Skyline Retail REIT Presentation

SKYLINE RETAIL REIT

Skyline Wealth Management Inc. (“Skyline Wealth”) is an Exempt Market Dealer registered in the provinces of

Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario,

Prince Edward Island, Quebec, and Saskatchewan. The information provided herein is for general information

purposes only and does not constitute an offer of securities.

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. Exempt market products are not guaranteed, their values change

frequently, and past performance may not be repeated. 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. Prospective investors must

make an independent assessment of such matters in consultation with their own professional advisors.

Any information and opinions provided herein is current as at the date of publication and Skyline Wealth does

not undertake to advise the reader of any changes. Third party information contained herein has been

collected from sources believed to be reliable. However, Skyline Wealth has not taken any steps to verify the

information and does not guarantee its accuracy or completeness.

This communication is not intended to be directed to jurisdictions outside the provinces of registration.

Some of the investment products offered by Skyline Wealth are from related issuers. A full list of issuers

related to Skyline Wealth and details of the relationship between them is available upon request. Information

provided herein is current as at the date of publication and Skyline Wealth does not undertake to advise the

reader of any changes.

DISCLAIMER

Skyline Retail Real Estate Investment Trust (REIT) is an income-producing opportunity to

invest in a 100% Canadian diversified portfolio of retail properties with a focus on trusted

national brands with long-term leases.

The objectives of Skyline Retail REIT are to provide unitholders with stable and growing cash

distributions, payable monthly and, to the extent reasonably possible, tax-deferred, from

investments in a diversified portfolio of income-producing retail properties located in Canada.

The long-term goal is to maximize the unit value through the ongoing management of Skyline

Retail REIT’s assets, through the future acquisition, repositioning and disposition of properties.

Skyline Retail REIT focuses on owning and acquiring income producing community -based

retail properties that are known as everyday essential needs and services; the robust tenant mix

includes name-brand grocery, pharmacy, food service, banking, and beer & liquor stores.

Skyline Retail REIT seeks properties that act as centralized consumer hubs in secondary and

tertiary markets across Canada, with high visibility, access, and traffic within their respective

communities. Skyline Retail REIT evaluates properties based on the tenants’ underlying

strength, brand recognition, and the resilience of products and services offered amid a rapidly

changing retail landscape.

With locations in dozens of Canadian communities, Skyline Retail REIT draws on a well-

diversified pool of tenants, which results in historical stability and consistent growth in cash

distributions, paid to investors monthly. Skyline Retail REIT has also provided historical tax-

efficient growth for investors, with 100% of returns classified as return of capital (deferred

capital gains) since its inception in 2013.

ABOUT THE REIT

FOOTNOTES1. Unit value is determined by a Net Asset Value (NAV) model based on evaluations by Senior Management and the Skyline Retail REIT Board of Trustees. 2. The annualized return is based on a single unit initial investment in the Skyline Retail REIT inclusive of unit price changes and reinvested distributions. 3. Current Annual Yield is equal to the annual distribution per unit divided by the current unit value. 4. Funds From Operations (FFO) is a REIT measurement of cash generated from operating rental properties. It is essentially profit from operations, excluding depreciation used for tax purposes and excluding any gains or losses on dispositions. 5. A payout ratio indicates what percentage of a company’s FFO is being paid out as distributions. Generally, a lower payout ratio may indicate a more sustainable distribution and opportunity for future growth within the Trust. 6. Accredited Investors and Eligible Investors under the Offering Memorandum Exemption. Full definition at https://skylinewealth.ca/faq

Highlights

7.38% Current Annual Yield

80%-85% Funds From Operations

Payout Ratio Range

$50,000 Minimum Investment

RRSP, RRIF & TFSA Eligible

Eligible Investors

No Redemption Fees

3

4

5

6

ABOUT THE REIT

Annualized Return2

1 Year : 7.65%

3 Year : 10.61%

5 Year : 11.39%

Inception : 12.55%(October 8, 2013)

as at Dec. 31, 2020

Unit Value & Annual Distribution Per Unit as at Dec. 31 of each year

Unit Value 1 Annual Distribution per Unit (on original investment)

