“But unfortunately, the only negative next year will be getting stores open and getting this 200 basis point type open and operate.”

In context

“we're trying just to focus everyone on occupancy, minimum rent growth, we've outlined kind of where we get the variable income where we get our contractual income. It's all in the 8-K, and it all manifests itself in the NOI. And that's what we want you to focus on. But if you were to take the subset, which is space for space that's like it's pretty damn impressive. And our renewals are positive overall. And so that's changed. That you're right, over the last certainly in COVID we got -- those renewals were tough that happened to show up during COVID. But I am happy to report renewals generally and new deals with ending space and new space is wildly positive and that's manifesting itself in our comp NOI growth. Then you add that to the pipeline, and that's why we feel good about next year. But unfortunately, the only negative next year will be getting stores open and getting this 200 basis point type open and operate. And that takes time because the retailers that we're doing business with want to have the proper looking, they want to have a proper look in store. But we are very pleased to see the spread story change. Michael Mueller: Okay, thanks, David. Operator: Our next question is from Craig Schmidt of Bank of America. Please go ahead. Craig Schmidt: Great. Thank you. Will Simon's total investment in redevelopments and developments grow in 2023 or might macro events like a potential recession cause a pause in new projects? David Simon: Yes. That's a good question, Chris. Right now, we think the -- if we do run into a recession, actually, from the standpoint of new projects, actually, we see a slight benefit. They sound counterintuitive, but construction pricing for new projects is higher than what”