The Globe and Mail reports in its Friday edition that National Bank's Matt Kornack is keeping his "outperform" call for Killam Apartment REIT intact. The Globe's David Leeder writes that Mr. Kornack hiked his unit target to $22.75 from $22. Analysts on average target the units at $22.08. Mr. Kornack says in a note: "Q4 results were strong, particularly so on operations and margins as the REIT saw continued acceleration in turnover spreads, which is likely to be sustained in 2024 with higher allowable increases on renewal in rent-controlled geographies. Operating expense growth has been moderating despite persistent market rent growth and guidance is for inflationary increases in 2024 (with lower utilities offsetting higher property taxes). Killam's initial guidance for FY24 is a 'minimum of 6 per cent' SPNOI growth, a figure which we believe has room to move higher, particularly given this year's milder winter and the expectation for a moderation in expense growth. Despite turnover declining, Killam benefits from 43 per cent of its portfolio in non-rent control markets and step changes in allowable increase. The REIT was our top apartment pick heading into the quarter and these strong results reaffirm our positive bias."