ReFla: With economic challenges ahead, is this bad timingfor you to become ICSC chair?
Fiala: It's not going to be as easy as it has been. We'vebeen in a cycle for almost the past decade of upward sales, upwardtrends in terms of occupancy, rent growth and all those wonderfulthings. I believe over time there will be more retail bankruptciesand a slight decline in occupancy in most portfolios, and not thekind of rent growth we have had.
You have to stand back, do what you need to do and wait for thecredit markets to turn back around. When that occurs, be preparedand make sure you have a lot of liquidity, like Regency and many ofour peers have, so that you can take advantage of theopportunities.
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