The Globe and Mail reports in its Wednesday, Jan. 17, edition that CIBC World Markets analyst Sumayya Syed rates BTB REIT "neutral," with a $3.25 unit target in new coverage. The Globe's David Leeder writes that analysts on average target the units at $3.40. Ms. Syed says in a note: "Our outlook is of modest growth reflecting the stable retail and industrial segments, offset by the large office footprint. While BTB's focus is on suburban office, which has proven more resilient than downtown, we believe recovery will take a long time. The industrial segment has grown nicely through acquisitions. However, we foresee muted acquisitive growth given above-average leverage and a high cost of capital. BTB units could appeal to investors seeking broad exposure to multiple asset classes. Further, at a 10-per-cent yield and 80-per-cent payout, units could present an opportunity for income-oriented investors, in particular as the commercial REIT sector average yield is 5.8 per cent. Improving sentiment for the office asset class and a reduction in leverage would be catalysts for unit price performance." The Globe reported on Nov. 9 that RBC had reaffirmed its "sector perform" call for BTB REIT. It was then worth $2.93.