An interesting REIT: class B warehouses in secondary markets, , buy at lower prices/get lower lease payments, shorter leases than average industrial REIT.
Generally, Stats look great--high div, low payout ratio, great AFFO/shr. Recent SA article ("5.4% Yielding Plymouth...) had interesting analysis. The article itself was the usual amateurish shallow analysis that takes a lot of words to say little new. It pays to read the comments on this one. An excellent analysis by Robert Hutten in the comments explains why this is trading so cheap. Preferred stock games standard AFFO metric. Preferred accretes value similar to a bond sold with a low interest rate but sold at a deep discount. Redemption price of preferreds goes up over time. Company has steep debt maturities in 2023/2024 along with strong incentive to redeem preferred to avoid value accretion.
Refinancing risk, high debt ratios and risk of preferred cost climbing explain reason for stock price discount.