DBRS Morningstar Assigns Rating of BBB, Positive, to Allied Properties Real Estate Investment Trust’s $300 Million 3.131% Series G Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Positive trend to Allied Properties Real Estate Investment Trust’s (Allied or the Trust) $300 million 3.131% Series G Senior Unsecured Debentures due May 15, 2028 (the Series G Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series G Debentures are direct senior unsecured obligations of the Trust and rank equally and rateably with all other senior unsecured debt securities of Allied and with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law. DBRS Morningstar understands that the net proceeds from the offering will be used to repay amounts drawn on Allied’s unsecured line of credit and for general trust purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Entities in the Real Estate Industry (April 23, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577