Morningstar DBRS Assigns Credit Rating of BBB, Stable to Dream Summit Industrial LP's Series G Floating Rate Debentures

DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB with a Stable trend to Dream Summit Industrial LP's (Dream Summit or the Partnership) $200 million Series G Floating Rate Debentures due March 4, 2028 (the Series G Debentures).

The Series G Floating Rate Debentures are direct senior unsecured obligations of the Partnership and will rank equally and rateably with all other debt securities and with all other unsecured and unsubordinated indebtedness of the Partnership, except to the extent prescribed by law. The Series G Floating Rate Debentures are guaranteed, on an unsecured basis, by those subsidiaries of the Partnership that are guarantors under Dream Summit's unsecured credit facilities.

Morningstar DBRS understands that the net proceeds will be used by the Partnership to fund the Partnership's acquisition pipeline, repay existing indebtedness under its Revolving Credit Facility incurred largely to fund acquisitions, and for general Partnership 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 Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (August 13, 2024) at https://dbrs.morningstar.com/research/437781

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)

(A) Weighting of BRA Factors
In the analysis of Dream Summit, the BRA factors were considered in the order of importance contemplated in the methodology.

(B) Weighting of FRA Factors
In the analysis of Dream Summit, the FRA factors were considered in the order of importance contemplated in the methodology.

(C) Weighting of the BRA and the FRA
In the analysis of Dream Summit, the BRA carries greater weight than the FRA.

Notes:
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 15, 2024),
https://dbrs.morningstar.com/research/431170

The following methodologies have also been applied:
-- Morningstar DBRS Global Corporate Criteria (February 3, 2025) https://dbrs.morningstar.com/research/447186

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

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

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 https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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