The Globe and Mail reports in its Tuesday, May 13, edition that National Bank Financial analyst Matt Kornack has reaffirmed his "sector perform" recommendation for Dream Office REIT. The Globe's David Leeder writes that Mr. Kornack gave his unit target a 75-cent trim to $16. Analysts on average target the units at $18.14. Mr. Kornack says in a note: "Q1 saw an improvement in in-place occupancy, although largely driven by properties outside of Toronto with the latter exhibiting stability (notwithstanding a drag from transaction activity). Given commitments on vacant space the outlook for the remainder of 2025 should result in better occupancy so long as retention levels are roughly in line with historic averages and assuming the sale of the REIT's Overland Park property (its sole building in the U.S.), where tenant non-renewal is possible. During and post quarter a sizable portion of the remaining ownership position in Dream Industrial (DIR) was monetized with recently booked tax losses being used to offset the capital gains impact. The result is a 10-cent hit to earnings, although the cash flow implications are less punitive given the relatively low payout ratio and there are concrete liquidity/balance sheet benefits."