The Globe and Mail reports in its Wednesday edition that Scotia Capital analyst Mario Saric is sticking with his "sector perform" ranking on SmartCentres REIT. The Globe's David Leeder writes that Mr. Saric modestly trimmed his unit target back by 50 cents to $30.50. Analysts on average target the units at $30.19. Mr. Saric says SmartCentres offers "reasonably valued defence with a well above-average distribution yield," which he stresses is "safe, barring a material economic correction." Mr. Saric says in a note: "SRU recorded healthy 4.3-per-cent SSNOI [same store net operating income] growth (expects similar through 2023) but more modest 0.4-per-cent year-over-year FFOPU [funds from operations per unit] growth, a consistent theme across the REIT space as higher interest expense offsets improved SSNOI performance. On the margin, we saw three positives. First. renewal spreads inched up a bit (not huge, but going in right direction). Second, it appears SRU has recommenced disposition discussions, which we believe should improve sentiment (sale of low-cap rate residential density), given SRU's elevated financial leverage. Lastly (and perhaps tied to #2), SRU obtained residential zoning approvals for 3.4Msf in Q1."