The Globe and Mail reports in its Friday, Jan. 16, edition that Desjardins Securities analyst Lorne Kalmar is keeping his "buy" recommendation for First Capital REIT intact. The Globe's David Leeder writes that Mr. Kalmar gave his unit target a 50-cent boost to $22. Analysts on average target the units at $21.94. Mr. Kalmar says in a note: "For Q4, we are now forecasting OFFOPU of 33 cents (down from 34 cents previously), representing 4-per-cent growth year-over-year. The tweaks to our forecast largely reflect financing activities in 4Q25, including the issuance of $500-million of unsecured debentures and the redemption of its $300-million Series T debentures. We expect Q4 operating results to reinforce our positive outlook for the REIT (2025 SPNOI target of 5 per cent plus), and will be looking for updates on its disposition program ($60-million forecast for 4Q25)." The Globe reported on Oct. 31, 2024, and Aug. 1, 2025, that Mr. Kalmar continued to rate the units "buy." The units could then be had for $18.07 and $18.63. The Globe reported on Dec. 9, 2025, that National Bank analysts Matt Kornack and Giuliano Thornhill continued to rate First Capital "outperform." The units could then be had for $18.72.