The Globe and Mail reports in its Thursday, Feb. 22, edition that Scotia Capital analyst Mario Saric is sticking with his "neutral thesis" on SmartCentres REIT after last week's release of fourth quarter 2023 results that fell narrowly below his expectations. The Globe's David Leeder writes that Mr. Saric has reaffirmed his "sector perform" recommendation for SmartCentres. He trimmed his unit target by 50 cents to $25. Analysts on average target the units at $26.28. Mr. Saric says in a note: "Our key estimates fall an average of 3 per cent, worse than peer average to date and more consistent with average 1-2 per cent for our coverage so far. It was another quiet quarter for capital recycling, while occupancy still leads Retail REIT peers with the offset -- slightly lower lease renewal spreads. ... We think residential density dispositions could improve both although a tough land market may constrain both ability and appetite to do so in 1H/24. Net-net, barring a significant economic downturn, we believe investors get a sustainable 7.7-per-cent distribution yield, which comprises most of our 12-per-cent expected NTM [next 12-month] total return (vs. 21 per cent and 22 per cent sector and peer average)."