Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from R.J. Milligan – Raymond James.
Richard Milligan – Raymond James
You guys had previously mentioned that you thought occupancy might bottom out around 90%. Do you guys still believe that to be true?
Thomas A. Caputo
I think, R.J., what we said is that we expected that we could lose 250 basis points of occupancy during the course of the year. Part of it is with some [inaudible] paying tenants, which vacated during the quarter, so we still have 30 basis points to go, perhaps, in our guidance.
We are fighting the good fight and working as hard as we can to hold our occupancy at 90%, but we might slip a little bit more.
Richard Milligan – Raymond James
And when do you think that slippage might come? Do you think that's going to be after the holiday season? At what point do you think it's going to bottom out?
Thomas A. Caputo
It's really hard to tell. As we noted on our call, the anchors are in really good shape at 94% plus leased, and it's the battle with the shop tenants that's an ongoing battle. But I think we're making progress. I think that the fact that we leased to so many new tenants, small tenants, especially restaurants during the quarter is a very good indicator. And as we've said, we have a very healthy pipeline going forward, so our goal is to keep our occupancy above 90%.
Operator
Our next question comes from Craig Schmidt – Bank of America Merrill Lynch.
Craig Schmidt – Bank of America Merrill Lynch
This can be either for Jeff or Tom. The cap rate of 8% at Westbury Plaza, what is that telling you where cap rates may have moved over the last two years and I guess for future acquisitions?
Jeffrey S. Olson
Look, I think at its peak a center like that probably would have been in the fives and sixes, so I mean you can gauge it on that basis. But I think it's also important to note and I said this in the prepared remarks, when we really put this under LOI, before the financing markets came back again, and so my sense is that it would probably more attractive pricing in today's market.
Thomas A. Caputo
And as a follow up to that, Craig, I've been in the acquisition side of the business for a very long time and this is the first time I ever remember getting cold-called by life companies who wanted to finance the property.
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