Press Release

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

Real Estate
January 04, 2024

DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB with a Stable trend to the re-opening of Dream Industrial Real Estate Investment Trust’s (Dream Industrial or the REIT) 5.383% Series F Senior Unsecured Debentures, due March 22, 2028, for $200 million (the Series F Debentures Re-Opening). The assigned credit rating is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series F Debentures Re-Opening 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 F Debentures Re-Opening 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.

Morningstar DBRS understands the net proceeds from the offering will be used by the Trust 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 Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (July 4, 2023) at

All figures are in Canadian dollars unless otherwise noted.

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

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023) -
-- DBRS Morningstar Global Criteria: Common Adjustments for Calculating Financial Ratios (November 9, 2023) -
-- DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (September 27, 2023) -

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

A description of how Morningstar DBRS 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.

Morningstar DBRS 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. Morningstar DBRS trends and credit ratings are under regular surveillance.

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

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