In a couple of weeks, when the preferred shares are redeemed, there will be upwards to, what - $150 million or so? - available for re-investment. Much of that money obviously likes MAA and wants to continue to enjoy the better-than-average 8%+ yield, so you might figure that significant amounts of that cash may be soon coming in to buy the common.
Given that on an average day only about $1 million in common is traded, what will happen when many times that amount suddenly shows up, all at once, looking for a new home?
Anyway, I wouldn't be surprised to a spike in the next several weeks that takes us well above $30.