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Summit Industrial Income REIT Reports Another Year of Record Performance in 2021

TORONTO, Feb. 16, 2022 /CNW/ – Summit Industrial Income REIT (“Summit” or the “REIT”) (TSX: SMU.UN) announced strong growth and record operating performance for the three months and year ended December 31, 2021.

2021 HIGHLIGHTS

FINANCIAL:

  • Revenue up 11.0% in Q4 and 13.7% in 2021 driven by portfolio growth, high stable occupancies and rent increases.
  • Net rental income increased by 11.9% in Q4 and 15.2% in 2021.
  • FFO1 of $31.2 million in Q4 and $100.0 million in 2021 including $20.0 million in non-recurring mortgage prepayment costs.
  • FFO per Unit1 of $0.178 per Unit in Q4 and $0.587 per Unit in 2021 ($0.705 per Unit in 2021 excluding non-recurring mortgage prepayment costs).
  • Fair value gains on investment properties of $98.0 million in Q4 ($0.557 per Unit) and $1.0 billion ($6.05 per Unit) in 2021.
  • Strategically repaid $329.5 million of variable rate secured term mortgages in 2021 incurring non-recurring prepayment costs of $20.0 million and generating expected annual interest cost savings of approximately $4.5 million.
  • New $75 million Green unsecured development credit facility to finance current and future industrial property developments, the first labelled Green Loan of its kind in Canada.
  • Completed inaugural $250 million Green Bond offering of 2.25% Series C senior unsecured debentures, maturing on January 12, 2027.
  • Completed $225 million Series D senior unsecured debentures offering at a fixed rate of 2.44%, maturing on July 14, 2028.
  • Extended term of the $300 million unsecured revolving credit facility to March 23, 2024.
  • DBRS Limited strengthened trends on the REIT’s Issuer Rating and Senior Unsecured Debentures rating to Positive from Stable and confirmed the ratings at BBB (low).
  • Established $200 million At-The-Market (“ATM”) equity program.
  • Completed bought-deal equity offering of REIT Units for gross proceeds of $126.7 million.
  • $1.1 billion of available liquidity1 at December 31, 2021 including cash, borrowing capacity and potential new financing on a portion of the REIT’s $3.0 billion in unencumbered assets.
  • Collected deferred proceeds of $28.8 million from sale of DC2 data centre generating additional realized gain of $4.7 million ($0.028 per Unit).

OPERATIONS:

  • Strong 99.2% occupancy at year-end, up from 98.0% at December 31, 2020 with average lease term of 5.4 years and 1.9% average annual contractual rent steps.
  • Same property NOI1 increased 4.1% in Q4 and 4.8% in 2021, with Ontario, Quebec and Alberta each contributing 6.6%, 2.8% and 1.1%, respectively, in Q4 and 6.5%, 3.4% and 3.4% in 2021.
  • Completed 2.1 million sq. ft. of 2021 lease renewals and new lease deals with a strong 74.3% retention rate generating a 27.9% increase in rents (excluding contractual renewals).
  • Substantial pre-leasing on development projects of over 590,000 sq. ft or 41% of sq. ft. under development.
  • Future lease commitments on 97,878 sq. ft. or 61.3% of 2021 vacancy.

PROPERTY PORTFOLIO:

  • Acquired $380.9 million of income–producing properties (1.8 million sq. ft. across five properties) at an average cap rate of 4.3%.
  • Acquired interests in three development properties totalling 29.1 acres for $32.6 million, with the potential to add 541,610 sq. ft..
  • Disposed of 0.4 million sq. ft. of non-core investment properties for $64.2 million.
  • On January 17, 2022, acquired remaining 50% interest in two recently constructed Guelph properties totalling 441,921 sq. ft. for $54.9 million at a cap rate of 4.7% when combined with its existing ownership interest.
  • On January 20, 2022, acquired a 12-acre development site in Burlington, Ontario with potential to add 180,000 sq. ft. for $27.5 million.
  • On February 3, 2022, acquired 50% interest in a 19.5-acre development site in Kitchener, Ontario for $5.5 million with potential to add 360,000 sq. ft.

DISTRIBUTION INCREASE:

  • On May 11, 2021, announced 4.4% increase in monthly cash distributions to $0.047 per Unit ($0.564 per Unit annualized).

