Press Release

DBRS Morningstar Assigns Rating of BBB, Stable, to Allied Properties REIT’s $600 Million 1.726% Series H Senior Unsecured Debentures

Real Estate
February 12, 2021

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to Allied Properties Real Estate Investment Trust’s (Allied or the Trust) $600 million 1.726% Series H Senior Unsecured Debentures, due February 12, 2026 (the Series H Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

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

DBRS Morningstar understands that Allied intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in Allied’s Green Financing Framework. DBRS Morningstar understands that, prior to the allocation of the net proceeds of this offering to eligible green projects, Allied intends to use the net proceeds of the offering (1) to redeem in full the 3.934% Series B Senior Unsecured Debentures due November 14, 2022, (2) to repay a first mortgage in the amount of CAD 150 million, (3) to repay certain amounts drawn on Allied’s unsecured credit facility, and (4) for general trust purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings 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 2, 2020), 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