Summit Industrial Income REIT Reports Improved Collection of July 2020 Rents

TORONTO, July 29, 2020 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) today provided an update on its rent collections for the month of July 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 July 29, 2020, the REIT had collected approximately 96.0% of total July rents, up from 90.7% in June. In addition, the REIT has agreed on rent deferrals with payment plans for a further 1.4% of tenants, and another 1.4% of tenants have been granted free rent for a period in exchange for lease extensions at higher monthly rents. In total, 98.8% of July rents have either been collected or arrangements made with tenants, up from 98.4% in June.

"Our close relationships with our tenants and our programs to mitigate the impacts of the COVID-19 pandemic are resulting in continuing strong cash flow and improved rent collection," commented Paul Dykeman, Chief Executive Officer. "Looking ahead, as economies in our markets re-open, our tenants return to more normal levels of business activity, and our rent deferral programs end, we expect cash flows to further strengthen. We are also experiencing strong deal flow and, with a resumption of select development projects, we expect to see solid portfolio growth in the coming quarters."

Rents from certain tenants for April, May, June, and July are eligible for the Canadian Emergency Commercial Rent Assistance (CECRA) program. Applications for 38 tenants have been submitted, representing approximately $1.8 million in total rents, or 2.9% of total rents for the four-month period. The associated 25% abatement of rent owing is estimated at approximately $0.46 million. The REIT expects to collect a significant portion of the remaining $1.37 million due under CECRA from tenants and the Government over time.

About Summit
Summit Industrial Income REIT is an unincorporated open-end trust 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 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. These risks and uncertainties include, but are not limited to, tenant risks, current economic environment, 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