TRS Bull Case, page-9

Agree, the new lease disclosures are going to be interesting for the retailers. There will be some big 'debt' numbers coming on balance sheet. However, I would always be more comfortable owning a stock during a GFC with no bank debt and $1 billion of lease 'debt' spread amongst 1000 leases than $500m of bank debt provided by some capital starved banks. Landlords will do anything to avoid vacant shops during a downturn, but banks just want their money back.