“And if you look at the renewals in the new business, there is a really good uptick from kind of the in-place income on that. And that will come in not really this year, but over '24 and '25 as those stores get opened.”

In context

“om Scotiabank. Please proceed with your question, Greg. Greg McGinnis: Hey, good evening, David. I just want to make sure that I understand that $570 million gross rental income number that you mentioned. Is that new and renewal leases? Is it on a pro-rata basis inclusive of international and TRG? How much of that, I guess, is incremental to in-place rents? Or is all of it? And then what's the timeframe [indiscernible] contributing? David Simon: All terrific questions. And we highlighted that just to give you a sense of the scope of the business that's going on here. So that's a huge number. That's just one lease -- one level of activity in a year and it's bigger than some companies that exist today. So, let me try to unpack it. It does include renewals. It's just SPG. It's just domestic. And if you look at the renewals in the new business, there is a really good uptick from kind of the in-place income on that. And that will come in not really this year, but over '24 and '25 as those stores get opened. And I think it just adds a sense of our future growth that we see in front of us from our existing portfolio. But I'm not in a position to break it up between renewals and new incremental business. But you'll see that flow through the NOI in the upcoming quarters. Greg McGinnis: Okay. So, it is both though, because you mentioned $100 million of new income last quarter of new NOI. David Simon: Correct. Yeah, it includes both, correct. Greg McGinnis: Thank you. David Simon: Thank you. Operator: Thank you. The next question comes from Derek Johnston from Deutsche Bank. Please go ahead with your question, Derek. Derek Johnston: Hi, everyone. Good afternoon. Occupancy is now at 94.4% and that's just 70 bps below pre-pandemic levels. Do you expect to surpass 4Q '19's 95.1% occupancy this year?”