TORONTO, May 20, 2014 /CNW/ - Summit Industrial Income REIT ("Summit II") (TSX: SMU.UN) announced today that it has corrected the date for payment of its May 2014 cash distribution previously disclosed in its May 15, 2014 press release, moving the date from June 15, 2014 to the earlier payment date of June 13, 2014 for Unitholders of record on May 30, 2014. The reason for the correction is that the originally announced payment date falls on a Sunday, rather than a business day.
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 has also 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