Hard to put your finger on one reason. i'd say several 1.the underlying reits are under pressure, so the nav of jrs follows them down, and people holding jrs overreact--or just want to step aside. 2.when they stopped montlhy distributions i for one sold it--i occasionally swing trade it but will not hold-- the 3% quarterly jump as it goes ex-div is a bit much. 3.it's so thinly traded whenever one heavy investor wants out it drops a buck or more. (and often offers a good swing trade if you're patient). i'm accumulating it now under 14.5---with a 14% div and -4% discount it looks a lot better than most investments.