DBRS Morningstar Assigns Rating of BBB, Stable, to Dream Industrial Real Estate Investment Trust’s Series F Senior Unsecured Debentures

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) $200 million 5.383% Series F Senior Unsecured Debentures, due March 22, 2028 (the Series F Debentures). The rating being assigned is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series F Debentures will be direct senior unsecured obligations of Dream Industrial and will 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 F Debentures will be 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 the net proceeds from the offering will be used by the REIT to repay existing indebtedness and for general REIT purposes.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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/396929 (May 17, 2022).

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

The principal methodologies applicable to the rating are Rating Entities in the Real Estate Industry (April 20, 2022; https://www.dbrsmorningstar.com/research/395563) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022; https://www.dbrsmorningstar.com/research/394683).

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at [email protected].

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