PE is smaller than 40. EPS is around $6.50, or about 23 PE.
But the entire premise of investing in this co. is dividend yield. Well that yield is at 3%, however next year dividends will be taxed at ordinary rates, so for wealthy individuals that have parked their money here, it will be at 35+%. So dividend yield is now less than 2% on a company that has occupancy over 90% and whose organic growth is limited and cash has to be paid out as a dividend.
So low cash, high valuation and heavy taxation = Sell at this valuation.