Agree.   The units trade at a relatively low multiple of AFFO.  

Although H&R is hardly the only REIT to trade at a low multiple these days...no one seems to want to own much in this sector....either in anticipation of higher rates (which we have been "anticipating" for about five years now...) or a general lack of distribution increases from the sector, which makes many REITs start to look like perpetual preferreds.