Morningstar DBRS Publishes Q2 2025 North American Corporate Real Estate Research Report

DBRS Limited (Morningstar DBRS) published its Q2 2025 North American Corporate Real Estate Research Report, which summarizes the credit ratings and issuance activity outlook along with the analysis of its Q2 2025 credit rating actions, issuance activity, and real estate trends within its rated real estate entity universe. Additionally, the updated business and financial risk assessments for the real estate and pension plan real estate industries that reflect credit rating actions as of June 30, 2025, were added to the appendices of the report. Morningstar DBRS also released updated peer comparison tables for the real estate and pension plan real estate industries within the appendices. These tables provide an overview of key statistics that influence the credit ratings of real estate and pension plan real estate entities.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
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 Factors in Credit Ratings (May 16, 2025) at https://dbrs.morningstar.com/research/454196.

Notes:
Morningstar DBRS applied the following principal methodology:
-- Global Methodology for Rating Entities in the Real Estate Industry (June 20, 2025), https://dbrs.morningstar.com/research/456536

Morningstar DBRS credit ratings may use of one or more sections of the Morningstar DBRS Global Corporate Criteria (February 3, 2025; https://dbrs.morningstar.com/research/447186), which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

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/431153.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info-DBRS@morningstar.com.

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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