The Globe and Mail reports in its Friday, Feb. 13, edition that National Bank Financial analyst Matt Kornack is keeping his "outperform" recommendation for First Capital REIT intact. The Globe's David Leeder writes that Mr. Kornack gave his unit target a 50-cent boost to $23.50. Analysts on average target the units at $22.44. Mr. Kornack says in a note: "First Capital REIT put up solid Q4 results capping off a strong year of earnings growth supported by improved SPNOI [same-property net operating income] performance. 2026 will build upon this foundation, albeit with some temporary vacancy that will be back-filled over the course of the year and for which the REIT received termination income in Q4/25. Early refinancing activity is expected to reduce near-term earnings but nonetheless we expect organic top-line growth combined with dispositions of low or no yielding assets to result in moderate two-year earnings improvement. Recent trading outperformance has expanded multiples but there is still room to the upside relative to historic levels and with the portfolio achieving peak operating performance metrics." The Globe reported on Dec. 9 that Mr. Kornack rated First Capital "outperform." The units could then be had for $18.72.