“On the assets we manage, we've increased EBITDA margin by about 300 basis points this year, and there's another couple hundred basis points to go.”

In context

“Eli Simon (Chief Executive Officer, President & Chief Operating Officer): Sure. We're very excited about TRG. On the assets we manage, we've increased EBITDA margin by about 300 basis points this year, and there's another couple hundred basis points to go. That's from better purchasing contracts, janitorial, parking, marketing—every dollar counts. The 120 basis points Brian mentioned was attributable to adding the remaining 12% interest; that will narrow over the next two quarters as we lap the acquisition. We made that deal for the long term to own really good assets and to upgrade them. We have exciting projects in the pipeline—Green Hills, International Plaza, Cherry Creek—where we're planning significant renovations and tenant additions to create runway for growth over time. The additional contribution from the 12% will normalize, but we expect significant upside from operating these properties over the long term.”