The Globe and Mail reports in its Thursday, June 25, edition that RBC's Jimmy Shan rates Pro REIT "outperform" in new coverage. The Globe's David Leeder writes that Mr. Shan set a unit target of $7.25. Analysts on average target the units at $7.03. Mr. Shan says in a note: "One approach real estate investors have used to target strong risk-adjusted mid-teen returns in the industrial sector is to acquire well-located infill small-to-mid-bay industrial properties with below-market rents and short duration leases, release at market rents and exit at the higher NOI. In many ways, we believe that this value-add strategy represents the essence of the Pro REIT story over the next few years. ... Pro REIT trades close to our NAV estimate of $6.75 and at 14.1 times/12.4 times 2026/2027 estimated AFFO vs. 14.6 times/13.9 times for its Canadian industrial peers. While the trading multiple looks only modestly discounted versus its large cap peers, we believe that its superior FFO growth profile over next two years more than offset its slightly higher leverage and secondary market exposure. ... We estimate that there is 40-per-cent-plus upside potential to our NAV estimate as in-place rents move to market over the next few years."