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Cohen & Steers Reit and Preferr Message Board

  • codehead321 codehead321 Jul 1, 2009 12:44 PM Flag

    All preferreds redeemed.

    So what is the effect??

    Did they have to sell alot of shares at depressed prices? I believe since all the preferreds are gone, any cash flow can now be paid out as dividends.


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    • with the "fast" money prefereds redeemed, the fund at least knows what their next interest payments will be.. and it is nice to know what cash flow you need to live... meanwhile, the REIT and REIT_prefered shares they do hold are paying and rising in value.... so steady as she goes and look for continued movement up -not dramatic and hopefully not enought to attract day traders... but this is good news on two fronts...sure the news media all say commercial real estate is weak, but the better managed commercial REITs have all raised big dollars these past months and their preferred shares are flying (PDLpfds from $6 to $16; O-D from $15 to 21, etc etc..) so just enjoy the ride and forget the roller-coaster...

    • All the ARS's were redeemed at par. I have no idea what the impact will be, except to suggest they will restructure the leverage. Last year, they were talking about replacing ARS with Variable Rate Preferred securities.

      Whatever the case, I think it's a big positive for the fixed income markets to get rid of ARS. The new leverage instruments should be much more liquid money market type equivalents.

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