First, no it won't get much above 30 this year, or even next. If it does it will be overvalued. But it will do what most of us count on it to do - pay us many times more than we can get in a bank or money market fund, with not much more risk.
Second, there is hardly anything mysterious going on with the preferred redemptions. The company is simply doing what everybody in America is doing, refinancing at lower rates. Just because you may not understand something doesn't mean there is a "shell game" being played.