DBRS Finalizes Provisional Rating of BBB on Choice Properties REIT’s Senior Unsecured Debentures

DBRS has today finalized the provisional rating of BBB, with a Stable trend, on Choice Properties Real Estate Investment Trust’s (CP REIT or the REIT) Senior Unsecured Debentures (the Debentures). After its review of all final documentation associated with the recent offering, DBRS has confirmed that all terms of the issuance of the Debentures were consistent with those contemplated at the time the provisional rating was assigned on May 24, 2013.

The debenture offering included two series of Debentures -- the $400 million Series A Senior Unsecured Debentures with a five-year term and a coupon of 3.554% per annum and the $200 million Series B Senior Unsecured Debentures with a ten-year term and a coupon of 4.903% per annum. The Debentures rank equally with all other unsecured indebtedness of the REIT that has not been subordinated. The net proceeds of the Debenture Offering were used by the REIT to indirectly repay indebtedness.

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

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 to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating Real Estate Entities (April 2011), which can be found on our website under Methodologies.