Summit Industrial Income REIT Reports Continuation of Strong Rent Collection
TORONTO, Sept. 30, 2020 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) today provided an update on its rent collection for the month of September 2020. The REIT continues to closely monitor developments related to the COVID-19 pandemic and is following all guidelines provided by the federal and provincial governments.
As of September 30, the REIT had collected approximately 98.2% of total September rents, up from 96.6% in August. In addition, the REIT has previously agreed on rent deferrals with payment plans for a further 1.4% of tenants. In total, 99.6% of September rents have either been collected or arrangements made with tenants. Collection by Province is as follows:
Portfolio | Collected | Arrangements | Total |
Ontario | 98.7% | 1.1% | 99.8% |
Quebec | 98.2% | 1.7% | 99.9% |
Alberta | 97.5% | 1.7% | 99.2% |
Total | 98.2% | 1.4% | 99.6% |
"We are pleased that the vast majority of our tenants are able to continue to pay their rent on time, and we look for this trend to remain stable over the near term," commented Paul Dykeman, Chief Executive Officer.
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
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