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JDN Realty Corporation (JDN) Message Board

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  • youcanpickum youcanpickum May 29, 2000 7:59 PM Flag

    cost of interest rate increase

    The only rights that a preferred holder has is a
    dividend preference to the common holder or any security
    of lower preference and in the case of liquidation,
    that if there is enough money, you get par value
    (usually 25 on a REIT preferred)before the common holder
    gets a dime. You have no vote on change of control
    usually. There may be some restrictons on the company with
    regard to placing more preferred with senior dividend
    rights to an outstanding issue. In the case of WDN, even
    after the lawsuit, preferred holders opted to take less
    than par since they knew their position was weak. PS.
    after the deal was originally announced, I bought
    preferred figuring that 25 in five years on a stock trading
    at 17.5 (which is where it was trading at the time,
    while collecting at $2.38 dividend (I think this is the
    amount)was a good risk. The market told me otherwise selling
    it down to 15 quickly, only to recover after the
    settlement of the class action. By the way, if a buyer does
    appear, there is already a precedent for not paying par
    value for the preferred stock on a REIT. Still, 18 is
    relatively safe, but not likely to have as safe an upside as
    the common. The die is cast for this stock to
    disappear. Buffett has positions in a number of other REITS
    as well. He or another financial investor will marry
    this portfolio of good properties with a strong
    management team soon!


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