The Globe and Mail reports in its Friday, Aug. 25, edition that Desjardins Securities analyst Lorne Kalmar is sticking with his "hold" call and $24 unit target for Allied Properties REIT. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the units at $26.18. Mr. Kalmar started calling Allied Properties' valuation "appealing" following last week's completion of its disposition of its three-property downtown Toronto data centre portfolio. He says Allied Properties' 8.7-per-cent distribution yield "is attractive and remains well-covered." He says, however, that "there are other opportunities within the REIT space that offer more attractive potential total returns and greater visibility over the near to medium term." Mr. Kalmar says management does not expect to commence any new development/upgrade activity in the near term and is unlikely to utilize its credit facility to "any material extent for the next five years. ... On June 23, Moody's had lowered the REIT's rating to Baa3 from Baa2 and placed it under review for further downgrade, which we found surprising and overly punitive, particularly considering DBRS maintained its BBB (Stable) rating."