DBRS Rates SmartCentres REIT’s $250 million Series R and $250 million Series S Senior Unsecured Debentures at BBB, Stable

DBRS Limited (DBRS) assigned BBB ratings with Stable trends to the $250 million Series R Floating Rate Debentures due December 21, 2020 (the Series R Debentures) and the $250 million 3.834% Series S Debentures due December 21, 2027 (Series S Debentures) issued by SmartCentres Real Estate Investment Trust (SmartCentres or the Trust).

The Series R Debentures and the Series S Debentures are guaranteed by the wholly owned Material Subsidiaries of SmartCentres 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 existing indebtedness, including outstanding indebtedness under certain credit facilities, and mortgages and for general corporate purposes.

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

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

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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