TORONTO, May 15, 2014 /CNW/ - Summit Industrial Income REIT ("Summit
II") (TSX: SMU.UN) announced today a $0.042 per Unit cash distribution
to be paid on June 15, 2014 to Unitholders of record on May 30, 2014.
As previously disclosed, on May 6, 2014, the Board of Trustees approved
a cash distribution increase to $0.042 per unit per month or $0.504 per
unit on an annualized basis, representing a 3% annualized increase over
the prior monthly distribution of $0.0408 per Unit. The Board of
Trustees also has adopted a policy to consider annually increasing the
cash distribution by between 2% and 4% while maintaining an AFFO payout
ratio below 90%.
Summit II's amended and restated distribution reinvestment plan ("DRIP")
provides residents of Canada the opportunity to elect to have their
cash distributions reinvested in additional units of Summit II. Details
about the DRIP and registration forms can be found on Summit II's
website at www.summitIIreit.com, or at www.sedar.com.
About Summit II
Summit II is an open-ended mutual fund trust focused on growing and
managing a portfolio of light industrial properties across Canada.
Summit II'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 Summit II's distributions
and the DRIP. The forward-looking statements and information are based
on certain key expectations and assumptions made by Summit II. Although
Summit II 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 II 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. 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 II
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
For further information:
Paul Dykeman, CEO at (902) 405-8813