Even better perhaps, new tenants are – or soon will be – paying higher rent, he said. Through Q2 this year, initial base rent from new leases is up 17% year over year. Already-inked leases that cover about half the space emptied by Saks already exceed the $18 million in rent that Saks had been paying. At the same time, tenant allowances – money up front given to tenants for renovations and other uses – are down 12%, Simon said. In the first half of the year, this owned-retail segment swung into the red with a nearly $53 million net operating loss compared to net operating income of $227,000 in 2025.