“Now at the same time, Jeff, rates are up. Returns for us have to be up.”

In context

“: Great. Thank you. Good afternoon. David, just want to tie in some of the leasing comments, the momentum you're seeing, the deals in the pipeline, the high occupancy levels to the redevelopment pipeline. And just, I guess, how are you thinking about that pipeline and the ability to increase that? Like, how are you going to satisfy some of the needs out there and continue to capture that market share maybe even more? David Simon: Thank you, Jeff. So look, I think we have the ability to develop and redevelop because we're not -- essentially what I said earlier, we're not -- listen, we've got to be stewards of capital, we've got to be very focused but we're not capital constrained the way some others might be. And our ability to invest in our portfolio is unmatched. So we intend to do that. Now at the same time, Jeff, rates are up. Returns for us have to be up. And so you haven't seen a really big change in our 8-K redevelopment, but that takes time because a lot of the stuff was put in place. But when we build something new or we redevelop, we're going to have to do a better job of leasing and returns and to warrant that capital because just about everything we do, I mean we still want to maintain our leadership position, but just about every amount of capital we spend, I have to measure it in my own mind against buying our stock back. And, I mean our stock, as you saw we bought stock back, so our stock is pretty compelling. So we want to redevelop, we want to new develop, but we've got a high hurdle that we've got to jump over. So like we've done historically, I expect us to find the right balance between continuing and to maintain our leaders”