The Globe and Mail reports in its Thursday edition that Desjardins analyst Lorne Kalmar says despite the uncertain economic outlook, he is "confident" retail real estate investment trusts are "well-positioned to withstand the impact of a recession." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kalmar has reaffirmed his "hold" recommendation for SmartCentres REIT and $28.50 unit target. Analysts on average target the units at $28.69. Mr. Kalmar says Primaris is his No. 1 large-cap REIT. Mr. Kalmar says in a note: "Virtually all retail REIT management teams agree that the tenant watch list is thin and largely comprises smaller, independent retailers with weaker covenants and a focus on discretionary offerings. On the supply side, new space remains very limited, and rents are well below the levels required for development economics to pencil out, which should insulate the sector from new supply for the foreseeable future. This demand/supply imbalance has led to elevated occupancies, accelerating rent growth and, ultimately, the strongest retail fundamentals in nearly a decade." The Globe reported on April 3 that Mr. Kalmar rated SmartCentres "hold" when it could be had for $26.55.