1

Investor PresentationQ1 2006

2

Ten Years of Growth

Portfolio(sq. ft. millions)

Revenue($ millions)

FFO per Unit

1.3

Jan 1, 96

32.7

Dec 05

$11

96

$289

05

$1.33

96

$1.91

05

3

10 Years of Growth

96

05

19.2%19.2%

Ten-Year Average Annual Return1996 - 2005

4

Summit generated record results in 2005…

Profile

5

31%84%

A Successful Transition

(% of annualized net operating income)

Dec. 31, 2000

Light Industrial

March 31, 2006

Light Industrial

31%

Real estate assets of approximately $2.0 billion

Approximately 33 million square feet

6

#1 industrial landlord in Canada

Canada’s Largest Industrial Landlord

7

Major Presence in Key Markets

#1

Edmonton

Calgary

HalifaxOttawa

#2

Toronto

Top 5

Montreal

Kitchener/Waterloo

Cambridge

Winnipeg

8

Geographic Diversification

AlbertaOntario Quebec

NovaScotiaSask./Man.

BC

Breakdown of annualized net operating income (March 31, 2006)

1% 25%3%

48% 14% 8%

U.S.

>1%

9

Strong Market Presence Benefits

Synergies and economies of scale

Strong acquisition pipeline

Geographic and tenant diversity for investors

Higher tenant retention and occupancy

10

Consistent High Occupancy

97% =

economic full occupancy

94.1% 94.7% 94.7% 93.2% 95.5% 96.2%

2000 2001 2002 2003 2004 2005

11

No single industrial tenant >2% of base rent

Approximately 3,000 Tenants –A Broad and Diverse Revenue Base

At December 31, 2005

12

Full Service Real Estate Platform

• Generates value for investors

• Solid track record of success• Industry leader with “best-in-class”

service• In-house expertise

13

Summit generated record results in 2005…Financial Review

14

Operating revenues

Net operating income (“NOI”)

Same property NOI

Same property NOI – Cdn. industrial portfolio

Funds from operations

Funds from operations per Unit

2005 Performance Highlights

10.7%

10.9%

1.5%

1.3%

15.1%

3.8%

Year ended, December 31, 2005*

*Compared to the year ended December 31, 2004

15

83%

81%

2004 2005

FFO Payout Ratio

Increased Cash Distributions, Improved Payout Ratio

$1.53

$1.55

$1.57

May, 2005 March, 2006

Cash Distributions

High after tax return: 85% tax deferred

16

2005 Highlights

New space, third-party developers

Internal developments and expansions

million sq. ft.

under constructionor pre-leasing

million sq. ft.

Invested $196M in targetedgrowth regions

1.9

1.8

0.50.5

1.9

1.8

purchased

million sq. ft.

17

2005 Highlights

Issued 4.7 million Units

Issued senior unsecured debentures

raised

raised

Increased focus on light industrial target sector – disposed of 7 non-core properties

92%

$108M

$100M$100M

92%

$108M

GLA

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2005 Highlights

Capacity to acquire new properties

2005 return for Unitholders – highest of allCanadian REITs

Leverage reduced 51%

$500M

45%45%

51%

$500M

19

Progress Continued in Q1, 2006

Operating revenues $73.6M $73.2M

Net operating income $46.8M $46.6M

Same property NOI +2.4%

Same property NOI – Cdn. industrial portfolio +2.2%

Funds from operations $31.3M $30.1M

Occupancy 95.6% 95.2%

Q1 2006 Q1 2005

1.6%

1.5%

20

Debt % of gross book value

Interest rate (%) – weighted average

Term to maturity – weighted average (yrs)

Interest coverage

Solid Financial Position

As of March 31, 2006

3.0x

4.6

6.03%

50%

21

Continuing strength of light industrial sector…

22

1-2 story buildings

Aroundmajor cities

Warehousing, storage,

light assembly, logistics

No heavy industry

1-2 story buildings

Aroundmajor cities

No heavy industry

Warehousing, storage,

light assembly, logistics

23

Factors Driving Strong Industrial Performance

Key factor Performance

Broad customer base Stable cash flow

Type of activities Low maintenance and capex

Domestic business focusPositively affected by high Canadian dollar

Steady economic growth High occupancy

24

Vacancies Down, Rents Increasing

National Industrial Asking Net Rent(1)

$0

$2

$4

$6

95 97 99 01 03 05

Source: Cushman & Wakefield LePage Note 1: All Canadian metro markets

0%

2%

4%

6%

8%

88 95 97 99 01 03 05

National Industrial Vacancy Rate(1)

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We grew during a time of change

26

While the Acquisition Market has Heated Up…

• Property values still have room to grow

• Foreign investors showing greater interest

• Canadian demand for properties remains strong

27

… Our Growth will Continue

A three-point growth plan – not just acquisitions

1. Acquisitions 2. Expansions 3. Developments

+ +

28

Strategy at Work:Impressive Results from Mezzanine Financing Program

$81M• Invested $43M in mezz financings – $7M in interest and fee income– 5 properties acquired – 1.3M sq ft

• Increase in combined value since acquisitions

$81M

23.8%23.8%

$150M• Q1, 2006 properties in development – 8 properties– Will add 2.0M sq ft $150M

