book value, page-12

"I'm convinced the banks are going to worth with GGP" think you mean work not worth but clarify please.

Most of these US Reits in distress have far higher leveraging (in the 60 to 90% range) than VPG which is probably under 40% (evern when current valuations come in) yet even with the high leveraging and making a loss each quarter their discount to NAV is far less than VPG and its ugly sisters here in Australia which are showing positive cash flow even after interest payments. Makes you wonder if the sell off here has been a little excessive.

Yes I feel the market has already factored in most domestic REITs will brake covenants but providing Banks have little choice but to work with them to prevent a fire sale. I wouldnt want to be over exposed to the US retail sector though for my money REITs with a Australian residential focus (ILUs) are a better bet, no hediging issues either