“Obviously, we do have some headwinds with higher interest rates. We do have debt maturity at low rates, but rollover will cost us some growth.”

In context

“e make mistakes all the time, but we know where we want to position them. And so, I hate using kind of this, but I -- it's really going to be the external environment that could slow this down, meaning what happens, do we do a recession or that? And I honestly think some of these markets are -- when people ask me that I actually think if we do go into recession, it will be "kind of regional recession." I just don't see markets right now, they may flatten, they may not grow as much, but I don't see Florida's, Texas, Nevada's of the world, Georgia's, I just don't see them slowing. I don't see them going into a recession. So if there is one, we've always heard, well, it's going to be a regional one, this one might be one. But who -- I really don't know, but I think that's what slows us down. Obviously, we do have some headwinds with higher interest rates. We do have debt maturity at low rates, but rollover will cost us some growth. But we just have to kind of go through that and deal with it. Michael Goldsmith: Thank you very much. David Simon: Thank you. Operator: The next question comes from Linda Tsai from Jefferies. Please proceed 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”