Press Release

DBRS Morningstar Assigns Credit Rating of BBB, Stable, to CT Real Estate Investment Trust’s Series I Senior Unsecured Debentures

Real Estate
November 17, 2023

DBRS, Inc. (DBRS Morningstar) assigned a credit rating of BBB with a Stable trend to CT Real Estate Investment Trust’s (CT REIT or the Trust) $250 million 5.828% Series I Senior Unsecured Debentures due June 14, 2028 (the Series I Debentures). The assigned credit rating is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series I Debentures are direct senior unsecured obligations of CT REIT and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Trust. DBRS Morningstar understands that the net proceeds from the offering will be used to repay existing indebtedness and the balance of the net proceeds will be used for general business 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 (July 4, 2023).

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Entities in the Real Estate Industry (April 11, 2023;

The credit 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 credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

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 credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on or contact us at

DBRS, Inc.
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New York, NY 10005 USA
Tel. +1 212 806-3277