The Globe and Mail reports in its Friday, Feb. 20, edition that TD Cowen analyst Jonathan Kelcher has resumed its coverage of Allied Properties REIT after the company raised $560-million in equity. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Kelcher gave his unit target a $4.50 trim to $10, while maintaining his "hold" call. Mr. Kelcher significantly reduced his financial and net asset value estimates for the REIT as a result of well-below-forecast fourth quarter results, a slower-than-expected occupancy recovery and an equity raise. Mr. Kelcher says the issuing of equity was necessary to shore up Allied Properties' balance sheet given weaker-than-expected fourth quarter results and a sluggish pace of asset sales. Management introduced an action plan that included new targets out to 2028. Mr. Kelcher views Allied's 2026 outlook as "achievable." He says in a note: "Occupied area is forecast to dip in the first part of the year before hitting 84 to 86 per cent by year-end (largely unchanged from current levels). The most challenging target to achieve in our view will be $500-million in asset dispositions, including the two apartment properties." He adds that Allied remains a "show me" story.