Killam Apartment REIT T.KMP.UN

TD Raises Targets

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Disclosure: Of the companies on this list, I own BEI, CSH, CHP, DIR, FCR, GRT, and KMP. GLTA

TD Cowen real estate analysts Sam Damiani and Jonathan Kelcher raised their targets for equities in their coverage universe on Wednesday.

Their changes include:

• Artis REIT (“hold”) to $7 from $6.50. The average on the Street is $6.75.
• Automotive Properties REIT (“hold”) to $12 from $11. Average: $12.22.
• Boardwalk REIT ( “buy”) to $100 from $95. Average: $90.70.
• CAP REIT ( “buy”) to $62 from $60. Average: $56.51.
• Chartwell Retirement Residences ( “buy”) to $18 from $17. Average: $15.93.
• Choice Properties REIT ( “buy”) to $16 from $15. Average: $15.25.
• Crombie REIT ( “buy”) to $16 from $15. Average: $15.33.
• CT REIT ( “hold”) to $16 from $15. Average: $15.42.
• Dream Industrial REIT (“buy”) to $16 from $15. Average: $15.91.
• Dream Office REIT (“hold”) to $20 from $18. Average: $18.56.
• Dream Residential REIT ( “buy”) to $9.50 from $9. Average: $9.
• Dream Unlimited Corp. ( “buy”) to $35 from $33. Average: $36.50.
• European Residential REIT (“buy”) to $3.75 from $3.50. Average: $3.38.
• Extendicare Inc. ( “hold”) to $9.50 from $9. Average: $9.50.
• First Capital REIT ( “buy”) to $20 from $18. Average: $18.39.
• Granite REIT ( “buy”) to $91 from $87. Average: $87.78.
• H&R REIT ( “buy”) to $12 from $11. Average: $11.17.
• Killam Apartment REIT ( “buy”) to $23 from $22. Average: $22.52.
• Morguard North American Residential REIT ( “buy”) to $23 from $22. Average: $21.
• Morguard REIT (“hold”) to $6 from $5.50. Average: $5.67.
• Primaris REIT ( “buy”) to $17 from $16. Average: $16.64.
• RioCan REIT (“buy”) to $22 from $21. Average: $20.65.
• SmartCentres REIT (“hold”) to $26 from $24. Average: $25.
• Storagevault Canada Inc. to $6.50 from $6. Average: $5.72.

[retiredcf]

TD's narrative. GLTA ARE NAVS POISED TO GO HIGHER? INCREASING TARGET PRICES +6% ON POTENTIAL THE TD COWEN INSIGHT No changes to NAV estimates yet, but macro conditions are setting the stage for NAV Growth. While we are seeing more potential for cap rates to begin declining, we are awaiting evidence in the private market before making any adjustments