DBRS Morningstar Assigns Issuer Ratings to Real Estate Entities

DBRS Limited (DBRS Morningstar) assigned Issuer Ratings to the following real estate entities and a recovery rating to Cominar Real Estate Investment Trust’s Senior Unsecured Debentures (rated BB (high) with Stable trend by DBRS Morningstar) following the implementation of its updated “Rating Entities in the Real Estate Industry” methodology published on June 4, 2020, and the application of “DBRS Morningstar Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers” (August 22, 2019).

DBRS Morningstar does not necessarily assign Issuer Ratings to entities that are guaranteed for which the rating on the guarantor flows through to the real estate entity.

The following Issuer Ratings are equal to the same issuer’s senior unsecured debt rating, as at June 11, 2020.

Issuer Ratings have been assigned to the following entities:
-- AIMCo Realty Investors LP
-- Allied Properties Real Estate Investment Trust
-- Americold Realty Operating Partnership, L.P.
-- Artis Real Estate Investment Trust
-- bcIMC Realty Corporation
-- BCI QuadReal Realty*
-- Brookfield Property Partners L.P.
-- Chartwell Retirement Residences
-- Choice Properties Limited Partnership
-- Cominar Real Estate Investment Trust
-- Crombie Real Estate Investment Trust
-- First Capital Real Estate Investment Trust
-- Granite REIT Holdings Limited Partnership
-- H&R Real Estate Investment Trust
-- Ivanhoé Cambridge II Inc.
-- Morguard Corporation
-- OMERS Realty Corporation (ORC)
-- Ontario Teachers’ Cadillac Fairview Properties Trust
-- RioCan Real Estate Investment Trust
-- SmartCentres Real Estate Investment Trust

*BCI QuadReal Realty’s Senior Notes are secured by intercompany loans made on a back-to-back basis with bcIMC Realty Corporation, thus mitigating structural subordination.

A recovery rating has been assigned to the following entity:
-- Cominar Real Estate Investment Trust

DBRS Morningstar only assigns recovery ratings to entities that have a non-investment-grade Issuer Rating. For more information on Cominar Real Estate Investment Trust’s recovery rating, please see the June 11, 2020, press release.

DBRS Morningstar ratings may be upgraded, downgraded, placed under review with the appropriate implication, subject to trend changes (where applicable), confirmed, or discontinued by DBRS Morningstar.

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

The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 2019), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 10, 2020), and DBRS Morningstar Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers (August 22, 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 related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

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

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