The Problems in Office Debt

Kim Ann Curtin: Steve, I just wonder how would you compare the office situation to the malls? That's been a 10 year N.O.I. shrink over levered over over built space too. The one reason why I think office may show up is a problem much more quickly than malls and it can be very hard to refinance that debt when you have a combination of much higher cap rates and declining cash flows. So I think within the next year to two years, you're going to see that problem really in mode.