RBCCapital Markets LLC analyst Neil Downey lowered his investment opinionof Dream Office REITto "sector perform" from "outperform," and decreased hisprice target to C$22 from C$24.

The analyst wrote in a research report: "Dream OfficeREIT's Q1/16 results met expectations. The messaging regarding debt reductionsuggests to us a defensive stance with the focus on liquidity and leverage, andpossibly a more cautious view regarding market fundamentals, capex and potentialtop-up mortgage financing needs. As reviewed herein, we've reduced our pricetarget by $2/unit, to $22 and shifted our rating on the units to SectorPerform."