I'm delighted to see it but wonder why in the past year the stock has gone from the low 30's to the mid 40's currently. Most analyst comments are not very favorable and the company is not really earning its dividend. Could it be speculation on a takeover? Contrary to to most REITs who seem to have better prospects, this stock has bucked the rising interest rate environment and appreciated nicely.
2) Price/Book was under 2.0 so I thought maybe its a corporate raider (like Icahn?) accumulating shares with the intention of forcing the management to unlock shareholder value by converting more apratments into condos.
But then the housing market is cooling off, so it's unlikely that it's a raider either.
3) Then I though maybe it's just a big mutual fund seeking shelter in a "safe" dividend paying stock at a time when the market is at a multi-year high.
Which made sense to me, so I sold common stock to lock the capital gains, and bought preferred shares instead to catch the higher dividend coming up.
With oil prices creeping back up and with the market at a multi-year high, preferred REIT stocks that pay over 7% seemed like a decent place to park some money.