Commercial Real Estate - Is NOI a Roting?

The consumer drives 68, 69% of our economy. If they're having to spend more on housing and food and utilities, then there's less to spend on discretionary items. So from that standpoint, we could see some slowing in discretionary consumer spending as well as spending on leisure and hospitality. And if rents are not growing very fast, if they're stagnant or down where they're negative, we know NOI is a roting. That is impacting value.