The Globe and Mail reports in its Thursday, May 7, edition that National Bank's Matt Kornack continues to rank RioCan REIT "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack gave his unit target a 25-cent boost to $24.25. Analysts on average target the units at $22. Mr. Kornack says in a note: "RioCan's operating stats continue to shine with blended leasing spreads reaching another record level in Q1 (up 26 per cent). Management guidance is predicated on mid-teens blended spreads, the trailing four quarter average is now 23 per cent. Needless to say organic growth should come in ahead of forecast. That being said, this exceptional performance isn't going to translate overnight into outsized SPNOI as the REIT contends with a long WATM on their leases. Nonetheless, as they continue to work through renewals, management did note that they are now aiming for the greater of 3-per-cent annual rent steps and CPI. ... As one can tell, we like this story. That said, this quarter did have its drawbacks in terms of timing related expense items and some erosion in fee and other income line items that are constraining earnings growth."