DBRS Morningstar Rates Artis REIT’s Series E Senior Unsecured Debentures BBB (low), Stable

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to Artis Real Estate Investment Trust’s (Artis) $200 million 5.60% Series E Senior Unsecured Debentures, due April 29, 2025 (the Series E Debentures). The assigned rating is based on the rating of an already-outstanding series of the above-mentioned debt instrument.

The Series E Debentures are direct senior unsecured obligations of Artis and 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 that the net proceeds from the offering will be used to repay existing indebtedness outstanding on its credit facilities and for general business 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 https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (April 20, 2022; https://www.dbrsmorningstar.com/research/395563), and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 21, 2021; https://www.dbrsmorningstar.com/research/386355), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit (February 3, 2021; https://www.dbrsmorningstar.com/research/373262).

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 www.dbrsmorningstar.com or contact us at [email protected].

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