Press Release

DBRS Morningstar Assigns Rating of BBB (high), Stable, to Primaris Real Estate Investment Trust’s Series C Senior Unsecured Debentures

Real Estate
March 31, 2023

DBRS, Inc. (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Primaris Real Estate Investment Trust’s (Primaris) $250 million 5.934% Series C Senior Unsecured Debentures due March 29, 2028 (the Series C Debentures). The assigned rating is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series C Debentures will be direct senior unsecured obligations of Primaris and will rank equally and rateably with all other senior unsecured debt securities of the real estate investment trust (REIT), and with all other unsecured and unsubordinated indebtedness of Primaris, except to the extent prescribed by law. The Series C Debentures will be guaranteed, on an unsecured basis, by each subsidiary of Primaris that is a guarantor under the REIT’s senior credit facility, which initially will be PRR Trust, NPS Retail Properties LP, New Primaris Master Limited Partnership, and Circle Retail Properties LP.

DBRS Morningstar understands that the net proceeds from the offering will be used to repay existing indebtedness and for general trust purposes.

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 (May 17, 2022).

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; and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (March 28, 2023;

The rating methodologies used in the analysis of this transaction can be found at:

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

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 or contact us at [email protected].

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