Press Release

DBRS Morningstar Assigns Rating of BBB (high), Stable, to H&R Real Estate Investment Trust’s Series Q Senior Unsecured Debentures

Real Estate
June 15, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to H&R Real Estate Investment Trust’s (H&R or the Trust) $400 million 4.071% Series Q Senior Unsecured Debentures, due June 16, 2025 (the Series Q Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series Q Debentures are direct unsecured obligations of H&R and rank equally and rateably with all other present and future unsecured unsubordinated indebtedness of the Trust. DBRS Morningstar understands that H&R will use the net proceeds from the offering for the repayment of outstanding indebtedness and for general trust purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at:

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit or contact us at

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577