RE:Need explanation
FFO (fund from operation) is less relevent;
deduct capital expenditures to have AFFO (adjusted FFO).
But you will still need to account for the principal portion of their mortgage
AFFO minus Principal Repayment=FAD (Fund available from distribution)
It is why AFFO payout is not always relevent. Does not say what happens to the principal portion (refinanced or not). If the debt structure includes amortized loans, then we should rely on FAD payout.
Back to your original question. Based on FFO and AFFO and Peer multiple, yes, the company should be traded higher (Between $7 and $10). But the structure a mainly triple net leases, so a potential default of an operator may not appear in the AFFO until it is fully materialized. FFO and AFFO Multiple also take into account management track record.
Beside, if you see the last few month trading volume which is ridiculous, nothing is happening. nobody is really buying nor selling; Just the same small retailer or players playing Hide-and-seek