“we feel like supply and demand, low occupancy cost, high retail sales, and just overall demand will be able to generate kind of the new leasing renewal spreads that we've seen over the last couple of years.”

In context

“12.6% and we have run up to 14% plus before. And I would also, I would also caution report, these are the sales that our tenants are reporting to us, but they are somewhat affected by returns they it and so on. We actually think our sales per foot are higher than this. Some cases they have the ability to offset our returns in most cases, they don't. So, I just put that out there, so I wouldn't - and I mentioned this maybe two, three years ago, probably certainly pre-pandemic, but we report it. I know the market likes it. We actually think our sales were higher that come from our properties and then they are somewhat affected by returns. And we think some of - a lot of those returns are Internet sales returns. So, they don't even come from our properties. And so again, when we look at it, we feel like supply and demand, low occupancy cost, high retail sales, and just overall demand will be able to generate kind of the new leasing renewal spreads that we've seen over the last couple of years. Michael Goldsmith: Thank you very much. Operator: Thank you. Our next question is from Floris van Dijkum with Compass Point. Please proceed with your question. Floris, is your line on mute? David Simon: Floris. Looks like we lost for Floris. Operator: Our next question is from Craig Mailman with Citigroup. Please proceed with your question. Craig Mailman: Hi guys. Just - sorry. Just going back to maybe the reinvestments in here. You guys have plenty of cash after the dividend. And then just trying to curious at this point. What is the level of anchor box reinvestment you guys think you need to do just given what may be vacant today. And after you guys were spared kind of some of the recent Macy's closings. But just as you look at the portfolio today, kind of what do you think over the nex”