DBRS Assigns BBB Ratings to SmartREIT’s $100 Million Series O Senior Unsecured Debentures and $250 Million Series P Senior Unsecured Debentures

DBRS Limited (DBRS) has today assigned ratings of BBB with Stable trends to the $100 million 2.987% Series O Senior Unsecured Debentures, due August 28, 2024, and the $250 million 3.444% Series P Senior Unsecured Debentures, due August 28, 2026 (together, the Series O and P Bonds), issued by Smart Real Estate Investment Trust (SmartREIT or the Trust).

The Series O and P Bonds will be guaranteed by the wholly owned material subsidiaries of SmartREIT, and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust. DBRS understands that the net proceeds from the offering will be used to repay SmartREIT’s existing indebtedness, including the amounts outstanding under the Trust’s revolving credit facility, the redemption of the $90 million 4.7% Series G Senior Unsecured Debentures, due August 22, 2018, and the $100 million 5.0% Series F Senior Unsecured Debentures, due February 1, 2019, and for general trust purposes.

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

The applicable methodologies are Rating Entities in the Real Estate Industry (June 2016), DBRS Criteria: Guarantees and Other Forms of Support (February 2016) and DBRS Criteria: Preferred Share and Hybrid Criteria for Corporate Issuers (January 2016), 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.