Failed to load preferences from custom directory. Failing Back to local copy

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• iTerm2 version: Build 3.1.7
• OS version: 10.13.5 (17F77)
• Attach t here (drag-drop from finder into this window) com.googlecode.iterm2.plist

Detailed steps to reproduce the problem

On each start the app displays a message :

Failed to load preferences from custom directory. Failing Back to local copy

What happened:

What should have happened: