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Recommendation Changes

Summit Industrial Income REIT- Price Target Update

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Summit II is focused primarily on the light industrial segment of the Canadian real estate industry. Light industrial properties are generally one-story properties located in or near major cities. The properties house activities such as warehousing and storage, light assembly and shipping, call centers and technical support, professional services and a number of other similar uses. There are no significant heavy industrial activities conducted in the properties owned by Summit II. As at Mar-31-2017, the property portfolio was comprised of 59 income producing properties totalling 6.3M sq. ft. valued at $586M. This compares to 34 properties totaling 3.7M sq. ft. with a value of $335.8M as of Dec-31-2014.

By province 4.4M sq. ft. are located in Ontario, Quebec – 1.3M sq. ft., Alberta 0.6M sq. ft. and the balance in BC, and New Brunswick. A total of 58% of properties are located in the GTA. There are no significant heavy industrial activities conducted on the properties owned by Summit. Insider ownership is 11.4%.

Factors favouring the light industrial space including low market rent volatility, reduced operating costs and typically generic‐use space that is highly marketable. In addition, the scale and diversity of the tenant base occupying light industrial properties is broad and generally tracks the overall economy. Also capital expenditure and maintenance requirements, leasehold improvement and tenant inducement costs are relatively low compared to other types of real estate.

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