You're right...preferreds pay about $21 million/year. Just examined the last quarterly and am embarrassed I can't get a better handle on ffo(internal cash flow) but it appears north of $400 million. By any measure, it covers the prefers well in excess of 10X. I'm puzzled why people speculate/trade stocks when they can get a cash yield on these preferreds in excess of 10% with a payment risk that is very close to nil. Promenade, Settlers Ridge will be contributing going forward that isn't included in the calculations.