DBRS Assigns BBB (high), Stable Trend, to H&R REIT USD 125 Million Series P Floating Rate Debentures

DBRS Limited (DBRS) assigned a BBB (high) rating with a Stable trend to the USD 125 million Series P Floating Rate Debentures due February 13, 2020 (the Series P Debentures), issued by H&R Real Estate Investment Trust (H&R or the Trust).

The Series P Debentures are direct senior unsecured obligations of H&R 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 and for general trust purposes (including the redemption of the Trust’s 5.90% convertible debentures due June 30, 2020).

Notes:
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.