While buying at a dip and calculating subsequent yields can be...

While buying at a dip and calculating subsequent yields can be advantageous, it's crucial to evaluate current valuations rather than historical performance. That is why investor uses Average Total return not return based on investment in 2008 or 2020. I agree with Chris strategy to compare performance to benchmark and as long as you close to it then it doesn't matter much (obviously outperforming is always a plus).

I am income driven and try to keep income at 10% even at cost reduced or negative capital gain.

While I don't calculate MERs for my REIT holdings (HCW, HDN, CQR, DXI, REP), I recognize that ETFs and LICs often involve additional management fees. This can impact overall returns, especially for those seeking a hands-on approach. However, for those with limited time or expertise, ETFs can offer a convenient and diversified investment option.

It's important to consider risk tolerance when choosing/comparing investments. VAP's concentrated portfolio may offer higher potential returns, but it also comes with greater risk. MVA, with its equal-weighted approach, provides a more balanced and diversified exposure.

Regarding DDR, while it has shown promise under its founders, concerns about succession planning and future growth potential are valid. It may have seen green sky with growth around covid like all other companies but situation may not be same moving forward obviously next results will decides that but in my opinion DDR takeover by another company like DTL would be advantage.