The Globe and Mail reports in its Tuesday, Jan. 9, edition that Raymond James analyst Brad Sturges expects a "relatively better backdrop" for Canadian real estate investment trusts in 2024 to generate positive total returns. The Globe's David Leeder writes in the Eye On Equities column that accordingly, Mr. Sturges elevated his recommendation for Pro REIT to "outperform" from "market perform." Mr. Sturges bumped his unit target ahead by 50 cents to $6. Analysts on average target the units at $5.81. Mr. Sturges says in a note: "Pro REIT experienced various non-recurring items in 2023 including one-time CEO succession costs and a large transitional vacancy in its Montreal industrial facility portfolio that impacted its 2023E AFFO/unit results. When normalizing for these items, we estimate that Pro REIT's normalized 2024E AFFO/unit growth to be more in the 11- to 12-per-cent year-over-year range, supported by healthy re-leasing rent spreads available to the REIT with respect to its 2024 lease expiries. At December 2023, Pro REIT had re-leased 90 per cent of its 2023E lease expiries at an 44-per-cent average re-leasing rent spread over expiring rents."