TORONTO, June 24,
2022 /CNW/ - Summit Industrial Income REIT
("Summit") (TSX: SMU.UN) announced today the suspension of
its distribution reinvestment plan (the "DRIP"). Commencing
with the July monthly distribution, and for all future
distributions until further notice, unitholders who elected to
participate in the DRIP will receive the full amount of any
declared distributions on their units on the applicable
distribution payment date in cash. The July distribution is
expected to be paid on August 15,
2022, to unitholders of record on July 29, 2022.
If Summit elects to reinstate the DRIP in the future,
unitholders that were enrolled in the DRIP at the time of its
suspension and remain enrolled at the time of its reinstatement
will automatically resume participation in the DRIP.
Summit is well capitalized and has a strong balance sheet with
significant financial flexibility and liquidity. Accordingly, the
trustees and management of Summit wish to assert greater control
over when and on what terms Summit raises capital to fund its
business. In the best interests of the REIT and unitholders, the
REIT wishes to avoid issuing equity at a discount to net asset
value per unit, something that can occur from time to time under
the DRIP. The suspension of the DRIP at this time is intended to
preserve value and eliminate dilution.
About Summit Industrial Income REI
Summit Industrial
Income REIT is an unincorporated open-ended trust focused on
growing and managing a portfolio of light industrial properties in
key markets across Canada.
Summit's units are listed on the TSX and trade under the symbol
SMU.UN. For more information, please visit our web site at
www.summitIIreit.com.
Caution Regarding Forward Looking
Information
This news release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends",
"goal" and similar expressions are intended to identify
forward-looking information or statements. More particularly and
without limitation, this news release contains forward looking
statements and information concerning the goal to build Summit's
property portfolio. The forward-looking statements and information
are based on certain key expectations and assumptions made by
Summit, including general economic conditions. Although Summit
believes that the expectations and assumptions on which such
forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because Summit can give
no assurance that they will prove to be correct. By its nature,
such forward-looking information is subject to various risks and
uncertainties, which could cause the actual results and
expectations to differ materially from the anticipated results or
expectations expressed, and given the impact of the COVID-19
pandemic and government measures to contain it, as well as the
current geopolitical environment, there is inherently more
uncertainty associated with the REIT's assumptions as
compared to prior periods. These risks and uncertainties include,
but are not limited to, tenant risks, current economic environment,
including disputes between nations, war and international
sanctions, environmental matters, general insured and uninsured
risks and Summit being unable to obtain any required financing and
approvals. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date
hereof, and to not use such forward-looking information for
anything other than its intended purpose. Summit undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
SOURCE Summit Industrial Income REIT