Sphynx:

I agree that the recovery will likely be gradual.

You are correct to cite the huge discounts to NAV - and I note that the discount for PMZ is huge compared to peers in the mall space (like CHP, REI, CRT, SRU, etc.) - the worst of which trades at -6.8% of NAV. Also, I believe that PMZ has a lower leverage (mid 30s) vs. the peers (mid 40s).

The HR recovery is going to be a long haul - cuz it will take years to sell off the remaining non target properties and/or remodel the specifically-targeted office properties into multi residential.

Fingers crossed!

Cheers!