The Globe and Mail reports in its Friday, March 29, edition that Raymond James analyst Brad Sturges commenced coverage on Crombie REIT with an "outperform" recommendation. The Globe's David Leeder writes that Mr. Sturges set a unit target of $16. Analysts on average target the units at $15.50. Mr. Sturges thinks the REIT's long duration, triple-net lease structures "provide predictable, gradual and high credit quality cash flow growth year-over-year with time." Mr. Sturges says in a note: "The majority of Crombie's in-places leases are generally structured as triple-net, with the tenant responsible for all costs relating to repair and maintenance, realty taxes, property insurance and non-structural capital improvements. We note that Crombie's anchor, triple-net leases with Empire contain various periodic contractual rent escalation clauses, mainly 7.5 per cent every five years, which equals approximately 1.5 per cent year-over-year on an annualized basis." He notes that Crombie has benefitted from its strategic relationship with Empire, seeing "continued access to a possible acquisition and development growth pipeline." The Globe reported on Feb. 23 that Desjardins rated Crombie REIT "buy." It was then worth $14.01.