Press Release

DBRS Morningstar Assigns Rating of BBB, Stable, to Dream Industrial REIT’s Series D Senior Unsecured Debentures

Real Estate
December 06, 2021

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to Dream Industrial Real Estate Investment Trust’s (Dream Industrial or the REIT) $250 million 2.539% Series D Senior Unsecured Debentures, due December 7, 2026 (the Series D Debentures). The rating being assigned is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series D Debentures are direct senior unsecured obligations of Dream Industrial and rank equally and rateably with all other senior unsecured debt securities of the REIT, and with all other unsecured and unsubordinated indebtedness of Dream Industrial, except to the extent prescribed by law. The Series D Debentures are guaranteed, on an unsecured basis, by Dream Industrial LP, a subsidiary of the REIT, as well as those subsidiaries of the REIT that are guarantors under Dream Industrial’s unsecured credit facilities.

DBRS Morningstar understands that the net proceeds from the offering will be used to finance and/or refinance Eligible Green Projects under the REIT’s Green Financing Framework. Prior to the allocation of the net proceeds of the offering to Eligible Green Projects, the net proceeds may initially be used to fund future acquisitions and development costs, repay existing indebtedness, and for general trust purposes. DBRS Morningstar understands that Dream Industrial plans to convert all of the proceeds of the offering into euros through a cross-currency interest rate swap arrangement to lower the effective interest rate on the Series D Debentures.

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 (April 23, 2021; and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 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;

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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