REITs need high occupancy rates to offset big debt loads

REIT DEBT/TOTAL WEAK RETAIL STORES CAPITAL RATIO TENANTS AFFECTED

SIMON PROPERTY 54.2% Cole National, J.C. 383 GROUP Penney, Dillard's, Perfumania

GENERAL GROWTH 54.2 Cole National, J.C. 221 PROPERTIES Penney, Dillard's

DEVELOPERS 47.7 Kmart, J.C. Penney, 62 DIVERSIFIED REALTY Blockbuster

KIMCO REALTY 27.9 Kmart, Ames Dept. 139 Stores, Blockbuster, Toys `R' Us

Data: SNL Financial, Morgan Stanley Dean Witter & Co.

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