The REIT's FFO payout ratio1 for the nine months ended September 30, 2020 was a conservative 82.2% (67.1% including the benefit of the REIT's DRIP program) compared to 90.5% (80.2% including the benefit of the REIT's DRIP program) in the same prior year period. TORONTO, March 25, 2019 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today that it has entered into an agreement (the "Purchase Agreement The proceeds were used to pay down a portion of the non-revolving bridge credit facility. 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 II being unable to obtain any required financing and approvals. the On November 9, 2020, the REIT entered into an agreement to acquire the remaining 50% interest in two recently constructed properties in the Hanlon Creek Business Park in Guelph, Ontario totalling 387,610 square feet of leasable area from the REIT's joint venture partner, Cooper Construction Limited, for a purchase price of $33.9 million, providing the REIT with a projected consolidated capitalization rate1 of 5.6% on this development. SOLID BALANCE SHEET AND LIQUIDITY POSITION Total assets increased to $2.8 billion at September 30, 2020, up from $2.6 billion as at December 31, 2019 due to the acquisition of nine properties. Dream Industrial REIT pays a monthly distribution to its Unitholders of which only a portion is taxable. Summit Industrial Income REIT is a Canada-based open-ended mutual fund real estate investment trust (REIT). The non-taxable portion of any net realized capital gains and any other amount in excess of the net income of Dream Industrial REIT payable to the Unitholder will not generally be included in the Unitholder’s income for the year. Dayna Gibbs - COO. Completed a $172.5 million bought-deal equity offering on August 27, 2020, further enhancing the Trust's liquidity. any capital and leasing cost incurred since ownership. Completed 1.8 million sq. 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. The forward-looking statements and information are based on certain key expectations and assumptions made by Summit II, including general economic conditions. To access the audio webcast please access the link on the website at www.summitiireit.com. Summit Industrial Income REIT is an open-ended mutual fund real estate investment trust In September 2020, the REIT was assigned an  issuer rating from DBRS Limited of BBB (low) with a stable trend. Summit Industrial Income REIT (Summit II or the REIT) (TSX: SMU.UN) announced today that it will be issuing its results for the three months and year ended December 31, 2019 on the afternoon of Wednesday, February 19, 2020. Subscribe for Email Alerts. … Summit Industrial Income REIT Announces Acquisition of Alberta Light Industrial Portfolio for $588 Million and C$200 Million Offering of Subscription Receipts 3:25 p.m. Oct. 7, 2019 - … At September 30, 2020, the REIT's debt leverage ratio1 was 39.8% compared to 37.8% at September 30, 2019. a Corporate Overview; ... Financial Statements; Report to Unitholders; Regulatory Filings; Tax Information; Analyst Coverage; News & Events. become The acquisition was financed with cash from the REIT's unsecured revolving credit facility. 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 COVID-19 and government measures to contain it, there is inherently more uncertainty associated with Summit II's assumptions as compared to prior periods. On August 27, 2020, the REIT completed a successful bought deal offering of 14,375,000 Trust Units at a price of $12.00 per unit for total gross proceeds of approximately $172.5 million, including proceeds from the full exercise of the over-allotment option. Learn More, LEARN The acquisition will be financed with cash from the REIT's unsecured revolving credit facility and assumed debt on the acquired properties. On September 17, 2020, the REIT successfully completed an inaugural offering of $250.0 million in 5-year senior unsecured debentures at a fixed annual rate of 2.15%, payable semi-annually in arrears. Refer to "Non-GAAP Measures" section in this press release for further information. Caution Regarding Forward Looking Information This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. A $91 million twelve-month bridge loan arranged to complete the acquisition of a Montreal property portfolio in December 2018 has now been refinanced with new ten … Sold 50% interest in office building to joint venture partner for $5.8 million. The REIT continues to closely monitor developments related to the pandemic and is following all guidelines issued by the federal and provincial governments. A slide presentation to accompany management's comments during the conference call will be available prior to the conference call. Summit Industrial Income REIT (OTC:SMMCF): Q3 FFO of $0.168Revenue of $46.82M (+41.5% Y/Y) beats by $11.88M.Press Release Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) today provided an update on its rent collections for the month of August 2020. Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada . Subscribe to RSS feed. true partner with our tenants as they grow and prosper with us in their chosen businesses. Learn More, The Canadian light industrial sector has consistently demonstrated Summit II's Condensed Consolidated Interim Financial Statements and MD&A for the three and nine months ended September 30, 2020 are available on the REIT's website at www.summitiireit.com. These non-GAAP measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with GAAP as an indicator of the REIT's performance. Send me reminders of Company events. GROWTH AND STRONG OPERATING PEFORMANCE GENERATE SOLID RESULTS Revenue from income producing properties for the three and nine months ended September 30, 2020 rose 41.4% and 38.3%, respectively, due primarily to acquisitions completed over the prior twelve months, continuing strong occupancies and increased rents. Stocks 36 mins Five Star Senior Living Inc. 2020 Q3 – Results – Earnings Call Presentation Seeking Alpha A conference call hosted by Summit IIs management team will be held on Thursday, February 20, 2020 at 8.30 am EST. TORONTO, Dec. 1, 2020 … The following slide deck was published by Summit Industrial Income REIT in conjunction with their 2019 Q3 earnings call. As of today, all 2018 lease renewals totaling 398,492 square feet have now been completed with a very strong 92.5% retention rate. 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 Industrial Income REIT Announces Pricing of $200 Million of 1.82% Series B Senior Unsecured Debentures /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./TORONTO, Dec. CNW Group. solid and stable TORONTO, Nov. 9, 2020 /CNW/ - Summit Industrial Income REIT ("Summit II" or the "REIT") (TSX: SMU.UN) announced solid operating and financial performance for the three and nine months ended September 30, 2020. Paul Dykeman - CEO. Although Summit II 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 II can give no assurance that they will prove to be correct. 21 mins Summit Industrial Income REIT Announces December 2020 Cash Distribution Business Insider 2 hours Commodities Rallied As U.S. REITs Tumbled Last Week Seeking Alpha 4 hours Realty Income Is Still A Solid Investment, But Don’t Ignore More Attractive Net Lease REITs Seeking Alpha Since these measures are not determined by IFRS, such measures may not be comparable to similar measures reported by other issuers. Acquired 244,633 sq. growing and managing a portfolio of light industrial properties across Canada. Obtained $30.5 million of 10-year mortgage financing at an average interest rate of 2.9%. For more information, please visit our website at www.summitiireit.com. For the nine months ended September 30, 2020, FFO1 was $69.0 million ($0.492 per Unit) up 44.2% from the same prior year period. for both our tenants and our investors. For the three months ended September 30, 2020, FFO1 was $24.2 million ($0.168 per Unit) up 47.2% from the same prior year period. In the REIT's target markets of Toronto and Montreal, same property NOI1 for the nine months ended September 30, 2020 rose 4.2% and 2.8%, respectively, compared to the same prior year period, while the Alberta portfolio contributed 1.2% to same property NOI1 growth. secure investment returns to our Unitholders, Investor Total debt was $1.1 billion at September 30, 2020 consistent with December 31, 2019 levels. Summit II 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. (7) 2019 results include a special distribution of $0.070 per Unit payable to shareholders of record on September 19, 2020 as a result of the sale of the 50% interest. A conference call hosted by Summit IIs management team will be held on Thursday, February 20, 2020 at 8.30 am EST. ft. of 2020 renewals with a very strong 88.0% retention rate, generating a 19.2% increase in rents (26.8% in the GTA). in Acquired remaining 50% interest in a portfolio of 11 light industrial investment properties located in Montreal, Quebec from joint venture partner for $88.0 million. About Summit II Summit Industrial Income REIT is an unincorporated open-end REIT focused on growing and managing a portfolio of light industrial and other properties across Canada. TORONTO, Dec. 15, 2020 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today a $0.045 per Unit cash distribution to be paid on January 15, 2021 to Unitholders of record on December 31, 2020.. In addition, the REIT pre-leased 213,330 square feet of space at its Guelph development project commencing November 15,2020 on a ten-year term at higher than pro-forma monthly rent. focused (3) Excludes the non-core properties held for sale at September 30, 2020, as disclosed in the "Investment Properties Held for Sale" section of this MD&A. ft. Class A single-tenant warehousing and logistics facility located in GTA for $47.3 million. Collectively our management team has over 90 years of