The Globe and Mail reports in its Friday, Dec. 8, edition that Desjardins Securities analysts Kyle Stanley and Lorne Kalmar say interest rates are likely to continue to dictate the performance of real estate investment trusts through 2024. The Globe's David Leeder writes in the Eye On Equities column that Mr. Stanley and Mr. Kalmar are recommending investors get their "tickets to the pivot party." The Desjardins analysts say in a note: "Despite historically being positively correlated, the [S&P/TSX Capped REIT Index] has trended in near-perfect negative correlation with bond yields in 2023, effectively front running a recession, in our view. We are increasingly confident that several rate cuts are likely in 2024 and that a soft landing can be achieved. This should set the stage for a recovery in REIT valuations in 2024. ... We expect rate cuts and a corresponding decline at the short end of the curve to drive funds flows out of money market instruments and back into yield equities, including REITs." Mr. Stanley and Mr. Kalmar call Killam Apartment REIT one of their "best ideas." They rate the REIT "buy" with a $22 unit target. Analysts on average target the units at $21.08.