.crazylegs..

General Growth Properties Files for Bankruptcy

look at Duke Realty and Brandywine today out raising money (highly dilutive, but raising nonetheless!). Simon, and even Prologis raised money already (expensive debt and dilutive equity). I've been buying the senior debt of these REITs for a few months at just ridiculous levels. This is where the action is. Forget the cushion....I mean, equity. You're better off in the senior unsecured where there is no or little bank debt or secured financing ahead of you.