“2021 was a record year for Summit and we are very pleased with the performance of our industrial real estate portfolio, a testament to the experience and dedication of our team, the strength of our proven operating platform, and the strong fundamentals in our sector. Despite the challenges presented by the COVID-19 pandemic, we accretively grew our property portfolio, increased our pipeline of development opportunities, generated strong growth across all our performance benchmarks, and ended the year with a strong and flexible financial position and record levels of liquidity” commented Paul Dykeman, Chief Executive Officer. “Looking ahead, we believe Summit has a very positive future. Demand continues to grow in our key target markets with rental rates continuing their upward trend. Despite increased competition, our acquisition pipeline remains robust, and our growing development, expansion and intensification pipeline has the potential to add significantly to the portfolio in the future.”

PORTFOLIO GROWTH

The REIT acquired five properties in 2021, one in the Greater Toronto Area, two in the Greater Montreal Area and two in Calgary, Alberta totalling 1.8 million square feet for a total purchase price of $380.9 million. Subsequent to year end, the REIT acquired the remaining 50% interest in two recently constructed properties in Guelph, Ontario totalling 441,921 square feet from a joint venture partner for a purchase price of $54.9 million. When combined with its existing ownership interest in the properties, the REIT’s total investment is approximately $84.6 million, generating a consolidated cap rate of approximately 4.7%.

During 2021, the REIT acquired a 12.7-acre development site in Burlington, Ontario for $28.0 million with the potential to develop a 243,828 square foot light industrial building, a 50% interest in a 5.3-acre land parcel from a joint venture partner in Guelph, Ontario for $1.5 million with the potential to construct a 91,782 square foot light industrial building, and a 50% interest in a 11.1-acre Guelph land parcel from a joint venture partner for $3.1 million with potential to construct a 206,000 square foot light industrial building. Subsequent to year end, the REIT acquired a 12-acre development site with the potential to construct a 180,000 square foot light industrial building in Burlington, Ontario for $27.5 million, and a 50% interest in a 19.5-acre development site in Kitchener, Ontario for $5.5 million with potential to develop 360,000 square feet of GLA.

The REIT sold seven non-core properties in 2021 totaling 379,000 square feet for gross proceeds of $64.2 million. On January 17, 2022, the REIT sold another 31,730 square foot non-core property for gross proceeds of $4.2 million.

At December 31, 2021, the REIT’s portfolio totaled 156 properties aggregating 20.7 million square feet, with an additional 11 properties under development aggregating 1.4 million square feet of potential GLA, for a total net book value of approximately $4.5 billion. During 2021, the REIT recognized fair value gains on its investment properties of $1.0 billion ($6.05 per Unit), including fair value gains of $98.0 million ($0.557 per Unit) in the fourth quarter.

CONTINUED STRONG OPERATING PEFORMANCE

Revenue from investment properties for the three months and year ended December 31, 2021 rose 11.0% and 13.7%, respectively, due primarily to acquisitions completed over the prior twelve months, higher occupancies and increased rents. Occupancy strengthened to 99.2% at December 31, 2021, up from 98.0% at December 31, 2020 with an average lease term of 5.4 years and 1.9% annual contractual rent steps.

Same property NOI1 rose 4.1% and 4.8% for the three months and year ended December 31, 2021, respectively, due to higher overall rental rates on leasing activities and contractual steps in rent, as well as improved occupancy. In Ontario, Quebec and Alberta same property NOI1 for the year ended December 31, 2021 rose 6.5%, 3.4% and 3.4%, respectively, compared to the prior year. Same property NOI1 represented approximately 79.0% of total portfolio NOI1 and 80.2% of total GLA for the year ended December 31, 2021, respectively.

Net rental income for the three months and year ended December 31, 2021 increased 11.9% and 15.2%, respectively, compared to the same prior year periods due primarily to higher overall rental rates on leasing activities, acquisitions completed over the prior twelve months, in addition to $0.1 million and $1.1 million in recoveries of allowances for expected credit losses, respectively, resulting from successful rent collection.   

