The Globe and Mail reports in its Friday, Oct. 17, edition that Raymond James analyst Brad Sturges has downgraded Killam Apartment REIT to "outperform" from "strong buy" with a $21.25 unit target, down from $22. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the units at $21.89. Mr. Sturges says in a note: "Our rating adjustment for Killam reflects a greater anticipated FFO/unit drag from the commercial vacancy at the REIT's Westmount Plaza in Waterloo expected in 1Q26, which could take longer to backfill, and may require Killam to incur greater redevelopment capex. As such, we believe re-leasing of Westmount Plaza could act as a modest near-term valuation overhang in Killam s unit price. That said, we argue that Killam still screens well given its: 1) estimated deep NAV discount valuation; 2) exposure to affordable Canadian rental markets, and 3) above-average SP-NOI growth prospects that is supported by the REIT s embedded rent MTM growth opportunity (estimated at 13 per cent at June 30)." The Globe reported on Sept. 6 that Mr. Sturges had boosted Killam Apartment to "strong buy" from "outperform." The units could then be had for $20.57.