The Globe and Mail reports in its Tuesday edition that Desjardins's Kyle Stanley continues to rate Canadian Net REIT "hold," with an unchanged $6.50 unit target. The Globe's David Leeder writes that analysts on average target the units at $6.75. Despite its first quarter results falling under expectations, Mr. Stanley continues to see Canadian Net REIT "well positioned to execute on external growth." Mr. Stanley says in a note: "[Debt to gross book value] decreased 50 basis points quarter-over-quarter to 54 per cent, the lowest level since early 2022. Management estimates Canadian Net has $12-million of acquisition capacity within the existing equity base, and upward of $40 million to $45-million with near-term mortgage refinancing/up financing opportunities, which we estimate would take leverage back up to the high-50-per-cent range. While management is optimistic about its acquisition pipeline, we continue to believe a more defined capital recycling program could allow for a more substantial portfolio high-grading and deleveraging opportunity. ... Canadian Net's total return of 15.9 per cent year-to-date (vs non-sponsored retail peers at 16.9 per cent) has it trading near its recent peak FFO multiple of 9.1 times."