In this edition, decarbonization megatrend offers generational growth for Europe's electrical suppliers; some short-term pain and long-term gain in ASML; an industrials sector energy efficiency wave is underway; and Pinnacle West Capital, Millicom International Cellular, and Intellia Therapeutics.

Regency Centers is one of the largest shopping center-focused retail REITs. The company's portfolio includes an interest in 482 properties, which includes nearly 57 million square feet of retail space following the completion of the Urstadt Biddle acquisition in August 2023. The portfolio is geographically diversified with 22 regional offices and no single market representing more than 12% of total company net operating income. Regency's retail portfolio is primarily composed of grocery-anchored centers, with 80% of properties featuring a grocery anchor and grocery stores representing 20% of annual base rent.

Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 230 properties: 136 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), 6 lifestyle centers, and 5 other retail properties. Simon's portfolio averaged $743 in sales per square foot in 2023 compared with $693 in sales per square foot over the 12 months before the pandemic. The company also owns a 21% interest in Klépierre, a European retail company with investments in shopping centers in 16 countries, and joint-venture interests in 33 premium outlets across 11 countries.

Regency Centers Corp. is one of the largest U.S. owners, operators and developers of shopping centers. Headquartered in Jacksonville, Florida, the company, including joint ventures and the recent acquisition of Urstadt Biddle, operates about 481 shopping centers (398 same store properties) with almost 57 million square feet of gross leasable space. Regency's portfolio focuses on open-air properties in urban and first-ring suburban areas with high trade and traffic. Eighty percent of Regency's shopping centers are anchored by major grocery store chains, such as Kroger and Publix. Anchors also include retailers TJ Maxx and Petco. Prior to recent acquisitions, which added assets in the New York metro region, about half of the company's portfolio was in California and Florida. At the end of 1H24, after the acquisition, California properties are about 15% of the REIT's property count and NY/NJ/CT properties are about 24%. At the end of 1H24, grocery tenants accounted for 19% of annual base rent, with quick service restaurants accounting for 13%. Anchor shops (over 10,000 square feet) contributed about 43% of total annual base rent. The stock is included in the S&P 500 Index, and the market cap is $13.4 billion.