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hey everyone spencer burton here allow me to introduce ron rohde he is our acr legal contributor and he'll be sharing a walkthrough of one of his real estate legal documents hi guys ron rhodey from ronald ready law welcome to another video walkthrough with acre today we're going to be discussing anchor leasing we have a great template form for you to download and we'll discuss the nuances of analyzing this type of property anger leasing is very unique in that the anchor tenant typically a large grocery chain like wegmans or whole foods retail like best buy or target they have an unparalleled amount of leverage during lease negotiation as well as during the life of the lease today we're excited to have tim donovan who is an anchor leasing expert from the dc area tim can you introduce yourself i worked in development right out of college with a developer out of baltimore who does a lot of mixed use development does some casino work office retail shopping center grocery anchor kind of a very wide-ranging asset class you know i worked there and i did some property management i did leasing and i did develop while i was doing that i started in law school in the evening subsequently moved to a second developer and finished law school in the evening you know since then i've worked at two firms i worked for miles in stockbridge in dc and now i'm at nelson mullins also in dc you know nelson mullins is southeast based uh we're based out of columbia south carolina you know we have 25 offices nationwide so you know pretty wide-ranging group of attorneys and now i kind of dabble in all different asset classes i do a lot of affordable work i do a lot of leasing i do a lot of financing as well and then some uh some deal structuring so operating agreements and waterfall provisions and kind of more on the owner's side rather than the investor side but it's a pretty wide-ranging practice which you know i prefer let's talk a little bit today about this anchor tenant um you know you've you've put together put a lot of effort and energy into this sample lease and i know that it can't cover every single facet or every possible scenario but let's talk about who who could use this or who's going to benefit from our time today so generally speaking when you're doing an anchor lease the lease itself is going to be on the anchor tenants form and you know the reason behind that is you have you know these very large tenants who do lots of deals throughout the year and from a logistics standpoint it's much easier for the tenant to negotiate these leases when they're comfortable with the form ideally that's not the case but generally speaking tenants have their own that is certainly not the case for smaller tenants where landlords have...