Not an expert, but my reading is that it is department stores and discount department stores that have been problematic for the retail REIT sector- regional and sub regional. At your larger Westfield malls you can find Myer, Target and Kmart in the same complex. And for me, the fact that many Targets are to be replaced with Kmarts is a further fiddling to get the mix right- when the department store concept is much of the problem anyway.
Part of the problem for landlords is that the department store can take up a largish percentage of shopping centre space but low return per area.
And HDN avoids department and discount department stores. Tick.
A negative for HDN is that the assets are externally managed- that takes the cream away.
Happy to hold for long term.
IMHO DYOR
HDN Price at posting:
$1.26 Sentiment: Buy Disclosure: Held
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