The Globe and Mail reports in its Wednesday, May 3, edition that Echelon Capital Markets analyst David Chrystal has downgraded Firm Capital Apartment REIT to "speculative buy" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Chrystal made the rating change after the REIT posted fourth quarter 2022 financial results that fell short of his expectations. Mr. Chrystal cut his unit target to $6.50, matching the consensus, from $7. In November, the REIT announced the start of a review process to "identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value." That included the listing for sale of all of its wholly owned real estate investments. It has since sold a property in Austin, Tex., for net proceeds of $8.8-million of cash on closing and is in the process of selling its New Jersey and Florida properties. Mr. Chrystal says in a note: "As Firm Capital executes its disposition strategy, we expect significant cash proceeds to be realized. In the near-term, we expect proceeds to be allocated to debt reduction. Use of net proceeds from future asset sales is somewhat less certain, given potential outcomes of the strategic review."