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BMO Capital Markets Corp. raises Crombie REIT to 'outperform'

BMOCapital Markets Corp. analyst Heather Kirk increased her investmentopinion of Crombie Real EstateInvestment Trust to "outperform" from "marketperform," and increased her price target to C$16 from C$14.50.

The analyst wrote in a research report: "Crombie providesstable cash flows from a portfolio of primarily defensive grocery-anchoredretail properties coupled with a growing pipeline of urban mixed-usevalue-creation opportunities (430k sf of commercial GLA and 5,300 units ofresidential and ~$1 to $2 billion of built out value). The REIT has beenselling non-core assets which is crystallizing value, improving portfolioquality and providing capital to fund value-add activities and debt reduction."