The Stunning Story Of Retail eREITs And Why Total Return Matters Even For Dividend Growth Investors - Part II

It's been a while since I wrote about Brick-and-Mortar Retail eREITs ("B&MRR" hereinafter).
Recall that three years ago, I've turned bearish on most types of eREITs (VNQ, SCHH, IYR, XLRE, RWR, ICF). Since then, we've bought more than a few eREITs (especially following the early 2018 correction), but if there's one sub-segment that we remain bearish on, in spite of dipping our toes every now and then (even here), it's retail eREITs, malls and shopping centers specifically.
In this article, we're neither going to discuss (again) the unfair battle between B&MRR to online retailers, nor are we going to try and answer (again) the question many investors are still asking: "Is Brick-And-Mortar Retail Dead?"
Instead, we will go back to an article that we wrote almost two years ago, titled "The Stunning Story Of Retail eREITs And Why Total Return Matters Even For Dividend Growth Investors", and take another look - now spanning over three years - in an attempt to challenge, or re-emphasize, previous messages.
In order to check our thesis and come up with new/old conclusions, we've assembled a group of 24 pure retail-oriented eREITs. Many other names have been left out, either because they are only partially active within the retail space (mostly triple-net lease names), and/or due to suffering from other "flaws" (size, tenor as a public company, too unique/hybrid/niche, etc.), e.g.:
Company Name Symbol Consolidated-Tomoka Land Co. CTO Four Corners Property Trust, Inc... Read more