#1GROWTH AND PERFORMANCE First Quarter 2022 Investor Presentation Summit REIT Summit Industrial Income REIT#2FORWARD LOOKING INFORMATION This presentation is for informational purposes only and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. This presentation has been prepared by Summit Industrial Income REIT (the "REIT") solely for use as a presentation. No reliance may be placed for any purpose whatsoever on the information contained in this presentation or the completeness or accuracy of such information. This presentation does not purport to contain all information that you may desire and is subject to updating, revision and amendment. In furnishing this presentation, the REIT does not undertake or agree to any obligation to provide attendees with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation which may become apparent. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. No representation or warranty, express or implied, is given by or on behalf of the REIT, its unitholders, trustees or officers nor any other person as to the accuracy or completeness of the information or opinions contained in the presentation. This presentation and its contents are confidential and are being supplied for informational purposes and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. BY ATTENDING THIS PRESENTATION IN ANY WAY OR RECEIVING A COPY OF THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOREGOING PROVISIONS. NON-GAAP Measures Readers are cautioned that certain terms used in this presentation such as Funds from Operations ("FFO"), Net Operating Income ("NOI"), same property NOI ("SPNOI"), leverage ratio, debt service coverage ratio, debt to adjusted EBITDA, available liquidity and any related per Unit amounts used by Management to measure, compare and explain the operating results and financial performance of the REIT do not have any standardized meaning prescribed under the International Financial Reporting Standards ("IFRS"), which are the REIT's generally accepted accounting principles ("GAAP"), and therefore, should not be construed as alternatives to net income or cash flow from operating activities calculated in accordance with IFRS. Such terms do not have a standardized meaning prescribed by IFRS and the computation of these non-GAAP measures may not be comparable to similarly titled measures presented by other publicly traded entities. Refer to Appendix A Non-GAAP Measures in the REIT's MD&A for the three months ended March 31, 2022 for information and reconciliations. Please consider the environment before printing this document 2 Q1 2022 INVESTOR PRESENTATION Caution Regarding Forward-Looking Information This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements reflect management's expectations regarding the REIT's future growth, results of operations, performance and business prospects and opportunities, and include, but are not limited to, statements with respect to management's beliefs, plans, estimates and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical factors. Because such forward- looking statements reflect management's current beliefs, they are based on information currently available to management. The use of any of the words "can", "expect", "does not expect", "budget", "schedule", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "might", "will", "project", "should", "believe", "plan", "intend" and similar expressions are intended to identify forward-looking information or statements. Although management 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 there can be 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. These risks and uncertainties, include, but are not limited to, risks associated with property ownership, debt financing, interest and financing costs, capital requirements, general uninsured losses, development of real property, future property acquisitions, environmental matters, land leases, potential conflicts of interest, governmental regulations, the relative illiquidity of real property and taxation, reliance on key personnel, the COVID-19 pandemic, as well as general business, economic and competitive uncertainties. