“Just on Taubman, and I mean, our expectations on the comp NOI are roughly right on in excess of 3%.”

In context

“t in stores is a proven financial model. They're doing that. So I'd say generally comfortable, very comfortable with all the retailers that we're doing business with, but there will always be a couple of here and there that have to sort of through their financial issues. Greg McGinniss: Great, thanks for the color, David. David Simon: Sure, thank you. Operator: Our next question is from Hong Zhang with JPMorgan. Please proceed with your question. Hong Zhang: Yes, hi guys. I guess, I was wondering if you could quantify the magnitude of the development drag this year. And also it seems like you saw a very strong rent and occupancy growth in the Taubman portfolio in the fourth quarter, measuring what drove that and what are your expectations for that portfolio this year as well. David Simon: Just on Taubman, and I mean, our expectations on the comp NOI are roughly right on in excess of 3%. What drove both portfolios really is supply and demand, multi-retail sales, operational excellence, all the things there I mentioned earlier. Listen, we're a big company, we did have some drag from redevelopment, but it's not, it's not an excuse. We don't worry about it, and it's not so much big redevelopment. You - when you re-tenant a mall you have downtime and as I've mentioned this before, the better the tenant, the better the build-out. And in some cases, build-out is six to nine months and restaurants it can be even close to a year. And as you know, we have - our portfolio restaurant new business is at least 100 new restaurants over the next year or so. So, it is a long, arduous process getting permits. I mean, we had a crazy thing in the Bay Area, where they couldn't hook up the ga”