The Globe and Mail reports in its Friday, Oct. 31, edition that Desjardins Securities analyst Lorne Kalmar has reaffirmed his "sell" recommendation for Allied Properties REIT. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Kalmar shaved his unit target by $2.50 to $15.50. Allied Properties saw a significant unit decline on Thursday after the office real estate firm posted weaker-than-expected results for the third quarter. This has led management to suggest the possibility of a distribution cut in the near future. While office markets have improved, this recovery has primarily benefited higher-end buildings, and much of this progress in leasing has not yet impacted Allied's portfolio. Allied Properties units fell 17 per cent after a 7-per-cent third quarter funds from operations miss, a meaningful downward revision to its 2025 outlook, delays in achieving leverage targets and management hinting at the possible distribution cut. Mr. Kalmar thinks the sell-off in the REIT's units may not be over yet. Mr. Kalmar believes the distribution reduction would be a prudent move given the soft operating environment for the office REIT and rising leverage metrics.