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include that the general economy remains stable; interest rates remain relatively stable; capitalization rates remain stable; competition for acquisition of high-quality industrial properties remains strong; and capital markets continue to provide access to capital. Given the impact of the COVID-19 pandemic, and government measures to contain it, there is inherently more uncertainty associated with our assumptions. 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. The REIT 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. Summit IREIT#3PROFILE Vale Summit REIT Summit Industrial Income REIT#4DECADES OF EXPERIENCE (Summit I: 1996 to 2006 - TSX-listed REIT that was privatized) Proven track record of growth: • Accretively acquired over 33 million square feet of industrial assets Assembled Canada's largest industrial portfolio Best-in-class asset managers: • Built a national operating platform • Steady, stable occupancies and tenant retention Industry leaders: . • • • • Innovative leasing, cost savings and operating programs Proven track record in raising growth capital Value-add expertise: Assembled 900-acre land portfolio Developed/re-developed over 4 million square feet National relationships: Well-connected, respected management team Successfully created partnerships to enhance value 4 | Q1 2022 INVESTOR PRESENTATION Proven Value Creation Summit IREIT#5BUILDING ON OUR EXPERIENCE Summit I SMU.UN 73,000 36% 65% Average Tenant Size (sq. ft.) 13,000 Single Tenant Properties (sq. ft. of GLA) Targeted Regional Markets 7 Occupancy Range 3 90%-95% 98% - 100% Weighted Average Lease Term 3.5 years 4.2 years 5 Q1 2022 INVESTOR PRESENTATION Summit IREIT#6PURE-PLAY CANADIAN FOCUS ON KEY MARKETS Ontario Total Properties: 80 Total GLA: ~10.7 mm sq. ft. Single/Multi-Tenant: 70% / 30% Quebec Total Properties: 30 Total GLA: ~4.8 mm sq. ft. Single/Multi-Tenant: 77% / 23% ~$3.5 Bn Equity Market Capitalization ~$5.2 Bn Enterprise Value Alberta Total Properties: 48 Total GLA: ~6.0 mm sq. ft. Single/Multi-Tenant: 49% / 51% 6 | Q1 2022 INVESTOR PRESENTATION 159 Number of Properties 21.5 Mn Total Gross Leasable Area BBB (low) "positive" DBRS Rating $0.581 Annual Cash Dist./Unit(¹) New Brunswick Total Properties: 1 Total GLA: 42,369 sq. ft. Single Tenant: 100% (1) Effective for the May 2022 distribution. Summit IREIT#7COMMITMENT TO ESG Honouree in the Report on ROB Women Lead Here list ✓ Issued Green Financing Framework in April 2021 ✓ $250 million Green Bond IPO ✓ $75 million Green unsecured development line ✓ 7 LEED-certified properties (1.2 million sq. ft.) Board Diversity Policy target achieved 2021 REPORT ON BUSINESS WOMEN LEAD HERE Summit REIT Summit Industrial Income REIT Green Financing Framework April 2021 7 | Q1 2022 INVESTOR PRESENTATION Please consider the environme before printing this document Summit IREIT#8TRACK RECORD OF GROWTH Summit IREIT Summit Industrial Income REIT Ted ALO 3#9STRONG REVENUE GROWTH $250,000 $200,000 $150,000 Revenue from Income Properties (Years ended December 31, $000) $100,000 $50,000 $0 2012 2103 2014 2015 2016 2017 2018 2019 2020 2021 9 Q1 2022 INVESTOR PRESENTATION Summit IREIT#10RESULTING IN FFO GROWTH $100,000 $80,000 $60,000 Funds From Operations (FFO)(¹) (Years ended December 31, $000) $40,000 $20,000 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for the year ended December 31, 2021 for further information, including definitions and reconciliations. 