experience in the At September 30, 2020, the REIT's portfolio totaled 153 properties aggregating 18.2 million square feet with a net book value of approximately $2.7 billion. Strong liquidity with approximately $430.0 million available including cash, borrowing capacity on the revolving credit facility, and potential new debt financing that could be placed on a portion of the $1.1 billion of fully unencumbered properties. PROACTIVE LEASING PROGRAM Occupancy in the REIT's portfolio was 98.7% at September 30, 2020 with a weighted average lease term of approximately 5.4 years. MORE, Our Mission is to provide best-in-class properties and services to our tenants and solid, stable and Company Participants. Rent collection remained strong, with an average of 96.9% of rents collected during the quarter (99.3% including rent deferral agreements in place). Since the onset of the COVID-19 pandemic, the REIT has collected approximately 94.6% of rents (98.5% including rent deferral agreements). Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Combined Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada. Ross Drake - CFO. More particularly and without limitation, this news release contains forward looking statements and information concerning Summit II's belief that it is on track for another record year in 2020, Summit II's returned focus to growth activities and Summit II's proactive approach to addressing lease expiries. (2) Includes REIT Units and Class B exchangeable units (collectively, the "Units"). Summit Industrial Income REIT (" Summit " or the " REIT ") (TSX: SMU.UN) announced today that it has completed its previously announced public offering (the " Offering ") of 14,323,250 units at a price of $13.65 per unit for total gross proceeds of approximately $195.5 million, which includes proceeds from the full exercise of an over–allotment option to purchase an additional 1,868,250 units. The following slide deck was published by Summit Industrial Income REIT in conjunction with their 2020 Q1 earnings call. light industrial property sector with a proven track record of generating significant value with Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial and other properties across Canada . "We continue to perform well during the COVID-19 pandemic with solid increases in revenues, NOI and FFO, driven by our portfolio growth, high stable occupancies, increasing monthly rents and strong operating performance. The REIT also completed leasing of 348,675 square feet of vacant space with an average lease term of 6.4 years. Strong accretive growth with FFO per Unit. Proceeds from the new mortgage financing were used to repay a portion of the REIT's unsecured revolving credit facility. Same property NOI1 represented approximately 64.3% of total NOI1 and 72.3% of total GLA for the nine months ended September 30, 2020. INVESTOR CONFERENCE CALL A conference call will be hosted by Summit II's management team on Tuesday, November 10, 2020 at 8.30 am EST. "Importantly, we continue to collect the majority of our monthly rents, with over 99% collected through the third quarter including our agreed-upon rent deferral programs and are well-positioned from an overall liquidity perspective.". On October 13, 2020, the REIT acquired an undivided interest in a 244,633 square foot Class A single-tenant warehousing and logistics facility located at 123 Great Gulf Drive in Vaughan, Ontario for a purchase price of $47.3 million. The non-GAAP measures are further defined and discussed in the MD&A for the three and nine months ended September 30, 2020 and filed on SEDAR, which should be read in conjunction with this release. Summit Industrial Income REIT (Summit or the REIT) (TSX: SMU.UN) provided an update on its leasing activities to date. Centuria Industrial REIT - Investor Presentation. Summit Industrial Income REIT (Summit or the REIT) (TSX: SMU.UN) announced today that it has waived conditions and will acquire a 116,818 square foot light industrial property well located in Oakville, Ontario. Net rental income increased by 41.1% in the third quarter and 40.8% year-to-date on revenue increase, organic growth and strong operating performance. (5) The realized gain on sale of investment property is calculated as net proceeds on sale less the actual costs incurred to initially acquire the property and. The REIT now internally manages 100% of its portfolio. The investor relations site ("Site") with which this document is associated is maintained by S&P Global Market Intelligence ("S&P") on behalf of the organization featured on the S TORONTO, Feb. 3, 2020 /CNW/ - Summit Industrial Income REIT ("Summit II" or the "REIT") (TSX: SMU.UN) announced today that it will be issuing its results for the three months and year ended December 31, 2019 on the afternoon of Wednesday, February 19, 2020.A conference call hosted by Summit II's management team will be held on Thursday, February 20, 2020 at 8.30 am EST. Occupancy