DBRS Morningstar Discontinues and Withdraws Ratings on Summit Industrial Income Real Estate Investment Trust

DBRS Limited (DBRS Morningstar) discontinued and withdrew Summit Industrial Income Real Estate Investment Trust’s (Summit) Issuer Rating and Senior Unsecured Debentures rating. This rating action follows the closing of the acquisition of Summit on February 17, 2023, by way of a partnership between GIC (GIC; see more information below) and Dream Industrial Real Estate Investment Trust (rated BBB with a Stable trend by DBRS Morningstar). Contemporaneously, Dream Summit Industrial LP, the successor to Summit, has assumed all of the obligations and liabilities of Summit under the Fifth Trust Indenture, including the obligation to make payment of all amounts due under Summit’s Senior Unsecured Debentures. DBRS Morningstar concurrently assigned new ratings to Dream Summit Industrial LP.

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing, and is uniquely positioned across a wide range of asset classes and active strategies globally.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) 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 https://www.dbrsmorningstar.com/research/396929 (May 17, 2022).

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

The principal methodologies applicable to the ratings are Rating Entities in the Real Estate Industry (April 20, 2022;
https://www.dbrsmorningstar.com/research/395563) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022; https://www.dbrsmorningstar.com/research/394683). The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

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.

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 ratings are under regular surveillance.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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