“And so you'll see more of that trend continue.”

In context

“a retail point of view, demand, like I said earlier, we haven't seen it affecting retailers too much in terms of their growth plans. But we obviously monitor that every day. So from our standpoint, our cost of capital is up. So any investment we make, as I mentioned earlier, is in the -- is measured against return we would get from buying our stock back to return that we would get from redevelopment or development. And given that, that's why we haven't been active on the acquisition front. And I don't expect that to really change. In addition, we're always looking at monetizing our assets, whether it's real estate or otherwise, and to the extent that we can make the math work and we create liquidity through asset sales, the math is very compelling for us to do that to buy our stock back. And so you'll see more of that trend continue. Greg McGinniss: Great. Thank you. David Simon: Thank you. Operator: Our next question is from Mike Mueller with JPMorgan. Please proceed. Mike Mueller: Yeah. Hi, just a quick one here. I know this is a bit of a hypothetical, but do you think you would have bought stock back if you didn't issue the shares to Taubman? David Simon: I think we would buy, I'm sorry, I think we're looking -- it's a good question, a fair question, and let me say this, the way I'm thinking about it. So to the extent that we have additional liquidity events or in the case of Taubman, dealing with the dilution of issuing stock at this price, there's no question we're going to buy our stock back. To the extent that we don't, I don't have an answer for you yet on whether we would have done it absent the TRG issuance”