strong at 98.8%, up from 98.4% at March 31, 2020 and … Combining Summit Industrial Income REIT's Debt And Its 4.4% Return On Equity. on Debt service and interest coverage ratios1 were 2.11 times and 3.09 times, respectively, for the nine months ended September 30, 2020, an increase from 1.77 times and 2.81 times respectively, for the same prior year period. The REIT continues to be proactive in addressing lease expiries well in advance. Summit Industrial Income REIT (Summit or the REIT) (TSX: SMU.UN) announced today a $0.045 per Unit cash distribution to be paid on March 13, 2020 to Unitholders of record on February 29, 2020. The new $40.0 million mortgage replaced the assumed mortgage of $21.0 million at a blended average interest rate of 3.45% (interest rate of 3.05% on the new debt) for an 8-year term (increase from 1.75-year term). 17 Nov 2020 09:33 AM. News; Investor Conference Calls; Presentations; Sign Up to Receive News; Investor Fact Sheet ... Stock Information Summit Industrial Income REIT . For our tenants, our goal is to provide modern, efficient, high quality industrial properties Summit II’s Condensed Consolidated Interim Financial Statements and MD&A for the three and nine months ended September 30, 2020 are available on the REIT’s website at www.summitiireit.com.. About Summit II Summit Industrial Income REIT is an unincorporated open-end REIT focused on growing and managing a portfolio of light industrial and other properties across … At September 30, 2020, $60.2 million of the available $300.0 million was drawn from the unsecured facility, which was used to fund acquisitions in 2020, as well as to repay $43.6 million in maturing secured mortgage debt and $32.2 million on the non-revolving bridge credit facility. On March 23, 2020, the REIT secured a new $300.0 million unsecured revolving credit facility which matures March 23, 2023. Non-GAAP measure. TORONTO, April 7, 2020 /CNW/ – Summit Industrial Income REIT (“Summit II” or the “REIT”) (TSX: SMU.UN) announced today that it will be issuing its results for the three months ended March 31, 2020 on the afternoon of Tuesday, May 12, 2020.A conference call hosted by Summit II’s management team will be held on Wednesday, May 13, 2020 at 8.30 am EST. The property is leased to a national logistics company under a long-term lease with fourteen years remaining. Occupancy remained strong at 98.7% compared to 98.8% at June 30, 2020 and 98.5% at December 31, 2019, with average lease term of 5.4 years and 1.7% annual contractual rent steps. Non-GAAP Measures The REIT prepares and releases condensed consolidated interim financial statements prepared in accordance with IFRS (GAAP). Europe, Middle East & Africa ETFs (US Listed) Analytics. Head Office 75 Summerlea Road, Unit B Brampton, ON L6T 4V2 Investor Relations 137 Venture Run, Suite 105, Dartmouth, Nova Scotia B3B 0L9 info@summitiireit.com Summit Industrial Income REIT (Summit or the REIT) (TSX: SMU.UN) announced today that it has entered into an agreement to acquire a 141,628 square foot light industrial property in Calgary, Alberta for a purchase price of approximately $12.675 million, generating a capitalization rate of approximately 7.35%. Net rental income for the three and nine months ended September 30, 2020 increased 41.1% and 40.8%, respectively, compared to the same prior year periods due to the increase in same property NOI1, higher overall rental rates on leasing activities, contractual steps in rent, and accretive acquisitions. Overview. Approximately $250 million of the REIT's $350 million non-revolving bridge loan has been repaid through proceeds from the REIT's recent offering of $250 million 5-year 2.15% Series A senior unsecured debentures. fundamentals with low capital investment and maintenance expenditures and a broad and Summit II’s Condensed Consolidated Interim Financial Statements and MD&A for the three and nine months ended September 30, 2020 are available on the REIT’s website at www.summitiireit.com.. About Summit II Summit Industrial Income REIT is an unincorporated open-end REIT focused on growing and managing a portfolio of light industrial and other properties across Canada. (in $ thousands, except per Unit amounts), Regular Distributions per Unit declared to Unitholders (2), Special Distributions per Unit declared to Unitholders (7), Total Distributions per Unit declared to Unitholders (2), Regular FFO payout ratio without DRIP benefit (1), Regular FFO payout ratio with DRIP benefit (1), FFO including net realized gain (loss) (1)(5), FFO per Unit including net realized gain (loss) (1)(5), FFO including net realized gain (loss) payout ratio without DRIP benefit (1)(5), FFO including net realized gain (loss) payout ratio with DRIP benefit (1)(5), Total debt (loans and borrowings and lease liability), Weighted average effective mortgage interest rate, Total GLA (in thousands of square feet)(3), (1) Non-GAAP measure. At September 30, 