“So I'm hopeful that any slowdown will demonstrate will reduce cost of new construction, which we will then want to like move forward more aggressively.”

In context

“ime 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 we want to see. So I'm hopeful that any slowdown will demonstrate will reduce cost of new construction, which we will then want to like move forward more aggressively. So it's kind of counterintuitive. But again, I'm not looking forward. I don't want to recession. I hope there's not a recession, but from the standpoint of redevelopment and new development, we actually -- the counter cyclicality of cost of construction may actually be one of the side benefits that we can take advantage of. Operator: Our next question is from Juan Sanabria of BMO Capital Markets. Please go ahead. Juan Sanabria: Hi, good morning. I was just looking at the lease income disclosed in the supplemental for the consolidated properties. And it seems like that was up 60 basis points year-over-year, but your domestic NOI was up 2.3%. So I'm just -- and at the same time, it was – that lease income was down modestly sequentially. So just hoping for a little bit more of an explanation”