The Globe and Mail reports in its Tuesday, Aug. 12, edition that Desjardins Securities analyst Kyle Stanley has downgraded InterRent REIT to "sell" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Stanley continues to target the units at $13.55. Analysts on average target the units at $13.45. Mr. Stanley dropped his recommendation to avoid higher tax implications brought on from its pending acquisition by CLV Group and Singapore sovereign wealth fund GIC. Mr. Stanley says in a note: "For non-tax-exempt investors, assuming the vote on Aug. 25 passes, we recommend selling ahead of the deal closing to avoid higher taxation. As per the transaction circular, 21 to 24 per cent of the $13.55 offer price will be classified as ordinary income and taxed at the unitholder's marginal tax rate. However, should taxation not be an issue, we expect the unit price to converge on the deal price ahead of closing (late 2025/early 2026). Given the level of investment in the portfolio over the years and associated CCA depreciation, it is unsurprising that the tax basis is low. As a result, $2.85 to $3.30 of the $13.55/unit offer price is expected to be classified as ordinary income."