DBRS confirms Artis debentures

DBRS said it confirmed the rating of Artis Real Estate Investment Trust’s senior unsecured debentures at BBB (low) and its preferred trust units at Pfd-3 (low), both with stable trends.

The agency said the ratings consider the trust’s asset class diversification, mid-sized portfolio with several quality assets and diverse tenant base.

The ratings are restrained by Artis’s limited scale within each class of real estate, concentration of properties in suburban/secondary markets, constrained financial profile and an office leasing environment in Calgary, Alberta that remains challenging, DBRS said.

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