The Globe and Mail reports in its Friday, Dec. 12, edition that TD Cowen analysts Sam Damiani and Jonathan Kelcher think "2026 could be real estate's turn to outperform." The Globe's David Leeder writes in the Eye On Equities column that the TD analysts say in a note: "Following two years of wide underperformance comparable to 1998-1999 (which led to four years of subsequent outperformance), REITs increasingly appear ready to regain some market leadership. Macro changes are hard to predict, but REITs offer attractive and stable yields and growth while biding time until the next catalyst for a bounce in valuations." Despite a challenging macroeconomic environment, the TD analysts see Canada's economy and leasing fundamentals as increasingly resilient. The TD analysts believe Canadian-listed real estate is starting the new year on a strong footing, having adapted to interest rate shifts, lower population growth and trade uncertainties. Despite an uncertain macro environment, they view Canada's economy and leasing fundamentals as becoming more resilient. Mr. Damiani and Mr. Kelcher continue to rate Allied Properties REIT "hold." They gave their unit target a $1.50 trim to $14.50. Analysts on average target the units at $15.37.