Summit Industrial Income REIT Upgraded by DBRS to BBB with a Positive Trend

TORONTO, Sept. 14, 2022 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today that DBRS Morningstar ("DBRS") has upgraded its Issuer Rating and Senior Unsecured Debentures rating to BBB from BBB (low) and maintained the Positive trends.

"We are extremely pleased to receive an upgrade at this time, reflecting our continued efforts to maintain a strong balance sheet and liquidity position, attractive and improving credit metrics, a high proportion of unsecured debt and continuing to grow our business with high quality assets and tenants," commented Paul Dykeman, Summit's Chief Executive Officer.

DBRS will publish a full report providing additional analytical detail on this rating upgrade. If you are interested in receiving this report, please contact DBRS at [email protected].

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.

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