[Guelph, ON – March 16, 2020]</h2
To all of our valued Skyline investors,
In light of this time of uncertainty and information overload with the ever-evolving COVID-19 global pandemic, I want to communicate Skyline Group of Companies’1 (Skyline) stance on the extent to which our four investment funds— Skyline Apartment REIT, Skyline Commercial REIT?, Skyline Retail REIT, and Skyline Clean Energy Fund (collectively, the “Funds”)—may be affected by these events.
Each of the Funds is invested in hard assets that will not be disappearing amid a volatile market landscape. All four Funds are in very strong financial health, with revenue based on long-term leases or long-term government contracts. It is possible that the COVID-19 pandemic will have a lagging microeconomic impact; at this time, neither we, nor anyone else, can effectively predict the exact extent to which the pandemic will have a lasting effect on the economy, the public markets, and private investments. While the pandemic is undoubtedly affecting businesses and investments, the Funds are well-insulated and have set aside reserves in preparation for unforeseen events. Skyline provides homes and workplaces for tens of thousands of residential tenants and retail and commercial/industrial businesses, provides electricity in many local areas, employs nearly 1,000 highly valued staff, and represents the investment of more than 4,000 investors. The safety and health of each of these stakeholders is our priority. We are taking immediate steps to ensure the well-being of each of our clients, staff, and the greater communities we serve:
- Skyline Wealth Management investment seminar events: All upcoming investment seminar events are postponed until further notice.
- Request of alternative arrangements re: in-person appointments with Skyline Wealth Management Advisors: We request that investors communicate with their Skyline Wealth Management Advisors via email or phone, rather than in person.
- Remote workforce: Skyline is prepared to support a remote workforce across all areas of the business, including Skyline Wealth Management, to ensure that business continues uninterrupted.
- Increased communications: Information updates pertinent to our stakeholders will be shared on SkylineWealth.ca, SkylineOnline.ca, and Skyline’s Twitter account @skylinegrp. Any important information will also continue to be distributed via email.
Your continued confidence in the Funds as investment vehicles of choice is being confirmed, both today and beyond, as together we meet these turbulent times head-on. We are taking this situation seriously and executing a systematic, practical approach that will ensure we emerge stronger than ever.
Jason Castellan
Co-Founder & CEO, Skyline Group of Companies
1 Skyline Group of Companies is the umbrella term used to generally refer to all associated entities including Skyline Wealth Management.