For the three months ended December 31, 2021, FFO1 was $31.3 million ($0.178 per Unit) compared to $25.4 million ($0.159 per Unit) in the same prior year period. For the year ended December 31, 2021, FFO1 was $100.0 million ($0.587 per Unit) compared to $94.4 million ($0.651 per Unit) last year. FFO1 and FFO per Unit1 for the year ended December 31, 2021 were impacted by non-recurring mortgage prepayment costs of $20.0 million related to the strategic early repayment of certain secured term mortgages. Excluding the mortgage prepayment costs, FFO1 was $120.1 million ($0.705 per Unit) for the year ended December 31, 2021. The REIT’s FFO payout ratio1 for the three months and year ended December 31, 2021 were 79.2% and 94.7%, respectively (60.3% and 73.8%, respectively, including the benefit of the REIT’s DRIP).  Not including the one-time prepayment costs, the REIT’s payout ratio for 2021 was 78.9% (61.5% including the benefit of the REIT’s DRIP).

STRATEGIC LEASING PROGRAM

The REIT completed over 2.1 million square feet of lease renewals and new leases during 2021 with a strong retention rate of 74.3%, generating an average increase in monthly rents of 27.9% over the expiring rent with a significant 67.3% increase over expiring rents in Ontario and 29.5% in Quebec (excluding contractual renewals). The REIT also completed pre-leasing of over 590,000 square feet of buildings currently under construction, and future lease commitments on approximately 98,000 square feet representing 61.3% of vacancy at December 31, 2021.

STRONG BALANCE SHEET AND LIQUIDITY

Total assets increased to $4.5 billion at December 31, 2021, up from $3.2 billion at December 31, 2020 due primarily to property acquisitions during the period and fair value gains on investment properties. Total debt was $1.3 billion at December 31, 2021 compared to $1.2 billion at December 31, 2020. At December 31, 2021, the REIT’s unsecured debt represented 72% of total debt outstanding and approximately $3.0 billion in unencumbered assets.

Since early 2020, the REIT has been strategically restructuring its debt profile from secured to unsecured debt to increase financing flexibility and its pool of unencumbered assets and to unlock potential liquidity on assets pledged as security on term mortgages with low loan-to-value.

The strategic financing initiatives included replacing the secured credit facility with a larger $300 million unsecured revolving credit facility in March 2020, issuing $925 million over four series of senior unsecured debentures at an average interest rate of 2.18%, implementing a Green Unsecured Development Credit Facility to fund ongoing development costs, and strategically repaying and/or prepaying certain secured fixed rate term mortgages.

These initiatives have resulted in significant interest cost savings through a reduction in the weighted average interest rate to 2.51% at December 31, 2021 from 3.72% at December 31, 2019. In addition, the strategic early repayments of secured term mortgages in 2021 have resulted in approximately $4.5 million of annual interest cost savings

In June 2021, the REIT established a $200 million ATM equity program to provide the REIT with additional financing flexibility.

On September 22, 2021, the REIT completed a bought deal equity offering of 6,060,500 Units at a price of $20.90 per Unit for gross proceeds of $126.7 million.

At December 31, 2021, the REIT’s debt leverage ratio1 was 28.5% compared to 37.4% at December 31, 2020. Debt service and interest coverage ratios1 were 2.9x and 4.1x, respectively, for 2021 compared to 2.1x and 3.2x, respectively, in 2020.

At December 31, 2021, the REIT’s liquidity position remained very strong at approximately $1.1 billion of available liquidity1 including cash, available borrowing capacity on its credit facilities, and potential for new financing that could be placed on a portion of its $3.0 billion of unencumbered assets.  

INVESTOR CONFERENCE CALL

A conference call will be hosted by Summit’s Management team on Thursday, February 17, 2022 at 11.00 am EST. The telephone numbers to participate in the conference call are North America Toll Free: (888) 330-2446 and International: (240) 789-2732. Please use the access code 7589769# when requested. 

A slide presentation to accompany Management’s comments during the conference call will be available prior to the conference call on Summit’s website at www.summitiireit.com. The live call will also be available as a webcast. To access the audio webcast please access the link on the website at www.summitiireit.com.

FINANCIAL AND OPERATING HIGHLIGHTS

Annual

Q4 2021

Q4 2020

2021

2020

2019

Portfolio Performance

Occupancy

99.2%

98.0%

99.2%

98.0%

98.5%

Revenue from investment properties

$

56,911

$

51,253

$

216,971

$

190,906

$

142,193

Property operating expenses

$

15,649

$

14,392

$

55,544

$

50,796

$

39,118

Net rental income

$

41,262

$

36,861

$

161,427

$

140,110

$

103,075

Finance costs(2)

