Look at FFO, not EPS.

Look at their portfolio and look at all the defense contractors in the portfolio surrounding the Military basis. The government is starting the process of reducing contractors radically. That cannot mean good things for OFC. Some government leases have early termination clauses. Just monitor the early termination fee income.

Shidler realizes that FR is selling for pennies on the dollar. He just saw it as an opportunity. He is confident that he can get the financing required without issuing highly dilutive common. On a relative valuation basis, FR is selling at a bigger discount to NAV than OFC.