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Property acquisitions boost Summit Industrial REIT's first-quarter revenue

HALIFAX – Summit Industrial Income REIT (TSXV:SMU.UN) said Wednesday it earned $1.2 million in the first quarter on substantially higher operating revenue and made several major additions to its property portfolio.

The real estate trust said the profit amounted to 11.1 cents per unit for the quarter, compared with $77,000 or 11.8 cents per unit a year earlier when there were fewer units outstanding.

Funds from operations, a key financial measure in the real estate industry, was equivalent to net income during the quarter.

Summit said its operating revenue was $2.7 million for the quarter ended March 31, up from $300,000 a year earlier and up from $1.7 million in the three months ended Dec. 31.

The trust completed an equity offering in February and the acquisition of 15 light industry properties in three provinces during February and March. After the quarter, it sold two properties.

With the transactions, Summit has 25 properties with a total of 2.7 million square feet of leasable space.

It made its first monthly cash distribution to unitholders on April 15, paying out 4.08 cents per unit.