The Globe and Mail reports in its Friday, Feb. 9, edition that National Bank Financial analyst Matt Kornack has reaffirmed his "outperform" recommendation for First Capital REIT. The Globe's David Leeder writes that Mr. Kornack gave his unit target a 50-cent boost to $17.50. Analysts on average target the units at $17.25. Mr. Kornack says First Capital had "a solid end to the year as retail fundamentals remained supportive of continued rent spread expansion, despite some fixed rate renewals." The REIT reported funds from operations of 27 cents for the quarter, down from 37 cents during the same period a year ago. However, adjusted for recoveries and termination income, it came in at 32 cents, a penny above Mr. Kornack's estimate and two cents above the Street's expectations. He says in a note: "The REIT's capital allocation plan, with a focus on low cap rate dispositions and deleveraging has aided near-term FFO/unit figures (a positive differentiator vs. peers with larger development delivery schedules). Our outlook for growth in 2024 on a per-unit basis remains constructive on the back of further accretive disposition activity, lease-up at One Bloor and sustained occupancy/rent growth trajectories."