There is more to the story than meets the eye. ARI has bought back 1.380M shares since 8/02 at average price of $22.75. Its about time one of these reits stood up and bought back their shares at these depressed levels.
As far as ffo decline ARI may have more lease renewals going off compared to the peer group. SoCal is doing better but LA market has weakened recently.
ARI has one of the strongest balance sheets in office reit area and their willingness to step up and take so many shares out gives me an idea of their belief in their nav.