DBRS Assigns Rating of BBB (low), Stable, to Allied Properties REIT’s $150 Million Series B Senior Unsecured Debentures

DBRS Limited (DBRS) has today assigned a rating of BBB (low) with a Stable trend to Allied Properties Real Estate Investment Trust’s (Allied or the Trust) $150 million 3.934% Series B Senior Unsecured Debentures due November 14, 2022 (the Series B Bonds).

DBRS understands that the net proceeds from the offering will be used (1) to fund a portion of the purchase price of properties in Montréal, previously announced on May 4, 2016; (2) 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 (3) for general working capital purposes.

The Series B Bonds will be direct senior unsecured obligations of Allied and will rank equally and rateably with all other debt securities as well as with all other unsecured and unsubordinated indebtedness of the Trust.

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

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.