Fundamentals DO count. With a REIT structure your paid out your profits and you can choose what you wish with them. If you own a "regular stock" you need a buyer for you to make your profit. If your seller then the situation obviously is not good.
Wall Street is a moody place. We like privates corrections...now we hate it...why? Well the growth rates are not 1000% any more and Internet Selling Sites are. Whey love REIT's they hate them. It's the nature of the beast I guess, always has been....into Auto stocks..out of auto stocks. When you make money moving money around, it better keep moving.
If your a trader then PZN is probably not a good choice. I've always felt as a trader you buy high and sell higher..you know momentum stuff. It's why internet stocks are trading so well, they are moving up well. Of course everyone knows they are overpriced..but there going up. And everyone always thinks they can get the top tick or will get out when they want too.
IMO, as an investor you buy low and sell high...in theory anyway. This is disturbing to see the stock act this way at a market high...because we know it will go down further if the market declines. How it will go? If the market is bad you'll probably be shocked by the yield. IF you can't deal with that then you should plan a strategy what your going to do.
My advice..focus on the fundamentals..not the stock price. This company is very cheap as a take-over candidate(I'm NOT implying it is though) and that's a very important measure I use to decide if I want a stock.