The Globe and Mail reports in its Friday, May 19, edition that National Financial analyst Matt Kornack now rates Dream Office REIT "sector perform," down from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack's unit target fell to $15.50 from $16. Analysts on average target the units at $17. Mr. Kornack is recommending investors tender into Dream Office's substantial issuer bid. Concurrent with the release of first quarter results that met expectations on May 4, Dream Office announced an agreement to sell 12.5 million units of Dream Industrial REIT on a bought deal basis for total gross proceeds of about $177.5-million. It intends to use those gains to help pay for the commencement of a substantial issuer bid to purchase up to 12.5 million of its outstanding REIT units at a price of $15.50 per unit. Mr. Kornack says in a note: "Admittedly there is some uncertainty around what level of take-up there will be for the offering, but we have assumed modelling wise that the entire buyback is accomplished. There will be important optics around the amount tendered by various actors including Dream Unlimited and Artis that won't be known until close."