73.6%GROCERY /PHARMACY ANCHORED

PROPERTIES

110PROVINCES

5COMMUNITIES

66

*Unaudited figure

SQUARE FEET

4.6MMASSET VALUE

$1.1*+BOCCUPANCY

96%

ABOUT THE REIT as at Dec. 31, 2020

ABOUT THE REIT

100% Canadian You’re investing in 100% Canadian Retail Real Estate

Monthly Income Monthly distributions or Distribution Re-Investment Plan (DRIP) available

Capital Growth Potential Potential for investment value to increase over time

Registered Account Eligible (RRSP, TFSA, RRIF, etc.) Maximize your returns by investing through existing or new Registered accounts

Potential Tax Efficiency Skyline Retail REIT may be a tax-efficient investment choice

Geographic Portfolio Diversification Diversified portfolio of Canadian retail properties

$50,000 Minimum InvestmentMinimum of $50,000 required for initial investment

No Redemption Fees1

No surprise costs or fees upon redemption

1. A transaction fee may apply if your account is held by a third-party registered plan trustee or dealer.

Gordon DriedgerPresident,

Skyline Retail Asset Management Inc.

• Over 25 years of industry experience

• Prior to joining Skyline, Gord held leadership positions

at First Capital Realty Inc., Bank of Montreal,

Canadian Tire, and Sobeys

• Active member of leading industry organizations

John HutchinsonDirector of Leasing,

Skyline Commercial Management Inc.

• Nearly 20 years of industry experience

• Oversees leasing for over 4.5 million square feet of

retail real estate

Mike BonneveldVice President,

Skyline Asset Management Inc.

• Over 20 years of industry experience

• Overseen over $4 B in acquisitions and $800 MM

indispositions for Skyline

Maria DuckettVice President,

Skyline Commercial Management Inc.

• Nearly 15 years of industry experience

• Manages over 11 million square feet of retail and

light industrial space

WHO WE ARE

WHERE WE ARE

The Skyline Retail REIT portfolio is comprised of properties in secondary

and tertiary markets across Canada, focusing on everyday essential

businesses. These locations are primarily centrally and strategically located in

high-traffic areas allowing for greater visibility, customer accessibility and one

stop shopping.

Cobourg

Dryden

Elmira

Fergus

Georgina

Gravenhurst

Grimsby

Guelph

Amherstburg

Aurora

Barrie

Bayfield

Belle River

Belleville

Casselman

Chatham-Kent

Hamilton

Hanmer

Hanover

Huntsville

Kincardine

Kitchener

Listowel

London

Midland

Mount Forest

Napanee

New Tecumseh

North Bay

Orangeville

Ottawa

Owen Sound

Port Elgin

Quinte West

Saint Mary’s

Saugeen Shores

Sault Ste. Marie

Strathroy

Sudbury

Thunder Bay

Timmins

Trenton

Walkerton

Wallaceburg

Waterloo

Welland

Windsor

Wingham

Boisbriand

Gatineau

L’Ile-Perrot

Lachute

Longueuil

Montreal

Riviere-Rouge

Saguenay

Saint-Felix-de-Valois

Shawinigan

Trois Rivieres

Pointe-du-Lac

Saint-Joseph-de-Beauce

WHERE WE ARE

Kelowna

Sooke

Edmonton

Grand Prairie

Red Deer

Steinbach

Winnipeg

TOP TENANTS

TOP TENANTS BASED ON PERCENTAGE TOTAL BASE RENT as at Dec. 31, 2020

1.30%

1.60%

2.90%

3.50%

5.80%

6.10%

7.50%

9.00%

14.90%

ESSENTIAL GOODS AND SERVICES TOTAL BASE RENT as at Dec. 31, 2020

47%9.38%

4.93%

5.92%

4.75%

1. Pharmacy, Grocery & GeneralStores (Dollar Stores)

2. Fast Food/ Liquor

3. Fitness

4. Medical/ Personal Services

5. Banks

180%

Base rent

from essential goods and services tenants2

3

45

COVID-19RESPONSE

Business Continuity

Plan, already in place,

enacted; allowing

employees to smoothly

transition to work

from home.

