“We still have a lot of openings scheduled for the latter half of '23 and the early part of '24. So we're not going to see the full contribution of those tenants open until essentially really a run rate at '24, I'd say, sometime in '24.”

In context

“great assets, and we are -- continue to be excited about our plans for 2023. If you come to Atlanta, you will see what we're doing, and it's a great example of the future growth prospects of our company. And will now allow for Q&A. Thank you. Operator: [Operator Instructions] Our first question comes from the line of Ronald Kamdem with Morgan Stanley. Ronald Kamdem: Great. Just starting with the guidance of at least 2% sort of organic growth next year, obviously, occupancy is already back to 95%. Just a little bit more color on that. How much of that is occupancy gain? How much of that is rent bumps? Just trying to get a sense of what's driving that. David Simon: Well, I think it's all the above. It's rent bumps, it's occupancy gains. We still -- and this is very important to underscore. We still have a lot of openings scheduled for the latter half of '23 and the early part of '24. So we're not going to see the full contribution of those tenants open until essentially really a run rate at '24, I'd say, sometime in '24. Now you ask why? Well, because we have a high-quality group of retailers opening in these, and it takes a while to build out their quality stores. But it's occupancy gains, it's rental -- it's spread increases. It's a reduction in our temporary tenant income because we're leasing space permanently. And it's basically assuming that -- a lot goes into this, but it's basically assuming relatively flat sales. Now if you remember last year, we said up to 2%. This year, we obviously blew past it. It was total for the domestic properties at clearly 5%, roughly 5%, 4.8%. So we're hopeful we'll do better. But again, we still have to make assumptions and that's why we like where we're at. And the biggest assumption that is somewhat of the unknown sales. Operator: Our next question comes from the li”