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To: LLCF who wrote (146206)	1/25/2002 2:35:49 PM
From: reaper	Read Replies (2) \| Respond to of 436258

DAK -- there was one REIT in particular who had big exposure to them. Do you know who it is?? Plus, its not just the empty KMart stores. The availability of excess space is going to put downward pressure on lease rates that still-in-business retailers pay. So the land-lords will not just be faced with dark boxes, but they'll have their good tenants (the Best Buy's and Bed Bath's and Family Dollar's of the world) killing them for lower rents. I see a big change in the overall structure of retail lease rates coming, with the balance of power shifting significantly in favor of good, well financed retailers / restaurants and to the detriment of leveraged REITS / landlords. Cheers

To: LLCF who wrote (146206)	1/25/2002 2:49:12 PM
From: GraceZ	Read Replies (1) \| Respond to of 436258

Right, our friend Tradelite never mentioned the best use of real estate which is leverage yourself up the whazzoo with OPM, live off the cash flows, when the inevitable crash comes declare BK, walk away with the banks and debtholders holding the bag. When the smoke clears, open up a new biz under a different name and repeat the whole process in the next boom.