It has only been a 6 weeks since ACRES Commercial Realty (ACR) sold their 7.875% cumulative perpetual preferred issue (ACR-D), but the company is reopening the issue already.
The preliminary prospectus can be found here. It is not known yet how many shares will be sold and at what price. Shares are currently trading at $25.47.
af was on top of this one.
Is it just me or does it seem that alot of junky companies are issuing new paper right now??? Look up the last 15 or 20 and I think you’ll see what I mean. Iam a holder and not a flipper so I don’t jump in and out of these things. And now with a large % of workers getting to work from home on a permanent basis I just can’t get excited about commercial real estate buildings.
ACR-C is a better deal. I bought 200 when the new one came out and may buy more for the dividend capture this week. ACR nearly died last year I’d need more research before calling it a Hold.
everything nearly died last year. I am buying more ACRprD
-james
It’s arguable which issue is better, since ACR-C is FTF.
According to QOL, after ACR-C call/float date, 7/30/24, the MINIMUM coupon is the original 8.625% So I would assume it will be called then, assuming they have the cash (and apparently they can raise it with cheaper new issues).
https://innovativeincomeinvestor.com/security/resource-capital-corp-8-625-fixedfloat-series-cumul-redeem-preferred-stock/