“I expect EBITDA growth to accelerate in the later half of '23 and '24.”

In context

“eed with your question, Linda. Linda Tsai: Hi. How do you think about the longer-term growth profile of the OPI business versus growth in overall portfolio NOI? Do you think the OPI business requires more consistent investment before it generates more stable returns? David Simon: Well. I think you have to look at it, the individual investments. And like for instance Authentic Brands Group is a growth machine. They're buying brands left and right. They're buying Billabong. They are buying Vince. They've got a huge pipeline. So, I've really seen that company growing, growing, growing. SPARC and Penny are -- SPARC is opening new stores, getting better at ecommerce, getting better operating. I'm sure -- they added Reebok to its portfolio last year, that still hasn't been fully integrated. So, I expect EBITDA growth to accelerate in the later half of '23 and '24. RGG, which includes Rue La La and Gilt, and importantly, Shop Premium Outlets. Remember we contributed that to that joint venture. Shop Premium Outlet is on fire. We're growing our GMV by leaps and bounds. I really think this was an idea we had years ago. We kind of got it off the ground, maybe not quite as good as [indiscernible] but we got it off the ground. We merged it in the RGG. And it's really rocking and rolling. We've got -- we're signing up good retailers all the time. That's got a great story to it. And we have some smaller investments in that. So, I think I see a real growth pattern in all of those. Penny is reinvesting. I think Penny has found its mojo. It's getting better brands in the store. We're making the stores look better. It's got growth in beauty that's investing. So”