The Globe and Mail reports in its Thursday, May 28, edition that RBC Dominion Securities analyst Pammi Bir, believing First Capital REIT's $5.2-billion deal to be acquired by Choice Properties REIT and KingSett Capital "should clear the hurdles," moved his rating for its units to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Bir raised his unit target to $24.40 from $23. Analysts on average target the units at $24.38. Mr. Bir says in a note: "We see the offer as enough to get a deal done. Still, the premium is a bit below our expectation. We have consistently viewed First Capital's portfolio as the highest quality retail in CDN public markets; look no further than its superior demographics and SP NOI growth. Considering the portfolio and platform calibre, a robust outlook for grocery anchored retail fundamentals, and substantial non-core asset sales over the past 2-plus years at double-digit premiums to IFRS NAV, one could reasonably justify a 10- to 20-per-cent NAV premium in an environment of firmer REIT sentiment. Nonetheless, the process run by First Capital's board appears thorough, particularly considering proposals received in summer 2025, none of which reflected premiums to IFRS NAV."