Press Release

DBRS Morningstar Assigns Rating of BBB, Stable, to Allied Properties REIT’s $500 Million 3.095% Series I Senior Unsecured Debentures

Real Estate
August 10, 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) $500 million 3.095% Series I Senior Unsecured Debentures, due February 6, 2032 (the Series I Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series I 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 prepay approximately $494 million aggregate principal amount of first mortgages, and (2) 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 methodology is Rating Entities in the Real Estate Industry (April 23, 2021), which can be found on under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021;

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

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 [email protected].

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