THIS PRESS RELEASE CONSTITUTES A "DESIGNATED NEWS RELEASE" FOR THE PURPOSES OF SUMMIT INDUSTRIAL INCOME REIT'S PROSPECTUS SUPPLEMENT DATED JUNE 21, 2021 TO ITS BASE SHELF PROSPECTUS DATED JUNE 21, 2021

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, July 12, 2021 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today that it has agreed to issue (the "Offering") $225 million aggregate principal amount of series D senior unsecured debentures (the "Debentures"). The Debentures will be issued at a price of $999.68 per $1,000 principal amount thereof, will bear interest at a rate of 2.44% per annum and will mature July 14, 2028. The Offering is expected to close on or about July 14, 2021, subject to the satisfaction of certain customary closing conditions.

Summit intends to use the net proceeds of the Offering to prepay existing fixed rate indebtedness that matures in 2028 and 2029 and carries a weighted average interest rate of approximately 4.0%, and for general trust purposes.

The Debentures are being offered on a best efforts agency basis by a syndicate of agents led by BMO Nesbitt Burns Inc. and National Bank Financial Inc. DBRS Limited has assigned a provisional rating of "BBB (low)" with a "Stable" trend relating to the Debentures. It is a condition to the closing of the Offering that DBRS Limited assign a final rating to the Debentures of "BBB (low)" with a "Stable" trend.

Summit is making the Offering in Canada pursuant to its base shelf prospectus dated June 21, 2021. The terms of the Offering will be described in a prospectus supplement to the base shelf prospectus to be filed with the Canadian securities regulators in each province and territory of Canada and accessible at www.sedar.com.

The Debentures have not been, nor will they be, registered under the United States Securities Act of 1933 (the "1933 Act"), as amended, and may not be offered , sold or delivered, directly or indirectly, in the United States, or to or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Debentures in the United States or to, or for the account or benefit of, U.S. persons, nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Summit
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties 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.

Cautionary Statements
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. Forward- looking information may relate to future results, performance, achievements, events, prospects or opportunities for the REIT or the real estate industry, outlook and anticipated events or results. Some of the specific forward-looking statements contained herein include statements with respect to the following: the intention of the REIT to complete the Offering on the terms and conditions described herein; the size of the Offering; the date on which the closing of the Offering is expected to occur; the expected final credit ratings for the Debentures; the timing for the filing of the prospectus supplement; the use of proceeds of the Offering and Summit's plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance or expectations or the assumptions underlying any of the foregoing.

A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time on www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully as there can be no assurance that actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including general economic conditions. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. By its nature, 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 COVID-19 and government measures to contain it, there is inherently more uncertainty associated with the REIT's assumptions as compared to prior periods.

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

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