The sad fact is that commercial real estate has dropped and it looks like it will again take another turn down. I have been in the business for 30 years. In areas with high residential defaults we are seeing higher commercial space vacancies and older buildings sitting on the market for longer time frames. PBY has not been exempt in the price decline of their real estate. Pick some PBY locations and then go to the tax assessors website for that area and review the assessment values.
Most cash investors of lease back properties are looking for a minimum 9% return and even greater then that if the company has a less then a stellar performance, like PBY.
It would be a poor business decision by PBY to sell properties into a depressed market. If they cannot find investments with a greater return then their monthly lease back payments plus taxes due on the gain; they will slowly drain their cash reserves. Any sale of property into this market is nothing more then an attempt to shore up the balance sheet to fool investors.