2020, only 1.4% of the portfolio remains to be renewed in 2020. The telephone numbers to participate in the conference call are North America Toll Free: (833) 714-0924 and International: (778) 560-2693. Stock Chart. We believe we are on track for another record year in 2020" commented Paul Dykeman, Chief Executive Officer. (6) 2019 results include non-recurring costs of $96.5 million associated with the property and asset management internalization on May 17, 2019. TORONTO, Dec. 15, 2020 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today a $0.045 per Unit cash distribution to be paid on January 15, 2021 to Unitholders of record on December 31, 2020.. Stock Quotes SUBSEQUENT EVENTS On October 9, 2020, the REIT acquired the remaining 50% interest in a portfolio of 11 light industrial properties from its joint venture partner, Groupe Montoni, for a total purchase price of $88.0 million. (4) Financial metrics include the non-core properties held for sale, as disclosed in the "Investment Properties Held for Sale" section of this MD&A. Summit Industrial Income REIT (Summit or the REIT) (TSX: SMU.UN) announced today that it has waived conditions and will acquire a 116,818 square foot light industrial property well located in Oakville, Ontario. our proven management team and our "best-in-class" property services, our objective is to management, accretive acquisitions, innovative financings and selective property development TORONTO, Feb. 3, 2020 /CNW/ - Summit Industrial Income REIT ("Summit II" or the "REIT") (TSX: SMU.UN) announced today that it will be issuing its results for the three months and year ended December 31, 2019 on the afternoon of Wednesday, February 19, 2020.A conference call hosted by Summit II's management team will be held on Thursday, February 20, 2020 at 8.30 am EST. Notify me of new Company events. For properties acquired prior to January 1, 2019 and owned during both nine-month periods, same property NOI1 rose 3.2% for the nine months ended September 30, 2020 compared to the prior year. Entered into agreement to acquire remaining 50% interest in two recently constructed properties in Guelph, Ontario totalling 387,610 square feet from joint venture partner for $33.9 million. Please use the access code 4598606# when requested. Summit Industrial Income REIT Continues to Expand Presence in Strong GTA Market Sep 28, 2020 Summit Industrial Income REIT Announces Completion of … The REIT completed 1.8 million square feet of 2020 lease renewals to date with a strong retention rate of 88.0%. Summit Industrial Income REIT () Q3 2020 Earnings Conference Call November 10, 2020 8:30 AM ET. Europe, Middle East & Africa ETFs (US Listed) Analytics. Highlights: Revenues increased by 41.4% in the third quarter and 38.3% year-to-date on portfolio growth, high stable occupancies and rent increases. Summit Industrial Income REIT ( Summit or the REIT ) (TSX: SMU.UN) announced today that it has completed its previously announced public offering (the Offering ) of 15,055,000 units at a price of $9.30 per unit for total gross proceeds of approximately $140 million, which includes proceeds from the partial exercise of an overallotment option to purchase an additional 1,605,000units. Summit Industrial Income REIT (Summit or the REIT) (TSX: SMU.UN) announced today a $0.045 per Unit cash distribution to be paid on May 15, 2020 to Unitholders of record on April 30, 2020. Summit Industrial Income REIT Announces Pricing of $200 Million of 1.82% Series B Senior Unsecured Debentures /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./TORONTO, Dec. 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. Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) today has provided an update on its recent financing activities. About Summit II Summit Industrial Income REIT is an unincorporated open-end REIT focused on growing and managing a portfolio of light industrial and other properties across Canada. The acquisition was financed by the assumption of $31.8 million of mortgage debt bearing an average interest rate of 3.38% and with an average term to maturity of 4.6 years, and cash from the REIT's unsecured revolving credit facility. 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Down a portion of the portfolio remains to be renewed in 2020 '' commented Paul Dykeman, Chief Executive.. Building to joint venture partner for $ 5.8 million levels, the REIT completed. Debt on the website at www.summitiireit.com 2020 '' commented Paul Dykeman, Chief Executive Officer federal and governments! Consistent with December 31, 2020 and … Investor information single-tenant warehousing and facility... Class B exchangeable Units ( collectively, the REIT completed 1.8 million feet. Advisory - Canadian Manufacturers summit industrial income reit investor presentation Exporters 2020 AGM & Manufacturing economic Outlook % compared to 37.8 % March...

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