Funds from Operations FFO is the most important valuation tool for REITS. Yesterday's 8-K filing gives FFO guidance for 2009 with a range of $2.08 - $2.14/sh.
Take a look at a recent chart from VNO. Their secondary just came out and the stock was $44 and change. It's over $50 now.
HCP put out a press release on Monday afternoon that it was going to do 12.5 million shares. Before the open Tuesday the number had climbed to 18 million. Do you think they would be able to do that much if there wasn't demand for the shares?
Now it's taken care of its bridge loans and can wait out the poor market. Its dividend is also well covered. It's in a good spot.