DBRS Morningstar Finalizes Provisional Rating of BBB, Stable, on Dream Industrial REIT’s $250 Million 1.662% Series A Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) finalized its provisional rating of BBB with a Stable trend on Dream Industrial Real Estate Investment Trust’s (Dream Industrial or the REIT) $250 million 1.662% Series A Senior Unsecured Debentures, due December 22, 2025 (the Series A Debentures).

The Series A Debentures are direct senior unsecured obligations of Dream Industrial, and rank equally and rateably with all other senior unsecured debt securities as well as with all other unsecured and unsubordinated indebtedness of the REIT, except to the extent prescribed by law. The Series A Debentures are guaranteed, on an unsecured basis, by Dream Industrial LP, a subsidiary of the REIT, as well as Dream Industrial’s subsidiaries that are guarantors under its unsecured credit facilities.

DBRS Morningstar understands that the REIT will use the net proceeds from the offering to fund future acquisitions, to repay existing indebtedness, and for general trust purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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@dbrsmorningstar.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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