In short: "May as well be Prologis" — the premier grocery-anchored shopping-center REIT: A-minus balance sheet, NOI up, occupancy just under 97%, cash leasing spreads over +10%. Trading at a premium, "so probably something to put on a watch list, but core holding"; anchor-backfill risk is not showing up now.
Regency owns neighborhood shopping centers anchored by a grocery store — the kind "in everybody's backyard" that people visit every week regardless of the economy. Occupancy is just under 97% and new leases are signing at more than 10% above the old rents. Auerbach calls it the Prologis of shopping centers and a core holding, but it is expensive, so it is a name to watch for a better price. Losing a grocery anchor is a perennial risk for these centers, but he isn't hearing warning signs now.
24:27— Same. I mean, may as well be Prologes. The premier grocery anchor shopping center pretty much in everybody's backyard. Great properties, great development platform, a rated B, a minus rated balance sheet. NOI was up, their occupancy is just under 97%. Cash leasing spreads up over 10%. So, pretty strong numbers.
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