Debts of SPG and other REITs continue to increase year after year. There is no hope liquidating their debts. Remember the banks before the crisis. They came on CNBC and told the world that they have sufficient cash on hand to whether any storm. REITs are in a storm today. The officers are claiming to have sufficient cash. Some of them hint that they are looking at bargains; like the one they purchased 40% higher from current price. These guys actually don't have a clue about the future for REITs or are optimistic that the future will be like it was before. Another reason, like the banks, they are lying to entice retailers to buy their stocks when they sell to raise cash. Like GGP, many REITs will be selling at pennies. The bondholders like CIT and GGP will settle at pennies on a dollar.