I'm here-this stock is probably the best kept secret around. Management always seems to be able to pull a rabbit out of the hat. Third quarter results were great given the state of things. I think this is one of the best managed companies in REITdom.
Yes. Short term problem may take 2 years to work through downturn in business cycle. Key is to have company that can withstand declining occupancy and declining FFO of 15% or more and still have enough FFO coverage to pay the dividend. I think PKY is safe and can survive. Long term, space demand will grow since USA economy is strongest in the service sector plus govt sector is expanding and will require more office space. Of course overbuilding could resume which will put pressure on rents if that occurs.