DBRS Rates Allied Properties REIT’s $75 Million Re-opening of Series A Senior Unsecured Debentures at BBB (low), Stable

DBRS Limited (DBRS) has today assigned a rating of BBB (low) to Allied Properties Real Estate Investment Trust’s (Allied) $75 million re-opening of the Series A Senior Unsecured Debentures, due May 13, 2020 (Series A Debentures). The original issuance of $150 million, which closed on May 13, 2015, was rated BBB (low) with a Stable trend by DBRS. DBRS notes that this subsequent re-opening of the Series A Debentures does not change the previously assigned rating.

An aggregate of $225 million of Series A Debentures will be outstanding after giving effect to this offering. DBRS understands that the net proceeds from the offering will be used to repay amounts drawn on Allied’s unsecured credit facility used for general capital funding related to the Trust’s capital improvements, acquisitions and intensification projects and the balance will be used for general working capital purposes. The Series A Debentures will be direct senior unsecured obligations of Allied, and will rank equally and rateably with all other debt securities, and with all other unsecured and unsubordinated indebtedness of Allied.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Entities in the Real Estate Industry (May 2015), which can be found on our website under Methodologies.

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