$

8,948

$

9,819

$

57,210

$

41,535

$

36,068

Fair value adjustments to investment properties

$

97,967

$

70,584

$

1,031,385

$

90,762

$

188,617

Net income

$

128,240

$

95,586

$

1,131,994

$

206,502

$

147,586

Operating Performance

FFO(1)(2)

$

31,277

$

25,436

$

100,040

$

94,389

$

67,156

FFO per Unit(1)(2)

$

0.178

$

0.159

$

0.587

$

0.651

$

0.582

Net income per Unit – basic

$

0.729

$

0.597

$

6.644

$

1.423

$

1.278

Distributions

Distributions declared to Unitholders(3)

$

24,841

$

21,976

$

95,024

$

79,252

$

70,649

Distributions per Unit declared to Unitholders(3)

$

0.141

$

0.135

$

0.556

$

0.540

$

0.602

FFO payout ratio without DRIP benefit(1)(2)

79.3%

85.0%

94.7%

83.0%

103.5%

FFO payout ratio with DRIP benefit(1)(2)

60.3%

68.8%

73.8%

67.6%

80.1%

Weighted average Units outstanding (in thousands)

175,909

160,195

170,390

145,089

115,465

Liquidity and Leverage

Total assets

$

4,542,994

$

3,172,213

$

4,542,994

$

3,172,213

$

2,608,679

Total unencumbered assets

$

2,996,333

$

1,054,481

$

2,996,333

$

1,054,481

$

219,753

Total debt

$

1,293,573

$

1,186,572

$

1,293,573

$

1,186,572

$

1,127,919

Weighted average effective interest rate

2.51%

2.99%

2.51%

2.99%

3.72%

Weighted average term to maturity (years)

4.7

4.5

4.7

4.5

4.0

Leverage(1)

28.5%

37.4%

28.5%

37.4%

43.2%

Interest coverage(1)

 4.3x 

 3.5x 

 4.1x 

 3.2x 

 2.8x 

Debt service coverage(1)

 3.3x 

 2.3x 

 2.9x 

 2.1x 

 1.8x 

Debt-to-adjusted EBITDA(1)

 8.3x 

 8.5x 

 8.5x 

 8.8x 

 11.0x 

DBRS Issuer Rating

 BBB (low) Positive 

 BBB (low) Stable 

 BBB (low) Positive 

 BBB (low) Stable 

Investment Properties

Property acquisitions

2

14

5

23

42

Property dispositions

1

1

7

2

1

Number of properties

156

156

156

156

146

Total GLA

20,651

19,360

20,651

19,360

17,492

(1) Non-GAAP Measure. Refer to “Non-GAAP Measures” section in this press release for further information.

(2)F inance costs and FFO includes strategic non-recurring mortgage prepayment costs of $20.0 million ($0.118 per Unit) for 2021. Excluding the prepayment costs, FFO per Unit was $0.705 per Unit for 2021. FFO payout ratio without DRIP benefit excluding the prepayment costs was 78.9% (61.5% including DRIP benefit) for 2021.

(3) 2019 results include a special distribution of $8.4 million ($0.070 per Unit), which was declared and paid as a result of the sale of an investment property.

Summit’s Consolidated Financial Statements and MD&A for the years ended December 31, 2021 and 2020 are available on the REIT’s website at www.summitiireit.com and on SEDAR at www.sedar.com

About Summit
Summit Industrial Income REIT is an unincorporated open-end REIT focused on growing and managing a portfolio of light industrial properties across Canada. Summit’s units are listed on the TSX and trade under the symbol SMU.UN. For more information, please visit the REIT’s website at www.summitiireit.com.

NON-GAAP MEASURES
The REIT prepares and releases consolidated financial statements prepared in accordance with IFRS (GAAP). In this release, the REIT discloses and discusses certain non-GAAP measures, including FFO, FFO per Unit, FFO payout ratio, NOI, same property NOI, leverage ratio, interest coverage ratio, debt service coverage ratio, debt-to-adjusted EBITDA and available liquidity. The non-GAAP measures are further defined and discussed in Appendix A | Non-GAAP Measures in the MD&A for the year ended December 31, 2021 and filed on SEDAR (www.sedar.com), which is incorporated by reference and should be read in conjunction with this release. Since these measures are not determined by IFRS, such measures may not be comparable to similar measures reported by other issuers. The REIT has presented such non-GAAP measures as management believes the measures are a relevant measure of the ability of the REIT to earn and distribute cash returns to Unitholders and to evaluate the REIT’s performance.  These non-GAAP measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS as an indicator of the REIT’s performance.

