I refuse to forget that we're still in the Great Recession, especially in the lodging industry, despite the talking heads going on about the V recovery. In that light, in this most dismal of years, flowing 18 cents is pretty darn good, you gotta give management its due for operating efficiently, and never mind the loan mess.

Buying back shares also made good sense, I wish SHO would have done so when its shares were in this range, the value proposition could have been dramatically different. I'm not holding the common yet, I might if there's a crash and I can get it ultra cheap, but I continue to hold the preferred comfortably. If the company can flow cash in this environment, liquidity should be positive from here on out.