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| The Yield Hunter Let's Make some money and sleep well at night In our 7th Year |
| Summit Hotel Properties (a REIT) Sells 7.125% Preferred Issue March 13, 2013 9 pm Summit Hotel Properties (ticker:INN) a hotel/motel REIT has sold an offering of cumulative, redeemable preferred stock with a coupon of 7.125%. All terms of the offering are the normal terms--redeemable in 5 years at par plus accrued dividends. The issue will have a permanent ticker of INN-C. A temporary OTC symbol is not known yet--we will be watching for it. We will not be interested in this issue anywhere above $25. Summit had sold a preferred issue in December and it has a current yield of 7.68%---so we are not interested in a new issue at a yield of 7.125%. If it were to fall to $24.25-24.50 we may have an interest, but most likely will simply buy the INN-B issue (with the 7.68% current yield). Summit is NOT a high quality REIT that will have trouble if the economy would move backwards--we may add some of the B issue tho--but will be quick to sell out if the economy slows. Conservative investors should not buy this issue or any Summit issue. Details of the issue are here Giant Retail REIT Taubman Centers Launches a 6.25% Preferred Offer March 12, 2013 10 pm Trades starting Wednesday 3/13/2013 with temp OTC symbol TCOPP. March 11. 2013 9 pm Giant Retail REIT Taubman Centers has announced an offering of 6.25% cumulative, redeemable preferred shares with all the normal terms (redeemable in 5 years at par plus accrued dividends). We are not high on retail REITS--but this is a decent preferred issue and should be suitable for all but the most conservative of income investors. The permanent ticker will be TCO-K. We are fairly certain that it will trade on the OTC temporarily but the ticker hasn't been announced as of yet. Details of the offering are here. Public Storage Comes to the Trough Once Again With a 5.2% Preferred Issues March 5, 2013 11 pm REIT cash machine Public Storage (ticker:PSA) has come to market once again with an issue of cumulative, redeemable, preferred stock with a meager coupon of 5.2%. PSA floated an issue of 5.2% preferreds just a couple months ago--and has no preferreds that can be called in with the proceeds of this issue so this $200 million will be for general corporate purposes. The REIT has a pristine balance sheet and these shares can be bought by any income investor--these shares are investment grade. The current 5.2% issue that is outstanding is trading at $25.13 so unless these go 'on sale' on the OTC market these are nothing to get too excited about as there will likely be no capital gain to be had here. The shares trade starting tomorrow (3/6/2013) on the OTC with a ticker of PSAZL. The permanent ticker is PSA-X. Details of the issue are here. |
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