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Looking ahead…

30

Continue to Execute Successful Strategies

Profitable Growth

1. Acquisitions 2. Expansions 3. Developments

+ +

31

Solid Organic Growth

Industrial Portfolio

GLA (million sq ft) 3.24 4.49 3.41 2.80 4.33

In Place Rent $5.81 $5.24 $5.82 $5.69 $5.70

% of Industrial 11.1% 15.4% 11.7% 9.6% 14.9%

Total Portfolio

GLA (million sq ft) 3.37 5.04 3.63 3.01 4.49

In Place Rent $6.11 $6.07 $6.31 $6.36 $5.95

% of Total Portfolio 10.7% 16.0% 11.5% 9.7% 14.3%

2006 2007 2008 2009 2010

Lease expiries (March 31, 2006)

Market rents at or above face rents in leases expiring over the next 5 years

• Well staggered lease maturity schedule• Historical tenant retention ratio at lease maturity in excess of

70%

32

Strategy Builds Critical Mass, Drives Cash Flow

1.Increases critical mass

2.Operating synergies

3.Cash flow

4.Expanded features

5.Grow tenantbase

Strategy

1. Acquisitions 2. Expansions 3. Developments

+ +

33

Our Goal is to Double The Business

Market Share(1)

Today

3%

33 million sq. ft.

Long term goal

7-10%

50-70 million sq. ft.

Investing $200M in 2006Note 1: Total leaseable industrial real estate in Canada

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Four Attributes Set Summit Apart

1

Track Record

– 10 years

2

Light Industrial

– most profitable and

stable

3

Diverse Portfolio– geographic, tenants

4

Resources to Grow

– financial, managemen

t

35

Investor PresentationQ1 2006

36

Cautionary Statement

This presentation may contain forward-looking statements with respect to Summit REIT and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. Summit’s actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under “Risk Factors” in Summit REIT’s annual information form and other securities regulatory filings. The cautionary statements qualify all forward-looking statements attributable to Summit REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date to which this presentation refers, and the parties have no obligation to update such statements.

Funds from operations is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have a standardized meaning prescribed by GAAP.  Funds from operations is presented in this presentation because management believes that this non-GAAP measure is a relevant measure of its ability to earn and distribute cash returns to Unitholders.  Funds from operations computed by Summit REIT may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to funds from operations reported by such organizations.  Funds from operations is calculated by reference to net income on a consolidated basis, as determined in accordance with GAAP.

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Appendix

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• Throughout an extended period of significant growth, Summit has adhered to a conservative debt policy

Leverage @ Gross Book Value

Note: Includes Convertible Debentures that have been classified as debt on the balance sheet* Convertible Debentures** Unsecured Debentures

Consistent Moderate Leverage

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005$0

$500

$1,000

$1,500

$2,000

$2,500

Total Leverage Total Assets

5.7%**

5.0%*

10.2%**

4.7%*

54.1% 53.4% 52.1% 51.3% 54.4%50.5%

43.7%Secured

debt

35.6%Secured

debt

39

50.5%

38.0%

Book Market

Note: Market value based on unit price of $24.57 at December 31, 2005

Leverage at Market Value

Summit’s strong ability to create value has resulted in a leverage ratio that, on a Market Value basis, is even more conservative

Leverage – Book vs. Market (Dec. 31, 2005)

45.8%

Excluding $98MM of Convertible

Debentures

34.4%

Excluding $98MM of Convertible

Debentures

40

Favourable Debt Repayment Schedule (December 31, 2005)

• Weighted average term to maturity of 4.6 years • Weighted average interest rate of 6.03%

Mortgages Unsecured Debentures Convertible Debentures Wtd Avg Interest Rate

($mm)

11.6% 11.4%

7.4%7.6%

16.0%

3.6%

11.3%

14.9%

16.2%

9.8%

6.4%4.0%

1.0%

9.7%

10.7%

0.2%$0.0

$60.0

$120.0

$180.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

0.00%

3.00%

6.00%

9.00%

4.1%

16.3%7.8%

7.5%11.6%11.5%

thereafter

15.2%

16.5%

0.0%

9.5%

41

Interest Coverage

Strong Interest Coverage

2.1x2.3x

2.5x2.6x 2.6x

2.9x

2000 2001 2002 2003 2004 2005

42

Coverage Stability (at December 31, 2005)

• At the current 2.90x coverage and the 1.65x maintenance covenant, EBITDA would have to decline by a sizable 42% before the threshold would be reached

• Staggered lease maturity profile, record of strong EBITDA growth, the stability of industrial properties and high tenant demand make any significant drop in EBITDA unlikely

• Further comfort is provided by the fact that at the current WAIR of 6.05% and an average term to maturity of 4.8 years, Summit’s debt is approx. 80 bps over market.

• STA-3 (mid) stability rating by DBRS

43

Adjusted Unitholders’ Equity

$348$453

$691$762

$845$962

2000 2001 2002 2003 2004 2005

Strong Equity Base

• Adjusted book equity of $962 million at December 31, 2005• Market capitalization of $1.65 billion based on Unit price of

$24.57 at December 31, 2005