Participation in CECRA

(Canadian Emergency

Commercial rent

Assistance) Program,

enabling our most

vulnerable tenants to

survive.

Individualized

considerations for

tenants who did not

qualify for CECRA.

Designated curb side

pick up areas,

new/extended patio

seating approved to

help tenants with their

business continuity. Extra cleaning

measures, readily

available sanitation

stations, partitions

erected between work

station, mandatory

masks in common areas.

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Apr. 2020 01-May-20 Jun. 2020 Jul. 2020 Aug. 2020 Sept. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Jan. 2021 Feb. 2021

85.70% 84.60% 87.90% 92.70% 95.90% 98.20% 98.80% 97.20% 99.60% 99.40% 99.10%

Cash Collected Rent Deferred

RENT COLLECTION FROM APRIL 2020 TO FEBRUARY 2021

COVID-19 RESPONSE - IN THIS TOGETHER ‘Thanks and as a tenant, I would like to say that Skyline

has been very agreeable and supportive of us as a tenant

and as such, we look forward to a continued long

relationship with you.’

– Marcello Salon

‘I just wanted to share that I really appreciated the extra

help [your Admin Team] has given me via email to apply

for the rent subsidy program. All [their] emails are kind

and patient. Very nice to see in these very hard times’

– Personally Fit

‘It's making all the difference in my business being able

to move forward.’

– Fabutan

‘THANK YOU! I truly appreciate the fact that you have

helped me out with this. And it HAS helped.’

– MacMillan Entertainment Group

‘Your support is much appreciated’

– Smile Corner Dental

COVID-19 RESPONSE - IN THIS TOGETHER

‘The support that you are providing to your tenants helps us

continue to live our dreams of entrepreneurship. I am just very

thankful. I know many landlords are not supportive and I am just

thanking my lucky stars to have your assistance. Just wanted to let

you know that you make a big difference in our world and I

appreciate the kindness and help that you have given my family. I

just wanted to take a moment to thank you and Skyline again for

stepping up and supporting your tenants during this difficult time. I

am honoured to rent from Skyline and I am thankful for your quick

response and action during these uncertain times.’

– Quantum Float & Salt Cave

COVID-19 RESPONSE - IN THIS TOGETHER

THE FUTURE OFGROCERY

Michael Medline,

President, Empire Company

June 23, 2020 - grocerybusiness.ca

‘Since the pandemic began, the grocery industry has been at the

forefront, rapidly adapting and implementing measures to ensure that

Canadians continue to have access to safe food.

Safety and one-stop shopping are trumping everything now. In the 2008

recession, we saw discount rise, but with this situation, people are

balancing their pocketbooks with their concerns for health and safety.

People will not shop at as many stores as they once did because they

will want to shop at the one store that offers everything they want from

grocery and where they feel safe.

Before the crisis, grocery ecommerce accounted for 1.5 to 2 per cent of

the market and is expected to reach 5 per cent in three years, but bricks

and mortar will provide the cash to Invest in ecommerce.’

THE FUTURE OF GROCERY

https://www.altusgroup.com/data/insights/snapshot-investment-trends-q3-2020/

“Essential retail has flourished.“

Gordon DriedgerPresident, Skyline Retail REIT

2020 ACQUISITIONS

Colin Johnston, President, ALTUSNovember 2020

“Throughout 2020, we have proceeded with incremental

acquisitions that continue to fit our investment strategy and fit

within our expected cash flow parameters and anticipated rent

collections for the immediate future.

We expect competition for the very best of grocery and drug

anchored retail strips to continue to be fierce. In these difficult

times, the quality and resilience of these assets is even more

evident than ever.”

City: Montreal, QC

Address: 12285-12421 Rodolphe-Forget [ Faubourg Des Prairies]

Purchase Price: $16,500,000

GLA: 67,311 sq. ft.

2020 ACQUISITIONS

Q1 2020 - Greater Montreal Portfolio

City: Longueuil, QC

Address: 2235-2261 Boulevard Roland-Therrien

Purchase Price: $ 12,400,000

GLA: 41,955 sq. ft.

