I love this Company but it it is amusing, on these secondaries, how ML and get all the under-invested fools to plunk their money down. PSB went from 42 to 56 on light volume, , less than 10% off their 52 week high- price the deal at 46.50 and it was a huge success I have a meaningful position in the preferred so love this action.
Yep! Those that bought the secondary offering at $46.50 are really hurtin'. There has been ample opportunity to quickly re-sell the shares for a 5% profit.
My bet is most are holding...PSB is one of the few REIT's where I believe the common shareholder's are likely to see dividend increases within the next 3 years. I'll counter that confident statement by disclosing that I only own the preferreds (I don't own any REIT commons).