Reconciliation of Non-GAAP Measures
The following tables reconcile the REIT’s non-GAAP measures to the most comparable IFRS measures for the three months and years ended December 31, 2021 and 2020.

FFO
The REIT’s FFO, FFO per Unit and FFO payout ratio are calculated as follows:


 Annual 

Q4 2021

Q4 2020

2021

2020

Net income

$

128,240

$

95,586

$

1,131,994

$

206,502

Adjustments:

Free rent amortization

311

266

1,231

746

Amortization of other assets

91

28

326

89

Distributions on Class B exchangeable Units treated as finance costs

88

Fair value adjustment to deferred unit compensation

602

140

2,565

250

Fair value adjustment to loans receivable

(4,691)

(21,046)

Fair value adjustment to Class B Exchangeable Units

(1,478)

Fair value adjustment to investment properties

(97,967)

(70,584)

(1,031,385)

(90,762)

FFO(1)

$

31,277

$

25,436

$

100,040

$

94,389

FFO per Unit(1)

$

0.178

$

0.159

$

0.587

$

0.651

Distributions declared to Unitholders

$

24,841

$

21,976

$

95,024

$

79,252

Distributions per Unit declared to Unitholders

$

0.141

$

0.135

$

0.556

$

0.540

Cash Distributions paid 

$

18,852

$

17,511

$

73,872

$

63,786

Regular FFO payout ratio without DRIP benefit(1)

79.3%

85.0%

94.7%

83.0%

Regular FFO payout ratio with DRIP benefit(1)

60.3%

68.8%

73.8%

67.6%

Weighted average number of Units outstanding (in thousands)

175,909

160,195

170,390

145,089

Units issued and outstanding at the end of the period (in thousands)

176,900

167,655

176,900

167,655

Other items:

Straight-line rent adjustment

$

(1,316)

$

(1,142)

$

(5,542)

$

(4,147)

Non-recoverable capital expenditures

$

(366)

$

(123)

$

(1,154)

$

(142)

Leasing costs

$

(1,294)

$

(2,150)

$

(8,534)

$

(10,681)

(1) Includes strategic non-recurring mortgage prepayment costs of $20.0 million ($0.118 per Unit) for 2021. Excluding the prepayment costs, FFO per Unit was $0.705 per Unit for 2021. FFO payout ratio without DRIP benefit excluding the prepayment costs was 78.9% (61.5% including DRIP benefit) for 2021.

Same Property NOI

In calculating same property NOI, the impacts from the straight-lining of rents and amortization of free rent have been excluded. Same property NOI excludes properties that would have had changes due to acquisitions, dispositions and redevelopments, as well as properties classified as held for sale.

The following table reconciles same property NOI to net rental income for the periods presented:

Change

Change

 GLA 

Q4 2021

Q4 2020

($)

(%)

Ontario

9,299

$

17,321

$

16,252

$

1,069

6.6%

Quebec

2,733

4,359

4,239

120

2.8%

Alberta

5,227

12,181

12,045

136

1.1%

Other Canada 

42

97

96

1

1.0%

Same property NOI

17,301

$

33,958

$

32,632

$

1,326

4.1%

Acquisitions/dispositions/redevelopments

3,350

6,299

3,353

2,946

Straight-line rent

1,316

1,142

174

Free rent amortization

(311)

(266)

(45)

Net rental income

20,651

$

41,262

$

36,861

$

4,401

Annual

Change

Change

 GLA 

2021

2020

($)

(%)

Ontario

8,553

$

60,796

$

57,097

$

3,699

6.5%

Quebec

2,733

17,479

16,905

574

3.4%

Alberta

5,227

48,908

47,299

1,609

3.4%

Other Canada 

42

387

386

1

0.3%

Same property NOI

16,555

$

127,570

$

121,687

$

5,883

4.8%

Acquisitions/dispositions/redevelopments

4,096

29,546

15,024

14,522

Straight-line rent

5,542

4,147

1,395

Free rent amortization

(1,231)

(748)

(483)

Net rental income

20,651

$

161,427

$

140,110

$

21,317

Financial Ratios

The REIT’s interest coverage ratio, debt service coverage ratio and debt-to-adjusted EBITDA are calculated as follows:

 Annual 

Q4 2021

Q4 2020

2021

2020

Net income

$

128,240

$

95,586

$

1,131,994

$

206,502

Adjustments:

