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There are trying to prepare (as previously stated) for rough times ahead.
I like a company and management team that follows up on their words. "delevering". This is amazingly fast however, very impressive.In that most equity holders throughout the market have lost over 50% of their equity, a 70% discount on the debt is a steal right now.
I'm not sure the bondholders would see it this way - they are in a better position than the stockholders
Make that 30% discount.PLD's stock price is a stock market phenomena. The underlying assets that comprise the firm are WAY MORE VALUABLE.