Summit Industrial Income REIT Continues to Expand Development Pipeline in Ontario

TORONTO, March 31, 2022 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today that it has acquired a 50% interest in a joint venture partnership, with respect to a 40-acre development ready site located in the Aberfoyle Industrial Park, at 7475 McLean Road just East of Guelph, Ontario in Puslinch.

The property is located directly opposite to Summit's existing 280,000 square foot LEED Gold certified property. It is in a prime industrial location just 1.6 km from Highway 401 in the Aberfoyle Industrial Park which was established to create a central shipping and logistics hub to service southwest Ontario, the GTA, and is close to U.S. border crossings. The property is development ready and can accommodate approximately 790,000 square feet of density. Summit intends to have the completed building(s) designated as LEED certified in keeping with its commitment to ongoing environmental responsibility and sustainability.

"We are pleased to continue to expand our GTA development pipeline with our joint-venture partner. Including this new site acquisition, we now have approximately 2.3 million square feet under development or in various planning or permitting processes," commented Dayna Gibbs, Chief Operating Officer. "In addition to our purchase of income-producing properties, our development, intensification and expansion pipeline will add highly accretive new assets to our portfolio over time. We are also proud to be meeting our commitment to sustainability with the majority of our new developments expected to be LEED certified."

About Summit Industrial Income REIT
Summit Industrial Income REIT is an unincorporated open-end 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, 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, 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

Summit Industrial Income REIT, Dayna Gibbs, Chief Operating Officer, [phone], ext. 220, [email protected]