TORONTO, Aug. 11, 2022 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) is pleased to announce the appointment of Mr. Scott Frederiksen and Mr. Glenn Hynes to its Board of Trustees effective August 15, 2022.

Mr. Frederiksen is the former Chief Executive Officer and Trustee of WPT REIT, a publicly traded cross-border industrial REIT privatized in October 2021. Mr. Frederiksen had a thirty-year career in various roles of increasing responsibility with WPT REIT's manager, Welsh Property Trust. Starting as an industrial broker in 1987, he was named Senior Vice President in 1996 and became a Principal in 2006. As CEO of WPT REIT, Mr. Frederiksen was responsible for strategic oversight of the asset-based growth of the REIT, leading a team of dedicated professionals in the areas of financial analysis, acquisitions, due diligence, legal, investor relations, financing, asset management and dispositions. He holds a Bachelor of Science degree from St. Cloud State University, where he graduated summa cum laude. He is a Certified Commercial Investment Member, a member of the National Association of Real Estate Investment Trusts and the Society of Industrial and Office Realtors and holds a Real Estate Broker's License in the State of Minnesota.

Mr. Hynes is currently Executive Vice President (EVP) and Chief Operating Officer (COO) of Crombie REIT, a publicly traded REIT focused on grocery-anchored retail, retail-related industrial, and mixed-used residential properties in Canada. He leads the REITs construction, development, leasing, and operations functions and prior to becoming COO in 2018 served as EVP and Chief Financial Officer (CFO) for eight years. From 1996 to 2006, Mr. Hynes held senior executive positions with Sobeys Inc., the second largest grocery chain in Canada, including EVP and CFO and EVP and Chief Development Officer. Mr. Hynes is a graduate of the Advanced Management Program at Harvard Business School, a Bachelor of Business Administration graduate of UPEI, and has a Chartered Accountants designation. He is past Chair of the Atlantic Provinces Economic Council and past Executive Committee member and Finance and Audit Committee Chair of UPEI. He completed the Directors Education Program at the Institute of Corporate Directors. He received his Fellow Chartered Accountant (FCA) designation in 2011.

"We are excited to have both Scott and Glenn join Summit's Board of Trustees at this time," commented Lou Maroun, Chair of the Board. "Their addition will bring a depth of experience across various aspects of the REIT's businesses, including a perspective from outside of Canada as well as ESG and development expertise. We look forward to their contributions in the years ahead."

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.

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, 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

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