A quick look at the relative yields of some of MAA's apartment REIT peers gives one the feeling that the others are either trading too high, or MAA is trading too low... I think, given today's interest rate climate, the latter is the case.
If MAA traded in-line with the others, the common shares would be low to mid $30s instead of $28.
Initially anyway, MAA never seems to get the respect it deserves.
I recall that that used to also be the case with the preferreds a couple of years ago, and before long the disparity disappeared and MAA preferreds went up from the 'teens to the mid-20s.
Same thing may be in store here, particularly now that MAA is closing the gap on the dividend shortfall issue.
For all of you who are getting money from the redeemed preferreds, come on in! This is still a relative bargain!