Generally agree but don't agree that bearishness on retail is "unsubstantiated".  A number of brick and mortar retailers were already in trouble prior to Covid and are in even worse shape now.  Sru has bankrupt customers.  And this has and will continue to impact cap rates and lease rates, but this will vary on locations and tenant list.   SRU is anchored by grocers, and serves some of the densest population areas in the country.  Immigration just exacerbates this, meaning new candidates to replace struggling ones are easier to find.  I worry about those exposed to enclosed malls (sru has 0 exposure)

so while i am leery of retail REITs, I think sru has sufficient differentiation to continue its distribution and enjoy the benefits of the mixed development platform it has pioneered , driving up value over time.

good luck.