DBRS Notes $25 Million Increase in H&R REIT’s BBB-Rated Issue of Senior Unsecured Debentures

DBRS notes that H&R Real Estate Investment Trust (H&R or the Trust) has announced a $25 million increase in its issue of 5.0% Series C senior unsecured debentures due December 1, 2018 (the Bonds). DBRS today assigned a rating of BBB, with a Stable trend, to the Bonds, which are now in the amount of $125 million.

The Bonds are direct senior unsecured obligations of H&R and rank pari passu with all other unsecured and unsubordinated indebtedness of the Trust. DBRS notes that the proceeds will be used to repay indebtedness, to fund future acquisitions, for development of The Bow project in Calgary and for general Trust purposes.

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

The applicable methodology is Rating Real Estate, which can be found on our website under Methodologies.