The Globe and Mail reports in its Tuesday, Nov. 11, edition that National Bank Financial analyst Matt Kornack is keeping his "sector perform" recommendation for Dream Office REIT intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack gave his unit target a $1.50 trim to $20. Analysts on average target the units at $19.19. Mr. Kornack says in a note: "While Dream Office's print came in below expectations on lower NOI, this related to a timing gap between committed leases taking occupancy, with an expectation that these will contribute in Q4 2025 and throughout 2026. In the immediate term, this incremental revenue will neutralize the impact of a tenant departure at the REIT's sole U.S. asset, which is likely to be sold with proceeds being applied to debt repayment (although cap rates remain elevated in secondary U.S. markets, so proceeds will be limited). In the medium term, management noted improved leasing fundamentals that should translate into NOI growth albeit with a lag." The Globe reported on Aug. 13 that Mr. Kornack had reaffirmed his "sector perform" recommendation for Dream Office, which was then worth $16.94.
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