The Globe and Mail reports in its Friday, Sept. 3, edition that CIBC analyst Scott Fromson began coverage on Dream Office Real Estate Investment Trust with an "outperformer" recommendation and a $26.50 unit target. The Globe's Darcy Keith writes in the Eye On Equities column that analysts on average target the units at $24.94. Mr. Fromson says in a note: "We believe the REIT is a good way to gain exposure to the operational recovery of the Canadian office space, which is still in its early stages, and see a continuing disconnect between the REIT's favourable investment characteristics and current valuation levels. We see the REIT's [funds from operations] growth opportunities as threefold: 1) Near-term lease-up opportunities in downtown Toronto 'boutique' properties that have been renovated and recapitalized; 2) Redevelopment projects that will add to longer-term unit value as the REIT meets milestones; and, 3) FFO growth leveraging the solid balance sheet and/or asset sales." The Globe says Mr. Fromson has little doubt that office workers will soon be busily occupying downtown Toronto, which Dream Office has considerable exposure to. He says, "We believe the return is a matter of when, not if."