We were talking about the value of commercial real estate and not to specific items on the balance sheet. I am fully aware how depreciation and amortization works both for and against a property owner. That is one reason why PBY should not be selling property as it becomes a taxable event. It is really stupid to sell property that is free and clear of mortgages and then turn around and buy back debt. They should refinance some of the properties at interest rates lower then the debt and then pay off the bonds.
There actions suggest that they are trying to make there balance sheet look better by these real estate sales and lease backs. Remember that they will now incur payments to the new property owners.
They may be showing a small profit now, but it will catch up with them. They are not growing the business as are other auto part retailers.
The bobble head commercial is really ignorant. Their ad should be focused on the quality of their services. The bobblehead thing only works for Cramer.