DBRS Assigns Pfd-3 (low) Rating to Artis REIT’s $125 Million Series I Cumulative Minimum Rate Reset Preferred Trust Units

DBRS Limited (DBRS) assigned Pfd-3 (low) with a Stable trend to the $125 million Series I Cumulative Minimum Rate Reset Preferred Trust Units (the Series I Preferred Trust Units) issued by Artis Real Estate Investment Trust (Artis).

The Series I Preferred Trust Units rank at least equally with all other series of preferred trust units and rank in priority to Artis’s ordinary trust units and over any other units ranking junior to the Series I Preferred Trust Units.

DBRS understands that the net proceeds from the offering will be used to redeem its existing Series C U.S.-dollar-denominated cumulative redeemable preferred trust units and for general trust purposes.

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

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

The rated entity or its related entities did participate in the rating process for this rating action. 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.