The Globe and Mail reports in its Thursday, Feb. 29, edition that National Bank analyst Matt Kornack continues to rate BTB REIT "sector perform." The Globe's David Leeder writes that Mr. Kornack gave his unit target a 15-cent boost to $3.15. Analysts on average target the units at $3.35. Mr. Kornack says in a note: "Q4 figures came in better than expected both financially and operationally which resulted in NOI above forecast as the leasing environment improved (particularly for necessity-based retail) and SL rent was converted to cash quicker than anticipated (seasonality in margins also at play). The industrial portfolio remains strong for BTB (that said, there are limited maturities in FY24 as more space matures in FY25 onward); meanwhile the REIT highlighted better retail fundamentals which is translating to increased asking rents and tenant quality. Office remains weaker relative to the rest of the portfolio (despite some marginal positives on the leasing front) as management continues contemplating the selective disposition of assets in this portfolio. Notwithstanding encouraging operational performance, elevated leverage and near-term mortgage refinancing will continue to be an earnings headwind."