The Globe and Mail reports in its Friday, Sept. 25, edition that ATB Cormark Capital Markets analyst Sairam Srinivas has downgraded Slate Grocery REIT to "underperform" from "sector perform." The Globe's David Leeder writes that Mr. Srinivas slashed his unit target by $5 to $8 (all figures U.S.). Analysts on average target the units at $12.14. Slate Grocery late Wednesday announced the suspension of its monthly cash distributions at the recommendation of its independent special committee. Mr. Srinivas says in a note: "Given the timing of the news release, lack of commentary around the process, and the fact that the strategic review was initiated by a proposal from the third party asset manager, in combination with Slate Grocery's investment proposition as an income play, which is now fundamentally changed with the distribution suspension, we see this update as significant and negative. While the fundamental thesis around the real estate has not changed, this announcement changes our view on Slate as an income play. The lack of commentary around the review, mystery around the offer price, and the fact that this will add further pressure on the stock, makes us question the true rationale behind the announcement."