DBRS Assigns BBB Ratings to Choice Properties REIT’s $550 Million Series K and $750 Million Series L Senior Unsecured Debentures, Stable Trends

DBRS Limited (DBRS) assigned BBB ratings to the $550 million Series K Senior Unsecured Debentures due September 9, 2024 (the Series K Debentures) and the $750 million Series L Senior Unsecured Debentures due March 8, 2028 (the Series L Debentures) issued by Choice Properties Real Estate Investment Trust (Choice Properties or the Trust). All trends are Stable.

The Series K Debentures and Series L Debentures are direct senior unsecured obligations of Choice Properties and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust. The Series K Debentures and Series L Debentures are guaranteed by Choice Properties Limited Partnership (rated BBB with a Stable trend by DBRS), Choice Properties GP Inc. and any other wholly owned subsidiaries of Choice Properties.

DBRS understands that the net proceeds from the offering will be used to partially fund the purchase price in respect of the previously announced acquisition of all assets of Canadian Real Estate Investment Trust (rated BBB, Under Review with Developing Implications, by DBRS).

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: 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 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.