“We expect Catalyst will generate positive EBITDA in fiscal 2025 and roughly breakeven FFO as they work through the combination.”

In context

“er share for the first quarter, a year-over-year increase of 7.7%. The dividend is payable on March 31st. Now moving on to our 2025 guidance. Our real estate FFO guidance range is $12.40 to $12.65 per share. Our guidance reflects the following assumptions, domestic property NOI growth of at least 3%, increased net interest expense compared to 2024 of between $0.25 to $0.30 per share, reflecting current market interest rates and projected cash balances compared to 2024. Lastly, our diluted share count of approximately 377 million shares and units outstanding, due to the recent Catalyst brands transaction, we will not include Catalyst guidance at this time. We expect there will be significant savings and synergies from the combination that will be coupled with potential restructuring costs. We expect Catalyst will generate positive EBITDA in fiscal 2025 and roughly breakeven FFO as they work through the combination. With that, thank you. And David and I are now available for your questions. Operator: Great. Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Our first question is from Jeff Spector from Bank of America. Please go ahead. Jeffrey Spector: Great. Thank you. I know you'll get through some of the numbers through some of the other questions. I wanted to focus on some of the initiatives you have to bring people to the mall. I know you have the Tomorrow Stars, the Meet Me @themall when your traffic was up at malls, premium outlets. Can you talk a little bit more about some of the programs initiatives that you're doing to again bring the shopper to the mall and how did those programs go for the holiday season? Thank you. David Simon: Well, listen, I thin”