10 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#11CASH DISTRIBUTION INCREASE 3.0% Increase May 2022 $ 0.581 per Unit Annualized Confidence in Continued Operating Fundamentals 11 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#12FIRST QUARTER 2022 SNAPSHOT Summit IREIT Summit Industrial Income REIT Ted ALO 3#13YEAR-TO-DATE HIGHLIGHTS INVESTMENT ACTIVITY Successfully deployed over $200 million of capital for income-producing properties and land acquisitions YTD (¹) CAPITAL INITIATIVES ~$645 million of debt and equity capital raised YTD (1) DEVELOPMENT PROGRAM ~442k sq. ft. from development program to income producing properties LEASING SUCCESSES >1 million sq. ft. of lease renewals and new leasing generating over 50% increase in rental rates (2) (1) Includes transactions for the year-to-date May 10, 2022. (2) Excluding contractual renewals. 13 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#14GROWTH CONTINUES IN Q1 2022 Three Months Ended March 31 2022 2021 (000's except per Unit amounts) Revenue from investment properties $59,115 $52,710 Net rental income $43,137 $38,774 Change in SPNOI (¹) +1.8% +2.6% FFO (¹) FFO per Unit (¹) (1) FFO payout ratio (excluding DRIP benefit) Weighted average Units outstanding $32,491 $28,182 $0.183 $0.168 77.1% 80.4% 177,757 167,823 (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for the three months ended March 31, 2022 for further information, including definitions and reconciliations. 14 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#15PROVEN CAPITAL ALLOCATOR SummitIREIT Summit Industrial Income REIT V-9 V-9#16OPTIMIZING CAPITAL STRUCTURE Increased unsecured credit facilities by $100 million each • $200 million unsecured development credit facility ($150M Green tranche) $400 million unsecured revolving credit facility Extended maturity of both facilities by one year New $169.7 million 10-year secured term mortgage financing Completed $230 million bought deal equity offering Full over-allotment option exercised ✓ $45 million raised through ATM program YTD 16 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#17LONG-TERM TRACK RECORD OF GROWTH GROWTH IN INCOME PRODUCING PROPERTIES (GLA) (Millions) $221 30,000 $5,000 $213 $4,500 $4.8 25,000 billion $4,000 $155 20,000 $140 $3,500 $3,000 $127 15,000 $2,500 $109 $2,000 10,000 $95 $1,500 $91 $92 $90 $1,000 5,000 $500 0 $- 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 2022 Sq. Ft. of GLA Fair Value Proven Capital Allocator in Various Market Environments 17 | Q1 2022 CONFERENCE CALL PRESENTATION 74 Summit IREIT#18CONSISTENT STABLE OCCUPANCY REIT OCCUPANCY AT MARCH 31, 2022 Total Portfolio Q1 2022 Q4 2021 Q3 2021 Q2 2021 98.2% 99.2% 99.2% 98.8% Q1 2021 98.2% 88% 89% 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100% REIT Portfolio Consistently at or Near 100% Occupancy 18 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#19BALANCE SHEET STRENGTH AND LIQUIDITY Summit IREIT Summit Industrial Income REIT Vale#20CONSERVATIVE BALANCE SHEET Total assets (1) Leverage Q1 2022 Q1 2021 $5.2 billion $3.3 billion 28.1% 35.5% Weighted average interest rate 2.47% 2.99% Weighted average term to maturity 4.2 years 5.1 years (1) Debt service coverage ratio 3.3x 2.5x (1) Debt-to-adjusted EBITDA 9.0x 8.0x (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for the three months ended March 31, 2022 for further information, including definitions and reconciliations. 