“essentially the real estate business has been very significant to our growth and we'll kind of see where the fourth quarter ends up but I think it's -- 97% of our business is going to outperform what we thought from originally what we had budgeted.”

In context

“David Simon: Sure. Look, I think we feel good about that kind of comparable NOI growth. Our debt is reasonably laddered. So yes, we'll have some interest expense headwinds, but we still think we'll end up growing our business next year with that said. Ron Kamdem: Great. Thank you. David Simon: Go ahead, Ron. Ron Kamdem: I was just going to say if I could ask a follow up just on the $0.30 cent guidance raise. I think you talked about $0.32 cent gain and then $0.05 cents lower from the retailers. Just wondering is there any other sort of puts and takes that we should be mindful of? Thanks. David Simon: Sure. No, we're going to have $0.05 lower because of the SPARC-SHEIN deal. We lost a couple of cents from our mark to market on a couple of our public securities that we own last quarter. And essentially the real estate business has been very significant to our growth and we'll kind of see where the fourth quarter ends up but I think it's -- 97% of our business is going to outperform what we thought from originally what we had budgeted. Ron Kamdem: Thank you. David Simon: Sure. Operator: Our next question is from Caitlin Burrows with Goldman Sachs. Please proceed. Caitlin Burrows: Hi, good evening everyone. David, I know you gave some numbers on recent leasing activity which sounds really strong. I was wondering if you could give some additional context maybe to how that leasing activity compares to recent and pre-pandemic years, maybe what that means for pricing and how that could impact permanent occupancy? David Simon: Well, thank you, Caitlin. So I would say, let me try and address your questions in no particular word. I think we'll be, year-end occupancy will be obviously higher than it is today. I don't know that it will be our highest ever, but it it'll be within distance pretty close. Even with all the volatility”