In short: Owned — his remaining US retail-landlord exposure after Whitestone was taken out. "Not a mall company. It's more service retail, very quality company," riding the same swing of the pendulum from tenant to landlord.
Federal Realty is his remaining US retail-property holding after Whitestone was taken over. He's careful to distinguish it: "it's not a mall company, it's more service retail" — the everyday shopping centres anchored by grocers, pharmacies, gyms and restaurants, the kind of tenants people visit in person and that online shopping doesn't replace. He calls it a "very quality company," riding the same shift he describes as the pendulum swinging from tenant power back to landlord power.
37:11Well, it's not a mall company. It's more service retail, very quality company. So, I think right now that retail again when we do channel checks, so to speak, and we talk to simple power of the landlord versus power of the tenant, the pendulum has swung, right? The Amazon effect was real, right? 10 years ago, we wake up, Amazon buys Whole Foods.
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