,392,039 units outstanding and entitled to vote this meeting. We have received the Preliminary Scrutineer’s Report, which confirms that over 10% of the 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 on.
Proposal One is the election of the Independent Trustees to serve until the 2026 Annual Meeting of the 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 George Schott, Gary Finkelstein, and Jonathan Halpern as Trustees of Skyline Retail REIT until the 2026 Annual Meeting of Unitholders.
George Schott:
May I have a seconder for the motion?
Wayne Byrd:
I, Wayne Byrd, as a fellow unitholder, second the motion.
George Schott:
Thank you. Proposal Two is the reappointment 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 Retail REIT.
George Schott:
May I have a seconder for that motion?
Wayne Byrd:
I, Wayne Byrd, second the motion.
George Schott:
Thank you, everyone. It is now 10:05 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 want to change their vote do not need to take any further action. We will provide the following two minutes to allow voting to take place.
Now that all unitholders have had the opportunity to vote, the polls for the 2025 Annual Meeting are now closed. With a significant number of votes tabulated, we have been informed by the Inspector of Election that the preliminary results showed 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 the Unitholders of Skyline Retail REIT is now adjourned.
Jason Castellan:
Thanks, George. That concludes our meeting for Skyline Retail 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 Craig Leslie to discuss the operational highlights and strategic outlook.
Thank you again for attending and have a wonderful day.
Forward Looking Disclaimer
The presentation is an overview of the operations and conditions for the year ended December 31, 2024 and should be read in conjunction with the Management’s Discussion and Analysis (“MD&A”) and the Skyline Retail Real Estate Investment Trust’s (“Skyline Retail REIT” or the “REIT”) audited consolidated financial statements. Certain statements in this presentation 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 the 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 presentation is based on information available to Management as of April 30, 2025, except where otherwise noted. Skyline Retail 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 presentation 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.
Commissions, trailing commissions, management fees and expenses all may be associated with investments in exempt market products. Please read the confidential offering documents before investing. The indicated rate of return is the annualized return including changes in unit value and reinvestment of all distributions and does not consider sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. There is no active market through which the securities may be sold, and redemption requests may be subject to monthly redemption limits. The payment of distributions is not guaranteed and may fluctuate. The payment of distributions should not be confused with an exempt market product’s performance. Distributions paid as a result of capital gains realized by an exempt market product, and income and dividends earned are taxable in your hands in the year they are paid. Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base goes below zero, you will have to pay capital gains tax on the amount below zero. Exempt market products are not guaranteed, their values change frequently, and past performance may not be repeated.