DBRS shifts Summit Industrial trend to positive

DBRS said it changed the trends on Summit Industrial Income Real Estate Investment Trust's issuer and senior unsecured debentures ratings to positive from stable and confirmed the ratings at BBB (low).

The new trends reflect the speed with which Summit transitioned to a mostly unsecured debt capital structure. Summit's cut its secured debt-to-total debt ratio to the 30% range by selling senior unsecured debentures and using the proceeds to repay mortgages, the agency noted.

“The positive trends also consider DBRS Morningstar's expectations for significant growth in EBITDA to approximately C$148 million by year-end (YE) 2022, largely as a result of recent property acquisitions and same-property net operating income growth,” the agency said in a press release.

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