This is true for all stocks which pay a dividend. The price per share drops by the amount of the dividend. Then trading can carry the pps up or down from there.
One of the reasons that AGNC went to monthly dividends rather than quarterly was to smooth out the price fluctuation which accompanied distribution of dividends. There was a whole school of traders who would buy a few days after the dividend and sell a few days before the next dividend. They would make their profits from capital gains rather than from the dividend.
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.