DBRS Morningstar Assigns Rating of BBB (low) with a Positive Trend to Allied Properties Real Estate Investment Trust’s 3.113% Series E Senior Unsecured Debentures, Due April 8, 2027

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Positive trend to Allied Properties Real Estate Investment Trust’s (Allied or the Trust) $300 million 3.113% Series E Senior Unsecured Debentures, Due April 8, 2027 (the Series E Debentures). The rating of the Series E Debentures is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series E Debentures are direct senior unsecured obligations of the Trust and rank equally and rateably with all other debt securities and with all other unsecured and unsubordinated indebtedness of Allied, except to the extent prescribed by law. Allied intends to use the net proceeds from the offering (1) to prepay approximately $140 million aggregate principal amount of its first mortgages, (2) to repay approximately $60 million drawn on its unsecured line of credit and (3) to fund its development and value-add initiatives over the remainder of 2019.

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

The principal methodology is Rating Entities in the Real Estate Industry, which can be found on dbrs.com under Methodologies & Criteria.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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