Our growth focus is internal – as I mentioned, not really that focused on external acquisitions, although we have spent some capital over the last couple of years to do that; and capital investment really refers to a redevelopment/development program for existing assets inside the portfolio. And a prior and always a current topic for us is how do we de-risk our balance sheet and are we reducing our leverage.

A brief background on our portfolio – today, we own 133 regional malls comprising almost 57 million square feet of inline GLA – gross leasable area. That doesn’t include the anchor space that would substantially inflate that number. Seventy – so more than half – the malls are class A. Class A, class B, class C are terms of ours used in the mall business. Generally, the distinction relates to the sales productivity, sales per square foot of a particular mall. If it’s more than $400 a square foot, it’s generally deemed to be a class A mall. That’s a little bit more art than science, but you know a class A mall when you see it and these assets generate over 70% of our net operating income.

We are almost 94.5% leased as of the end of the second quarter, and we’ll talk a little bit more about the components of that leasing, and we have $533 of tenant sales per square foot which puts us in the top of—we’re near the top of the industry.

Originally this slide had a little history, starting in 1952 when the company was founded, that I thought might had been a bit much going back 60 years, so I thought I’d focus on more recent history. The company came out of bankruptcy in 2010 with a $6.3 billion recapitalization led by Brookfield Asset Management. Howard Hughes Corporation was spun off to shareholders and then there was an initial public offering or a re-initial public offering, if you will, in November of 2010 for $2.3 billion of equity in the real estate space, one of the larger capital raises that was done in the equity markets in the last 15, 20 years.

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