CURRENTLY AROUND 24.85...As of yesterday, the yield was 8.31%..."yield-to-call" at 8.43% ...earliest callable date OCT 2017...Others I like are ARRPRB / NRFPRD ...have to do your homework on the time to buy & amt to pay...I'd say go for the NRF-D around 25.15 now...or wait until after the x date (soon)...and pick some up around 24.95-25, maybe? ARRPRB pays divy monthly...x date is the 13th of each month...decide what price you like...DD
PS... NRF-D is a new/recent issuance, so, the first payout may be cut a bit...not accrued for the full 3 months...I believe it'll cut the payout to 1/3 normal, on the first payout?...after that, it'll be the full amt, per Q ...but don't hold me to that (has a long callable date...maybe 2018?...I have so many "preferreds", I'd have to recheck the divvy dates, dates of new issuance, etc...HAVE A GOOD DAY !
Gosh...typed "boring" and didn't finish...Ummm...just that Saturday's boring ...make a prediction game on the RSO-PB price just before the x date....I'll guess 25.30....hmmm...whatever...if it rises above that, I'll be fine losing the game. (this is just a 'filler' post)
eric, thanks very much for your very intelligent insight. But, how did you come to decide on RSO-B as your top choice when there are others yielding significantly more? For instance MILL-C which has a yield to call of 13.54%. I assume it's all about risk? If it's about risk...wouldn't a better choice be an ETF like SPFF which yields 7.91%?
mill is an energy exploration firm. they are 'small cap' but have a lot of potential. most of the e&p drillers are really speculative and are much higher on the risk curve than almost any reit.
ergo ... a 13+% yield vs. 7.5 - 8.9%'s for many reits. plus, if you have followed the reit space for many years, it is possible to get a sense of each individual companies relative strengths and potentials. so, any pref buy has some understanding of company positions already.
i have whole portfolios full of prefs. and .. a lot are being redeemed currently so i have been replacing with new issues like nrf-d, arr-b etc... there seem to be more coming. while yields on many are much lower it is still possible to capture above 7.50% in many instances.
sigh ..... for the 'good old days - 08/09' .... sigh .....
You might want to check out "dividendyieldhunter" site, to hunt for 'preferreds'...That site is my BIBLE for checking out preferred REIT stocks....Pay attn. to the "yield-to-call' column (vs. only yield)...and also watch the duration dates....The site updates, so it's a real blessing to have this tool !!
Your email sorta freaks me a bit...First, you are polite (unheard of !!)...and then I'm wondering if I know you from the past?
...i.e. when I was hunting those REITS back in 2008/09...Like DDR / CBL, etc etc...Yeah, those were the days. I always seem to do a lot better in BAD TIMES...Right now, I've sold off all my 'common' with the exception of POT acquired awhile back...up 10% on that one...But right now, with this crazy FED pumped (Weimar/Zimbabwe) market...well, I'LL PASS !...So, almost exclusively into "preferreds" of many REITS...In the case of these mortgage reits, and with the spread narrowing + possible leverage issues down the line via SEC, I sorta get the idea that mREIT common may have a difficult time making the double digit payouts...and in a bizarre twist, the preferreds may wind up having higher yields...Who knows? But I like the 'preferreds' for now - I do not hunt for common stocks in this sort of market