Preferred shares seem broadly undervalued, especially in the REITs space, where the sector is trading at an approximated discount of 36% . This analysis aims to capitalise on the sectoral opportunity by discussing Agree Realty Corporation 4.250% DEP PFD A (ADC.PR.A)Pearl Gray is a proprietary investment fund and independent market research firm specialising in systematic analysis.Our work on SA primarily covers: Bonds, Investment Funds, REITs, with an occasional drift.Primary Sectors: Financials and Real Es ...