“But it's -- our comp NOI growth is going to be really strong, and we continue to expect it to grow next year as well.”

In context

“0 basis point slowdown. So from the last quarter, so I guess -- the question is, is this like the right rate of portfolio NOI growth that we should expect kind of going forward? Or is there an expectation that things kind of continue to moderate from here? David Simon: Well, again, I wouldn't focus too much on quarter-over-quarter. There is volatility in our numbers because of overage rent and other factors, layoff like Regal, which is highly unusual that it would manifest itself in a material number, but it's important to point out. So look, I think you have to go back to the beginning of the year where we thought because '21 was a really banner year, and we were very conservative in our comp NOI estimate of 2%. We're blowing through that number. We'll see what the fourth quarter brings. But it's -- our comp NOI growth is going to be really strong, and we continue to expect it to grow next year as well. So you've got to look at this over 2- or 3-year period as opposed to quarter-over-quarter or even year-over-year. And we're making a tremendous amount of progress a number we were one of the few industries that were literally mandated the shutdown, and we're kind of back up and running and producing results that are pre-pandemic, which is very good to see. And we'll expect to see comp NOI growth next year even in the face of a potential recession. Michael Goldsmith: Thank you very much. Good luck in the fourth quarter. Operator: Our next question is from Linda Tsai of Jefferies. Please go ahead. Linda Tsai: Hi, good morning. In terms of the write-off from Regal, is this for all your Regals? And are they rent reductions or rejected leases? David Simon: This is all of our Regal. We took a r”