net present value, page-4

"Net debt: US$36.8 million at 31 December 2008 - down 5% from 30 September 2008;"

So to expect they have paid down over 20% in the first 8 weeks of the quarter might be pushing it a bit.....

PSA are in a good position with their hedging for this year, but 2010 hedging is insignificant and they will cop market prices....might not be so pretty if they dont get debt significantly reduced this year..a number of years back PSA almost went bankrupt due to excessive debt, the market probably remembers this...

You forgot to answer the question of whether PSA had ever made a dime for shareholders???
Cheers