It is true that book value plus cash is $31 per share, so if you buy now you do get a bargain. However, CREE has not been able to show how its products are so much better than anyone else's (where is the moat?).
People downrate this question because they feel it is not asked in a legitimate way. They think this is a sneaky negative question implying that REITs will do poorly in an atmosphere of rising interest rates. The answer to the question is fairly complixated.
Just following P/E and Earned Income, it is clear that AAWW is well under the industry average for P/E, which is closer to 23. Earned income is also excellent. With economy recovering the only question is whether the 747s are too big, and there should be a mix with smaller aircraft so that efficiency can be maintained.