The Globe and Mail reports in its Friday, Feb. 23, edition that Echelon Partners analyst David Chrystal has downgraded Canadian Apartment Properties REIT to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Chrystal sees limited potential returns at CAP REIT. He continues to target the units at $65.50. Analysts on average target the units at $55.90. Mr. Chrystal says in a note: "CAP REIT delivered financial results that were largely consistent with expectations in Q423. Modest growth in FFO/unit was driven by healthy organic NOI growth, accretive capital recycling and a decline in recurring trust expenses, partially offset by higher interest expense. Canadian rental market fundamentals remain exceptionally strong, as the REIT achieved another quarter of record high rent lifts on both turnover and renewals, while its portfolio remains essentially fully occupied. ... While we expect CAP REIT's long-term performance will continue to benefit from exceptionally strong Canadian rental market fundamentals, we believe units are approaching fair value, and activity on the $400-million ATM could potentially limit near-term unit price appreciation."