After a horrendous period of decline of anchor stores, a global pandemic, hurting shopping, food fairs and theatres and adjustement to online shopping , I am seeing good things ahead for this reit. Nobody , is building these type of malls anymore and they would be incredibly expensive to repalce .
These big land holdings that only have typical of 34-40 percent land coverage are now located in population dense areas and are getting denser with a growing population. These typically are alrady on transit routes and can add transit related development.
You will notice there are more things to entice families back to the mall as the millenials have their kids and need somewhere to go . Much more medical and related stores are located in the malls to attract the aging population on the other end.
As gas gets more expensive , the one stop shopping of a mall is an attractive alternative to flippingaround various power centers.Banks of chargers are showing up at malls to encourage shopping while EV owners cars slowly charge.
This company has low debt profle , free cash flow , is buying back stock and vows to increase dividends annualy. Some key differences compared to other reits. They have solid occupancy and can increase rents. Things look good , it just seems it has the over hanging cloud of the past . I was happy to buy in and will look at increasing holdings as this has a good runway now that interest rates are showing signs of stabilzing and maybe edge down a bit in the next 12 to 24 months.