PSB is an excellent company but the rent roll downs versus expiring rents were shockingly bad.
I like the management team but honestly they seemed uncomfortably uncertain regarding the 2010 outlook. Maybe that's simply b/c they are more honest than most other REIT management teams who are probably spinning reality and doing their best to sound confident despite the commercial real estate market turmoil.
All that said, given the capital structure, free cash flow, and cash position of this company, the common stock will stay solid and the preferreds which I own are golden.
It will be interesting to see if/when PSB puts that big cash hoard to work.