The Globe and Mail reports in its Wednesday, May 4, edition that Raymond James analyst Ken Avalos downgraded his rating for Pure Industrial Real Estate Trust ($4.84) in reaction to its performance thus far in the calendar year and based on a premium to his net asset value estimates. The Globe's David Leeder writes in the Eye On Equities column that Mr. Avalos downgraded Pure Industrial to "market perform" from "outperform." Mr. Avalos continues to target the units at $5.25. Analysts on average target the units at $5.21. He says in a note: "Since Kevan Gorrie joined [Pure Industrial], the REIT has shifted its strategic focus away from asset aggregation towards NAV per unit growth. Recently, this has come with less dilutive equity issuance, a more flexible balance sheet, more value creation initiatives and an effort to high grade the portfolio. All of this, in our opinion, has made the REIT a much better company. This shows in the results as [Pure Industrial] has delivered a 25-per-cent total return since Kevan was named co-CEO in January, 2014, (versus a decline of 1 per cent for the TSX Capped REIT Index)." He expects Pure Industrial to "perform in-line with the broader market in the near term."