Morningstar DBRS Finalizes Provisional Credit Rating on Oxford Properties Group Trust's Senior Unsecured Notes and Assigns Credit Ratings to Senior Unsecured Notes, Series 1 and 2 at A (low)

DBRS, Inc. (Morningstar DBRS) finalized the provisional credit rating on Oxford Properties Group Trust's (OPGT) senior unsecured notes and assigned credit ratings to OPGT's 3.905% Senior Unsecured Notes, Series 1, due 2029 and 4.386% Senior Unsecured Notes, Series 2, due 2032 at A (low) with Stable trends.

The Notes will be direct unsecured obligations of OPGT and will rank pari passu with all other present and future unsecured and unsubordinated indebtedness of the issuer and effectively junior to all secured indebtedness of the OPGT and structurally junior to all Indebtedness and liabilities of OMERS Realty Corporation, IDI Logistics and any subsidiary of the OPGT. The Notes are not guaranteed by OMERS Administration Corporation (rated AAA with a Stable trend by Morningstar DBRS).

Morningstar DBRS understands that the net proceeds of the issuance are being used to repay certain indebtedness of OPGT and its guarantors.

ENVIRONMENTAL, SOCIAL, AND 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 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 at (May 16, 2025) https://dbrs.morningstar.com/research/454196.

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

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

Morningstar DBRS credit ratings may use one or more sections of the Morningstar DBRS Global Corporate Criteria (February 03, 2025) https://dbrs.morningstar.com/research/447186 covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

The following methodologies have also been applied:

Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (May 16, 2025) https://dbrs.morningstar.com/research/454196

Morningstar DBRS Global Corporate Criteria (February 03, 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/431153.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to the Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of the website: https://dbrs.morningstar.com/understanding-ratings

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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