The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Matt Kornack H & R REIT continues to rate H & R REIT "sector perform," with an unchanged unit target of $10.50. The Globe's David Leeder writes that analysts on average target the units at $11.17. Mr. Kornack says in a note: "Within the diversified group, H & R remains our top focus idea, driven by exposure to multi-family assets in U.S. markets and industrial development lease-up around the GTA combined with a better balance sheet and limited office maturities. Recent transaction activity was a plus as the management continues to showcase their progress in achieving reasonable pricing on a blended basis for the REIT's assets in a market where transactions are still at somewhat of a standstill. These sales are incrementally positive given that the stock trades at an implied cap rate of over 9 per cent and continue to move the pro forma entity more toward apartment ownership. While we think H & R should trade at a narrower discount, it may take more time than originally expected to close this gap as the bulk of additional asset sales are on hold until market participants better understand the return environment."