“We expect that to continue but that -- obviously those thresholds have been raised.”

In context

“set that's a 6% cap rate, we're building to an 8%, that's creating value. On the other hand, if we have an 8% asset that we're building to a 6%, it ain't going to happen. So there's no -- we have themes. We have points of view. But just like anything else, every transaction we do, every redevelopment we do really is grounded by what we're trying to accomplish with that real estate. So -- but overall, again, like I said earlier, we've got to push it higher because, our cost of capital regardless is up across the board. So we don't have the luxury to build dilutive deals. And as you know, we've never really bought dilutive. We've never really built dilutive. And we certainly don't anticipate in doing that today. We've always had a spread to our financing and to the quality of what we built. We expect that to continue but that -- obviously those thresholds have been raised. Haendel St. Juste: Thank you. David Simon: Thank you. Operator: Our final question is from Juan Sanabria with BMO Capital Markets. Please proceed. Juan Sanabria: Saving the best for last. I love it. Thanks for the time. I'm just curious if you could comment on kind of the watch list you've commented about the consumer, but maybe what the bad debt has been here to date with the historical levels is in your perspective as you think about ‘24. David Simon: The watch list on retailers? Juan Sanabria: Yes sir. David Simon: Yeah, it's relatively low. There are a couple that were there today that probably weren't there last year. Obviously I'm not going to name those. So it certainly hasn't grown all that much, but there are one or two retailers that we're paying close attention to. And I probab”