summit suspends DRIP- my Broker will step in with a Broker DRIP replacement so I can continue to accumulate shares on a monthly basis.
2022-06-24 17:35 ET - News Release
An anonymous trustee reports
SUMMIT INDUSTRIAL INCOME REIT ANNOUNCES SUSPENSION OF DISTRIBUTION REINVESTMENT PLAN
Summit Industrial Income REIT has suspended its distribution reinvestment plan. Commencing with the July monthly distribution, and for all future distributions until further notice, unitholders who elected to participate in the DRIP will receive the full amount of any declared distributions on their units on the applicable distribution payment date in cash. The July distribution is expected to be paid on Aug. 15, 2022, to unitholders of record on July 29, 2022.
If Summit elects to reinstate the DRIP in the future, unitholders that were enrolled in the DRIP at the time of its suspension and remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP.
Summit is well capitalized and has a strong balance sheet with significant financial flexibility and liquidity. Accordingly, the trustees and management of Summit wish to assert greater control over when and on what terms Summit raises capital to finance its business. In the best interests of the REIT and unitholders, the REIT wishes to avoid issuing equity at a discount to net asset value per unit, something that can occur from time to time under the DRIP. The suspension of the DRIP at this time is intended to preserve value and eliminate dilution.