“So, I expect those investments to pay for future earnings growth.”

In context

“stment. So we're getting a 50% return on our net investment there. So if it goes to 70% or it goes to 50%, it's -- we are going to have volatility, but it's still the hell of an investment, still being a great thing for us to do, to not only understand but what it takes for retailers to be successful, but kind of where the future is. So there will be volatility in that, but our better brands in there like Brooks Brothers, Lucky Jeans, Monica, really doing well. I said to you on the last call, the lower income consumer is tightened their belt and we do have a few brands that are affected by that. But even with that said, we have an unbelievable return on investment after tax from the earnings that those businesses throw off. And we're also making investments in that -- in those businesses. So, I expect those investments to pay for future earnings growth. But the macro is concerning, but look, rates will have an impact is probably the most direct impact that we'll have next year. But I still feel like demand and bricks and mortars where the action is going to be. Operator: Our next question is from Ronald Kamdem of Morgan Stanley. Please go ahead. Ronald Kamdem: Quick ones, if I could sneak them in. The first is just on the occupancy gain is pretty impressive this quarter. I think you talked about maybe getting to pre-COVID occupancy by 2023. Just how are you thinking about sort of the upside on occupancy in this portfolio at this point? The second one was just on the new disclosure in the supplemental is really helpful on the fixed versus variable. Just any color or any comments as you're converting these variable leases to fix? How is th”