Over 5% On This Office REIT Preferred, Thoughts On Vornado Series M

Larger deal sizes can also be done by certain issuers - today’s issue was 12 million shares, or $300 million.

Summary

  • REITs continue to tap the preferred market, receiving attractive rates.
  • Larger deal sizes can also be done by certain issuers - today’s issue was 12 million shares, or $300 million.
  • Our thoughts on the new preferred stock.

As we spotlighted in our most recent newsletter, REITs continue to tap the preferred market - raising money faster than they can redeem their existing preferred stock. Today, a rock-solid office REIT tapped the preferred market in order to redeem two existing preferred stocks.

The details of today’s offering are:

The prospectus can be found here and the term sheet here.

In case you are not familiar with this office REIT:

Vornado Realty Trust (NYSE:VNO) is a REIT which owns, manages and leases office properties in New York City, Chicago and San Francisco. Vornado’s portfolio is concentrated in the nation’s key market - New York City - along with the premier asset in both Chicago and San Francisco.

false