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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
View original content: http://www.newswire.ca/en/releases/archive/June2022/24/c1455.html