20 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#21THE STRONG DEBT PROFILE As at March 31 2022 2021 Unencumbered assets (% of total assets) 65% 47% Unsecured debt (% of total debt) 77% 40% Remaining Debt Maturities 2022 $70M 4.8% of total Debt Maturities 2023 $53M 3.6% 21 | Q1 2022 INVESTOR PRESENTATION of total Summit IREIT#22MEANINGFUL FINANCIAL LIQUIDITY AVAILABLE LIQUIDITY(¹) AT MARCH 31, 2022 $1.2 BILLION POTENTIAL NEW DEBT2) $898M 72% CASH $189M 15% AVAILABILITY UNDER CREDIT FACILITIES $159M 13% (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for the three months ended March 31, 2022 for further information, including definitions and reconciliations. (2) Assumes 55% LTV on unencumbered assets not required for unsecured debt compliance. 22 Q1 2022 INVESTOR PRESENTATION Summit IREIT#23MARKET FUNDAMENTALS DRIVING PERFORMANCE Summit IREIT Summit Industrial Income REIT Vale#24CONTINUED FAVOURABLE MARKET DYNAMICS SMU focus on high growth Canadian markets • Key urban centres Population growth Strong labour pools Access to major highway and transportation links • Supply/demand imbalance L 24 | Q1 2022 INVESTOR PRESENTATION • • • Available space remains scarce Lack of available land for development New development not keeping up with demand Onshoring/reshoring of inventories Tenant business growth Market tightness fuelling financial metrics • . Appreciation in property values Record rental rate increases Landlord-friendly market Summit IREIT#25SUMMIT ONTARIO (55% of REIT portfolio by value) ELLOW Atwood verton Kitchener Grand Valley Cambridge Onsweven Caledonia Burlington Hamilton Barne Mississauga Vaughan Toronto Port H At March 31, 2022 Number of properties Total square feet ('000s) Occupancy Change in SPNOI (¹) In-Place Rent (per sq. ft.) Average Market Net Rent (2) ONTARIO GTA 80 68 10,709 9,306 98.3% 98.1% +4.8% +5.2% $7.36 $7.64 $12.89 $13.59 (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for the three months ended March 31, 2022 for further information, including definitions and reconciliations. (2) Source: CBRE Q1 2022 Quarterly Statistics. 25 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#262.0 KWCG (ONTARIO) REGION A HIGH GROWTH MARKET – AVAILABILITY Waterloo Region - Net Absorption and New Supply (MSF) Availability Rate (%) -0.5 -1.0 H 1] ས་ 0.5 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Source: CBRE Q1 2022 Research. Net Absorption 26 | Q1 2022 INVESTOR PRESENTATION Q3 2019 Q4 2019 New Supply Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Availability Rate Summit IREIT 6.0 4.5 3.0 1.5 0.0 -1.5 -3.0#27KWCG (ONTARIO) REGION A HIGH GROWTH MARKET - RENTAL RATES Asking Net Rental Rate Growth by Market (Year-over-Year Growth) 60.0% 53.4% Source: CBRE Q1 2022 Research. 50.0% 49.6% 40.0% 40.0% 30.0% 20.0% 10.0% 0.0% London Waterloo Region 27 | Q1 2022 INVESTOR PRESENTATION Montreal 30.0% 24.3% Toronto Vancouver Winnipeg 12.7% National, 17.4% 9.3% 9.2% 3.4% 0.7% Calgary Ottawa Halifax Edmonton Summit IREIT#28SUMMIT QUEBEC (22% of REIT portfolio by value) Prévost 158 Saint-Lin Laurentides 333 Sainte-Sophie Domaine Léveillé Saint-Jérôme Mascouche Sainte Anne des Plaines) aint-Colomban 158 A. 50 15 Mirabel Oka Hudson Blainville Sa Thérèse Boisbriand 148 A: 640 Saint-Eustache Sainte-Marthe-sur-le-Lac Bizard Island Vaudreuil-Dorion: 20 Pincourt A. 30 338 20 338 Les Cedres du Lac A15 A 640 344 Terrebonne Saint-ours Saint