Goldman Sachs did a REIT presentation the other day and the slides are all over the place. There was one in particular that matters to those of us holding General Growth (GGWPQ.PK) shares.

Now that it looks like debt maturity extensions are just about all but a given, we need to turn our heads to what the judge in the GGP Chapter 11 case decides to value the properties at. He will most likely do that using a Cap Rate. The lower the cap rate, the higher the value of the assets and the more recovery left for shareholders.