It seems that my post went right over your head. The commercial real estate business is not improving. It has been overbuilt. PBY real estate are niche use properties. That means the use is limited and if put up for sale it will not fetch top dollar or even fair market value. I would rather do lease buy back deals with CVS, Walgreen or a PNC bank. I know for sure that the buildings will have multiple uses.
It would be nice to know what the actual cost of each building that PBY has sold versus the actual sales price received.