“So, I do think as we've been saying over the last few couple of quarters, I mean, we have finally turned the corner on lease spreads, demand, better properties, more commitments from retailers, more -- and more retailers wanting to open stores, all driving pretty good demand, which allows us to get to spreads that we're accustomed to.”

In context

“little bit more of an update, I know, in the past you've talked about your signed non-open pipeline being around 200 basis points. Your leased occupancy just increased by 110 basis points. Is that SNO pipeline relatively similar? And then maybe, I mean, the -- if I look at the base rent going up by 3.1% approximately and if you get about 10% of your space back, I mean, it assumes pretty healthy re-leasing spreads, if my math is correct. I mean, how should we be thinking? Clearly, it appears that leasing spreads are accelerating in your core business. David Simon: I think that's a fair statement. And I would say that the pipeline is similar to what it's been. Right, Brian? Brian McDade: Yeah. Floris, we're still hanging right around 200 basis points at this point in the year. David Simon: So, I do think as we've been saying over the last few couple of quarters, I mean, we have finally turned the corner on lease spreads, demand, better properties, more commitments from retailers, more -- and more retailers wanting to open stores, all driving pretty good demand, which allows us to get to spreads that we're accustomed to. But we were flat-lining pre-COVID. Obviously, we got hurt during COVID and we've bounced back nicely. So from that standpoint, it's good to see. Floris van Dijkum: And if I can maybe follow up, David, on Jamestown, and you mentioned external capital. How are you thinking about -- how is the Jamestown acquisition embedding in? And is that potentially a source of external capital that you can bring into some of that -- the apartment or hotel investments, and/or how are the synergies between those two businesses working out, in particular, I'm thinking like Atlanta with the street retail right near your two fortress malls? David Simon: Yeah. Look, to separate, just to be clear. So, we bought into the asset management business and we bought -- we partnered with Jamestown for a couple of -- se”