Cash Flow is most important but it can be difficult to calculate the real number. That's why PZN's stock price looks low relative to traditional measurements (FFO, Book Value). What really matters is that PZN is not generating sufficient cash to pay the dividend. They are borrowing.
The nice thing about cash flow analysis is that it tends to cut through all the accounting nonsense and games that company's play.
Still think Book Value is important? Look at Dell's. It's just over a dollar but their earnings, cash flow and growth are great. JMHO.
PZN derives most of its income from OPCO, its major tenant. Somebody (actually, a lot of bodies) miscalculated OPCO's ability to pay rents to PZN that were set very high. PZN amended its leases with OPCO to pay OPCO significant additional fees (about 60MM so far, as I recall, but don't hold me to it). These fees are capitalized by PZN and amortized and have had very little effect on FFO this year.
The whole structure is designed to move the management income of the old CCA into the new PZN, primarily as rent. If you look at the two companies together, I think you would find that dvidends exceed combined earnings, as well as combined FFO.
Thus, the business is paying more in dividends than its cash flow.