- 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:
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.