First of all, I would not encourage you to use PE as a screening for a REIT. Why? It’s not ideal as most REIT book fair value gain and loss for its underlying property every year. This exceptional gain/loss will inherently distort the earnings, thus rendering the PE useless. A better approach to analyse a REIT would be better off using the IQ for REIT analysis that covered under Dividend Machine.
This is the direct link to assist you with the REIT analysis. By the end of the analysis, I’m confident you’d have a good conclusion with this REIT and most of the questions you’ve will be answered. In any case, do let me know if you face any problem with the check-list :)