1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Summit Industrial Income REIT
  6. News
  7. Summary
    SMU.UN   CA8661201167

SUMMIT INDUSTRIAL INCOME REIT

(SMU.UN)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-08-17 pm EDT
19.38 CAD   +0.10%
08/15Summit Industrial Income REIT Announces August 2022 Cash Distribution
AQ
08/15Summit Industrial Income REIT Announces Cash Distribution, Payable on September 15, 2022
CI
08/11Summit Industrial Income REIT Announces Appointment of New Trustees
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Summit Industrial Income REIT Announces Suspension of Distribution Reinvestment Plan

06/24/2022 | 05:31pm EDT

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

© Canada Newswire, source Canada Newswire English

All news about SUMMIT INDUSTRIAL INCOME REIT
08/15Summit Industrial Income REIT Announces August 2022 Cash Distribution
AQ
08/15Summit Industrial Income REIT Announces Cash Distribution, Payable on September 15, 202..
CI
08/11Summit Industrial Income REIT Announces Appointment of New Trustees
AQ
08/11Summit Industrial Income REIT Announces Executive Appointment
CI
08/10SUMMIT INDUSTRIAL INCOME REIT BRIEF : Outperform Rating Unchanged, and Target Raised to $2..
MT
08/10TRANSCRIPT : Summit Industrial Income REIT, Q2 2022 Earnings Call, Aug 10, 2022
CI
08/09Summit Industrial Income REIT Reports Earnings Results for the Second Quarter and Six M..
CI
08/09Summit Industrial Income REIT Reports Q2 2022 Financial Results
AQ
07/28SUMMIT INDUSTRIAL INCOME REIT : Ex-dividend day for
FA
07/20National Bank on REITs' Q2 -- Says "Rising Rates Reset Returns
MT
More news
Financials
Sales 2022 248 M 192 M 192 M
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 2,98%
Capitalization 3 681 M 2 848 M 2 848 M
Capi. / Sales 2022 14,8x
Capi. / Sales 2023 13,7x
Nbr of Employees -
Free-Float 93,1%
Chart SUMMIT INDUSTRIAL INCOME REIT
Duration : Period :
Summit Industrial Income REIT Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SUMMIT INDUSTRIAL INCOME REIT
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 19,38 CAD
Average target price 22,06 CAD
Spread / Average Target 13,8%
Managers and Directors
Paul Dykeman Chief Executive Officer & Non-Independent Trustee
Ross Drake Chief Financial Officer
Louis Joseph Maroun Chairman
Dayna M. Gibbs Chief Operating Officer
Lawrence P. Morassutti Independent Trustee
Sector and Competitors
1st jan.Capi. (M$)
SUMMIT INDUSTRIAL INCOME REIT-17.53%2 848
PROLOGIS, INC.-18.40%101 721
GOODMAN GROUP-20.53%27 217
DUKE REALTY CORPORATION-1.16%24 978
REXFORD INDUSTRIAL REALTY, INC.-16.18%11 612
AMERICOLD REALTY TRUST, INC.-3.39%8 534