The Globe and Mail reports in its Wednesday, Feb. 18, edition that RBC Capital Markets analyst Jimmy Shan continues to rank Canadian Apartment Properties REIT "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Shan gave his unit target a $2 trim to $48. Analysts on average target the units at $47. Mr. Payne says in a note: "We expect muted FFO [funds from operations] growth in 2026. Turnover rent spread could turn negative next quarter given 27 per cent of portfolio are at above market rent and are more likely to turn near term. However, occupancy in its oversupplied markets are holding reasonably healthy and 2.5-per-cent renewal rent growth should play bigger role in revenue growth. Canadian Apartment REIT trades at a large discount to NAV (negative 26 per cent) reflecting low market expectation. Therefore, we see limited downside while any broader market risk-off sentiment could see a positive re-rate on the stock even in the absence of an inflection point in fundamentals." The Globe reported on May 13 that Mr. Shan was keeping his "outperform" recommendation for Canadian Apartment Properties REIT intact. The units could then be had for $41.83.