Yep! Those that bought the secondary offering at $46.50 are really hurtin'. There has been ample opportunity to quickly re-sell the shares for a 5% profit.

My bet is most are holding...PSB is one of the few REIT's where I believe the common shareholder's are likely to see dividend increases within the next 3 years. I'll counter that confident statement by disclosing that I only own the preferreds (I don't own any REIT commons).