Free rent amortization

311

266

1,231

746

Amortization of other assets

91

28

326

89

Straight-lining of rents

(1,316)

(1,142)

(5,542)

(4,147)

Fair value adjustment to deferred unit compensation

602

140

2,565

250

Fair value adjustment to loans receivable

(4,691)

(21,046)

Fair value adjustment to Class B Exchangeable Units

(1,478)

Fair value adjustment to investment properties

(97,967)

(70,584)

(1,031,385)

(90,762)

Finance costs(1)

8,948

9,819

57,210

41,535

Adjusted EBITDA

$

38,909

$

34,113

$

151,708

$

131,689

Adjustments to finance costs:

Distributions on Class B Exchangeable Units recorded in finance costs

$

$

$

$

(88)

Non-recurring mortgage prepayment costs(1)

(20,036)

Finance costs, excl. adjustments

$

8,948

$

9,819

$

37,174

$

41,447

Interest Coverage

 4.3x 

 3.5x 

4.1x

 3.2x 

Principal repayments (excluding mortgage payouts)

$

3,014

$

5,285

$

15,543

$

19,937

Principal and interest payments

$

11,962

$

15,104

52,717

$

61,384

Debt Service Coverage

 3.3x 

 2.3x 

2.9x

 2.1x 

Non-current loans and borrowings

$

1,199,376

$

1,134,863

$

1,199,376

$

1,134,863

Current loans and borrowings

94,197

21,279

94,197

21,279

Total loans and borrowings

1,293,573

1,156,142

1,293,573

1,156,142

Adjustments:

Unamortized premium on debt

(2,085)

(3,136)

(2,085)

(3,136)

Unamortized deferred financing charges

5,395

3,916

5,395

3,916

Total loans and borrowings (principal outstanding)

$

1,296,883

$

1,156,922

$

1,296,883

$

1,156,922

Adjusted EBITDA per above, annualized

$

155,636

$

136,452

$

151,708

$

131,689

Debt-to-Adjusted EBITDA

 8.3x 

 8.5x 

 8.5x 

 8.8x 

(1) The REIT incurred non-recurring mortgage prepayment costs of $20.0 million during 2021 on the strategic early repayment of $329.5 million of secured term mortgages, which were recorded in finance costs (2021 Annual). Refer to Debt Profilesection in MD&A for the year ended December 31, 2021, for more information.

Available Liquidity
The REIT’s available liquidity is calculated as follows:

December 31

December 31

2021

2020

Unencumbered assets

$

2,996,333

$

1,405,365

Assets required to be reserved under unsecured debt agreements:

Senior unsecured debentures(1)

(1,202,500)

(585,000)

Unsecured revolving credit facility (2)

(390,000)

(390,000)

Green Unsecured Development Credit Facility (3)

(130,000)

(130,000)

Unencumbered assets available to be encumbered

1,273,833

300,365

Borrowing Capacity on Unencumbered Assets(4)

$

700,608

$

165,201

Cash

$

16,052

$

70,093

Undrawn portion of unsecured revolving credit facility

300,000

300,000

Undrawn portion of Green Unsecured Development Credit Facility

90,000

Borrowing capacity on unencumbered assets (per above)

700,608

165,201

Available Liquidity

$

1,106,660

$

535,294

(1) Calculated as 1.3 times $925 million in aggregate senior unsecured debentures outstanding.

(2) Calculated as 1.3 times $300 million committed amount of unsecured revolving credit facility.

(3) Calculated as 1.3 times $100 million committed amount of Green Unsecured Development Credit Facility.

(4) Borrowing capacity is calculated as unencumbered assets available to be encumbered multiplied by 55% loan-to-value.

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 Summit’s belief it has a very positive future, Summit’s focus on growth activities and Summit’s proactive approach to addressing lease expiries. 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, there is inherently more uncertainty associated with Summit’s assumptions as compared to prior periods. These risks and uncertainties include, but are not limited to risks related to: tenant risks, current economic environment, environmental matters, general insured and uninsured risks, COVID-19, 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.

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1 Non-GAAP measure. Refer to “Non-GAAP Measures” section in this press release for further information.

 

SOURCE Summit Industrial Income REIT

Written by Tenner Smith

Tenner Smith - I have experience in financial intelligence and automated intelligence. In industry I have worked on artificial intelligence and machine learning. Tenner Smith is a reporter at DF media.

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