“We'll, like we did with SPARC earlier, we're going to continue to harvest our investments over time. And as we do that, we're going to -- if you ask me today, we'll monetize things over time and we're going to buy our stock back because it's wildly accreted”

In context

“you continue to refine some of the ancillary parts of the business so that the strength that we're seeing and that you're talking about on the core business can continue to shine through? David Simon: Well, listen, it's a very good question and it's less and less of our business. As you know, it's under 5% of our earnings. You also have to understand that, when we add to the -- when we add it to our FFO, it's net income, which in many of these cases, you don't add -- well, all of these cases, you don't add back depreciation. So EBITDA and our FFO contribution are much different. Importantly, these have all been profitable endeavors. But we understand that even this small amount of earnings that we get in comparison to our total earnings power is volatile. People don't like the volatility. We'll, like we did with SPARC earlier, we're going to continue to harvest our investments over time. And as we do that, we're going to -- if you ask me today, we'll monetize things over time and we're going to buy our stock back because it's wildly accreted because let's look at it. You know what I trade at as a multiple of FFO and you know I have investment value in these investments, but they give us very little earnings because of GAAP. And if you do the math, you can see the accretion we would get on a buyback. So they're basically, I get no earnings from them, but I've got value and it's our job to get the value into cash, take the cash, buy our stock back or invest in properties and have it a bygone era of the time. But with an asterisk that said, attaboy, you made a lot of money. So that's the strategy. I hope that answers your question. Operator: Our next question is from Floris van Dijkum with Compass Point. Please proceed. Floris van Dijkum: Hey David. Thanks for taking my question. So I was curious on TRG. So I noticed the occupan”