Press Release

DBRS Morningstar Assigns Rating of BBB (low) with a Negative Trend to Artis REIT’s 3.824% Series D Senior Unsecured Debentures, Due September 18, 2023

Real Estate
September 18, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Negative trend to Artis Real Estate Investment Trust’s (Artis) $250 million 3.824% Series D Senior Unsecured Debentures, due September 18, 2020 (the Series D Debentures). The rating being assigned is based upon the rating on the already-outstanding series of Senior Unsecured Debentures.

The Series D Debentures will be direct senior unsecured obligations of Artis and will rank equally and rateably with one another and with all other unsecured and unsubordinated indebtedness of Artis, except to the extent prescribed by law.

DBRS Morningstar understands the net proceeds from the offering will be used to repay indebtedness and for general corporate 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), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 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
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577