Slate Grocery REIT (SGR-U.TO) was downgraded to underperform from sector perform at ATB Cormark Capital Markets on Thursday.

Analyst Sairam Srinivas lowered his price target on shares of the Toronto-based owner and operator of US grocery-anchored real estate to US$8.00 from US$13.00.

Late Wednesday night, Slate announced the suspension of its monthly cash distributions at the recommendation of its independent Special Committee.

"This announcement comes with no update in relation to the strategic review (which remains on going)," Srinivas said in a note to clients.

"We see this as a very negative development considering the timing of the announcement as well as the ongoing review," the analyst said.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)