Guillaume Saint-Marcel-de-Richelieu Saint-Bernard-de-Michaudville 224 343 40 341 L'Assomption Contrecoeur A 30 133 Saint-Sulpice 132 Saint-Denis Verchères Repentigny Charlemagne A.30 133 Varennes Saint-Marc-sur-R Saint-Amable Quebec 229 Montréal-Est 132 Laval Boucherville 132 Longueuil sland of Montreal Montreal Westmount 116 Claire Kirkland Dorval Beaconsfield Kahnawake 132 Chateauguay Beauharnois Mercier A 30 138 A 30 St-Bruno-de-Montarville 133 AINT-ELIE-D'ORFORD 220 Beloeil ROCK FOREST Sa -SAINT-ÉLIE -DEAUVILLE 410 JACQUES-CARTIER 112 Université de Sherbrooke Drummondville Saint Germain de Grantham $5 A.610 216 143 efebvre Sherbrooke MONT-BELLEVUE Christine 143 hanie Durham-Su Brossard La Prairie 10 Sainte-Catherine Saint Constant A. 30 Saint-Philippe 133 Carignan Chambly ROCK At March 31, 2022 Montreal FOREST SAINT-EL-CEAUVILLE Mar 10 Saint-Césaire Sainte-Angèle-de-Monnoir, Quebec A.35 10 Number of properties 30 Ange-Gardien Saint-Luc 217 A15 Mont-Saint-Grégoire 235 Saint-Jean-sur-Richelieu Sainte Brigide d'Iberville 227 Saint-Alphonse de 139 Farnham Total square feet ('000s) 4,809 209 Saint-Jacques-le-Mineur Occupancy 100.0% Change in SPNOI (1) +0.1% In-Place Rent (per sq. ft.) Average Market Net Rent" (2) $7.76 $11.34 (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for the three months ended March 31, 2022 for further information, including definitions and reconciliations. (2) Source: CBRE Q1 2022 Quarterly Statistics. 28 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#29SUMMIT ALBERTA (23% of REIT portfolio by value) At March 31, 2022 Number of properties Total square feet ('000s) Occupancy CALGARY EDMONTON 25 23 3,689 2,265 97.4% 95.1% Change in SPNOI (¹) -4.6% +0.9% In-Place Rent (per sq. ft.)' (2) $7.92 $11.04 (3) Average Market Net Rent $8.90 $10.40 (1) Non-GAAP measure. Refer to Appendix A | Non-GAAP Measures in the REIT's MD&A for three months ended March 31, 2022 for further information, including definitions and reconciliations. (2) Includes over 600K sq. ft. of properties with very low site coverage in Alberta. (3) Source: CBRE Q1 2022 Quarterly Statistics. 29 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#30DISCIPLINED GROWTH STRATEGY Summit IREIT Summit Industrial Income REIT 00.0. 000000 SKY ACK SJ45T TEREX#31THE THREE-PART GROWTH STRATEGY 1. ACQUISITIONS 2. DEVELOPMENT & EXPANSION 3. ORGANIC GROWTH 31 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#3211. ACCRETIVE ACQUISITIONS 2022 YTD Activity: ✓ $56.7 million income-producing property acquisition in Montreal • 226,646 sq. ft. 4.5% going-in cap rate 150,000 sq. ft. expansion expected to be acquired in 2022 $54.9 million deployed for remaining interest in Guelph JV development • 2 properties (441,921 sq. ft.) 4.7% consolidated cap rate Disciplined underwriting criteria 32 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#3312. 2. DEVELOPMENT & EXPANSION CURRENT DEVELOPMENT PROJECTS PLANNING AND PERMITTING 77% 2,320,673 SF UNDER CONSTRUCTION 23% Over 2.3 million sq. ft. in pipeline 94% in GTA 37% on balance sheet ~333,000 sq. ft. anticipated to become income producing in 2022 5 potential near-term expansion projects ✓ Net zero carbon expansion project Acquired 72 acres of development land during Q1 with potential to develop 1.3 million sq. ft. of GLA 33 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#343. ORGANIC GROWTH WITHIN PORTFOLIO TH3. 明鏡 4 G EFFE H 18888 6 www 19 13 (1) Excluding contractual renewals 12 YTD 2022: ✓ 1.1 million sq.ft. of renewals and new leases YTD Significant rental rate increases achieved in Eastern Canada: 52% YTD increase on renewals & new leases across entire REIT(¹) (1) 66% increase in Ontario" . 