The Globe and Mail reports in its Tuesday edition that Raymond James analyst Brad Sturges has reaffirmed his "market perform" recommendation for Slate Office REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sturges cut his unit target back to $1 from $1.10. Analysts on average target the units at $1.20. Mr. Sturges expects the units to face further near-term selling pressure as Slate "experiences a churn in its investor base" following the decision to suspend its monthly distribution. The Globe says the payout cut is projected to save $10.2-million in cash annually. The move came alongside the introduction of a "Portfolio Realignment Plan" that involves the divestment of "non-core" assets consisting of about 40 per cent of gross leasable area, which is meant to "reposition the REIT's portfolio for long-term stability and performance and raise liquidity." Mr. Sturges says in a note, "Once completed, Slate intends to have repositioned its global office portfolio toward long duration, less capital intensive newer build office assets that are similar in terms of quality, occupancy, tenant profile with in-place leases with credit-quality office users, and generate higher unlevered yields."