In addition to this significant progress, there are several other important reasons and I’m confident that our focus strategy will soon start translating into performance that will manifest into the ultimate measure, total shareholder return in excess of our shopping center peers.
It all starts with our exceptional people. Many of you have had first-hand opportunities to see how good they are through our investor relations group or on property tours. Regency’s team and our enduring customer relationships are advantages that enable Regency to fully leverage our other essential assets, expertly execute our strategy, and effectively accomplish our critical goals and objectives.
It is clear to me our key customers truly recognize the value of Regency’s platform and generally respect and appreciate doing business with our people. In the mind of our retailers, brokers, our co-investment partners, and other key stakeholders, Regency is a blue chip company. In fact, the vast majority of Regency’s portfolio contains dominant grocery-anchored shopping centers that are located in attractive markets. Our experience has shown that centers with highly productive grocery anchors attract better side shop retailers, maintain and grow occupancy and produce reliable NOI.
Let me take a moment to remind you of the key attributes of the portfolio. 87% is in a top 50 market. Average household income of approximately $100,000, three mile density of over 90,000 people, and grocery sales that we’re proud to publish of $25 million and $500 per square foot.In 2012, we’ll place even greater focus on selling the small segment of the portfolio, including legacy developments that we determine might be a drag on NOI, and buying centers that will enhance future growth. Regency’s capability to manufacture dominant grocery-anchored shopping centers in attractive markets on a basis that is accretive to NAV, and especially to the price at which we could acquire comparable properties, is an essential Regency advantage. We have incorporated the valuable lessons learned and are focusing on the construction and repositioning of core shopping centers that we want on long term. Read the rest of this transcript for free on seekingalpha.com