RE:RE:RE:Results look fineThanks, I agree with your post. To clarify, the unsubstantiated part is the type of retailors that SRU typically deals with, which make up the bulwark of their portfolio, be it Dollarama or Walmart, Bank of Montreal or A&W. We're not depending on David's Tea or Reitman to save our dividends. These retailors as you note were already sinking ships before the so-called pandemic; they will be replaced by stronger retailors in time.
At the beginning of this charade, many were trying to push an idea that Walmart was toast and nobody will do in-store shopping again. That's okay because I loaded the boat on SRU, SGR (formerly SRT) and BPY and did well on all and expect to do even better, though I sold BPY to add to Smartcentres.
In addition to immigration which compliments their growing highrise business or storage business, mixed use, etc.
Great days ahead for Smartcentres.
logicandinertia wrote: 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.