The Globe and Mail reports in its Tuesday, Nov. 18, edition that National Bank Financial analyst Matt Kornack is maintaining his "sector perform" recommendation for H & R REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack gave his unit target a $2 trim to $10.50. Analysts on average target the units at $11.86. Mr. Kornack says in a note: "While many investors were hoping for an en-bloc takeout at a reasonable premium following the initiation of a strategic review and inbound interest, this failed to materialize. We had noted the complexity and diversified nature of the portfolio as a risk but thought the discounted valuation may be enough to provide interested parties the buffer needed to take on a sum-of-the-parts exercise. In the end management has received interest in select assets and is under discussion to sell 25 per cent of the portfolio. We still think it is possible that they could pursue a roll-up themselves vs. giving away the upside to a consortium. Until then, execution risk remains high although selling the HFS properties plus industrial would probably be lower risk with the residual skewing heavily to U.S. apts."