74% in Quebec (1) ✓ 2.0% annual rental steps overall 34 | Q1 2022 INVESTOR PRESENTATION • Majority of REIT markets much higher Summit IREIT#353. ORGANIC GROWTH WITHIN PORTFOLIO TH3. At March 31, 2022 (000's sq. ft.) 2022 2023 2024 2025 2026 Ontario Lease maturities (sq. ft.) Average in-place rent 279 1,603 1,439 1,624 481 $6.51 $7.40 $6.57 $7.23 $6.99 Quebec Lease maturities (sq. ft.) 168 478 584 351 318 Average in-place rent $8.65 $6.11 $6.56 $6.91 $6.49 Alberta Lease maturities (sq. ft.) 300 734 420 1,050 289 Average in-place rent $7.86 $8.36 $8.87 $7.78 $11.40 % Total GLA 3.5% 13.3% 11.6% 14.3% 5.2% Significant Mark-to-Market Upside Summit IREIT 35 | Q1 2022 INVESTOR PRESENTATION#36DRIVING LONG TERM VALUE Summit IREIT Summit Industrial Income REIT Vale#37LONG-TERM VALUE DRIVERS Maximizing Value in Existing Portfolio: ✓ Active leasing to maximize rental rates ✓ Continue to maximize annual escalators and other lease terms ✓ Selectiveness in tenant underwriting ✓ Leverage expansion opportunities within existing portfolio Ongoing Commitment to ESG: Maximize environmental initiatives on new developments ✓ Continue to grow and formalize ESG platform across REIT Strategic and Selective Growth: ✓ Optimal liquidity position with growth capital in place ✓ Disciplined and patient approach to new acquisitions ✓ Focus on development opportunities 37 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#38Summit REIT Summit Industrial Income REIT WWW.SUMMITIIREIT.COM TSX:SMU.UN (constituent of S&P/TSX Capped REIT Index) CONTACT: Dayna Gibbs, COO [email protected] 110 Cochrane Drive, Suite 120 Markham, Ontario, Canada L3R 9S1 www.summitiireit.com www.linkedin.com/company/summit-industrial-income-reit Linked in 2021 REPORT ON BUSINESS WOMEN LEAD HERE •CANADA A GREEN CONSEIL L DU MEMBER BATIMENT DING CO DURAR DE#39APPENDICES – - REIT OVERVIEW Summit IREIT Summit Industrial Income REIT#40A WELL DIVERSIFIED PORTFOLIO Geographic by Province (sq.ft. of GLA) Alberta, 27.7% Quebec, 22.4% Ontario, 49.7% Other Canada, 0.2% Single vs. Multi-Tenant (sq.ft. of GLA) Multi, 35% Single, 65% 72% of GLA in Strong Eastern Markets 40 | Q1 2022 INVESTOR PRESENTATION ✓ 159 light industrial properties ✓ 21.5 million sq. ft. of GLA ✓ 98.2% occupied ✓ 5 property management offices Summit IREIT#41Class B 39.8% HIGH QUALITY PROPERTIES Classification by Area (GLA) Class C 0.2% 41 | Q1 2022 INVESTOR PRESENTATION Class A 60.0% Class B 35.7% Classification by Base Rent ($) Class C 0.1% Class A 64.1% Summit IREIT#42STRONG AND STABLE TENANT BASE GLA % GLA- Tenant Type % Base Rent (000s sf) Occupied International 10,432 49.4% 51.2% National Regional Local Government 6,717 31.8% 30.4% 2,071 9.8% 9.2% 1,522 7.2% 7.5% 382 1.8% 1.7% Total 21,122 100% 100% 84% of Rent from International/National Tenants 42 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#43MEETING E-COMMERCE NEEDS ONTARIO QUEBEC ALBERTA Building type ('000s sf) GLA Avg. rent (psf) GLA Avg. rent ('000s sf) (psf) GLA Avg. rent ('000s sf) (psf) OTHER CANADA GLA Avg. rent TOTAL GLA Avg. rent ('000s sf) (psf) ('000s sf) (psf) Warehouse 4,489 $ 6.85 Distribution 4,218 6.98 2,456 $ 8.29 1,736 1,737 $11.28 $ - 8,682 $ 8.14 6.48 3,539 6.93 42 9.50 9,535 6.88 Light Manufacturing 763 5.87 365 9.27 131 10.40 1,259 7.33 Cold Storage 506 10.88 506 10.88 Cross-Dock 130 17.29 267 22.62 397 20.87 Flex & Office 419 12.55 252 9.35 72 12.01 743 11.42 Total 10,525 $ 7.38 4,809 $ 7.77 5,746 $ 9.12 42 $ 9.50 21,122 $ 7.95 43 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#44TOP TEN TENANTS Tenant Name Atallah