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RBC Capital Markets LLC cuts Dream Office REIT to 'sector perform'

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."