Back in 1998-99, a lot of REIT preferreds were selling at ridiculous discounts to par, and yielding 10-11%. I`ll never understand why. I bought 6 or 7 different ones. They all eventually got called, but I made some nice dough.
I've beening adding both common and pfd to my long term positions. FedEx raised ground rates 4.9% last year and is coming with another 4.9% this year. So all those FD warehouses on long term, NNN leases are looking pretty good. Also, as MONM gets folded into MNRTA, there should be some pennies to increase the divvy on the common. The YTC on the pfd is in the 11-12% range, and most of the FedEx leases are longer than the time to the call.