Group Quebec Province(s) No. of Locations % of Total Base Rent 1 3.6% Amazon Canada Alberta 1 2.4% Kuehne + Nagel Quebec, Alberta 2 2.2% Maple Leaf Foods Ontario 1 2.1% Pival International Ontario 2 2.1% Her Majesty The Queen Ontario, Quebec, Alberta 5 2.0% Impact Auto Auctions Alberta 1 1.8% Avon Canada Quebec 1 1.7% FedEx Ontario, Alberta 3 1.7% Elopak Canada Quebec 1 1.7% Total 21.3% 44 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#45SENIOR MANAGEMENT TEAM Paul Dykeman | CEO Over 31 years of experience in the commercial real estate industry Appointed CFO of Summit REIT in 1998 Member of the Real Property Association of Canada and holds a Chartered Professional Accountant designation Ross Drake | CFO Over 30 years of experience in the commercial real estate industry Previously Senior Vice President of Research and Analysis at ING Real Estate Canada Holds a Chartered Professional Accountant designation and an MBA from Dalhousie University Dayna Gibbs | COO Over 20 years of real estate, capital markets and governance expertise Previously an Independent Trustee, Member of the ESG Committee and Chair of the Compensation Committee of the REIT Hons. BA in Economics from the University of Western Ontario and completed Artificial Intelligence, Implications for Business Strategy from the MIT Sloan School of Management Jonathan Robbins | Senior VP, Investments Over 30 years of experience in the commercial real estate industry Previously the Vice President of Investments at Summit REIT Past member of the Appraisal Institute of Canada Kimberley Hill | Senior VP, Asset Management Over 30 years of experience in the commercial real estate industry Previously the Senior Vice President of Asset Management at ING Real Estate Canada 45 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#46APPENDICES – DEVELOPMENT PROGRAM Summit IREIT Summit Industrial Income REIT#47COMPLETED DEVELOPMENT 45 and 55 Quarterman Road, Guelph, ON 45 47 | Q1 2022 INVESTOR PRESENTATION 55 55 • Square Feet 。 387,610 (total) Completed in partnership with third- party developer Summit acquired 100% interest in November 2020 and moved to income-producing properties Capitalization rate of 5.6% Summit IREIT#48COMPLETED DEVELOPMENT 65 and 75 Quarterman Rd (Site J1, J2), Guelph, ON 48 | Q1 2022 INVESTOR PRESENTATION Square Feet o 441,921 (total) Completed in partnership with third- party developer Summit acquired 100% interest in January 2022 and moved to income- producing properties • Capitalization rate of 4.7% Summit IREIT#49NEW DEVELOPMENT 2445 Surveyor Road, Mississauga, ON • • Square Feet 。 92,548 Project Status ○ Expected completion in 2022 Expected Project Costs o $18.9 million Built on excess REIT-owned land 100% pre-leased 92,548 SQ. FT. · 5225 13762 1-187 49 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#50NEW DEVELOPMENT 4225 North Service Road, Burlington, ON 72.81 238-8 BUILDING "B" 12.18 LANDSCAPE STRIP 13.41 18.29 එය.00 50 | Q1 2022 INVESTOR PRESENTATION 18.29 13.23 111.80 305 BUILDING "A" Square Feet ○ 148,285 DRIVEWAY . Project Status o Expected completion in 2022 Expected Project Costs o $29.9 million Built on excess REIT-owned land 100% pre-leased Summit IREIT#51NEW DEVELOPMENT 54 Phelan Court (Site C), Guelph ON 285 LE BARK ZON 51 Q1 2022 INVESTOR PRESENTATION Dall SITE PLAN • Square Feet 。 