DBRS Morningstar Assigns Rating of BBB, Positive, to Allied Properties Real Estate Investment Trust’s $400 Million 3.117% Series F Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned the rating of BBB with a Positive trend to Allied Properties Real Estate Investment Trust’s (Allied or the Trust) $400 million 3.117% Series F Senior Unsecured Debentures, Due February 21, 2030 (the Series F Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series F Debentures are direct senior unsecured obligations of Allied and rank equally and rateably with all other debt securities and with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law.

DBRS Morningstar understands that the net proceeds of the offering will be used (1) to prepay approximately $200 million of an unsecured term loan, (2) to repay approximately $110 million drawn on its unsecured line of credit, (3) to fund its development and value-add initiatives, and (4) for general Trust purposes.

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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