2020 ACQUISITIONS

Q1 2020 - Greater Montreal Portfolio

City: Montreal, QC

Address: 1220, 1300-1400 Saint-Jean Baptiste [Place Point-Aux-Trembles]

Purchase Price: $19,500,000

GLA: 115,810 sq. ft.

2020 ACQUISITIONS

Q1 2020 - Greater Montreal Portfolio

City: Saint-Félix-de-Valois, QC

Address: 3080-3110 Henri-L.-Chevrette & 5371 Saint-Jean

Purchase Price: $14,865,000

GLA: 74,877 sq. ft.

2020 ACQUISITIONS

Q2 2020- Marche St-Felix-de-Valois

City: Terrebonne, QC

Address: 675-677 Boulevard Des Seigneurs [Centre Terrebonne]

Purchase Price: $6,925,000

GLA: 39,286 sq. ft.

2020 ACQUISITIONS

Q4 2020 - Terrebonne

City: Terrebonne, QC

Address: 5661-5671 Boulevard Laurier [Marché La Plaine]

Purchase Price: $10,075,000

GLA: 47,478 sq. ft.

2020 ACQUISITIONS

Q4 2020 - Terrebonne

2020 DEVELOPMENTS From a development perspective, and despite Covid-19 related

construction delays across the country, the REIT continues to push forward

on the planning approval on several opportunities throughout the portfolio.

Most notably, two quick-service restaurants pads and pharmacy in Ontario

assets.

The REIT recently completed two significant construction projects. The first,

approximately 6,000sqf of new build in Sooke, BC., which is fully leased and is

home to a Tim Hortons, an H&R Block, and additional retail. The second,

approximately 4,500sqf of new build in Hanmer, ON, which is home to RBC.

Progress has been good, as well, on incremental organic opportunities within

the portfolio. Skyline Retail REIT expect to break ground on the

redevelopment of vacant lands in Gravenhurst in late Q1-2021 as

entitlements are nearing completion for approximately 200 residential units,

a Marriot branded hotel, and additional retail.

Tim Hortons Sooke, BC

RBC Sudbury, ON

2020 DEVELOPMENTS

155 & 225 Edward St & 351-431 Talisman Dr, Gravenhurst, ON

Throughout the 2020 year, the Asset Manager continued to assess the REIT

and its value. As indicated by the International Financial Reporting Standards

(IFRS) valuation and third party appraisals, capitalization rates1 associated

with the REIT’s assets have been maintained, or slightly compressed. This has

been borne out, as well, in the select dispositions the REIT has completed

thus far in 2020 wherein assets were sold at premiums, in some cases

substantial premiums, to IFRS values even during the pandemic.

Most recently, the sale of 139 Victoria Avenue East, Brandon, MB, which was

identified in 2019 as a non-core asset that was appropriate for a strategic

disposition, and was sold at a premium to the property’s purchase price, as

well as its value established in January 2020. Funds surfaced from the

property’s sale will be used toward accretive property acquisitions to

potentially maximize value for unitholders.

1. The capitalization rate (also known as cap rate) is used in the world of commercial real estate to indicate the rate of

return that is expected to be generated on a real estate investment property. This measure is computed based on

the net income which the property is expected to generate and is calculated by dividing net operating income by property

asset value and is expressed as a percentage. It is used to estimate the investor's potential return on their investment in the

real estate market.

2020DISPOSITIONS

City: Sarnia, ON

Address: 1378 Exmouth Street

Sale Price: $5,750,000

2020 Appraisal: $5,360,000

GLA: 21,802 sq. ft.

2020 DISPOSITIONS

Q2 - Sarnia

City: Winnipeg, MB

Address: 777 Sherbrooke Street

Sale Price: $6,285,000

2020 Appraisal: $5,800,000

GLA: 16,839 sq. ft.

2020 DISPOSITIONS

Q2 - Winnipeg

City: Brandon, MB

Address: 139 Victoria Avenue East

Sale Price: $6,500,000

2020 Appraisal: $5,560,000

GLA: 16,986 sq. ft.

2020 DISPOSITIONS

Q3 - Brandon

Thank You

For more information visit

SkylineWealth.ca or call 1 (888) 977-7348