DBRS confirms H&R Real Estate Investment Trust

DBRS said it confirmed the rating of H&R Real Estate Investment Trust’s senior unsecured debentures at BBB (high) with a stable trend.

The rating confirmation and stable outlook take into consideration H&R’s continued improving asset quality, improving diversification particularly by way of its growing multifamily segment (both of which are offset with higher leverage) and DBRS’ expectation that the deterioration in H&R’s leverage metrics in recent years (debt-to-EBITDA of 8.9 times (x) for the last 12 months (LTM) ended March 31, 2018, versus 8.5x as at F2015) will stabilize near current levels while gradually declining in the medium term to levels more commensurate with the rating category,” DBRS said in a news release.

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