91,782 54 Project Status o Expected completion in 2022 Expected Project Costs o $17.5 million (100% of costs) In partnership with third-party developer 100% pre-leased Summit IREIT#52NEW DEVELOPMENT 30 Hanlon Creek Blvd (Site P), Guelph ON AGACENT BATZONED LAND LACER PREVENTION CAMPIDEDING ENDLA MAT OWNER 山岭 BUILDING P 19218.32 M (206,842 BF CUR HOT 52 | Q1 2022 INVESTOR PRESENTATION UNDEVELOPED LAND NATO Square Feet ○ 206,000 OVERALL SITE PLAN BUILDING P Project Status o Construction commenced in Q1 2022 Expected Project Costs o $38.0 million (100% of costs) In partnership with third-party developer Summit IREIT#53ARDA CIVIL OGS NEW DEVELOPMENT 4216 South Service Road, Burlington, ON ASPHALT PAY DESIGNATED FIRE ROUTE E T CONC DOLLY PAD LANDSCAPED AREA CONC DOLLY PA SOUTH SERVICE ROAD 10621 A STOREY INDUSTRIAL BUILDING 12.864.68 m (138,474 s FFE 116.95 GARBAGE STORED INTERNALLY AND COLLECTED PRIVATELY SHADE DENOTES EXTENT OF NO ASPHALT PAYING ENTRELINE OF TRUCKING COURT TED FIRE LANDSCAPED AREA DONG DOLLA CONC DOLLY PA COME DOLLY PAD CONC DOLLY PAD B 1 STOREY INDUSTRIAL BUILDING .787.71 m³ 105,354 st FFE 116.45 BAGE STORED INTERNALLY AND CONC WALKWAY DESIGNATED FIRE ROUTE ZA CONSCRVATION HALTON SETBACK FROM T LANDSCAPED ANGA 7 CONSERVATION ALTON SESACK FROM TO S E 53 | Q1 2022 INVESTOR PRESENTATION SATISFACTION OF WO RENITATE WHO ASPILTRA DESIGNATED FIRE ROUTE JTOEWALL, SEE lov, DWG • Square Feet ○ 243,828 • Project Status o Planning and permitting stage o Expected construction start in 2022 Expected Project Costs o $73.8 million LEED Certified Summit IREIT#54NEW DEVELOPMENT 7101 Notre Dame St. East, Montreal, QC 11.4 m wwwwwww 214,5 m 703-10 104,2 m 342 PROPOSED BUILDING 12,078 m² 130,000 sqft 107,3 m 351-11 54 | Q1 2022 INVESTOR PRESENTATION 16.0m 152-61 Square Feet ○ 143,150 Project Status o Planning and permitting stage o Expected construction start in 2022 Expected Project Costs o $23.0 million Built on excess REIT-owned land Summit IREIT#55NEW DEVELOPMENT 3399 Appleby Line, Burlington, ON SEXISTING BLDG 14m MTO SETBACK 15m BLOG ALS SETBACK +120 CARS 210' 135 DOCKS 676 INDUSTRIAL BLDG FOOTPRINT: ±17419 m² 1187494 SF OFFICE 235 338 Square Feet ○ 180,000 310 OFFICE 3m 4.5m PLDO SETBACK APPLEBY LINE Project Status ○ Planning and permitting stage Expected Project Costs o $62.6 million Land acquired by the REIT in January 2022 190 CARS 55 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#5612m 189-41 35 CARS www 12m 139-41 12.19m 40 30.48m Look] 80.15m [262-11 NEW DEVELOPMENT 355 Shirley Street, Kitchener, ON TRAILER PARKING STALLS 295.34m [968-11] INDUSTRIAL BLDG FOOTPRINT 33.768.34 m 363,479 43 SF 40 CLEAR HEIGHT 274m [898-11"] 30 CARS 6M LANDSCAPE BUFFER SHIRLEY AVENUE 40 CARS BM LANDSCAPE BUFFER 7.62m [25] 125.87m 412-11 35 CARS 34.43m 112-117 LANDSCAPE BUFFER 9.14m [30] CUSE OF URIFE . Square Feet 。 363,479 Expected Project Costs o $79.9 million (100% of costs) 50% interest acquired by the REIT in February 2022 In partnership with third-party developer 56 | Q1 2022 INVESTOR PRESENTATION Summit IREIT#57NEW DEVELOPMENT 7475 McLean Road, Guelph, ON TERE CHO 1011 INDUSTRIAL BLDG 1 FOOTPRINT: =38,510 m² 2414 $20 8F BOT DROCKS DOCKS INDUSTRIAL BLDG 2 FOOTPRINT #38,910 m² 414 $20 SF 1011 CARS CASING 57 | Q1 2022 INVESTOR PRESENTATION UNDERGROUND OUTLINE OF HCLEARC DERGROUND Square Feet 。 790,000 Expected Project Costs o $226.6 million (100% of costs) 50% interest acquired by the REIT in March 2022 In partnership with third-party developer Summit IREIT#58BUILDING EXPANSION 5900 14th Avenue, Markham, ON 12 Canfield Drive D ONE STOREY WAREHOUSE/PLANT F.F.E. 184.00 G.FA- 17,146.20m ONE STOREY OFFICE 14th Avenue • • D • D 58 Q1 2022 INVESTOR PRESENTATION Square Feet ○ 61,600 Project Status o Planning and permitting stage o Expected construction start in 2022 Expected Project Costs o $10.2 million Expansion of an existing building 100% pre-leased Summit IREIT