10:45:16 EDT Wed 08 Jul 2020
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Summit Industrial Income REIT (2)
Symbol SMU
Shares Issued 137,378,900
Close 2020-06-30 C$ 11.45
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Summit collects 90.7% of June rents

2020-06-30 17:52 ET - News Release

Mr. Paul Dykeman reports


Summit Industrial Income REIT has provided an update on its rent collections for the month of June, 2020. The REIT continues to closely monitor developments related to the pandemic and is following all guidelines issued by the federal and provincial governments.

As of June 30, 2020, the REIT had collected approximately 90.7 per cent of total June rents. In addition, the REIT has agreed on rent deferrals with payment plans for a further 4.8 per cent of tenants, and another 2.9 per cent of tenants have been granted free rent for a period in exchange for lease extensions at higher monthly rents. In total, 98.4 per cent of June rents have either been collected, or arrangements made with tenants.

                            JUNE RENTS

Portfolio            Collected         Arrangements                Total

Ontario                   94.0%                 5.2%                99.2%
Quebec                    89.3%                10.4%                99.7%
Alberta                   86.0%                10.5%                96.5%
Total                     90.7%                 7.7%                98.4%

As of June 30, 2020, portfolio occupancy was strong at 98.7 per cent. The REIT's pro-active leasing activities are continuing, with only 300,479 square feet remaining to be renewed in 2020, the majority in the fourth quarter of the year, representing only 1.65 per cent of the total portfolio, down from 3.4 per cent at March 31, 2020.

The REIT also announced today that it had arranged for a blend and extend of an existing mortgage on a recent Greater Toronto Area acquisition that was to mature in 2021. The new mortgage was increased by $20.0-million for an eight-year term at an interest rate of 3.05 per cent with a blended average interest rate of approximately 3.45 per cent.

"We were pleased to have enhanced and strengthened our liquidity position with this new mortgage. We are also pleased that our rent collections remain strong and stable during these challenging times, and that we are maintaining our historically high occupancies across the portfolio," commented Paul Dykeman, chief executive officer.

About Summit Industrial Income REIT

Summit Industrial Income is an unincorporated open-end trust focused on expanding and managing a portfolio of light industrial properties across Canada.

We seek Safe Harbor.

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