DBRS Rates SmartREIT’s $150 Million Series Q Senior Unsecured Debentures at BBB, Stable

DBRS Limited (DBRS) has today assigned a rating of BBB with a Stable trend to the $150 million 2.876% Series Q Senior Unsecured Debentures due March 21, 2022 (the Series Q Bonds) issued by Smart Real Estate Investment Trust (SmartREIT or the Trust).

The Series Q Bonds are 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 early redemption of the Trust’s $150 million 3.385% Series J Senior Unsecured Debentures due December 1, 2017.

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

The principal methodologies are Rating Entities in the Real Estate Industry (February 2017), DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (December 2016) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.

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