Mr. Paul Dykeman reports
SUMMIT INDUSTRIAL INCOME REIT PROVIDES UPDATE ON JUNE 2020 RENT COLLECTIONS & NEW FINANCING
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.
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.
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