“I do think there’s a real potential to improve that, because in many cases, we’re the only game in town and given lack of supply and our ability to reinvest, I do think we can make real strides in the bottom tier, again, not every asset. But the majority plus of them. So, that’s a big focus going into 2025 without question.”

In context

“se of the changing landscape you now see opportunities that didn’t exist a few years ago? David Simon: That’s a good -- that’s a really interesting question and a good point. I think based on, if you asked everybody on the last three days of the Mall portfolio, we absolutely, not every asset in the bottom tier, and again, we -- I don’t like that phrase, but I’m going to use it anyway. I would tell you, if you talk to our team, our leaders in that area, Jon Murphy and Eric Sadi, Rick, God love him, still loves to go through it, and John Rulli, et cetera. I would say to you, one of the real opportunities for this company is to improve the bottom 20, and because you’re right, there’s no new supply in those markets. Just like human nature, we always want to work on the second half, right? So, I do think there’s a real potential to improve that, because in many cases, we’re the only game in town and given lack of supply and our ability to reinvest, I do think we can make real strides in the bottom tier, again, not every asset. But the majority plus of them. So, that’s a big focus going into 2025 without question. Alexander Goldfarb: Thank you. David Simon: Sure. Operator: Our next question is from Floris van Dijkum with Compass Point. Please proceed with your question. Floris van Dijkum: Good morning, guys. Thanks. Question on the leasing. By the way, I thought the response to Alex’s question was fascinating, by the way, because we believe that, the B malls or the lower-quality malls, financing might finally be coming back to that market now, too. But maybe if you can talk about your S&O pipeline. Last quarter, you mentioned it was 250 basis points. How has that moved? I saw that HERMÈS just opened up its store in Phipps, and what percentage of that S&O pipeline is luxury in your view? Is it meaningful and are there other Phipps-type luxury projects planned in the portfolio going forward? David Si”